Medtech salary in Philippines is the main reason why people are going to this country. They are paid well and they have a chance to live in a beautiful country. The health system is very good and Filipinos are friendly people. These are just some of the reasons that you should consider moving here if you are considering doing so.
The cost of living is low in this country, so you will be able to save money while you work here. If you want to make more money, then you should consider becoming a doctor or nurse because they get paid more than other professions. Your skills will also be needed by many people in this country, which means that there will always be jobs available for those who need them most. You can also find work as an engineer or architect if you like working with technology instead of people; however, most engineers prefer working with machines rather than people because they find them easier to communicate with than humans (especially when they do not speak English).
There are many different kinds of jobs available for those who want them; however, most people choose one type before moving here permanently because it takes time.
Medtech Salary In Philippines
Almost every person in the Philippines thinks ALL doctors are RICH. But honestly speaking, doctors are the most underpaid professional, especially the ones in training.
Imagine, a resident physician getting paid 12,000++ pesos per month, doing 36 hours duty every other day? And even after residency, most doctors, especially the underprivileged ones don’t get to have their own clinic hours without paying 100,000++ stocks and rights to practice?
But, if you are a Filipino doctor reading this article, you know EXACTLY what I mean when I say, most Filipino doctors are not RICH. First and foremost, doctors didn’t typically go to a medical school in order to become rich, it wasn’t your goal.
Doctors study medicine for 10 years and even more, oblivious to the fact that, money is the last thing doctors are going to get. But when a doctor begins with living the LIFE in the real world, money now becomes a primary need and commodity.
I will be enumerating several obstacles that keep some doctors from becoming rich, even when money starts coming in and they begin on enjoying the fruits of their years of study and training. There are many still trapped in their old ways and ended moneyless on their retirement.
These obstacles are very real and these are:
1) Filipino culture influencing your ability to make money.
- Do you know that: The Philippines has the lowest number of people who saves regularly
- 90 % of Filipinos do follow a budget, but only 33% Really stick to it (doctors not exempted to that)
- Most Filipinos have a ONE-DAY-MILLIONAIRE Syndrome. Have you heard a man who spent 14M pesos in just 3 months. click here.
- But be it Lotto or just extra money or bonus, Filipinos have already budgeted their 13th month pay to buy their “wants” in life.
- We have the so-called “Manana habit” or “Saka-na-lang” habit – we really love procrastination, DON’T WE?
- No financial education in school, UNLIKE IN OTHER COUNTRIES, THEY HAVE FINANCIAL LITERACY SUBJECTS EVEN IN ELEMENTARY, sadly, our teachers are still not that qualified to teach financial literacy themselves, since, they likewise are in debts and barely surviving with their merger income.
- As a result, Filipinos are Being overly conservative, that is, we just store our money in Banks or Piggy banks. Which I was able to discuss in my previous post “Money’s Greatest Enemy.”
2. A late start
As doctors, we all know we are late in everything. We graduate at 24++, have family at 30++, and start really earning at 35++.
Losing those first few years of compounding can really make a big impact on the bottom line. This loss can be made up by working until later in life, by choosing a more highly-paid specialty, or by being more frugal/kuripot or be one of the smart few, who learn how to invest and save their money wisely.
3. Inadequate savings
Whether it is lack of financial savvy-ness, a sense of entitlement (I am a doctor, I should have a great lifestyle), or lack of self-discipline, you cannot invest if you cannot save.
Choosing to skip on saving for your retirement, especially early on when compound interest has plenty of time to work its magic, can devastate a financially-independent-retired-YOU.
The longer you wait until you start saving, the more you need to save. Likewise, saving just 5 or 10% of your income isn’t enough.
That will mean more years of hard work. You should aim to save 15-25% of your income each year you practice and save it in a good investment vehicle (not in banks!).
4. Failure to insure against financial catastrophe/Uncertainties
There are really only a few things that can wipe-out a doctor and his family financially. Death, disability, natural disaster, critical illness and liability.
These are uncertainties in life, but all are very easy to insure against. So get a life insurance with disability and critical illness benefits. We all know that Cancer or any other critical illness and disability can strike anyone even if you are a doctor. You can also get non-life insurance to insure your practice towards possible liabilities. It is better to pay a 10,000++ worth insurance than paying the 1 Million worth of financial emergency.
5. Inappropriate investment plan
With a steady income, any reasonable investment plan should get the physician investor to his goal.
Unfortunately, far too many doctors have inappropriate investment plans. Filipino doctors have inadequate knowledge on financial hierarchy and emergency funds before they start on stocks investing. Many are also trapped in old ways of being overly conservative and leaving money in assets without adequate long-term returns.
And why is that? Because many doctors are financially unwise, they are afraid to ask, or they ask the wrong person. Oftentimes, many consider, financial advisers are costly? But if you don’t get proper guidance, planning inappropriately is more costly than planning with guidance from the experts. It is like constructing a house without consulting an architect. The collapse of a building (and building it again) will be more costly than building it with proper planning and expert advice in the first place.
