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  • Writer's pictureVincent Chuah

Financial/salary issue: Advises for medical students/ house officers to be..


#financial freedom #pathetic salary


As you are still studying in medical school or going to embark on your housemanship, I strongly advise you all to gain some financial knowledge for a better future.


It is especially important to learn how to invest your money, generate passive income, manage your finances well, and avoid bad debts. This knowledge is crucial to prevent financial issues in the future. Hence, medical students and doctors shouldn't only read medical books; you should all explore and engage with the outside world, read news, acquire new skills, and not merely be bookworms.


Everyone thinks that doctors have a decent salary. I cannot deny that this income is actually higher than most graduates. However, after calculating the amount of time you spend working, it becomes clear that the salary is neither fair nor worth the effort. You have spent 5-6 years obtaining your medical degree, working days and nights without proper lunch or dinner breaks, receiving no 1-2 month bonus salary compared to other private companies, dealing with life and death every day, and working overtime without pay. Do you think your salary is worth it?

I can guarantee that you will start to feel pathetic about this amount of money after 2 years of working.


If you take the MRCS Part 1 exam, you will spend 3-4k on it, which is equivalent to 1 month's salary. If you attend a conference, you will spend hundreds to 1k on accommodation, travel, etc. Most medical courses and conferences are not cheap, and the government does not sponsor them most of the time. It's pathetic.


Therefore, you should start gaining knowledge on how to invest (low risk/medium risk) without affecting your studies or work. I had no idea how to invest and missed out on many good opportunities as I previously saved my salary in fixed deposits. If you can get a 10% return per year without jeopardizing your work, it is considered good enough. Some people may choose to invest in rental properties, while others may choose to buy equity, etc. It all depends on your knowledge and risk management. Of course, you should also learn how to manage your cash flow, correct your spending habits, and have a proper financial saving plan.


I will not go into the specifics of different types of investments, as I am not an expert. You should start thinking about increasing your passive income before you begin your housemanship. It will really help you in the future. One day, you will find that you cannot afford a decent house or European trips with your pathetic government salary. I can discuss this further if you have any comments or would like to hear more.


Be positive. Life is fantasy!



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