Greetings to all!
I have been reading many of the posts for a few months and am so encouraged by the number of people here who have had a career renaissance! About me, I am a 32yo (33 on the 12th) married father of 2. Was premed in undergrad but was spooked by a number of residents while I was working as an EKG Tech…but have thought much and believe this is where I belong, in medicine. Currently in the hardware industry with an MBA. I am taking my pre-reqs at a CC that will be accepted at U of I in Chicago. I figure that I will hopefully do well on the MCAT’s and start in the year 2007. As i believe someone said on this board, the process is like a marathon…so let the marathon begin!
Sooo to the question… How have people put themselves thru med school while one parent stays home, with a mortgage and stuff. I am trying to prepare for this life change, which according to my calcs, will happen in 2-3 years. I believe I am of clear mind when it comes to getting in, going to school, doing residency (hopefully EM) and the trials of practicing medicine today. But we, my wife and I, have no clue as to how we can continue to live while I am in med school. The debt dosen’t bother me…hell you will most likely owe for something… Will she have to go to work? Is it better for the loan situation if she does not? Questions questions questions…Finally, does the med school look at the finances of your children?? My son & daughter have amassed a tidy sum of $$ from doing modeling and commercials but I don’t want it touched because it is their’s for college…
I apologize in advance if this topic has been discussed before but I have not been able to find it.
Thanks for reading the ramblin
Michael 
Hi and Welcome. I have had the same questions and have come up with some answers. To begin with loans, unlike grants and scholarships, do not require a certain amount of money. Usually the school will be the lender and will work out a budget for you. When I approached the financial aid director a few weeks ago and brought up the same questions, her response was that the school would like to see the spouce help out financially because the loan is only good for certain things. You need to justify to the financial aid office why you need the amount you are asking for.
If you have credit card debts, get rid of it. They are uselss, do not help, and a way to toss $$ out of the window. Keep one card for emergency use only. Not for that emergency lunch or that emergency dress. But for true emergencies.
If anything, save save save now. I have two children and my wife just lost her job. But she is getting unemployment, a compensation package from her employer, and she is freelancing. What ever money that we can do without after paying the bills and the necesities will be placed in a high interest bearing account. We have an account with an internet bank (Netbank.com). They pay one of the highest interest rates in the country because they are not a bricks and mortars bank. We have been with them for a number of years and have never had a problem with them.
I will give you the mantra that the financial aid officer gave me and then you will be able to see how you can set up your own finances:
“Live like a doctor while you are a student and you will live like a student when you are a doctor”.
Any other questions, please let me know.
Gabe
Quote:
If you have credit card debts, get rid of it. They are uselss, do not help, and a way to toss $$ out of the window. Keep one card for emergency use only. Not for that emergency lunch or that emergency dress. But for true emergencies.
Gabe,
Since you seem to have really done your research, please don’t mind when I ask my question. Is it better to cancel credit cards that you don’t use? Does it ever work against you in a credit report? Would lenders view this as a negative when reviewing your status - that card x or cards x and y have been canceled? Just curious.
Thanks!
About a year ago, I used to listen to a radio show called “The Dolans”. They were a huband and wife team that are financial advisors. I went ahead and bought their latest book. In the book here is what they suggested: Any credit card that you have and have high interest on it, cancel it. Here is what I did.
I have plenty of credit cards, store cards, and the like. I lost track of the amount I was sending because there were so many bills. I looked up at the websites of each card to see who would give me 0% for a balance transfer and did just that.
I then separated the cards into two piles. To be cut and to not be cut (yet). The first things to go were the store cards, they would charge a whopping 21% interest. I wrote each of them a letter stating that I would like the account closed and I would like a confirmation letter sent to me as well as a letter sent to the credit reporting agencies stating that the account was closed on MY request. This shows the agencies that the account was not cancelled due to delinquency.
I then called the credit card companies and gave them a choice. Either they match/beat the lowest interest rate I had (which is 9%) and make this rate permanent or they can cancel the card with the same provision about the credit reporting agency. In the end, I kept 4/15 cards. They are not in my wallet, but in the desk and only come out if I know I have the money to cover the costs in the account.
Too many active accounts with no activity is actually bad for your credit report.
I hope this helps. Any other ?? please let me know.
Gabe
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“Live like a doctor while you are a student and you will live like a student when you are a doctor”.
I don’t really understand this saying…I understand why it’s smart to live like a student when you’re a doctor. But why is it a good idea to live like a doctor when you’re a student? Surely, that can’t mean to drive flashy cars around while in school. Why would it not be better to “live like a student when you’re a student, and live like a student when you’re a doctor”??? Can you shed some light on this?
To clarify: (IF YOU) “Live like a doctor while you are a student (THEN) you will live like a student when you are a doctor”.
pvd,
Gabe gave some very good advice. Let me add one caveat: Your FICO score, which determines your credit rating, is not only determined by the debt you owe, how well you have paid, and number of open accounts. AGE of accounts is also taken into consideration. I found this out when I cancelled some of my oldest (though unused) credit accounts. Keep this in mind when negotiating for the ones you want to keep open.
Kathy
For the saying. Basically, if you lease the benz, and go to Cancun for vacation, and rent the condo with the city skyline and use loans and credit cards while you are in medical school, ALL of your hard earned cash will go towards paying all of that off when you are making the big bucks and you will not be able to enjoy it.
Gabe and Kathy,
Thank you for the great advice. My husband and I were thinking of consolodating our credit cards by getting rid of the cards we no longer use. We are a bit apprehensive in closing everything and living minimally (in terms of the plastic), so I thank you for educating me on this.
I will read up on the issue more - maybe get the book that Gabe referenced.
Best,
PVD
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I will read up on the issue more - maybe get the book that Gabe referenced.
http://www.amazon.com/exec/obidos/tg/detail/-/0385507909/qid=1089225314/sr=1-4/ref=sr_1_4/102-6127460-4083320?v=glance&s=books
Yes, Dr.Lisa was right, I read it wrong. I thought misread it to be a piece of advice to live by as opposed to a word of caution. I’ve often heard from financial advisor and the like that you should continue to live like a student or a resident in order to pay down student debt and the like, so that’s where I got confused. Since my reading comprehension skills are clearly suffering, let’s hope that means that my chemistry skills are improving.
Thanks!