Is being an entrepreneurship worth it if I'm already a doctor?

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ojhn0010

New member
Hi everyone thank you for taking the time to read my post, all advice and perspectives are appreciated!

BACKGROUND:

I'm a 27 year old resident doctor, currently in year 4 out of a 5 year residency. Right now I make about $90,000 a year however as soon as I graduate from residency (about 2 - 3 years) my income is basically guaranteed to go up to between $300K - $500K if I work "regular hours" (i.e., a typical 9 - 5 job).

ASSETS & LIABILITIES:

I have about $700K in investments (mostly broad market index funds) and about $450K in debt (a combination of $50K student loans and a $400K line of credit which I used to purchase said investments when the stock market crashed in March 2019). I am comfortable servicing the debt and am working to pay down the principle now that my interest rate is 7% (they were 2% when I originally invested).

MY ENTREPRENEURIAL JOURNEY:

Over the past year, I started a small consulting company on the side for pre-medical students which did decently well given it was my first go (~$24K net profit). As you can probably all attest to, entrepreneurship can be all-consuming and I feel like to actually do it well and keep up with the competition, I'd have to put significantly more time into it, with the risk that I could have been financially better off if I'd just worked as a doctor.

QUESTION:

Given my financial situation, is there even a point to entrepreneurship, or should I just be more grateful for my situation and stop trying to chase more money?
 
@ojhn0010 I feel like you should work as a doctor for a few years, then do it.

I think your founder market fit will be much better having actually been a doctor, rather than a resident.
 
@ojhn0010 Though I am a professional trader, I still hold a 9-5. I think being able to do both is very doable and important. A 9-5 (in your case, being a doctor) covers all expenses + plenty more + offers great benefits while a side business whether that is trading, creating your own business, etc allows for wealth creation. I cover this on a post on my page at r/overnightmomo
 
@ojhn0010 If being your own boss doesn't sound appealing, I guess the answer is no. Some people like a salary and can't handle the stress of ownership. Your psychology will tell you the answer. Don't overthink it lol
 
@ojhn0010 I’d recommend the book “Rich Dad, Poor Dad,” by Robert Kiyosaki, and “Real Estate Riches,” by Dolf De Roos.

You can ignore what those two are up to in 2024, it’s likely some kind of MLM nonsense, but those books are decades old and will help you level set and add passive income.
 
@ojhn0010 Why not both? If you have typical hours, and have a dream and goal live within the means to pay off that debt while working to craft the future you desire. Being an entrepreneur can be very risky and require so much effort to build up to the dream. You’ll know the answer on you heart no matter what anyone here says, but one safe option is to start making the money to pay off the debt while working overtime to start building your next step, not in a debt hole.
 
@ojhn0010 How the fuck do you get 400k line of credit with 2% adjustable rate when you were making less than 90k at the time?

Hell even 7% is still a net profit if you put it in the S&P500... it's literally free money.
 
@ojhn0010 I'm not an entrepreneur at all, but if I were in your position, I would stay on the doctor path for sure! You can always go back and do the latter at any point in the future if you choose to do so.
 
@ojhn0010 You can do both. A lot of doctors have full businesses on the side and they are successful because the same consistency and work it took to get into and finish medical school is what it takes in entrepreneurship.
 
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