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I don't know if I want to be a doctor or a real estate agent. Which makes more money?
Greetings! I'm Ms. Tipton at the International Community School. My 3rd graders have a few questions and I'd like to share your advice with them. Thanks in advance!
#doctor #real-estate
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9 answers
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Ari’s Answer
It depends on a few things:
1. The type of doctor you become OR the type and number of real estate transactions you are able to complete
For example, an orthopedic doctor may make more money than a real estate agent who does only a few residential deals a year, OR al family doctor in a small town might make less than a real estate broker for commercial properties in a highly desirable location.
2. The area in which you live
Like I said above, doctors and real estate professionals will make different money depending on where they live. That said, a smaller area may provide for a less stressful lifestyle than being in a large city/metro area
3. Ultimately, like everything in life, it depends on how good you are at your job. A doctor who has poor bedside manner and doesn't do the thing that good doctors do (help their patients get/stay well) isn't going to be very good at their job (and probably won't be financially successful). Same thing for real estate professionals. Not paying attention to client needs, regulations, critical details, not being responsive, etc. will ensure that you don't do well.
One thing to keep in mind: Being a doctor requires a lot more education than being a real estate professional. You can be a real estate professional without a college degree. However, there a LOT more real estate professionals than doctors!
Find out what kind of educational requirements there are for doctors
Understand what your abilities are (are you really good at math or science? are you really with communicating with people? are you a good negotiator?)
Seek out people in each field and just talk to them!
1. The type of doctor you become OR the type and number of real estate transactions you are able to complete
For example, an orthopedic doctor may make more money than a real estate agent who does only a few residential deals a year, OR al family doctor in a small town might make less than a real estate broker for commercial properties in a highly desirable location.
2. The area in which you live
Like I said above, doctors and real estate professionals will make different money depending on where they live. That said, a smaller area may provide for a less stressful lifestyle than being in a large city/metro area
3. Ultimately, like everything in life, it depends on how good you are at your job. A doctor who has poor bedside manner and doesn't do the thing that good doctors do (help their patients get/stay well) isn't going to be very good at their job (and probably won't be financially successful). Same thing for real estate professionals. Not paying attention to client needs, regulations, critical details, not being responsive, etc. will ensure that you don't do well.
One thing to keep in mind: Being a doctor requires a lot more education than being a real estate professional. You can be a real estate professional without a college degree. However, there a LOT more real estate professionals than doctors!
Ari recommends the following next steps:
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Kimberly’s Answer
Hi. My first suggestion is to pick your career based on what you love instead of just money! If you love what you're doing, you'll be passionate about finding ways to make money doing it. But, to answer your question, in general, a Dr. will make more than the average real estate agent. However, it really depends. A real estate agent selling million dollar houses could make a lot more money than a Dr. Also, depends on what your specialize in. For example, a veterinarian doesn't make as much as other doctors. There's also a significant amount of training required to be a Dr vs a real estate agent. A Dr. goes to school for about 12 years I believe. You can be a real estate agent in a few months. Also, think about the environment as those are different also. Do you like helping sick people? Do you handle stress? Do you love math and science? Do you want to stay in school for 12 years? Those are some questions to think about. Good luck!
Go to the library and ask about the occupational book that has a summary of almost every possible job.
Find a mentor or family friend that has that job and ask them questions.
Kimberly recommends the following next steps:
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John’s Answer
Both doctors and real estate agents can make a lot of money--or not a lot of money. It depends on many factors. If you are a primary care physician in a rural community, your income will be a lot less than if you are an experience heart surgeon working in a major city. Similarly, if you're a real estate agent focused on the residential market in a small community that's in decline, there will be depressed prices and limited transactions. On the other hand, if you're focused on the commercial market in a booming, big city, you can make a lot of money. The work itself is very different between these two professions, and I recommend focusing on work that you really enjoy, rather than on the money.
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John’s Answer
Both professions can be very lucrative.
Becoming a real estate agent is easier than becoming a doctor. You do not need a college degree to be a realtor. It does require studying to pass a broker's exam for the state you live in.
Becoming a doctor takes many years of schooling and training.... (4 years of college, 2-3 years in Medical School, and 1-2 years in Hospital Residency ), is expensive both for the schooling and for office space and equipment. That said, helping others is one of the most rewarding and inspiring things anyone can do.
I recommend finding and following your passion that way whatever you do will feel like fun and not just a job.
Becoming a real estate agent is easier than becoming a doctor. You do not need a college degree to be a realtor. It does require studying to pass a broker's exam for the state you live in.
Becoming a doctor takes many years of schooling and training.... (4 years of college, 2-3 years in Medical School, and 1-2 years in Hospital Residency ), is expensive both for the schooling and for office space and equipment. That said, helping others is one of the most rewarding and inspiring things anyone can do.
I recommend finding and following your passion that way whatever you do will feel like fun and not just a job.
Victor Suarez
Director, Production Engineering, Governance, Riska & Compliance
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Victor’s Answer
This is a good question, I remember asking myself this question many times when I was a kid. My short answer to you is both, however, there is a little catch ! You can make a lot of money in real state and as a doctor. However, the truth is that ANY career can make you money if you are diligent and passionate about what you do. Money is important, but more important is to choose a career that makes you happy, something that you love so much that doing it doesn't feel like work. Something that you do because you simply have a big passion for it !!!
The little catch I was referring is time and discipline, no career or job will make you lots of money if you don't invest the time and have the discipline to be diligent on the work you do. For example, becoming a doctor requires average of 5-7 years of school, work practice at hospitals (1-3 years) and speciality selection. Meanwhile, a real state agent doesn't require a college decree, but you will need to dedicate a lot of time working to make significant amounts of money. My advice: follow your passion and the money will come!
The little catch I was referring is time and discipline, no career or job will make you lots of money if you don't invest the time and have the discipline to be diligent on the work you do. For example, becoming a doctor requires average of 5-7 years of school, work practice at hospitals (1-3 years) and speciality selection. Meanwhile, a real state agent doesn't require a college decree, but you will need to dedicate a lot of time working to make significant amounts of money. My advice: follow your passion and the money will come!
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David’s Answer
Well I think that is going to depend on a lot of factors. I know a number of Real Estate agents that make a lot of money but that depends on the location in which they are selling properties, how hard they work and the selling prices. Not all Doctors make a ton of money. That also depends on a number of factors like, specialty, location and how many patients they see. My advice is focus on doing work that you will love, that will make a difference in the world. The rewards will come!
Read up on what it takes to become a doctor
Watch a video on becoming a Realtor
Ask your parents to introduce you to a doctor or real estate agent
David recommends the following next steps:
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Yasemin’s Answer
Hi Ms. Tipton! Honestly it can be both; I've met real estate agents who have done well in the business. A physician's salary begins from about 200K and can grow, based on their specialty but a real estate can also make 6 digits as well with practice, ambition and getting to know the market. I definitely think that besides salary, picking a career choice does require passion and commitment as well. Being a physician is hard work, perseverance and loving the field; for example surgeons make a significant amount of salary, however they work very hard, under pressure and at various times such as waking up in the middle of the night for a surgery. This really comes from the love for the field and not the salary. There are many different careers that allow a person to do well economically however I think it's important to love the career you pick! That's why obtaining experience and getting to maybe shadow a physician or work with a real estate agent (of course later on in life for your third graders) may provide more insight into being certain about a career choice and if one will be truly happy with it!
Best of luck to your third graders! I hope this helps!
Best of luck to your third graders! I hope this helps!
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Michael’s Answer
Many times in looking at what we want to do in life, it should not only be about the money you can earn but also about the satisfaction I gain from doing the work and also, what sacrifice do I have to make in order to do that job. Real Estate Agent or Doctor. They both can make fantastic amount of money. The doctor can specialize and earn large sums of money. Likewise, the real estate agent can sell property in affluent (rich) neighborhoods and make lots of money. So since both have the opportunity to make great money you must ask yourself, do I want to go to school for at least seven (7) years after high school just to become a doctor before I earn a single penny. Will I have what it takes to get my real estate license and still want to sell property during a time when nobody is buying due to a recession or slow economy?
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Michael’s Answer
You should focus on what you are passionate about. The money will follow and you will be happier for it. Find what brings you joy and enjoy what you do first and foremost, that will be your greatest motivation.