The 5 year plan to £50k

dowie · 26 Aug 2015 at 23:49

tres said:
I have successfully completed the '5 year plan to £50k'!!!

I did it in only 3 years as well.
I still have 2 to go. I'll have reached £70k ish by then. Can't wait to start repaying it all back.

medical student? You're not exactly going to end up in a badly paid career...

KaHn · 27 Aug 2015 at 00:37

dowie said:
medical student? You're not exactly going to end up in a badly paid career...

Not as much as you'd think starting off, not one I'd like to begin with 70k debt.

KaHn

dowie · 27 Aug 2015 at 00:42

I know quite a few and I don't think it is an issue... they're going to spend the majoirty of their careers as consultants or fully qualified GPs, neither of which are badly paid

all students are going to get into lots of debt these days, someone doing an extra 2 years of university because they're a medic is still in a much better position than the vast majority

KaHn · 27 Aug 2015 at 00:46

All after a good number of years training.

http://www.nhscareers.nhs.uk/explore-by-career/doctors/pay-for-doctors/

KaHn

dowie · 27 Aug 2015 at 00:55

yes, I know

Consultants can earn a basic salary of between £75,249 and £101,451 per year, dependent on years of seniority in the consultant grade. Local and national clinical excellence awards may be awarded subject to meeting the necessary criteria.

not too bad really and in a 40+ year career they'll be at consultant within the first 10

tres · 27 Aug 2015 at 08:49

sports_brah said:
You seem to have a chip on your shoulder about your debt.

You entered as a mature student, surely you were aware of it.

Oh, I do apologise. But you're right. Huge chip! It's public frustration at waiting my entire life to go to university, then picking the year they put up the fees.
I'll shut up now

FoxEye said:
I was about to say "nice, grats!" until I figured what you meant

Sucks, man. But it's not real debt, as that guy from MSE has often said. A lot of people will never pay it all back, and it doesn't affect credit scores, etc, etc. In many ways it's just not real debt at all.

That's true. That makes me feel better. Again, it's just frustrating knowing it's there.

dowie said:
medical student? You're not exactly going to end up in a badly paid career...

KaHn said:
Not as much as you'd think starting off, not one I'd like to begin with 70k debt.

KaHn

KaHn is right. For the first 5 years, it's appalling. For the next 5 years, it's alright. You become a consultant, which is fairly good. Then until you have 15+ years of experience under your belt, you won't be hitting 6 figures.

But the worst bit about it all? They believe that the government won't actually bring in much more, if ANY more, money under the £9k system compared to the £3k system, due to so many more never paying it off.

randomshenans · 27 Aug 2015 at 08:57

Or go into the Pharma industry. 75k starting salary, basic, good progression.

dowie · 27 Aug 2015 at 09:24

tres said:
KaHn is right. For the first 5 years, it's appalling. For the next 5 years, it's alright. You become a consultant, which is fairly good. Then until you have 15+ years of experience under your belt, you won't be hitting 6 figures.

I know he is right, I never said he was wrong, just that he wasn't telling me anything I didn't already know.

It doesn't change the fact that it isn't much of an issue and that you're going to end up in a very well paid career. Paying an extra 30k in fees across those 5 years is a mere blip as far as lifetime earnings are concerned - you'll likely earn a few million in the course of your career and it isn't like a normal loan either. Frankly choosing to do an extra year to get an intercalated degree or spending some time overseas and putting your career progression on hold briefly could cost you more overall than paying an extra 30k in fees.

I do agree that the fees situation sucks, frankly the govt would be better off cutting funding to spurious courses at low rate universities and letting medics study for free but it seems that if you want to study basket weaving and transgender studies at east london poly then the funds are there too...

Raymond Lin · 27 Aug 2015 at 09:24

Tres, how old were you when you started your medicine degree and any plans to do medico legal work too?

tres · 27 Aug 2015 at 10:05

dowie said:
I know he is right, I never said he was wrong, just that he wasn't telling me anything I didn't already know.

It doesn't change the fact that it isn't much of an issue and that you're going to end up in a very well paid career. Paying an extra 30k in fees across those 5 years is a mere blip as far as lifetime earnings are concerned - you'll likely earn a few million in the course of your career and it isn't like a normal loan either. Frankly choosing to do an extra year to get an intercalated degree or spending some time overseas and putting your career progression on hold briefly could cost you more overall than paying an extra 30k in fees.

I do agree that the fees situation sucks, frankly the govt would be better off cutting funding to spurious courses at low rate universities and letting medics study for free but it seems that if you want to study basket weaving and transgender studies at east london poly then the funds are there too...

That was going to be my second career choice. Still an option if the NHS goes to ****.

Raymond Lin said:
Tres, how old were you when you started your medicine degree and any plans to do medico legal work too?

28. No, I don't think so! I like medicine, I like the cliche of being able to help people. Medicolegal is something I hope to avoid

glenimp617 · 27 Aug 2015 at 10:51

I've always tried to earn more than my age.

Having just turned 37 I'm on 40k which is quite good for Lincoln. House prices are quite low.

There should be some good opportunities coming up over the next few years. That said I really enjoy my job.

Raymond Lin · 27 Aug 2015 at 11:56

tres said:
That was going to be my second career choice. Still an option if the NHS goes to ****.

28. No, I don't think so! I like medicine, I like the cliche of being able to help people. Medicolegal is something I hope to avoid

Medico legal isn't something you "avoid", there are people who would give their left nut to get into it as its so lucrative, could easily make £50k a month if money is your priority, which I can see isn't yours

.

DAIR · 27 Aug 2015 at 13:32

glen8 said:
I've always tried to earn more than my age.

Having just turned 37 I'm on 40k which is quite good for Lincoln. House prices are quite low.

There should be some good opportunities coming up over the next few years. That said I really enjoy my job.

Not good enough for me (as a Londoner). I'll need to hit that 60-65k mark to be comfy. I feel.

Buffman · 27 Aug 2015 at 14:27

DAIR said:
Not good enough for me (as a Londoner). I'll need to hit that 60-65k mark to be comfy. I feel.

I don't think it would be unreasonable as a Londoner to be after double your salary (in £k) per year of age

Richdog · 27 Aug 2015 at 14:30

The Craig said:
I don't think it would be unreasonable as a Londoner to be after double your salary (in £k) per year of age

Yeah it's that simple, I wonder why every Londoner isn't...?

.Sean · 27 Aug 2015 at 14:49

22, nearly 23 and I'm making 21k a year doing 2nd line support. It's soul destroying and I'm looking for a way out. No education so maybe Uni is a shout but that's a next year thing at the least. Life sucks man, 50k seems unobtainable for me.

balky12 · 27 Aug 2015 at 14:57

.Sean said:
22, nearly 23 and I'm making 21k a year doing 2nd line support. It's soul destroying and I'm looking for a way out. No education so maybe Uni is a shout but that's a next year thing at the least. Life sucks man, 50k seems unobtainable for me.

I didn't go Uni dude, I'm 26... not too far off the big five oh.

However I do live in London.

But leaving the support roles would do you no harm! Good luck.

Richdog · 27 Aug 2015 at 14:58

.Sean said:
22, nearly 23 and I'm making 21k a year doing 2nd line support. It's soul destroying and I'm looking for a way out. No education so maybe Uni is a shout but that's a next year thing at the least. Life sucks man, 50k seems unobtainable for me.

I was on around 16k at your age, hitting around 18k when I was 25 and then 21k when I was 27... all in IT support. Now lots of right choices and approaching my mid-30's, I'm on well over 50k. No degree either, though I am studying for one now.

It's all possible, you just need to have the right character, make good choices and have a bit of luck sprinkled on top.

.Sean · 27 Aug 2015 at 15:04

Cheers lads, that's made me feel a bit better about everything! I'm wanting to drop IT altogether. I'm thinking I'll take whatever I can to initially get out of my current workplace and then form some sort of long term plan from there. I live in the Highlands, not sure what I'd have to do to earn 50k up here, so wish me luck!

Richdog · 27 Aug 2015 at 15:20

.Sean said:
Cheers lads, that's made me feel a bit better about everything! I'm wanting to drop IT altogether. I'm thinking I'll take whatever I can to initially get out of my current workplace and then form some sort of long term plan from there. I live in the Highlands, not sure what I'd have to do to earn 50k up here, so wish me luck!

You're likely going to have to move to a big town/city.