¶ Recap: Financial Realities for Medical Students
Previously on Docs Outside the Box . That week of Easter the National Medical Association has its annual medical education conference . The students had a lot of great questions .
They asked us about prenup agreements . I had to take it personal and talk about me and you . This is a delicate subject , right , Everybody ? Me and Renee , we don't have a prenup agreement .
I take you for all your coins .
I tried to get a prenup agreement initially on her , but yeah , it wasn't going to work . You didn't have anything neat . Well , listen guys .
So I did also make it clear it's not just about $300,000 that you're going to make , it's about how much you keep , and I think we've learned you know us , being 10 years in now it's it's really not about how much you make . You want to stay commensurate with how everybody else is doing , but the long-term play is really keeping as much money .
So we talked about what the IRS does and what all these taxes can do , and that was the whole point of me and Love talking about specifically the things that we do to kind of play the IRS game to help decrease our tax burden . And then you know , comparing that to the others , you know what they do , right , super ?
super , you know interesting . Dr Love did a really great breakdown of like if you make this much money , this is how much you know in taxes that you would have to pay , and the students' eyes just kept getting wider and wider and wider .
He did the bracket yes when he was talking about the tax brackets , yes , yeah , he did the tax bracket , which surprise everybody listening to the show .
Whether you are a PA , whether you are a doctor , whether you are pa , whether you are a doctor where you are a nurse practitioner , even whether you're a respiratory therapist , you probably gonna be in that 30 something percentile yeah you know , or 30 range um . So all the students were like you know yeah , they just kept .
Oh my god they were tripping .
They were tripping , remember they were all tripping when they thought , uh , fika was a big deal . It's like , all right , like FICA ain't nothing compared to what you really go pay .
So I mean , we also talked about the gender pay
¶ Breaking Down Gender Pay Gap
gap also .
We talked a little bit about the gender pay gap . Remember , like there's studies that show that , you know for you know dollar for dollar , or training for training , you know a woman will get paid like 10K less , even more compared to her . You know , compared to a male counterpart , he'll come in in the same role , the same amount of years .
He'll get paid more Right , and then eventually , over the time , you know , over the several years and into the decades , you know that number gets closer and closer together . But you got to remember this number compounds right .
That's money that you can put to get a house , that's money that you can put into the stock market , that's money that you can put to work for you . That you're missing out on Right and um . So we talked about that . Uh , we talked about academic pay versus community pay .
Um , right , so if you're an academic physician , what that means versus being a community physician ? Um , you know , that was really interesting also .
So no , it was a really , it was a really great . It's a really great session , Like you know , like you said already , the students were extremely engaged and engaging as well . And , you know , I hope , I hope that SMA has more opportunities like this , you know , for students .
Right , Like I talked a little bit earlier about , there's just such a dearth of information in medical school and I think you make a good point and that , yeah , you know where there's that kind of gap . Snma should see that type of opportunity and really , just , you know , go .
So the first year , will continue to hear this message all through the four years of school .
You know , third years , fourth years , they can hear this , you know , and they can say oh , I remember hearing about that at a conference , at the SNMA conference , I should negotiate , I should invest a little bit of some money . I should live on a budget , you know oh yeah , no doubt I would love to see .
I would love to see a session , you know , on paying off your student loan debt . You know , just like , lots of creative ways to pay off your student loan debt . You know because you know . So students still don't know . But there are students who still don't know about PSLF .
¶ Medical Schools Failing Financial Education
There's still students who don't understand . You know kind of what it means to . You know have a certain amount of interest and how that interest will compound .
You know over time that right there that right there I put on the shoulders of the medical school .
I do the medical schools , but what do they care , the medical schools have failed , I get it .
But you could care , okay , and if they don't care , that's fine . But I'm telling you right now , med schools , if you're listening , you are failing the medical students , right , because when you have that , just get told okay , this is how much in student loans , you got signing this paper and that's it .
But you fail your students when you don't put them in a position to really be knowledgeable on how they're going to pay for this right now , right ? So if you don't teach them about this PSLF right now , if you don't teach them about the income-based repayment plans , you're failing your students .
That's how I feel . No doubt I mean I get that , but I think you can't capture that in one felt swoop in terms of just an exit interview . I think that this is something that has to be , you know , like you said , the sprinkle right . It has to be sprinkled throughout . Students have to get , they have to understand the power of budgeting .
They have to understand that budgeting is not a bad word , that budgeting actually is a very big advantage for them . Right ? They have to understand , you know , compounding interest , what that looks like . You know , here's what you started out with in your first year .
Here's what you're up to in your second year , right , if we're talking about the unsubsidized right , like things like that , I think they need to see it over this stuff throughout . You know they have regional conferences , they have the national conference and they have a whole bunch of other programming that they do . And I think , hey , do that and learn .
You know you'll , you'll . You will reap the benefits as an organization . One , because the students who become alums will be more financially sound , number one .
And two , they will give back if they're financially sound , but if they feel like I don't know what I'm doing , you know I got all of this debt Once they realize that once they realize the tax benefits of these things , they'll be like look , I'm invested emotionally .
I might as well invest myself financially .
So that's the key .
Listen up everyone , Listen up , Listen up everyone , Particularly if you're a program director and you listening , listen . I'm going to tell you
¶ SNMA's Special Students with Missions
something right now . These students are special . Yeah , I'm serious , I'm not just . These students are special how they work , how they hustle , they all have a mission . I'm telling you right now , I can't think of one student at the SNMA who is there without any type of mission .
And when I say mission , it's not like I just want to become a doctor , it's I want to become a doctor because I want to do this for family community whatever it may be . These students are I'm telling you so , program directors right now . Like , listen to me .
If you're looking for leaders , if you're looking for someone to make a difference in your program , look here , look at the SNMA , come , make sure you come into our , come into the exhibit hall , come to the pre-med fairs to get these pre-med students I mean , we didn't even really talk about the pre-med like , listen . And the other thing too .
I want to say , like the med students , like I know it's tough , right , it's tough , like you always thinking about , like , am I going to get into residency ? What do I got to do to make sure ?
I get into residency .
What do I got to do to make sure I do well for the next test ? And you'll be at these SMA conferences and you'll be walking by these med students or , excuse me , these pre-meds . And these pre-meds are just looking for guidance . Also , it's all relative . I'm super proud of these pre-med students who it costs them more .
Actually , it costs them more to go to these events because you know where are they finding the money to pay for these things .
Right , they're . You know , they're not living on loans , in the same way that medical students are . Right , it's .
And the medical students are in school . Right , you know , going to this conference is going to , you know , afford you certain types of information that'll help you out , like going to a pre , being a pre-med , and going to SNMA , you know it's .
It can be a little bit daunting and stuff , but it's it's worth it man , so I don't know if you want to talk about the pre-med students , cause they they do a great job too . I just want to say I'm proud of them too .
You know
¶ Celebrating Pre-Med to Medical School Journeys
um the pre-meds , you know the the pre-med portion of um of SNMA . So I used to be the national pre-medical board member before I became Madam Cher .
So when I was in my second , going into my third year of medical school , I was pretty much in in charge of the entire national pre-medical effort or initiative , effort or initiative , and so you know , just to see where you know how far they've come now is , you know , it's just been amazing .
But you know , every year at the pre-medical luncheon we get to see the students , you know those pre-meds who are , you know , going to be matriculating into medical school and it's just great , right , they do a pinning ceremony for those students and it's just so great to see , like you just get all these students who stand up come and get their pins and you're
like , wow , like you know , the organization was a huge part of their story and so these stories will kind of permeate throughout , right , so that's always great . I've seen pre-meds go from , or I've seen students , medical students , go from being pre-med all the way going to medical school . I met Antonio Henry , right , antonio Henry , he's at PCOM .
He was one of my students in my medic program , stacey , a pre-med that went through my program and now she's . You know she's in her third year , so is Antonio in his third year . And then Morgan . Ooh , what's Morgan's last name ? Morgan Freeman . I believe in God .
I believe in me Same person .
No , it's not Morgan Freeman , but Morgan . She's over at KCU , which is our alma mater , but she , you know , she's also in her third year .
So you know , just to see them , like you know , go from that level of being pre-med and just wanting to get into medical school and finally getting to that , you know , getting to that place , or even with Stacey getting to , you know , the point of being a regional director , a leader in the SMA , a national leader , you know , regional and national leader in the
SMA , it's like it's truly amazing . You know . You know regional and national leader in the SMA . It's like it's truly amazing . You know , and I can't forget my girl , miracle Rogers , who is now the national president of the Student National Medical Association .
She was also one of the medic students in my program and now look at her , she's like the national president . You know she was also pre-medical board member , the way that I was previously , and it's just amazing . Like you , just , you never know who is before you .
You know , and that's why I always say to people don't tell people that they're not going to make it . You don't know who you're talking to . You know you don't know who you're talking to . So it's just , it's just awesome to see , awesome to see .
So it's just , it's just awesome to see Awesome , to see what's good . Everyone . This is Dr Nii Yo
¶ End Segment and Next Episode Teaser
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