 This is my very expensive six-figure piece of paper also known as My doctoral degree. What's happening guys? It's Shane here So I've said many times on this channel that getting a doctorate or a professional eight-year level degree Much of the time is not going to be worth it a lot of the time It's not going to be a good investment of your time or your money The reason for this is because the student loans that you take out when you go for a graduate level degree Which is a master's or a doctoral level degree are much worse than the ones that you take out when you go for a bachelor's degree It's not uncommon at all to see people taking out well over $50,000 a year and what are known as grad plus loans and the average student loan Balance taken out for people who go for doctorates is over a hundred thousand dollars a year But it's not uncommon at all to see people who go to graduate school come out with multiple hundreds of thousands of dollars worth of Debt and if you don't believe me just go watch a few episodes of the Dave Ramsey show and many people end up going to graduate school Just simply because they can't find a job with the four-year bachelor's level degree that they got and so why not? And this is an out of the frying pan and into the fryer situation where they get themselves in even more trouble than they were in Before and a lot of the time it doesn't even increase their chances of getting a job in that field any more than they had with just a bachelor's Level degree, but with that being said from a personal finance Perspective going to graduate school can be a good investment as long as you plan it out And I've gone all the way through the entire system from undergraduate to the highest level You know a doctoral level degree and I also have quite a few friends that did the same So I know what to look for here and by the end of the video you will as well So in this video, we're gonna go over some of the best doctoral level degrees and we're gonna jump in right after you hit The like button I'll wait for it Thank you. Number 10 on the list is going to be architect So these are the people that of course designed buildings and the debt-to-income ratio is going to be about 2.25 to 1. Now when it comes to debt-to-income ratio You generally want to try to stay under 2 to 1 But this isn't a hard rule just because of the fact that the more money you make the higher your debt-to-income ratio can be And that's because of the fact that you just simply have more disposable income Also, keep in mind that the debt-to-income ratio numbers that I found here were the most accurate that I could find There's not a lot of really good numbers out there in my opinion And I do believe these numbers are a little bit higher So they make it look a little bit worse than it actually is now architects are going to make around $80,000 a year There's 133,000 jobs available and it's growing at 8% which is much faster than average Additionally, these are the statistics for a bachelor level degree And if you get a doctorate, you'll likely make about 25% maybe 26% more than what it shows there So it'll probably be over six figures. So this one isn't too bad, but it's also not that great either Number nine on the list is going to be physical therapists And what they do is they help ill or injured people improve their movement or their pain so they can have a more normal life Now they do have a 2.5 to 1 debt-to-income ratio, which is on the higher side. They do make around $89,000 a year. There's 247,000 jobs out there And it's growing at a fantastic 22% average. This one also has really high job satisfaction I mean probably one of the highest out of any career in the entire world For instance on pay scale, it shows about 89 percent meaning score And whenever you look at the job satisfaction, it's generally much higher than your average career The reason for this is because you get to work with patients From when they're injured generally all the way until they've made a recovery And that can be very rewarding seeing them, you know, do that entire process Whereas a lot of healthcare professions, you know You help somebody and then you never get to see how much it actually helped them down the line So even though the salary is a little bit low the DTI is a little high I think this one is still a pretty good option Number eight on the list is going to be dentist and this one has a 2.5 to 1 debt-to-income ratio So dentists are these brave souls that are okay with putting their hands into people's mouths all day long The debt-to-income ratio is 2.5 to 1 Which is a little on the high side, but do keep in mind that dentists have a higher income And so it's a little bit easier for them to pay that off dentists make on average about $159,000 a year There's 155,000 jobs available and it's growing at 7 percent, which is as fast as average Number seven on the list is going to be a college professor This is a comment that I get all the time people are saying, you know Oh, our history is fine because you know, you can get a job as a college professor if you get an art history degree And I get it in very specific circumstances if you have very specific goals It can be okay for you to go and get an art history degree if you want to be a college professor But it's not that simple. First of all college professors have a 1.8 to 1 debt-to-income ratio Which is not too bad, but they only make around 79,000 a year on average There's about 1.3 million jobs available and it's growing at 11 percent, which is pretty good But it's very difficult to get into academia. I mean think about it You teach hundreds of students every single year, maybe even thousands if you're at certain colleges How many of those students will be able to become professors themselves and how many job openings are available in the first place And many people that end up going into academia realize too late that it's very similar to a pyramid scheme And by that I mean the only people that make a good amount of money are the ones that are at the very top So you've got teachers teaching teachers how to teach teachers how to teach teachers how to teach etc etc etc And if you don't believe me go and check out the subreddit r slash grad school where they talk about all the time how You know a lot of them have independently come to the conclusion that academia is a pyramid scheme or a scam Now it really does vary depending on which field you're going into There's certain fields where there's not a lot of jobs outside of that And so it's super super competitive to become a professor Whereas there's other fields where there's a lot of jobs outside of academia And so in order to become a professor it's not that hard just because there's not as many people trying to get into it So make sure you do your research make sure you look ahead But I get it if you're passionate about teaching people you want to become a professor This could be a viable option for you And if you end up getting tenure that can be really sweet depending on your goals Number six on the list is going to be a science related phd So this would be a phd degree in something like biology or chemistry So one thing I want to say about getting a phd which is probably the ultimate level of doctorate degree Is it takes on average about 8.2 years and that's after you get your bachelor's So get your bachelor's and your phd that takes 12.2 years or more on average And that's why the average phd graduate is around 33 years old Now the average phd graduate will also be over a hundred thousand dollars in debt And the followers of my channel know that the type of debt you have to take out for graduate school Is much worse than the type of debt you take out for undergrad On top of this you only earn a few percent more than if you had the same exact degree But it was a master's instead of a doctorate Yet you take out almost double the amount of debt and you spend way more time getting a doctorate And if that wasn't enough a lot of the time when you get a phd You're going to get worked like 10 12 hours a day like seven days a week The professors and the faculty know that they kind of have your number They've got a lot of leverage over you and so they can basically make you do whatever they want Because at the end of the day, they're the ones that decide whether you get your doctorate or not And they're the ones that decide when you get it So you have to do original research and then present it to a panel of experts where they grill you for like Five hours or something and if you pass that then you can go ahead and get your doctorate After you've also done many many years of schooling generally They will assign you an advisor who is supposed to help you on your original research and help you You know ask the types of questions that other phds would likely ask If you have a crappy advisor, you're pretty much screwed and that's kind of just the luck of the draw A friend of mine who got her phd in computer science for instance had an advisor who actually stole her original work Posted it on his own website without giving her any credit. This created a super awkward situation Where if she didn't say anything she might get you know accused of plagiarism But if she did say something the advisor might not help her or they could even hurt her in getting her phd This was a super awkward situation for her. It ended up turning out okay But it could have easily gone a different way if things didn't work out And the truth is many people don't even end up finishing their phds The seven year completion rates for phds range from 29 for humanities to 57 for engineering Now there are a lot of job opportunities out there outside of academia if you get a science related phd Compared to some of the other ones so it can be worth it depending on your specific goals If you're going for something that specifically requires a phd But in my opinion the science part of stem is not as good when it comes to personal finance As the other three technology engineering and mathematics number five on the list is going to be a lawyer This is a really interesting one. It's been a very popular degree for decades Now lawyers have a debt to income ratio of about 2.8 Which is pretty bad and in my opinion this used to be an incredible degree It was one of the best careers that you could go for out there But in recent times because of overhype and just because a lot of times have changed and things have changed It's not as good as it used to be. It's getting saturated. There's a lot of law schools out there Just pumping out graduates and in my opinion it is overrated now lawyers make around $122,000 a year There are 823,000 of them in the united states and it's growing at 6% which is faster than average Now the difference with being a lawyer is there is a huge Disparity and pay between the bottom and the top of lawyers So, you know, you go into the medical field and you become a nurse for instance There's not going to be a huge disparity of pay in most of the different careers with lawyers It is huge. It could range all the way from you getting like a $40,000 job to making like 20 million dollars a year And a lot of it has to go with where you go to law school and if you're a top level student or not And you know who you know and a lot of other factors like that So in my opinion, this is a big risk and also a big reward type of degree You really want to do your research and make sure you know exactly what you're going for before you go to a law school When it comes to being a lawyer, uh, it really matters what specialty you go for So you want to do your research on which specialties you want to get into other specialties There's going to be a lot of opportunity. I would look at maybe technology related specialties Just because of the fact that not a lot of lawyers have skills in technology So if you're able to combine the skills of being a lawyer with knowing a lot about technology That can be extremely lucrative number four on the list is going to be a technology engineering or mathematics related phd or tim Now like I said before, you know, everybody talks about how stem degrees are really good and for the most part That's generally speaking true But in my opinion when it comes from a personal finance perspective Technology engineering and mathematics degrees are going to be better than science ones And because of the fact that there's so many different, you know, career opportunities out there with a technology engineering or mathematics degree And it's pretty much universally respected even if you don't go into the field that you originally got your degree in It's not a horrible idea to also get a doctorate in these types of degrees Many of them do actually require the technical skills that you would learn getting a phd And so it can oftentimes pay off Additionally, there's a lot of opportunity outside of academia So if you want to become a professor that teaches technology engineering or mathematics There's probably not going to be as much competition And there are some positions out there, especially in big companies that prefer people who have doctoral level degrees Number three on the list is going to be pharmacists and pharmacists are legal drug dealers and they're experts on Pharmacology now when most people think of a pharmacist They think of someone who gave them their antibiotics inside of a grocery store or inside of a local retail pharmacy But actually there are many many other pharmacy related jobs within hospitals clinics Outpatient settings and all kinds of other examples retail pharmacy is just one type of pharmacy job But it's what most people think about when they think of a pharmacist now pharmacists have a 2.2 debt to income ratio So that's going to be a little bit higher than what you would want But it's not horrible compared to a lot of the other ones on the list pharmacists make around 128 000 a year There's 314 000 jobs available And it is growing at an awful zero percent and i've talked about this before but Probably don't want to get into pharmacy unless you really know what you're getting yourself into Pharmacy was my passion and that's why I got into it But for a lot of other people it's probably not going to be a good idea I think a lot of people go into pharmacy for the wrong reasons for one And then it's not exactly what they thought it was going to be and I hate making generalizations and statements like this But i'm just going to do it Don't go into retail pharmacy. Just don't do it. Do not go into retail pharmacy it is so oversaturated because of the Pharmacy mill schools that are just pumping out farm d graduates left and right Don't go into retail pharmacy at all if you want to go into pharmacy and work in a hospital or be a clinical pharmacist I think that's an amazing career path to try to get into but retail pharmacy is just not worth it I hate to say it and i'll probably make a video about this in the future But it's just the sad reality of things right now Now the 2.2 debt to income ratio honestly isn't too bad Especially compared to a lot of the other ones on the list You can pretty easily pay that off as long as you're smart with your money Now with a lot of the medical related degrees everybody knows that they have a ton of demand I've mentioned this over and over again in my other videos Medical related degrees have the most demand out of all the degrees even more than technology or business However, what has ended up happening because of a bunch of different policies and laws and like a bunch of different stuff That I won't get into is that schools have begun opening and oversupplying medical related degrees This is exactly what happened with pharmacy So there was a huge shortage of pharmacists at one point The government made some changes in how they distribute student loans and how student loans are taken care of They basically made it to where Graduate level degrees are like a blank check for schools to write any amount that they want on This is why you see schools out there that are charging, you know 70,000 80 thousand dollars a year sometimes to put people through their programs This is why it's so important with any masters or doctoral level degree That you just go for the cheapest possible school 99 of the time it's not going to be worth it to go for the, you know prestigious ivy league level school or the, you know school that's super good and whatever degree you're going to get it in It's almost always better for you to just go to the cheapest possible school And you'll be all right if you do that number two on the list is going to be dental specialists such as orthodontist periodontist and endodontists now a lot of these people are dentists And then they decided to specialize even further and become orthodontists now They have a two to one debt-to-income ratio which really isn't bad at all Especially considering that they make a really good money They make around the same amount of money as your average medical doctor And so it's pretty easy for them to pay that off now It's hard to find accurate data on graduate level degrees just because of the fact that there's not that many people that graduate And it's not as transparent as we'd like it to be But depending on the specialty that you go into and where you live You can definitely make over 300 000 a year as an orthodontist for instance The average according to zip recruiter is going to be 292 000 a year And so overall this one does take quite a bit of time to get into but it can pay off and it can really be worth it Number one on the list is going to be medical doctor I think everybody knows what a medical doctor does. There's tons of shows out there I think everybody's family has been telling them since they were four years old that they should become a doctor And I made a whole video about this one where I talked about how in my opinion It's a little bit over hype But when you compare it to other doctoral level degrees medical doctor does come out on top First of all, they have a 1.64 to 1 debt to income ratio Now doctors can easily make over 250 000 a year depending on their specialty The highest paying specialty is going to be a neurosurgeon, which makes over 600 000 a year The lowest paying specialty is going to be pediatric infectious disease Which makes around 186 000 a year. So if this is the pathway you want to go it can be really good There's a lot of things they don't talk about when it comes to becoming a medical doctor There's a lot of downsides to it. Many people go for medical doctor and for whatever reason one reason or another They're not able to make it seems like everybody I knew an undergrad when I was taking different chemistry classes Wanted to become a doctor and only a few of them out of all those people actually ended up doing it So check out that video if you want to kind of know my opinion on becoming a medical doctor It can definitely be worth it for the right person But overall if you're a normal person who just wants to you know Make a decent amount of money and then be able to enjoy the rest of their life being a medical doctor might not be the best choice for you Thanks for watching my videos. I made them just for you Go ahead smash the like button hit the subscribe button ring the notification bell and comment down below Any thoughts comments criticisms, etc that you have on the video. Thank you so much for watching You