How many couples at 50-55 years old can say they have a house paid off, a million or more in the bank, one spouse retired, and the other working part time and still making $150,000+? At that point an extra shift a week every now and then covers any vacation we'd want or college expenses for the kids.
It's that 10 year stretch setting it up that I really just don't know how to digest and say "yeah, lets do this".
That's where some of my selfishness is being teased.
How many? None, and BTW I know some couples that are both doctors and both got started much earlier than your wife--as in two doctors.
Based on your numbers a financial case can be made for your wife; you guys are going to end up with more money if she does this. However, if your current income of, I'm guessing, $200k is not 100% enough for you already, no amount of money will be.
BTW here was the link I mentioned earlier:
http://www.dailymail.co.uk/news/art...-career-path-pay-cuts-student-loans-bite.html
I know several doctors personally, family members and friends:
Of the physicians who are now older 3/4 of them drink too much, 2 of the 4 definite alcoholics.
Of the four I know who are young:
- one is currently in residence and cannot wait for it to be done, as he is working a ton of hours (has a baby at home) and soon will be making huge bank. I think he loves his profession.
- one I know got into it late after some other career, but always wanted to be a doctor. I think early on she regretted this move (going from teacher to doctor is also going from lots to no free time), but now she works 50-60 hours/week and since her husband doesn't make much she is the sole bread winner and her young child and upcoming baby spend now, and will continue to spend, a huge amount of their life without mommy so that she can work enough to pay for the new house they are building
- another I know, smart as hell, but hates medicine. She works 2 days/week, just enough for a little extra cash, but she is mostly home for kids. Her husband is also a doctor and makes most of the money and has to because they have a nice large mortgage as all doctors should. I think he likes being a doctor, though.
It's important for your wife not to hate the rest of her career, but I'm sure there must be at least one other way other than becoming an MD to do that. But don't forget this "10 year stretch" you need to get through is also known by your kids as "childhood". If your wife is spending the next 7 years in med school and then worked to the bone as a resident it is what they will remember of her when they grow up. Mommy always worked, mommy was always studying or working. You can generally tell what one's priorities are by where one places their time.
Maybe your wife's job does suck, but $125k doesn't suck. If she has a good marriage, house, kids, health, way above average income, but has to put up with a little crap at work over it, is this really such a sore hand she's been played? You can't have everything, and I don't say it in a "it's ok to be lazy" way, but in a factual one: you literally cannot. She would truly be trading away her family life for her career.
BTW here was the link I mentioned earlier. I assume the doctors polled began without student debt and also in most cases without children.
http://www.dailymail.co.uk/news/art...-career-path-pay-cuts-student-loans-bite.html
Anyway, my opinion is just one. I've never had a huge passion or desire to work long hours in a profession. I've been close to those who had and don't believe it enhanced their lives. Medicine is a difficult profession to balance one's life with. It demands a lot. Most of us have jobs that are typically around 40 hours/week and we don't do a heck of a lot with it after that; out of sight out of mind. Medicine isn't going to be like that.
I've seen some of your posts on here, vi, and you have it together way more than most people from what I can tell. I'd be highly, extremely cautious of upsetting the apple cart.
Some other great posts here, hate to pick a favorite, but #137 is right. You are in a pickle