For instance, Benjamin Franklin in Advice to a Young Tradesman, wrote: “Remember that time is money. This concept has been around for a long time. That serves as the primary determinant of whether you actually go through with a transaction. The second cost is less tangible, but the more critical one – the effective cost of your time. It is the actual cost in money of the item, activity, or event. There are two costs in everything you do - one obvious and explicit, the other hidden and implicit.
Everything. Whatever you’re doing right now, you’re missing out on something else. Everything in life is based on the fear of missing out, or in acronym-speak, FOMO. You will never get that time back if you pay for and do event A, because you’re missing event B. Since time is finite for all of us, everything we do in life contains a tradeoff. In other words, perhaps the best definition for money is “stored time.” How come we never hear that? It’s because it’s difficult to conceptualize. On that basis, money is time, specifically stored time. However, ninth grade algebra says that if a=b, then b=a. After all, people must work for money, which takes time. You’ve heard the phrase “time is money.” On first consideration, it seems to make sense. OK, so what is value? Value is defined as the “worth of something.” OK, so what is “worth”? What about this: “the level at which someone or something deserves to be valued.” One could go on this way forever. According to the dictionary, it’s a store of value. And as the NHS is a monopoly employer, with doctors unlikely to leave the profession on the basis of pay and with unions having to tread carefully so as to not lose public favour, the reality is that doctors are going to have to reset their aspirations around pay and lifestyle-and to stop looking to the past when making pay comparisons.Ask anyone to define money. No matter how much we may feel worthy of it, the government is not going to be reaching into the public purse to top up our wages if it can help it. However, given the state of the economy and the debt that the country has accumulated during the pandemic, I suspect that anything more than a 1% pay rise is simply not on the cards. As for those of us who live and work in big cities, many of our friends outside medicine work in the corporate sector, and once you start comparing wages, bonuses, and benefits, it’s not difficult to see how doctors can end up feeling hard done by. Doctors starting out at consultant level can’t afford the luxuries that consultants a generation before them could. Just like everyone else, we are hard wired to compare ourselves with others-and it’s not the general population that we tend to compare ourselves with. The doctors of today are facing a very different financial reality from the generation that went ahead of us, especially once you take into account the amount of debt that many younger doctors have accrued, having also paid eye watering amounts for their tuition fees.īut does pay really matter that much? Shouldn’t we take solace in the fact that we do an important and well respected job, with now even a George Cross to show for it? And even taking the real terms pay cut into account, a starting salary of £82 000 for hospital consultants is more than double the average UK salary.
MONEY MONEYMONEY MONEY FREE
The current NHS pension offering is about half of what it used to be pre-2012, and many of the perks that doctors used to enjoy-such as free hospital accommodation and free parking-are also long gone. 1Īnd it’s not just pay that has been eroded. To put this into context, doctors’ pay has failed to keep pace with inflation for successive years, to the extent that we are now facing a 7% pay cut in real terms over the past 10 years. The profession remains divided over how important pay is, debating whether the proposed 1% pay rise is just another kick in the teeth.
Follow Rammya on Twitter: issue of doctors’ pay is once again under the spotlight.
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