I like to have debates about this subject with different people: MDs make more or ups driver?
Or, who do you think is “richer”? The doctors, or the rcmp police agent? At 30 years old, 45, 50, 60… Etc…
That er usa doctor would have flipped in his chair if he learned:
1. Most doctors in canada make more money now than usa doctors
2. The canadian doctors graduate with much less debt, or very minimal debt, as MD education is subsidized. While usa doctors have massive student debt, sometimes totalling -$200 000 or even half a million for dentists.
3. If he compares usa MDs lifetime earnings and a canadian federal rcmp police agent, because of the pensions guarantees and cost of living adjustments guarantee, the rcmp agent would already retire after 25 years of service, average at 50 years old, with a pension worth around 2 millions dollars at 45 years old.
How hard it is to save 2 millions dollars for retirement ONLY at 45 years old? That is 2 Mil outside the value of the home, cars, etc.. Only for retirement!
So at 45 – 50 years old, the rcmp agent is a lot “richer” than an usa MD, considering that :
A. The MD dr usually only start practising after 7-10 university years, at around 28-33 years old
B. So the DR would need to save lots of money, and he only have 15 years to save (especially even more so if the usa MD start with massive student loans debt.)
C. What is the likelihood that that MD dr CAN actually save 2 millions dollars , ONLY for retirement at the age of 45? (Do not forget that since he spent soo much time in school, got in soo much debt, work soo much hours, that he will usually feel the need to reward himself with expensive cars, big trips, and big home, all while worrying about saving for retirement or bad days)
D. while the rcmp agent can actually spend 100 % of his take home after tax expenses, without really worrying about the need to save for retirement.
4. MDs : stock market crash? Or massive inflation? The MD lose a lot of his retirement account value.
Rcmp or federal workers: stock market crash? No problem, no change, same amount indexed for inflation for life.
MDs: no pension, so if he live until 90 or longer, he need more money saved.
RCMP: if he live much longer, no worries, same pension same amount indexed for life.
5. “Job guarantee”:
MDs can get fired, lose insurance or hospital access.
Canadian police rcmp ? Usually, once you’re in, you’re IN. May be moved around…
Which jobs “pays” more at 46-50 years old? Which jobs is more secure?
It is intereresting to see through those “debates” that most people is too focused on the short term, the IN: how much money the MD make, how much they can potentially save with that big income; instead of focusing on the OUT value: what is the final value? What is the retirement value? What is the opportunity costs?
It is interesting to see the way people think and argue depending on their preconceptions, past experiences, or on society labels.
It is the same about spending money, time. People usually spends resources according to certain preconceptions, or outside influence without consciously aware of those influences.
People like to reject ideas, say no to new things especially if those ideas challenge their comfort zone, their preconceptions, or their decisions.
They are usually quick to Label certain advanced travel thinking as : too complicated, or i do not not want to spend time connecting, or i prefer cash back, i do not use features on that cards, too time consumming, etc..
Instead of asking the question: HOW to make it work? they usually will say it will not work for them, focusing only on the problems. Instead of enjoying the journey, the learning process, they usually only want to “arrive” at the destination asap. People usually like to get the fish, instead of learning how to fish.
It takes a lot of energy to view things from a different angle, to question the status quo.
It is always harder to try to think outside the box, but the learning process to think outside the box is more valuable. It brings value and sometimes….First class tickets