Financial advice as I begin med school?

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  • CM
    Member
    • Jan 2017
    • 2096

    #16


    you don’t need to get 100% efficiency with money to be wildly successful.  you don’t even need 90%.
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    This is true. Your current debt seems huge to you now, but it is small potatoes in the context of your full professional life.

    Just get the big things right and you'll be wondering if you can retire by the time you're in your 40s.

    Enjoy your youth. It will be gone too soon.
    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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    • gregslobos
      New Member
      • Nov 2017
      • 6

      #17
      Thank you all so much! Today is the first time I have ever been on this forum, and you have all been incredibly supportive and helpful. I sincerely appreciate the advice.

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      • jsr52
        Member
        • Mar 2017
        • 166

        #18
        Second everyone who says you gotta Chill, if it weren’t for my fiancé I would save all my money, Be rich and lonely. What a pathetic life it would be. She teaches me not be so cheap, and spend money on things that improve our lives. I’ve taught her how to budget and live frugal, and we’ve arrived at a happy medium. So not worth it trying to curb her clothing expensives, unless she’s dropping more than a grand a month on clothing/jewelry etc...

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        • The White Coat Investor
          Founder
          • May 2011
          • 10108

          #19




          Dr. Mom, I make $17/hr (so roughly 35k/year) and she makes roughly 45k/year. I got into my state school which is fairly cheap (29k/year) and I am really hoping for some scholarships as my scores are very competitive, but we shall see about that. We do of course budget for some enjoyment, but during that  time all I think about is the money we are spending. I know it’s a terrible mindset to be in, I’m really working to strike that balance.
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          You guys are going to do great. Happy wife, happy life. You're going to come out with way less debt than average if you can just keep from getting divorced. I think you guys (probably both of you but definitely you) are pushing a little too hard. The key is to make progress toward your financial goals WITHOUT feeling deprived. When you feel deprived, the plan isn't sustainable. So spend whatever you need to in order to not feel deprived and keep on trucking. The fact that you're on this site a pre-med indicates to me you're going to have no trouble whatsoever managing your finances as an attending, and that's what really matters.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • Donnie
            Member
            • Jan 2017
            • 769

            #20
            I don’t have much to add beyond what the others have said. You did great by paying off so much of your existing debt, but you should probably set a budget. Giving your wife $[200] a month that she can spend as she pleases isn’t going to change your overall wealth trajectory. Presumably you will become a high earner in the future, and you very unlikely to ever miss that $2.4k per year at any time in the future.

            To put it in perspective, $2.4k ~10% of your current debt and probably ~1% of your future debt. That’s not to say you shouldn’t pay down your current debts, but the amounts are fairly inconsequential in the grand scheme of things, and certainly not worth creating a stressful home.

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            • Dr. Mom
              Member
              • Feb 2017
              • 574

              #21
              My perspective would be to think about how much your wife is giving you by covering all your joint expenses during med school. Think of all the living expenses you won't be taking out in loans thanks to her.  Don't begrudge her spending something on herself, especially since you obviously need to learn to spend some on yourself as well.  Learning to spend wisely is as important as learning to save and give.  Best to learn how to spend now so you don't go crazy with delayed gratification later.

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              • ZB60
                Member
                • Mar 2016
                • 13

                #22
                If you are very competitive and went to your state school, I think you will get some scholarship money. It seems like most people get something. I am in the same boat, my wife is a nurse as well, but I am halfway through M3. My advice would be to live off of her salary and only do loans for tuition/fees if possible. It is tempting to have her salary be fun money and you cover living expenses, but you can save a lot of money with a little control. We have followed this path for the most part and should only have ~100,000 in loans. This will really open up what you can do, I loved my FM rotation and because of my lower loans it is still firmly on the table. Ditto keeping her happy. My wife has worked a full time job, cooked dinner, bathed him, put him to bed, and went to bed alone when I have been studying or working a night shift. She doesn’t ever complain, but it is obvious that it wears on her.

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                • WallStreetPhysician
                  Member
                  • Jan 2017
                  • 227

                  #23




                  I am 24 and married. I work in research and my wife is a nurse. I will start medical school this coming July and I have been trying desperately to pay off my student loans before I have to take out more. I have 21k remaining in my loans to pay off. I try to put 100% of my paycheck to my loans and we live off of my wife’s paycheck. Constantly stressing about money and the ability to pay these loans is making both of us truly miserable. I get aggravated anytime she goes shopping because I feel like we need to just buckle down and pay our debt. She is 100%in on wanting to get my debt down before I start med school, but it is beginning to wear on our marriage as I feel like we can not enjoy ourselves at all. We spend very little money outside of rent and bills, and the constant stress of finances is starting to drive me crazy. I know i need to tone it down on being so strict with our finances but how can i? How can i find some sort of balance so that we can actually enjoy our lives as well?
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                  Remember that you as a family will continue to be making money during medical school, while the majority of your classmates will be single and bringing in no income. You shouldn't feel like August 2018 is a deadline to pay off your college loans -- you could continue to pay off your college loans during the first year of medical school.

                  If you need more inspiration on why you should enjoy your youth and spend accordingly, check out this thread on a pre-med student discussing an epic backpacking trip prior to medical school, and how all of the attendings essentially lived vicariously through him, even though they're probably millionaires and he was about to take on hundreds of thousands of student debt:

                  https://www.whitecoatinvestor.com/forums/topic/spending-1500-on-a-vacation-before-starting-med-school/

                  -WSP

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