Number seven on the list is going to be Pharmacist. This is the degree that I got, which is the Pharm D. Now when it comes to the debt to income ratio here pretty dang good. It’s about 2.2 to one. And this, of course, is on a list of debt to income ratios of people who are seeking help.
So most of the people who would be seeking help have a worse debt to income ratio than the average person. So in reality, it’s probably more like maybe one to one or maybe 1.5 to one at worst.
So yeah, really solid option here healthcare degrees tend to be very meaningful, you make really good pay, and I was able to graduate with my degree in about five years and nine months, you can check out my course down below if you want to figure out how you can also graduate much earlier, usually, it takes people eight years to get a Pharm.D.
I was able to shave two years and three to four months off, others have been able to shave even more often I reveal exactly how to do that in the course down in the description below. So check that out. If you’re interested.
The next one on the list is going to be Dentist, this is another doctoral-level degree, it is going to take longer than pharmacists on top of that, you’re usually going to go into a lot more debt. And if you want to start your own practice, you’re likely going to have to take out a large business loan as well.
So a lot of the time dentists are going to be in debt until pretty much late in life sometimes late 30s. But at that point, as long as they have their own practice, or I should say especially if they have their own practice, they are going to be making bank debt to income ratio here is about 2.5 to one which is a little worse than pharmacist but not too bad.
Dentists can be a great option, definitely something that you should look into if you’re interested in health care.
5. Technology Engineering or Mathematics
Next on the list is going to be a TEM Ph.D. and by that I mean Technology Engineering or Mathematics Ph.D. not stem, because that would include science.
So technology, engineering, and mathematics at the Ph.D. level can be really, really good. Now a lot of the time I warn people against getting a Ph.D. because of how much of an investment it is, I made several videos about how the Ph.Ds. the system is very similar to a pyramid scheme when you look at it.
There is a lot of legitimacy to that. But it’s not always true. So the difference between TEM Ph.Ds., technology, engineering, and mathematics versus some of the other ones is for one, first of all, you can get a pretty solid job, usually with a lot of these degrees with just a bachelor’s degree.
So the people who end up going back and getting a master’s or a doctorate are people who just simply want more education, it’s not that they have to get more education, like many of the other degrees.
So for instance, people who go back and get a doctorate for an anthropology degree or a sociology degree, may not have had the option to get a job with just a bachelor’s, they were forced to go back and get a masters and eventually a doctorate that is such a key difference.
I mean, I cannot stress how important that is on top of that technology, engineering, and mathematics-related Ph.D. programs generally can be done much faster than some of you know Liberal Arts, Social Sciences, etc.
So the average Ph.D. program is going to take over eight years for you to get it right. I’m not talking about eight years, including undergrad after you’ve got your bachelor’s, it’s going to be another eight years for you to get your Ph.D. on average.
However, if you look at the breakdowns by discipline, science, technology, engineering, and mathematics degrees tend to be able to get their Ph.Ds. much faster than somebody who’s in the arts, humanities, etc. On top of that, you are much more likely to get a stipend or a grant something along those lines in order to pay for your Ph.D.
If you get it in a technology engineering or mathematics field. And if that wasn’t enough, there’s also a lot more demand and you get paid much higher for technology, engineering, and mathematics degrees, somewhat less, but still, you know decently well for science degrees, and these are all at the Ph.D. level, right?
So this can be a good opportunity. In some cases, I still warn against going down this route just because it’s so much commitment, but for the right person, this can definitely be a fantastic option.
4. Orthodontist, Endodontist, and Periodontist
Next on the list is going to be Orthodontist, Endodontist and Periodontist. This is basically going to be a type of medical doctor that specializes is in all things to do with the teeth and the mouth. So these are basically all different types of dental specialists.
Now, the debt to income ratio here is 2.0, which is not bad at all, this does take a tremendous amount of your time, it’s going to take many, many years, a lot of the time, orthodontists, for instance, are going to end up owning their own practices as well, that means you’re gonna have to take out a business loan.
So it’s kind of along the same lines, you’re going to be deep in debt for many, many years before you finally get above a net worth of zero. But if you’re okay with that, right, if you’re okay with going into it for the long haul, this can be a fantastic option.
3. College Professor
Next on the list is going to be somebody who gets a Ph.D. and then is lucky enough to become a College Professor. Now, one thing I mentioned in my videos where I talk about why getting a Ph.D. can sometimes be a trap, is the fact that so many of those people think that they’re going to become college professors.
In reality, if you think about it, professors teach hundreds of different students at once, usually. And so really, out of all those students, they’re teaching how many of them can also become professors, not many. However, if you are able to become a college professor, and especially if you get tenure, it is a super sweet job.
It’s a great gig, right? So the debt to income ratio here is 1.8. And that is really good. So you’re obviously making pretty good money and you’re not having to go that deep into debt.
2. Doctorate in Nursing Practice
Next on the list is going to be a DNP or a Doctorate in Nursing Practice. This is the type of nurse that is above a nurse practitioner, which would just be an NP, that’s a master’s level degree, you can go one step further and become a DNP. Now DNP is making fantastic money,
There are so many things they can do, they can prescribe, they can diagnose all without having to be under the supervision of a doctor, they make fantastic money, we’re talking like pretty close to what a medical doctor makes. So yeah, this is a really good career.
I will say that you don’t get all that many advantages over just being an NP because as an NP with a master’s level degree, you can also prescribe and diagnose, but I have heard that nurse practitioner is moving more towards the kind of becoming more of a doctoral-level degree and more people are trying to get their DNP.
So we will see how that unfolds in the future. But as of now, this is still a very good option.
1. Medical Doctor
Next on the list and number one is going to be Medical Doctors and they are going to have a debt to income ratio of 1.64 to one which is the lowest on the entire list.
So a medical doctor can be a fantastic option for the right person, it really depends on your personality would not be a good fit for me at all, because of the fact that I’m the type of person who wants to have really nice work-life balance, doctors work super hard.
It doesn’t matter whether you’re an undergraduate, you basically have to get really good grades, you have to shadow for like 1000s of hours do all kinds of extracurricular activities, you basically just have to be the perfect student in order to be able to get into med school.
Trust me getting into med school is very difficult, then once you’re in med school, they are going to work you hard probably going to be one of the hardest times of your entire life.
Once you get out of medical school, you’re going to be doing a residency that is somewhere between three and seven years long, where you’re likely going to be working 80 hours a week.
Then once you get done with residency, you’ll have an option to also do a fellowship in many cases, which can be you know, one to two years and then finally you’ll start working as a doctor where you’ll probably be working over 60 hours a week and you have to stay up to date on the newest medical information.
So that you can give your patients the best possible care so doctors are lifelong learners they are never going to stop learning not saying that other medical professions also aren’t like this.
But doctors who take it to an extreme but when you look at the numbers if you’re someone who is willing to sacrifice all of that to go through all of that this one is going to pay off so for the right person this can be a fantastic option and that’s why I decided to put it as number one.