The counterpart to this post dealt mostly with the funding aspect of medical school. Mainly, coming up with around $200k for school.
Once the loan business is figured out and you get to fourth year though, you should probably know what specialty you want to practice. Depending on your M3 letters of recommendation, med school ECs, and USMLE Step I score, various specialties might be opened up or closed off. Obviously, each specialty differs in its lifestyle, hours, and pay. And in reading through SDN, I've gotten the impression that there are a few people who are going into medicine purely for the money. You would think that interviews would weed these people out, but some people are just good at playing nice for a few hours. These are the people who make it hard to mention money and medicine in the same sentence. But having said that, I highly doubt that there's any med student who doesn't think about money a little bit, myself included. The following are all based on a premed's somewhat idealistic notions of medicine and the educational process. We'll see if this changes over the next few years.
For the most part, people go into medicine for the cliche reasons: helping people and liking science. Where things differ is how people get to the point of deciding on medicine and how sure they are of this decision. Similar situations abound in how people come to deciding on a career. Either way, money is (usually) a secondary player in the decision. Come time to really pick a specialty and all things equal, most people, like anyone else, will choose money. All things equal = same interest in the fields, hours, call, lifestyle. Of course, things are never equal. Some people value personal interest over hours and vice versa. At this point, I'd personally go into a field that interests me and hopefully all the other stuff falls into place nicely. Others may want fields with the least call and least hours: to each his own. Either way, I'll probably have no idea of what field interests me until I get to M3 rotations. If this happens to be derm, then so be it; if it happens to be family practice, so be it. If I've ruled out everything else and it's a dead heat between derm and FP, then derm it'll be. But if I had to choose now, it'd be between emergency medicine or a surgical field.
I guess the point of this is to put my thoughts on money and medicine out there. More so for myself to see if and/or how things change. But also for any reader(s) out there. Yeah, I think about the money aspects of everything: both loans and what I might be making. But both of these are secondary considerations in comparison to the reasons I'm going into medicine and eventually finding the specialty that I want to practice (USMLE scores willing).