Comparing this internal rate of return to other investments gives us a sense of whether it is worth it to go to med school (the answer is yes, it is typically worth it).
In that post, we evaluated the total cash outflows (medical school tuition and lost wages) as well as the cash inflows (higher salary after graduating from medical school and finishing residency) to determine the internal rate of return of the money and time invested in medical school. In our last post, Is Medical School Worth It?, we introduced the idea of the Internal Rate of Return (IRR) by evaluating whether investing the time and money to go to med school was worth it. For the latest, please see A 2019 update of our House Rent vs Buy IRR Spreadsheet What would you do if you found a great house and are deciding whether to buy it or keep on renting? *Note: We’ve updated this analysis and spreadsheet, given changes in the economics of housing due to the Tax Cuts and Jobs Act from late 2017. Is it better to buy or rent a house? Advice on this problem comes in all shapes and sizes, from the dogmatic idea that homeownership is the American dream, to some more nuanced methods like calculating the price to rent ratio.
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