Series: Cash Crash “I’m almost embarrassed by the amount of money I earn”
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As a doctor, Elisabeth works 60 to 70 hours a week – at the end of the year she even donates 20,000 euros to a good cause. Here the doctor opens her household book.
Personal: Elisabeth*, general practitioner, 70 years old
Gross monthly earnings: 14.660 Euro
Net monthly earnings: 6800 Euro
Since I’m actually retiring next year – I’m 70 years old – I’m taking a very detailed look at my account. In order to plan my retirement, I’m keeping a budget book for the first time in my life.
I worked as a general practitioner in my own practice for decades. In my working life, my weeks were 60 to 70 hours, plus desk work on the weekend. I don’t want to complain about it – but I think it’s important to contextualize my high income.
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What are the ethical considerations surrounding high earners in demanding professions like medicine, particularly in the context of income inequality? [[1](https://www.investopedia.com/articles/retirement/11/5-steps-to-retirement-plan.asp)]
## World Today News: ‘Cash Crash’ Interview
**Introduction**
Welcome to World Today News. Today, we’re diving into the “Cash Crash” series with a fascinating look at the finances of Elisabeth, a 70-year-old general practitioner preparing for retirement. Joining me are two experts: Dr. Sarah Thompson, a financial advisor specializing in retirement planning, and Ms. Beatrice Miller, a sociologist focusing on work-life balance and income inequality.
**Section 1: The High Cost of Care**
* **Interviewer:** Elisabeth, your story is compelling. A net monthly income of €6,800 is substantial, yet you worked 60 to 70 hours a week. Dr. Thompson, how common is this level of dedication and its corresponding income within the medical profession?
* **Dr. Thompson:**
* **Interviewer:** Beatrice, Elisabeth mentions feeling the need to contextualize her income. How do you see the situation of highly dedicated professions like medicine fitting into the larger conversation about income inequality?
**Section 2: Saving for the Future**
* **Interviewer:** Elisabeth, starting a budget book at 70, just before retirement, is admirable. What prompted this decision? What financial aspects are most concerning to you as you prepare for retirement?
* **Interviewer:** Dr. Thompson, for individuals starting their careers later in life, like some in the medical field, what are some crucial financial strategies for ensuring a secure retirement?
**Section 3: Ethics of High Income**
* **Interviewer:** Elisabeth donates €20,000 annually to charity, demonstrating a commitment to social responsibility. Beatrice, in a society grappling with wealth disparities, how do you view the ethical implications of high earners in demanding professions like medicine?
* **Interviewer:** Elisabeth, why is charitable giving important to you, especially given your demanding career?
**Section 4: Looking Ahead**
* **Interviewer:** Looking back on your career, Elisabeth, are there any financial decisions you would have made differently?
* **Interviewer:** Dr. Thompson, what advice would you give to young people considering a career in demanding professions like medicine, considering the long hours and financial implications?
* **Interviewer:** Beatrice, how can society better support individuals in demanding professions to achieve both financial stability and a fulfilling work-life balance?
**Closing**
Thank you to Elisabeth for sharing her compelling story, and to Dr. Thompson and Ms. Miller for their valuable insights. This discussion highlights the complexities of balancing demanding careers, personal finances, and societal responsibility, prompting us to consider the challenges and rewards faced by individuals navigating these multifaceted realities.
