After graduation, how long do you...

[acidbase1]

”live like a resident?”

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[DM27]

I am not sure if I will be able to pull it off, but my goal is to live like a resident until I have 1 million saved and all debt aside from a mortgage paid off. Even from there I am hoping to not really become that lavish.

 

[2Fast2Des]

What's the fun in putting away every penny and not enjoy lIfe, only to be able to spend it when you can barely walk and need a nap to stay awake, let alone hopefully alive and healthy? Not vouching for reckless spending, but come one there has to be a balance

 

[Psai]

More fun than paying out 700k to sallie mae when you only need to post 400. Debt is an anchor.

 

[narcotics999]

Not a single day. I wish I had lavished more before baby came. Now I don't have time to spend anything significant on myself.

 

[abolt18]

”live like a resident?”

My plan is to give myself a 10% raise each year for the first 4-5 years while the remainder will first max out retirement accounts and everything after that will go toward student loans. That plan gets me in the habit of saving aggressively, pays off my debts, and I don't even break $100K in spending until my 5th year after residency. Figure it'll keep me in check and line me up for an excellent future.

I'm all about the FI part of FIRE and want to rapidly get to a point where I can have the freedom to be where I want to be and do what I want to do. I want to pick my kids up from school and go to track and swim meets etc. I want to travel often. As soon as I'm on track for FI, I think I'll be looking for the "mommy-track" job that will give me time. I need time more than money at that point.

Keeping that vision right there is what will keep me living "like a resident".

 

[mmag]

For as long as you can. Pay off your student loans ASAP. Back of the napkin calculation. Residents now make what 65k a year now? so 4% rule means you have to save 1.625 million. So live like a resident until you've saved up 1.625 million. At this point you can "retire" by keeping the same level of spending or you can keep working to increase your allowance. The year after that your portfolio is 1.7 million so 4% is 68k; now live off of that. Keep working until your yearly raise takes you to a dollar amount where you are living comfortably and then you can quit.

The path to retirement is the same for someone making 400k but needs 200k as someone making 250k and needs 125k.

 

[dhb]

”live like a resident?”

Until you get married.
I got married in med school and have not saved a penny since

 

[Planktonmd]

Until you get married.
I got married in med school and have not saved a penny since

I think you need a divorce!

 

[deleted50478]

More fun than paying out 700k to sallie mae when you only need to post 400. Debt is an anchor.

Depends

 

[GA8314]

I upgraded vehicle a few months into attending. I lived very modestly for the first 4 years. I still live modestly. Paid off debt in about 42 months while also maxing 401k, backdoor Roth, starting a 529 for my boy etc. You can do it all.

And I am not saying I was living like a pauper. Just modestly.

I prefer a nice, but non-extravagant, life and to become balance sheet affluent, versus just income statement affluent. It's just less stress for me which I like a lot.

Still not at my goals but getting there. If I can get another 6 years of status quo then just about anything can happen to income and I will be just fine after 65 when I plan on retiring for the most part.

Now, I save 200k net per year, not including 529 savings. (this is the part that I really "need" to maintain for the next 6 years for my plan to work as intended). It's not that easy but very possible and I still live very nicely.

I don't say this to brag but to inspire.

 

[GA8314]

My plan is to give myself a 10% raise each year for the first 4-5 years while the remainder will first max out retirement accounts and everything after that will go toward student loans. That plan gets me in the habit of saving aggressively, pays off my debts, and I don't even break $100K in spending until my 5th year after residency. Figure it'll keep me in check and line me up for an excellent future.

I'm all about the FI part of FIRE and want to rapidly get to a point where I can have the freedom to be where I want to be and do what I want to do. I want to pick my kids up from school and go to track and swim meets etc. I want to travel often. As soon as I'm on track for FI, I think I'll be looking for the "mommy-track" job that will give me time. I need time more than money at that point.

Keeping that vision right there is what will keep me living "like a resident".

My observation is that when people attain FI and CAN retire, it does something to their psyche such that they often don't retire very early, or as early as they "can". Just knowing they can take it or leave it must be a fantastic feeling and enough to get them through some tougher days. Knowing you can walk (or take another gig) when the BS meter gets too high would be great. That's my goal. I do not want to become beholden to a job when I am 55 and above. I like choices and freedom.

I feel lucky that I like this gig a lot. I love anesthesia. I can supervise or sit and be rather happy doing it. Good problem to have.

 

[mmag]

You hit the nail on the head. You are no longer a slave to your job once you are FI. Don't have to put up with a bad work situation. You can practice medicine how you want and not how corporate wants you to practice. Don't want to play firefighter and liability magnet? You don't have to. You can advocate for physician led anesthesia care a the VA by leaving a public comment without having to apologize to CRNAs at your job who get pissy.
FI = no fear

My observation is that when people attain FI and CAN retire, it does something to their psyche such that they often don't retire very early, or as early as they "can". Just knowing they can take it or leave it must be a fantastic feeling and enough to get them through some tougher days. Knowing you can walk (or take another gig) when the BS meter gets too high would be great. That's my goal. I do not want to become beholden to a job when I am 55 and above. I like choices and freedom.

I feel lucky that I like this gig a lot. I love anesthesia. I can supervise or sit and be rather happy doing it. Good problem to have.

 

[deleted162650]

I think you need a divorce!

The only thing more expensive than a wife is an ex-wife.

 

[GA8314]

You hit the nail on the head. You are no longer a slave to your job once you are FI. Don't have to put up with a bad work situation. You can practice medicine how you want and not how corporate wants you to practice. Don't want to play firefighter and liability magnet? You don't have to. You can advocate for physician led anesthesia care a the VA by leaving a public comment without having to apologize to CRNAs at your job who get pissy.
FI = no fear

100%. That is a strong goal to have. Attainable.