No longer excited after acceptances :/

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RedSox143

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I've had the fortune of being accepted to 3 US schools in good standing and at first I was the happiest person ever and now I'm panicking about the costs, I had a scholarship at a state school for undergrad and never had any debt. I've been living a year out of school with little expenses and i'm really enjoying being debt free and making good money. I'd rather be in school than work but the prospect of debt is really disheartening to me. This is the best field for me, I'm good at it and it makes me happy but the debt is making me anxious, worried the investment might not pan out.

someone remind me its worth the money! sick of the negative people and opinions that surround me.
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Even FM docs pay off their debt in a reasonable fashion. Unless those three schools are Caribs then you will pay it off and be fine just like everyone else.
 
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These frosty winter months on SDN have produced an epidemic of cold feet amongst our premeds.

I'm feeling the same way, though. I mean, I'm obviously going to do it, but we are signing our lives away, sort of.
 
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AnatomyGrey12 said:
Even FM docs pay off their debt in a reasonable fashion. Unless those three schools are Caribs then you will pay it off and be fine just like everyone else.
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All usa schools, it's just the prospect of the debt hanging over your head for years, I feel like I'll never be able to enjoy a vacation or a night out with friends again until all my debt is paid. Though most residents and fellows I've talked to said that's not the case, I don't know all of their situations and its definitely somewhat disheartening
 
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Story time! A neurologist I know works maybe 3-4 days a week, has a wonderful wife and little girl, and has a very respectable sized house. As life advice he told me that in the long run the debt is not crushing. He only pays the minimum, and is either spending his money on awesome vacations with the fam or saving for his daughters college. Obviously, he chose a lifestyle that suits him and he's loving it. Sure he still has debt, but it's not affecting his life in any meaningful way.
Really though, the debt isn't going to be a "non-issue" but I believe if your spending habits are within reason it won't be a huge deal. Also, pragmatically, the banks wouldn't lend Med students money if they didn't think they could get it back.
 
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If it helps at all, the residents I know are absolutely living normal lives. Yes, they work a ton and they probably have to do some significant budgeting considering their salary in relation to their debt. But they still go out, still take (modest) vacations, some are starting families, etc.

I totally feel you, though. The thrill of being accepted is starting to give way to the panic of, "omg, what have I done?" :lol::help:
 
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Faii said:
Story time! A neurologist I know works maybe 3-4 days a week, has a wonderful wife and little girl, and has a very respectable sized house. As life advice he told me that in the long run the debt is not crushing. He only pays the minimum, and is either spending his money on awesome vacations with the fam or saving for his daughters college. Obviously, he chose a lifestyle that suits him and he's loving it. Sure he still has debt, but it's not affecting his life in any meaningful way.
Really though, the debt isn't going to be a "non-issue" but I believe if your spending habits are within reason it won't be a huge deal. Also, pragmatically, the banks wouldn't lend Med students money if they didn't think they could get it back.
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I also would have thought banks would not have granted mortgages for million dollar homes with no down payment to people with no jobs.

But really, for all the gloom and doom that is on SDN most doctors are relatively happy and are doing pretty well.
 
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It's worth the money. You won't be living high on the hog during residency and for your first few years in practice but, you will be comfortably middle class.

You'll just need to understand how to live within you means (something a lot of 20somethings struggle with).
 
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NorthOfBroad said:
I also would have thought banks would not have granted mortgages for million dollar homes with no down payment to people with no jobs.
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Hahaha very true! But TO BE FAIR they DID get the money back, just not from the people they lent it to...
 
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Money buys money.
 
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Just like the hundreds of thousands of doctors that have come before you, so too will you pay off your debts. Relax.
 
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Even $300,000 isn't a lot of money when you are making $150,000/year. Think about it. Your earning potential even in FP is astronomical. You will have no problem paying off your debt as long as you have a good plan from the very beginning and manage your money appropriately. If that isn't reassuring enough to you...I would recommend reading "Bogleheads Guide to Investing" and "White Coat Investor".

Don't think about the debt as a burden...look at it is an investment. Considering that the attrition rate in medical school is generally less than 5%, the debt is a very good investment.

BTW...nothing above applies to Caribbean schools. That is a horrible investment.
 
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I feel ya on this. Got 2 acceptances. Now really starting to doubt whether or not this is what I want to do. Worked hard for it, now am getting engaged and my fiance wants to wait one more year to start medical school so that we can move to the midwest for school together. I am starting to think about defferring. Weird that i'm not excited about the prospect of going to meidcal school anymore
 
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What about the fear of not doing well in school? I'm relatively good at "don't worry about $$ yet" (LOL not really still haven't paid off primary/secondaries BUT LET'S NOT TALK ABOUT THAT) But I'm getting scared that I won't do well in my classes or something, or that I won't learn/memorize the huge amount of material fast enough.

Yeah..I'm going to be terrible with my finances in the future...
 
YAY I GET TO BE A DOCTOR AND SAVE LIVES!

OH S*** I HAVE TO BE A DOCTOR AND SAVE LIVES ...

I feel you OP
 
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I like to think that medicine has a great return of investment where you won't be starving and will be able to live within your means. I didn't grow up on luxuries so I guess anything extra on top of what I'm making now is just icing on the cake.
 
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Doctors don't go homeless, I'm sure you will be fine.
 
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RedSox143 said:
I've had the fortune of being accepted to 3 US schools in good standing and at first I was the happiest person ever and now I'm panicking about the costs, I had a scholarship at a state school for undergrad and never had any debt. I've been living a year out of school with little expenses and i'm really enjoying being debt free and making good money. I'd rather be in school than work but the prospect of debt is really disheartening to me. This is the best field for me, I'm good at it and it makes me happy but the debt is making me anxious, worried the investment might not pan out.

someone remind me its worth the money! sick of the negative people and opinions that surround me.
Click to expand...
"I'm good at it" -SDN premed in regard to medicine before starting medical school

It is worth it financially, don't worry.
 
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Mad Jack said:
"I'm good at it" -SDN premed in regard to medicine before starting medical school

It is worth it financially, don't worry.
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i.e., "I'm good at studying"
 
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I'm definitely feeling this as well... The smartest financial decision for me would to keep my six figure salary and keep making more money, debt free. Life would certainly be easier, but I know now that it isn't particularly fulfilling.

Time for $1million of debt and lost wages! lolz.
 
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The Powerball is still up for grabs :banana:
 
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wagonwheel23 said:
I'm definitely feeling this as well... The smartest financial decision for me would to keep my six figure salary and keep making more money, debt free. Life would certainly be easier, but I know now that it isn't particularly fulfilling.

Time for $1million of debt and lost wages! lolz.
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Yes !!! a little jealous of the people who arent bothered by sitting in the cube post college forever making good money with stability, but i could NEVER do it. The investment is the only thing that scares me about medical school really, and I'm an anxious person. I know it's worth it, I'm not going to not be a doctor but i dont see tuition or interest rates going down any time soon, and unless i win the powerball, i dont see me affording it. Just coming to that realization is all.

So gone are the days when I thought just getting in was everything ...
 
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wagonwheel23 said:
I'm definitely feeling this as well... The smartest financial decision for me would to keep my six figure salary and keep making more money, debt free. Life would certainly be easier, but I know now that it isn't particularly fulfilling.

Time for $1million of debt and lost wages! lolz.
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Ouch. My opportunity cost of this whole nightmare is pretty close to that- 400k of debt, 360k of lost wages, and 80k of lost investments. Med school and residency is costing me 840k, at the end of the day. Woo.
 
@RedSox143 Right?! If only I loved marketing/business development at technology companies. My financial life would just keep getting better! However, every day I went to work I'd think "WTF am I doing?!?!".

Winning Powerball is obviously the solution.
 
wagonwheel23 said:
@RedSox143 Right?! If only I loved marketing/business development at technology companies. My financial life would just keep getting better! However, every day I went to work I'd think "WTF am I doing?!?!".

Winning Powerball is obviously the solution.
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Very cool that you are that committed! I love medicine, but if I had a stable career in an awesome field like that, I would never have done medicine lol.

Debt scares me.
 
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RedSox143 said:
I've had the fortune of being accepted to 3 US schools in good standing and at first I was the happiest person ever and now I'm panicking about the costs, I had a scholarship at a state school for undergrad and never had any debt. I've been living a year out of school with little expenses and i'm really enjoying being debt free and making good money. I'd rather be in school than work but the prospect of debt is really disheartening to me. This is the best field for me, I'm good at it and it makes me happy but the debt is making me anxious, worried the investment might not pan out.

someone remind me its worth the money! sick of the negative people and opinions that surround me.
Click to expand...

I totally agree with this post. I love the idea of being a physician, but debt is so scary and in retrospect I should have thought about this more as a freshman (although I was fortunate this application cycle). My friends in investment banking/financial services are doing alright with just a BS, I have plenty of friends in engineering, and my friends at top law programs did not have to worry with opportunity costs of gap years that are so common in medicine.
 
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I've been worried about debt too and I have a ton of debt from undergrad already. Today I was talking to a family friend who is a PCP in private practice. He told me that he graduated med school with 250k in debt. He's done with his residency and obviously still paying back the loans (and he said he will be for a long time). He told me the debt is manageable though. He owns a house, has 2 kids, and his wife is a stay at home mom. He said he's careful with money, but they are still able to live comfortably. Talking to him definitely made me feel a lot better, especially since he's doing primary care and not as highly paid as other specialties
 
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This was actually a question in my interview haha. "So how do you feel about having to take out this large sum of loans?"
 
You will earn enough to service your student loan debt in this field. Will large loans mean you will be paying it off for years? Of course. Does it mean you might be taking domestic vacations instead of international ones for the first decade of your career? Perhaps. Does it mean you'll likely be driving a newish Toyota compact instead of a shiny red Porsche? Probably. Is this a reasonable trade off in order to get to work in the field you enjoy? Absolutely.
 
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I don't mean to sound terrible but I do panic about this too. It seems like when I'm driving around the city, most of the cars that have MD plates are old and not too nice. So I'm thinking when I pull up to the side of the car I'm going to see a young, struggling resident but most of the time the person driving is older ( 60's). And I start thinking, " oh no, they're still paying off loans"! Don't kill me for saying this. Lol.i know it's not about the money but, omg.
 
My biggest fear is taking out all those loans and not being able to finish med school.
 
ac62994 said:
The Powerball is still up for grabs :banana:
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did you see what happened to most of the winners...I'll go with my rule of never gambling (officially...even though med school is the biggest gamble in my life so far).

Citygirl44 said:
I don't mean to sound terrible but I do panic about this too. It seems like when I'm driving around the city, most of the cars that have MD plates are old and not too nice. So I'm thinking when I pull up to the side of the car I'm going to see a young, struggling resident but most of the time the person driving is older ( 60's). And I start thinking, " oh no, they're still paying off loans"! Don't kill me for saying this. Lol.i know it's not about the money but, omg.
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yea I know some older doctors still making do with clunkers and whatnot. These are the people you will come to find who have the highest value for money. It may not necessarily be that they are poor and paying off loans, may be quite the opposite. When I was young, we had a family friend who was a really old woman packed full of estates. She supported children that were not her own and gave them everything she ever had (which I came to learn was quite substantial). That old soul never took a bribe, never lived like there was no tomorrow, but instead had the most humble attitude towards her wealth. Because I have been among these types of people throughout my life, I am not surprised if I find a doctor who doesn't show off ;)
 
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RedSox143 said:
Yes !!! a little jealous of the people who arent bothered by sitting in the cube post college forever making good money with stability, but i could NEVER do it. The investment is the only thing that scares me about medical school really, and I'm an anxious person. I know it's worth it, I'm not going to not be a doctor but i dont see tuition or interest rates going down any time soon, and unless i win the powerball, i dont see me affording it. Just coming to that realization is all.

So gone are the days when I thought just getting in was everything ...
Click to expand...

Oy I am right there with you and @wagonwheel23. My current gig would certainly be the financially advisable pathway but man would it be soul crushing.
 
Citygirl44 said:
I don't mean to sound terrible but I do panic about this too. It seems like when I'm driving around the city, most of the cars that have MD plates are old and not too nice. So I'm thinking when I pull up to the side of the car I'm going to see a young, struggling resident but most of the time the person driving is older ( 60's). And I start thinking, " oh no, they're still paying off loans"! Don't kill me for saying this. Lol.i know it's not about the money but, omg.
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What are MD plates? How do you know they're doctors?
 
Citygirl44 said:
Plates have MD initials on them
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Maybe they're from Maryland ...


tumblr_inline_mxj1nq3Tel1ryp1vd.gif


But seriously, had no idea those plates existed
 
Edit: Don't know what you do if you are DO
New-Medical-Doctor-Psngr.png
 
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musicalfeet said:
What about the fear of not doing well in school? I'm relatively good at "don't worry about $$ yet" (LOL not really still haven't paid off primary/secondaries BUT LET'S NOT TALK ABOUT THAT) But I'm getting scared that I won't do well in my classes or something, or that I won't learn/memorize the huge amount of material fast enough.

Yeah..I'm going to be terrible with my finances in the future...
Click to expand...

Almost everyone feels that way, and almost everyone ends up doing just fine. Med school is one of those things where the amount of work you put in is far more important than how smart you are. I've known plenty of people far smarter than I who could never handle med school because they don't have the work ethic. I also know plenty of people that probably aren't as smart as I am doing just fine or even excellent in med school because they work their butts off. Bottom line is that if you get accepted somewhere, it's because they feel confident you're capable of succeeding there.
 
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Citygirl44 said:
I don't mean to sound terrible but I do panic about this too. It seems like when I'm driving around the city, most of the cars that have MD plates are old and not too nice. So I'm thinking when I pull up to the side of the car I'm going to see a young, struggling resident but most of the time the person driving is older ( 60's). And I start thinking, " oh no, they're still paying off loans"! Don't kill me for saying this. Lol.i know it's not about the money but, omg.
Click to expand...

A relative of mine was the dean of a top 10 medical school (retired now, no free lunch for me :( ). He has a nice house, but he drives a 90's corolla. I'm not sure if he prefers flying under the radar or if he just DGAF.
 
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