What I have difficult time “understanding” is why so many folks (especially on the other premed/med site) think that 400K-500K debt is crazy to pay for an education in a pretty stable, reasonably lucrative career. But have NO problem talking about options to buy a 600K to $1M home as a Fellow.
Yes, I know that educational loans can’t be discharged and the practice of medicine is changing but why is a person more comfortable spending crazy money on a fancy home but not their education?
So what am I missing? 
Who knows…
I see this ALL the time in my current business, and it baffles me… doctors relocating RIGHT out of residency, and the new home is 1.5 million, but they are crying (sometimes literally) about the $1500 per month student loan bill that they can’t pay.
Common Sense 101.
These doctors are brilliant… what am I missing? Is there THAT much pressure to maintain a certain lifestyle? Or do we, as people who have been in the real world for awhile, have that different of a perspective on “needs” vs “wants?”
I don’t understand it at all…
- carrieliz Said:
I see this ALL the time in my current business, and it baffles me... doctors relocating RIGHT out of residency, and the new home is 1.5 million, but they are crying (sometimes literally) about the $1500 per month student loan bill that they can't pay.
.......Is there THAT much pressure to maintain a certain lifestyle? Or do we, as people who have been in the real world for awhile, have that different of a perspective on "needs" vs "wants?"
.......Is there THAT much pressure to maintain a certain lifestyle? Or do we, as people who have been in the real world for awhile, have that different of a perspective on "needs" vs "wants?"
WHEW!! I was REALLY starting to think I was missing something here!
My thought is that most of us have already done the frivolous stuff people do with money with their 30's.
So if the biggest monthly expense I have is a $3000K loan payment, I'd be happy with that as a practicing Pathologist!!!
I think a lot of it has to do with the current mindset of Americans right now. No longer are people satisfied with doing things the “right” or “smart” way, they wnat thier toys now. That is one thing I bring up in my interviews anytime the money issue comes around. I say, I know what it is like to have money and I realized that all of the stuff in the world isn’t going to make me happy. I would rather have a career that I can be happy with rather than a huge house, because that huge house can be worth 1.5 mil one day and 500K the next, but I job you love is priceless.
Look at most of the folks doing this Occupying business, most of them seem upset that life hasn’t treated them fair yet. They want their student loan debts forgiven. Of course when you ask them what they went to school for, 9/10 its some useless fine arts degree that will never pay them enough money to live in New York, but that is what they want and now that they aren’t getting it they are throwing a tantrum.
Moral of the story is that most of the “kids” you hear complaining about this stuff have been told all of their lives that they are special, and it really sucks when they find out that the world could give a flying (you know what) about how special their mommy and daddy think they are. That is one thing us OPM’s have going for us, we have been in the workforce where we probably get told once a week we are replacable.
I’m loving all these comments! I agree, a job you love is priceless. I am right now merely figuring out how I can live and pay the rent and take care of my daughter on as little as possible so I can focus on school. I don’t care about the fancy phone or home or car, I just want to be able to live so I can pursue school full time so I can be in a place that makes me happy and an eventual career that does the same while benefiting society. I don’t have my eyes on a six figure income, I have my eyes on the satisfaction of reaching a long awaited goal and being in the career I’ve dreamed about forever! I can live in a little Cape Cod with a used, but reliable, gas-saving car and deal with debt of becoming a doctor. I don’t need the big car and the big house and the toys(they are fleeting anyway), I just want the opportunity to go to school full time right now and become the person I feel I was meant to be!
While I do think it would be nice if there were more ways to offset or forgive student loan debt for medical education, the fact is that it comes with the territory. Having a million dollar home is not mandatory. I told a friend of mine that if I wanted to go into something for the money, it wouldn’t be medicine! There are yahoos out there with Bachelors degrees who you know graduated by the skin of their teeth who are living high on the hog in the finance world or what not(often at the expense of others). It is rather 1980’s to think a doctor these days is the lucrative, wealth building career of yore. To go into medicine these days, I believe, has to come from an innate sense of purpose, a calling if you will. Sure, there are many who choose the profession for less than selfless reasons, but at least in my experience, most of us OPM’s have a sincerity behind choosing medicine that cannot be faked. And, I bet most of us won’t be crying over our student loan payments while foolishly purchasing overpriced “toys” or giving in to the American nightmare of overconsumption and flaunting of “wealth”.
Maybe I’ll go crazy once I am a doctor, but the plans for the wife and kids and me, is to stay in our very affordably priced subdivision house, at least for a while. My reasons for switching careers to become a doctor are not financially motivated, but I am taking into account that at least for 2 years, 3 of my children will be in college at once. Ugh.
I think it also worth noting that the size of debt is due to the all encompassing education that doesn’t allow for full time or even part time work. For the 4 years you are in school you also need to pay for regular living expenses.
I am choosing to live me life now as frugally as possible to reduce future debt, but I refuse to let it stop me from reaching my goals.
I did find some good information on the AAMC website Financial Literacy 101. Good luck to all!
- BaileyPup Said:
[. . .]when you ask them what they went to school for, 9/10 its some useless fine arts degree that will never pay them enough money to live in New York, but that is what they want and now that they aren't getting it they are throwing a tantrum.
Hey, now! Don't hate on the fine arts -- they aren't sciences, but they certainly aren't useless
I think the real problem is that they love the fine arts AND want to live in a posh apartment in New York. Unfortunately, you have to be a creative genius, a hard worker, and INCREDIBLY lucky / take advantage of a lot of rare opportunities to live that kind of life!
I think both figures are quite high. I know I will be pretty conservative with my house after I get out of medical school because I will have so much debt. Unless you have a lot of kids I don’t think it is necessary to have a million dollar home.