8. Doctors Aren’t Rich

The notion that doctors are rich couldn’t be farther from the truth, according to many who belong to the profession. Most people think that physicians have the luxury to enjoy the finer things in life but truth is, they aren’t.

The cost of medical education doesn’t come cheap, especially with the prices of books and other fees that come with it. Most doctors had to take out loans in order to stay in medical school, and these loans have to be paid once they begin their practice. In fact, after they graduate, these new doctors have to pay in order to get into a good residency program where they can further hone their skills. Figures in the US put a doctor’s school debt at $600,000 inclusive of interest which they have to pay back. In addition, doctors also pay higher taxes than most of us, paying a staggering 29% federal tax to be able to practice.