First PayCheck

[circulus vitios]

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Rent, living expenses, student loans, parents, vacation/race car/airplane fund. In that order.

 

[Bumbl3b33]

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!👍

Why are you surprised? My guess is >50% of people on SDN are asian and asians tend to feel indebted to their parents and feel the need to care for them when they're older as it is a part of their culture

 

[NonTraditional3]

Why are you surprised? My guess is >50% of people on SDN are asian and asians tend to feel indebted to their parents and feel the need to care for them when they're older as it is a part of their culture

63% of statistics are made up on the spot 😀

 

[DCGuava]

Hookers and heroin....for my parents of course

👍


Let's see...after taxes on $250k, ~25% on taxes after serious itemizing of deductions, I've got $187,500...

After each:

20% on loans: $150k
$36k for living expenses (upgrade apt, cable/net/'lectric/gas): $114k
$17k for 401k: $97k left...
$5k for IRA: $92k
Insurance + car stuff (car is paid for): max $6k/yr; $86k left...
$6k for food @ $500/mo: $80k left...

And considering that $80k/yr will be about $25k more per year than what was earned during residency, I imagine that there will be saving for the youngins' college fund(s,) something shiny for my man and something shinier for me...I'll probably try and uberpay down the loans, and invest some as well. My parents don't get a dime, because I'm old and paying for all of this via loans and sweat. 😀

Word.

 

[IV Zulu VI]

give a big chunk of it to my mom for everything she has done for me to get that far

+1

 

[typicalindian]

You mean the FIRST physical paycheck that I get as a physician or the entire yearly salary? If you mean first paycheck, I would hand the entire thing over to my parents as a thank you for putting up with me throughout the years.

 

[Narmerguy]

Give a big chunk of it to my mom for everything she has done for me to get that far

👍 Probably the same.

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.

Yeah my parents may try this but I'll just "forget" a suitcase full of money in the living room when I visit.

Why are you surprised? My guess is >50% of people on SDN are asian and asians tend to feel indebted to their parents and feel the need to care for them when they're older as it is a part of their culture

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 🙂

There's a lot wrong with this post, part of that being that >50% of SDN is not Asian. There have been multiple polls in the past on this.

It's really not that surprising that so many of us would pay back our parents. Recall that the median income for the parents of med students is between $100,000 and $150,000. This is just enough that parents can meaningfully contribute to things like interview fees, application fees, MCAT classes, MCAT books, a nice private undergraduate college, etc...but not so much that the parents won't have to make sacrifices to do so, especially if they pay some of medical school as well. Most students are probably aware of the large role money pays in our ability to be successful, and thus feel that its worth thanking their parents for giving them that opportunity to be successful.

Of course, I would fall into this category as well. If you think about it, by the time most of us are finally earning an attending salary, our parents will be quite old. Why not spend it on them? We'll have decades to enjoy our money.

 

[PreMedOrDead]

Of course, I would fall into this category as well. If you think about it, by the time most of us are finally earning an attending salary, our parents will be quite old. Why not spend it on them? We'll have decades to enjoy our money.

And plus, if they don't spend it quickly, we'll just get it back anyways. 😎


I'm an awful person.

 

[bluebillion]

Man, this is such a feel good thread. Most of the topics discussed on SDN are all about the stress, doubt, and struggle of a career in medicine. It is so nice to finally have a chance to think about the (financial) rewards that will finally await us at the end of this tumorous path.

Think of all the people we will help on the way too!

For me, I will probably still be stressing out in paying my school loans. But apart from that, I would like to give some to my parents + a few charities... and maybe buy myself a shiny new car too 😀

 

[410322]

Recall that the median income for the parents of med students is between $100,000 and $150,000.

Do you have a source on this? This is very firmly UMC territory, I'm a bit surprised.

 

[circulus vitios]

Do you have a source on this? This is very firmly UMC territory, I'm a bit surprised.

https://www.aamc.org/download/269322/data/msq2011.pdf

Page 21. Median is $110k/year. 43% of respondents fall within $100-250k/year.

65% also have zero pre-medical debt. 😱

 

[Charles Darwin]

Man, this is such a feel good thread. Most of the topics discussed on SDN are all about the stress, doubt, and struggle of a career in medicine. It is so nice to finally have a chance to think about the (financial) rewards that will finally await us at the end of this tumorous path.

Think of all the people we will help on the way too!

For me, I will probably still be stressing out in paying my school loans. But apart from that, I would like to give some to my parents + a few charities... and maybe buy myself a shiny new car too 😀

I'm buying a used Ferrari/Lambo/Aston Martin/Rolls Royce after a couple years of practicing.

 

[serendipity007]

👍 Probably the same.



Yeah my parents may try this but I'll just "forget" a suitcase full of money in the living room when I visit.





There's a lot wrong with this post, part of that being that >50% of SDN is not Asian. There have been multiple polls in the past on this.

It's really not that surprising that so many of us would pay back our parents. Recall that the median income for the parents of med students is between $100,000 and $150,000. This is just enough that parents can meaningfully contribute to things like interview fees, application fees, MCAT classes, MCAT books, a nice private undergraduate college, etc...but not so much that the parents won't have to make sacrifices to do so, especially if they pay some of medical school as well. Most students are probably aware of the large role money pays in our ability to be successful, and thus feel that its worth thanking their parents for giving them that opportunity to be successful.

Of course, I would fall into this category as well. If you think about it, by the time most of us are finally earning an attending salary, our parents will be quite old. Why not spend it on them? We'll have decades to enjoy our money.

I see. That seems to be a logical explanation. Maybe I am a bit biased since I have met so many people not caring about the effort their parents put into their education that I was positively surprised. Anyways the statistic about the median income for parents of med students is interesting.

https://www.aamc.org/download/269322/data/msq2011.pdf

Page 21. Median is $110k/year. 43% of respondents fall within $100-250k/year.

65% also have zero pre-medical debt. 😱

I fall into the low income category but I will most likely graduate with zero pre-medical debt. It is tough but you can work it out.

 

[AestheticGod]

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.

 

[ShenanigansMD]

 

[Gnomo]

I think you all are seriously overestimating the amount of disposable income you will have, especially after your first paycheck.

Over time, I will repay my parents what they spent on partially supporting me in college, with interest.

 

[ShenanigansMD]

I think you all are seriously overestimating the amount of disposable income you will have, especially after your first paycheck.

Yeah, because I actually have plans to buy a fighter jet.

 

[1AO KTG]

Why is everyone so sure that their first paycheck will be one of 12 or so that will total to 200k years form now? What if annual salaries drop below 90k? Will you guys even work towards that first paycheck in the same field?

 

[Charles Darwin]

Why is everyone so sure that their first paycheck will be one of 12 or so that will total to 200k years form now? What if annual salaries drop below 90k? Will you guys even work towards that first paycheck in the same field?

 

[Miss Terious]

My first pay check is going to my parents to help finance my younger brother's education or towards their retirement. (regardless of attending /resident paycheck)

Blame it on the a-a-a-autocorrect.

 

[Ironmandoc]

After completely my emergency android neurorobotics fellowship on Newt Gingritch's moon base, I'll buy an X-Wing fighter and head to Dagoba to be Yoda's personal physician...

 

[NonTraditional3]

After completely my emergency android neurorobotics fellowship on Newt Gingritch's moon base, I'll buy an X-Wing fighter and head to Dagoba to be Yoda's personal physician...

NerdAlert. lol