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  #10 (permalink)  
Old 30-08-2010, 11:04 PM
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Lawyers make money the hard way. We slog and earn peanuts (literally) compared to other professions. What we currently have though is stability. If you slog away long enough, you are able to progress to a certain stage/income which is not shabby but will never make you rich.

I suspect that it is the same for doctors.

The simple reason is that our professions are not scalable. How can it be when we bill an hourly rate or a per patient rate? Every ounce of effort brings in the commensurate amount of cash.

If you want to strike it rich, you need a scalable profession. Where exerting an ounce of effort may be met with a disproportionate return. Examples include traders, private equity guys and businessmen. A few big successes may sometimes be enough for them to retire. Note, the downside is that they take on greater risks in that they have lower job security.

My classmates who want to strike it rich did not practice law (despite their law degree). They became traders.

My advice in short? Consider neither, if money is the be all and end all. Unless of course you don't think you are good enough to make it as a trader (my case, sadly).

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