Advice for a 20 year old med student

[hysanhou]

Introduction:
Hello I'm a 20 year old med student studying in a top 20 medical school right now. I've always been someone interested in self-improvement but only recently have I been concerned about business and making money, so keep in mind that I am a complete novice on this topic. After reading the millionaire fastlane , it has changed my perspective greatly as someone who knew nothing about money. I realised I initially chose to study medicine because I am interested and excelled in science, the prestige that comes with it, the money and a small part of me wants to help others. After entering med school, I understood that I was not going to be at the very top of the medical field and I also lacked the intense passion to help others as many of my peers do.

I started to wonder whether pursuing becoming a doctor was "lazy financial decision" because it is such a "safe" option that guarantees making a decent amount of money, but in return, it is essentialy a 9-5 job that leaves very little breathing room, or maybe worse as I understand it.

Plan:
As such, my plan right now is to finish my education and become a doctor, while trying out businesses in my free time and hope I hit a home run. The stable source of income as a doctor will keep me afloat and provide oppurtunities for me to keep trying.

I have done dropshipping but it didn't do too well. While I don't think I have given it enough time, I think I have already learnt many important lessons about marketing and it wouldn't be worth to keep investing time on it. I plan to try out no code SaaS utilising AI.

Questions:
1. I actually don't know much about the route of a doctor in general, especially the financial aspect, so I hope to get some general insights into this.
2. I think my plan is probably very flawed. Am I wasting my time trying to earn "clown money" lol? (e.g. dropshipping, using AI)
I wish to get some advice on my plan.
3. What business ideas/passive income streams should I work towards during medical school?

(for my last exam, I spent 10 hours everyday for 3 months studying, so my free time is limited. My family is doing ok financially and going to fund me until I graduate, so I don't neccessarily have to be doing low-paying job just to pay our living costs and school fees.)
(It doesn't have to be medically related, although it would give me an advantage. Ideally something that allows me to keep my identity hidden)

 

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[Deleted126160]

Best part of being an entrepreneurship is to do whatever the hell you want. Normal people study medicine for helping people? you can study it just because you're interested in the subject. college and entrepreneurship are not mutually exclusive. i am a medical student as well and the only reason i study is because i want to do so.

 

[Filippos]

I actually don't know much about the route of a doctor in general, especially the financial aspect, so I hope to get some general insights into this.

Hit me up and we I can share my experience. I finished my doctor in mechanical engineering in Germany, so it’s not exactly the same as med, but there are a lot of similarities.

A quick summary is this:
There are thousands of people searching for funding for their doctor research. If you go down that path, use it to test marketing and sales concepts.

Although the university chairs tend to have good alternatives to get such funding, it becomes extremely hard for PostDoc positions. People who have finished their doctor and want to follow an academic career will have to do some PostDocs before having enough experience to become a professor.

If you don’t follow an academic path, there is the corporate path or working on a clinic. Both are leading to the same situation: working your a$$ off to get a limited salary, having to deal with office politics to not get laid off or unhappy due to a crappy team.

My personal opinion on PostDocs and academics is this:
The vast majority of universities and research institutes are lazy people who have just developed enough skills to get funding for random shit that have nothing to do with reality or helping anyone.
I didn’t follow that path, because my experiences with my doctor showed me how shallow and immoral research works. No one cares about results, they are just re-publishing the same results 4 and 5 times without having the slightest shame.

Doing a doctor is not bad, as long as you use it to develop real skills. A doctor is very similar to an entrepreneur, you have to develop an idea that matters and persuade people to give you money to implement your idea.

 

[Filippos]

I think my plan is probably very flawed. Am I wasting my time trying to earn "clown money" lol? (e.g. dropshipping, using AI)

This question indicates that you are seeking for authority to tell you if something is right or wrong.
Nothing is a waste of time if you take responsibility of doing it and testing it. There are surely thousands opportunities with dropshipping and SaaS with AI, especially opportunities for someone with expertise on medical science. If I were you, I would brainstorm ideas where I could use this expertise to get ahead of the competition (e.g. problems of medical professions that not everyone can know about without studying med)

 

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[Mikkel]

Finish med school if you plan to be a doctor and stay in medicine, even if that is to start a business within the med field. Don't finish Med school if you are just going to switch industries. The worst thing you can do is finish med school and start some business that has nothing to do with being a doctor. That situation just wastes your most valuable asset, time.

You can 100% go Fastlane while being a doctor, you may just have to delay the Fastlane until after you finish Med school... seeing that med school is no joke and you should probably be 100% dedicated to learning.

Look around you and see what type of businesses MD's start and are successful in. I can give you some examples:

1. Owning your own orthopedic med center - hiring other surgeons, PAs, RNs, PTs, OTs, SLPs
2. Creating and selling supplements / meds
3. Creating medical devices
4. Traveling Home Doctor for the wealthy


For myself, I am a physical therapist. PT school is not as hard as med school, but I'm taking #3 as my route. I'm leveraging my knowledge as a physical therapist and developing products to sell to patients. Whether I am successful or not, I am confident that it can be lucrative if done properly. I am also confident that it could work for you too if you have the drive for it.

 

[WJK]

Introduction:
Hello I'm a 20 year old med student studying in a top 20 medical school right now. I've always been someone interested in self-improvement but only recently have I been concerned about business and making money, so keep in mind that I am a complete novice on this topic. After reading the millionaire fastlane , it has changed my perspective greatly as someone who knew nothing about money. I realised I initially chose to study medicine because I am interested and excelled in science, the prestige that comes with it, the money and a small part of me wants to help others. After entering med school, I understood that I was not going to be at the very top of the medical field and I also lacked the intense passion to help others as many of my peers do.

I started to wonder whether pursuing becoming a doctor was "lazy financial decision" because it is such a "safe" option that guarantees making a decent amount of money, but in return, it is essentialy a 9-5 job that leaves very little breathing room, or maybe worse as I understand it.

Plan:
As such, my plan right now is to finish my education and become a doctor, while trying out businesses in my free time and hope I hit a home run. The stable source of income as a doctor will keep me afloat and provide oppurtunities for me to keep trying.

I have done dropshipping but it didn't do too well. While I don't think I have given it enough time, I think I have already learnt many important lessons about marketing and it wouldn't be worth to keep investing time on it. I plan to try out no code SaaS utilising AI.

Questions:
1. I actually don't know much about the route of a doctor in general, especially the financial aspect, so I hope to get some general insights into this.
2. I think my plan is probably very flawed. Am I wasting my time trying to earn "clown money" lol? (e.g. dropshipping, using AI)
I wish to get some advice on my plan.
3. What business ideas/passive income streams should I work towards during medical school?

(for my last exam, I spent 10 hours everyday for 3 months studying, so my free time is limited. My family is doing ok financially and going to fund me until I graduate, so I don't neccessarily have to be doing low-paying job just to pay our living costs and school fees.)
(It doesn't have to be medically related, although it would give me an advantage. Ideally something that allows me to keep my identity hidden)

If I were you, I'd finish med school. That's something you will have for the rest of your life. How do I know that? I went to law school when I was in my early 40s, so I have a Juris Doctorate (along with 3 undergrad degrees). I've been in RE since the mid-1970s. I used my J.D. in my RE career to be an expert witness/litigation support practice, rather than becoming an attorney. I never used my education the way that the people around me thought I should. I'm now retired and very grateful for my education and business experience. I use both every day in my RE investments.