hypothetical situation on how to handle future

[slitze]

I'll be graduating from pharmacy school with about about 50k in loans. Is it realistic to work part time (making roughly 80 to 90k) and use every single bit of my income for the first year to pay off my entire debt given that I'll be living at home without any large expenses. Also, how realistic would it be to continue working part-time for the rest of my life and make 85k?

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[awval999]

Many households live on much less than $85k year and get by.

If this is the life you want to have then go for it!

 

[radio frequency]

You can...but remember your healthcare costs will be deducted as well as your taxes. I'd aim for 1.5 years on a very strict budget to pay things off, even if living at home. Don't forget to meet your 401k match, if it's offered. This is worth a lot more than some measly student loan interest.

I think if I were in your shoes, I'd aim for full time work for a few years to start building your savings and then cut back in time. That money you earn and save today is more valuable than the money you earn in the future due to compounding interest.

 

[knight on horse]

I'll be graduating from pharmacy school with about about 50k in loans. Is it realistic to work part time (making roughly 80 to 90k) and use every single bit of my income for the first year to pay off my entire debt given that I'll be living at home without any large expenses. Also, how realistic would it be to continue working part-time for the rest of my life and make 85k?

You're still used to living like a student. If you tolerate that for another year or two, with a few new toys perhaps and hot dates of course, then it is certainly possible

Part time 85k adjusted for inflation for life? Who knows. In general, the trends are against that, long term. And since you are starting out, presumably in your youth, you must think long term. Adapt or die

 

[gwarm01]

Part time and make 90k? Some full-time hospital pharmacists make less than that to start. Where do you live and what do you plan to do?

 

[BMBiology]

Yes, you can work part-time but that may also mean no health benefits (have to buy on your own as required by law), no 401 k matching, etc.

If your spouse works and makes a good living then working part time may be a good option. You would save money from childcare and you get to spend more time with your kids while also getting some benefits from your spouse's employer.

I guess it depends on what you want in life. A nice house? Live in the city? 3 kids? Travel? Retire early?


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[sakigt]

I work Part time. I had a lot more loans and expenses than you do but Im not giving up my part time with benefits gig for anything. My reasonable <$200k home is on a 15 year, Ive got two kids, we eat organic. We dont travel a lot (yet) and we eat out maybe twice a month (and the bill is rarely over $50, usually less). I happily drive my 13 year old car. Once daycare is done Ill up my retirement stuff. Once the loans are paid off well hella travel.

I have a spouse that earns as much as I do, but he works full time.

Id read books such as Millionaire Next Door and my current favorite Early Retirement Extreme

 

[Humble Sloth]

I'll be graduating from pharmacy school with about about 50k in loans. Is it realistic to work part time (making roughly 80 to 90k) and use every single bit of my income for the first year to pay off my entire debt given that I'll be living at home without any large expenses. Also, how realistic would it be to continue working part-time for the rest of my life and make 85k?

congrats with only 50k of debt. That is well below average!

 

[slitze]

Part time and make 90k? Some full-time hospital pharmacists make less than that to start. Where do you live and what do you plan to do?

Oh? Maybe I was way off. Southeast and I'd like to pursue retail.

 

[slitze]

Yes, you can work part-time but that may also mean no health benefits (have to buy on your own as required by law), no 401 k matching, etc.

If your spouse works and makes a good living then working part time may be a good option. You would save money from childcare and you get to spend more time with your kids while also getting some benefits from your spouse's employer.

I guess it depends on what you want in life. A nice house? Live in the city? 3 kids? Travel? Retire early?


Sent from my iPhone using SDN mobile app

In general, how much value do most FT benefits amount to? I'd personally like to work full-time, but it seems that pharmacist hours are being cut and part-time positions might be easier to land.

 

[slitze]

I work Part time. I had a lot more loans and expenses than you do but Im not giving up my part time with benefits gig for anything. My reasonable <$200k home is on a 15 year, Ive got two kids, we eat organic. We dont travel a lot (yet) and we eat out maybe twice a month (and the bill is rarely over $50, usually less). I happily drive my 13 year old car. Once daycare is done Ill up my retirement stuff. Once the loans are paid off well hella travel.

I have a spouse that earns as much as I do, but he works full time.

Id read books such as Millionaire Next Door and my current favorite Early Retirement Extreme

That sounds like a very appealing/balanced life. Do a lot of employers offer benefits with part-time jobs?

 

[slitze]

congrats with only 50k of debt. That is well below average!

I appreciate it! I've been saving and planning ahead for a while now.