Quote:
Originally Posted by Unregistered
I remember very clearly in 2003 during SARS that my salary was around $4700 a month as a 4th Year MO.
During that time my wife's best friend talked to her about buying condo in orchard road area. Investment. Her husband worked as a FOREX trader with HSBC.
My wife asked me and I looked at our bank account and only had 25k to our name.
Around 4 years later wife's bestie said they bought a total of 6 condos. And 2 had gone en bloc. Set for life. And he was making 13 months of bonus each year and earning close to $500k a year. Meaning total pay package more than a million a year. Myself? Became a GP. Was "happy" to make $10k a month no bonus.
How did they manage to buy? Banks gave generous loans with great rates to staff. Encouraged staff to buy. With low downpayment as well.
Tell your daughter to forget medicine. Go into banking.
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Thank you for sharing and confirming your experience. I am not aiming for my daughter or anyone aspire to become a doctor to earn that kind of money a successful banker earn. After all, the goal, motivation and purpose of each vocation is very different. I just can't stomach that with inflation, higher standard of living and what's not, a houseman's and a MO's pay can remain almost unchanged for close to 20 years.
The second point is that since it is so hard to train a MO, almost a million, why the corresponding pay is, at least in my view, rather low. It is not as if the actual doctor job is relaxing with short hours. I can even accept that a junior doctor is expected to slough it out, be toughen up in first few years of the career to learn the rope. However, it is very discouraging to learn that some doctor remain a MO and earn max pay of $10k after more than 10 years in the field.
Imagine contributing your whole life to work as a MO in hospitals and bringing home $10k at late 40s or even early 50s?