Who makes more money over the course of their career – a high school teacher or a doctor?
Doctors are obviously paid more.
However, when you also consider that doctors work 1.5 times more each week than other Americans, that doctors spend an average of 42,000 to 50,000 hours (20-24 years of full time work equivalents) just to become a doctor, and that doctors pay almost $700,000 for their educational debts, the net hourly wage of doctors versus high school teachers shows that, on average, teachers earn about 3 cents per hour more than doctors over the course of their careers.
And these calculations don’t even consider the licensing fees, licensing exam fees, DEA fees, malpractice insurance premiums, continuing medical education fees, hospital staff dues, costs of running an office … and also assumes that the doctor doesn’t get hit with a multimillion lawsuit judgment.
[Also see this related post: http://www.er-doctor.com/doctor_income.html]