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thehappydoctor

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Hey all,

lets assume for a moment we all got into med school, cleared residency with speciality of our choice etc, etc.

and now you get that first paycheck of real money ( lets just say 200K per year) what do you do with it?
 
I'd probably be living in an apartment during my residency, so I'd take that money and save up for a house. That will be one awesome day haha
 
Give a big chunk of it to my mom for everything she has done for me to get that far
 
Try to pay off my loans as quickly as possible by living like a resident.

Or build my own tennis court... depends on how responsible I'm feeling
 
thehappydoctor said:
Hey all,

lets assume for a moment we all got into med school, cleared residency with speciality of our choice etc, etc.

and now you get that first paycheck of real money ( lets just say 200K per year) what do you do with it?
Click to expand...

Assuming we do not have to pay our loans off and we are just celebrating (and I am finished crying of happiness), I might buy a huge fish tank. I am talking over 500 gallons. Stock it with tons of fish and plants.

But that's just because I love fish.

I may save up for a trip to some exotic location to thank my significant other for sacrificing so much to help me.
 
BABSstudent said:
Assuming we do not have to pay our loans off and we are just celebrating (and I am finished crying of happiness), I might buy a huge fish tank. I am talking over 500 gallons. Stock it with tons of fish and plants.

But that's just because I love fish.

I may save up for a trip to some exotic location to thank my significant other for sacrificing so much to help me.
Click to expand...

Just 500 gallons? That's big but not THAT big. You're mister fancy pants now...Go ten times that 5000 gallons or GTFO.
 
thehappydoctor said:
Hey all,

lets assume for a moment we all got into med school, cleared residency with speciality of our choice etc, etc.

and now you get that first paycheck of real money ( lets just say 200K per year) what do you do with it?
Click to expand...

Make a substantive payment on student loans. Like huge.
 
Depends on my living situation. I'll most likely be married at that point.

1. 25% toward loans
2. 50% toward parents new car
3. 50% checking account (will possibly day trade with a certain percentage of it)
 
Put some in savings, some in checking. Pay off some bills, loans and use the remainder (no more than 10% of the paycheck) some on nice trinket or gadget that I will have been wanting for a while.
 
scrooge-swimming-in-money-o.gif
 
Start paying off loans, pay bills, buy some cheesecake, and use the remainder to buy something for my parents.

Fun thread!
 
Live very frugally. Parents, loans, bank. No large purchases. Maybe continue living in an apartment.
 
Parents, loans, the necessities, and obviously a trip to europe
 
0kazak1 said:
Just 500 gallons? That's big but not THAT big. You're mister fancy pants now...Go ten times that 5000 gallons or GTFO.
Click to expand...

If it doesn't take up the entire wall then you're doing it WRONG.
 
OMG you guys are awesome! haha I honestly did not expect this much love for parents. No offense to anyone! It is just a very positive surprise. I am impressed!👍

I would probably make like a substantial payment towards my loans and hand over most of my salary to my dear mother, without whom I honestly wouldn't have gotten that far! I know she will probably start saving up for a house first 🙂
 
serendipity007 said:
OMG you guys are awesome! haha I honestly did not expect this much love for parents. No offense to anyone! It is just a very positive surprise. I am impressed!👍

I would probably make like a substantial payment towards my loans and hand over most of my salary to my dear mother, without whom I honestly wouldn't have gotten that far! I know she will probably start saving up for a house first 🙂
Click to expand...

I would give it tO my parents but they would not have any of it (not that they hate me and don' want my money), they probably want me to save it so I an can support my own children the same way they have supported me.
 
After all the bills and whatnot,

1. Give my parents money for Vegas.
2. Savings.
3. Seafood dinner.
 
AestheticGod said:
Depends on my living situation. I'll most likely be married at that point.

1. 25% toward loans
2. 50% toward parents new car
3. 50% checking account (will possibly day trade with a certain percentage of it)
Click to expand...
:eyebrow:
 
Maybe not the first paycheck, but in the first year or two I would want to take my mother to Europe, since she's always wanted to go. Do the big European tour we've never been able to afford.
 
when I go to vanderbilt after I submit my GED Grades and my M-cat will i get paid immediately?will they cut you a check? I was just wondering because I just took my GED and have all the courses on it, even history and math so i knocked it out pretty good. wish me luck on my m-cat and i cant wait to be one of the very few to be appreaaiative of me getting my dream job as a doctor or a CNA , can someone describe to me, my name is Bernard Wilford the difference between a MD you see on doctors coats's and a CNA Thank you and god bless
 
blue collar said:
:eyebrow:
Click to expand...

I saw it too, but I ignore the troll posts as best I can, like the one two above this.

Edit:

Also, I can guarantee your salary ain't gonna be $200k the first year, unless you have one of the most coveted specialties. Add in taxes, malpractice insurance, salaries dropping, etc.
 
I would buy something for my parents, or just give them a large chunk of it. With the rest, I would pay off some of my loans and then maybe pout some in the bank 😀
 
thehappydoctor said:
Hey all,

lets assume for a moment we all got into med school, cleared residency with speciality of our choice etc, etc.

and now you get that first paycheck of real money ( lets just say 200K per year) what do you do with it?
Click to expand...

Invest in setting up my own specialty with an office and my own secretary that will do anything on command. Then make my own hours and make one million per year and reinvest that money into making my firm bigger and hire fresh medical students or whatever to do my work. Make $5 million a year and then expand locally, then statewide, then nationally (depending on growth). Hire executives w/ me as the CEO and hire some underlings. Buy up multimillion real estate in all major US cities, get married (not w/ that secretary), have kids, train kids to run my business, get connections (so my kids can get into any undergrad/medical school in the US) and build my own skyscraper (HQs) in NY or maybe Austin, TX to reap from the tax benefits.

After my company goes public, expand internationally and own the entire world and venture into various medical and pharmaceutical aspects. (by the end I will be earning multi billions per year with my company earning multi trilllions with a consistent 10% growth)
 
PreMedOrDead said:
I saw it too, but I ignore the troll posts as best I can, like the one two above this.

Edit:

Also, I can guarantee your salary ain't gonna be $200k the first year, unless you have one of the most coveted specialties. Add in taxes, malpractice insurance, salaries dropping, make etc.
Click to expand...

I just a can't follow this. 200k+ starting salary its obtainable in many specialties-anesthesiology, most surgical fields, rads, some im subs, emergency Medicine, just to name a few. Most major employers will front malpractice costs; usually salaries are reported post malpractice. Also, when people say salary they generally mean pre-tax income since income taxes vary so much. People on this board seem to underestimate the income physicians can have. Most won't get rich but will have solid
upper middle class lives.
 
BABSstudent said:
Assuming we do not have to pay our loans off and we are just celebrating (and I am finished crying of happiness), I might buy a huge fish tank. I am talking over 500 gallons. Stock it with tons of fish and plants.

But that's just because I love fish.
Click to expand...

Are you me?
 
gmcguitar4 said:
Gibson ES-359 and porterhouse steak from Capital Grille
Click to expand...

I like your thinking. Since this is all hypothetical, let's say I will splurge on a nice acoustic-electric Takamine. And maybe some cheddar biscuits from Red Lobster.
 
I'd probably use part of it to go on a trip with my parents. Preferably somewhere like New Zealand, but something like Yosemite would be acceptable too. The rest would go to loans. However, I get my paycheck for the summer today, and I bought a 40" TV to celebrate.
 
No brainer, give it all to my parents so they can buy me something nice.
 
MaenadsDance said:
Maybe not the first paycheck, but in the first year or two I would want to take my mother to Europe, since she's always wanted to go. Do the big European tour we've never been able to afford.
Click to expand...

Same here......I made a promise to her a long time ago
 
EndangeredPasta said:
I just a can't follow this. 200k+ starting salary its obtainable in many specialties-anesthesiology, most surgical fields, rads, some im subs, emergency Medicine, just to name a few. Most major employers will front malpractice costs; usually salaries are reported post malpractice. Also, when people say salary they generally mean pre-tax income since income taxes vary so much. People on this board seem to underestimate the income physicians can have. Most won't get rich but will have solid
upper middle class lives.
Click to expand...

200k+ is definitely not middle class, according to the percentages, it's upper class. Top 1% is a household income before tax of 250-350K, depending on the study.
 
0kazak1 said:
200k+ is definitely not middle class, according to the percentages, it's upper class. Top 1% is a household income before tax of 250-350K, depending on the study.
Click to expand...
He said "upper middle class" not "middle class". Keep in mind that just because you have an income in the top 1% doesn't mean you're upper class. Upper class would be an income on the order of $5 million+ per year which IIRC would place you in the top 0.5% or 0.1% of income earners. Unsurprisingly the only way to get to that level of income is to become a celebrity, an executive at a very lucrative business (usually banks), or be born into an old rich family.

Essentially the difference is that upper middle class live like the middle class except without (as much) financial worry and nicer stuff. The upper class owns several large mansions, dozens of cars, yachts, private jets, private islands, outrageously expensive luxury items (think $20,000 designer handbags), and has absolutely no financial worries whatsoever as evidenced by their complete lack of debt.
 
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