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Old 06-12-2011, 06:49 PM
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Originally Posted by Unregistered View Post
I would instead rank (note the spacing):

(1) medicine
(2) law

(3) banking

Bankers are usually retrenched in their mid forties and then have to take up much lower paid second careers like teaching, whereas doctors and lawyers can work till their eighties or even nineties in the same profession, provided if they're not doing surgery, hence their lifetime earnings are much higher.

Renowned psychiatrist Dr. Wong Yip Chong, who passed away at age 82 in August 2011, was earning $3 million a year at age 75 in 2004.

The Straits Times Aug 9, 2011

"Yesterday, Justice Lai rejected Meng Cheong's and Meng Leong's claims that their father was mentally incompetent in December 2004, when he signed the document making Madam Ling the joint owner of the house.

The judge noted that Dr Wong, the 'cash cow' of the Adam Road Hospital he founded, treated 727 patients that month and generated $3 million in income that year; he was also signing complex corporate documents well into 2006."

I cannot imagine a banker still earning $3 million a year at age of 75, unless he owns the bank, which brings me to another point. In the first two professions (medicine and law) you are the employer whereas in banking you are most likely just an employee (unless your family owns the bank).

You get lots of respect being an employer than an employee and it does wonders for your ego, something money cannot buy.
I beg to differ. It's get-rich-quick vs quick-rich-slow.

First, doctors and lawyers are actually professionals. This means they have to work in order to get paid. How many lawyers actually make partners? I mean real partners, not those partners-in-name who still have to work crazy hours. And how many doctors go on to own hospitals? Most will at most run specialist clinics, which means they still have to work in order to get paid.

The road to making partner (for lawyers) and owning a private practice (for doctors) is long and arduous. Most don't make it there. Even if they make it, it's get-rich-slow.

On the other hand, banking is get-rich-quick. Yes, you have to get into right roles - ib, trading, pe, etc, BUT you get a good shot at getting rich quick. Doctors and lawyers don't.

Once you make your first few millions, there are countless ways to make more money.
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