Hi! I'm entering my last year of psychiatry residency and am seeking some advice. I'm married, we have three young kids, and my wife is staying home with the kids. I have no student loans, making a resident's salary in mid $50s, and have about $30K of savings. We're renting for $1800/mo, and currently budgeting our tails off. Only thing keep us afloat are financial gifts from family that might end this year, prior to my finishing residency. Yes, it's a financially ridiculous and irresponsible situation, but there it is.
Our plans at this point are to keep budgeting, keep studying, shore up a job ASAP, and move after residency. Wherever we end up, we'll rent for a year (at least) prior to thinking about a physician's mortgage. And keep budgeting like a resident for at least five years.
Question that I have:
If our flow of family financial gifts (which are the only things keeping us from financial collapse) fall through sometime this year, would getting a loan to bridge the time-gap to an attending salary (for expenses, moving) make sense? If so, which loans would people suggest?
Thanks!
d
Our plans at this point are to keep budgeting, keep studying, shore up a job ASAP, and move after residency. Wherever we end up, we'll rent for a year (at least) prior to thinking about a physician's mortgage. And keep budgeting like a resident for at least five years.
Question that I have:
If our flow of family financial gifts (which are the only things keeping us from financial collapse) fall through sometime this year, would getting a loan to bridge the time-gap to an attending salary (for expenses, moving) make sense? If so, which loans would people suggest?
Thanks!
d
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