Handling finances during med school & residency

[im4real]

Hi Barbara!

I did read your post about this and I wanted to mention that I did work the last two years while my husband was in medical school to supplement the school loans my husband was getting. My husband and I decided jointly that I would stay-at-home with our second born child. I wanted to do this and he liked the idea of me staying with our son also. I am completely fulfilled by this role. I wouldn't have it any other way, unless we needed more financial stability. I support spouses either way whether they decide to stay at home or go & work outside of the home. It's just depends on situations and/or preferences. When my husband finished his 2nd year of medical school, he went to another part of the state to finish his medical school training, yet this was still a part of the University medical school curriculum. So, when we moved, I looked for a teaching position and was fortunate to get one 20 minutes from our home. Our first son was starting kindergarten and so, we were able to get him into the school at which I was teaching. I was thankful to have had that opportunity. A job just for me was nice!

Well, those are just my experiences! Does that help at all? LOL

Christy

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[im4real]

Barbara,

Hey there! I see you too are from PA. Where are located in relation to Pittsburgh? I live 35 minutes outside Pittsburgh.

Christy

 

[k's mom]

Regarding parttime work, I have found something that works perfectly for our family, and it may fit for some of you. As a secondary teacher, I loved my job, but when we had our son, it was just too hectic and took far too many hours per week. One day last year, I figured out that after daycare costs and all of the time I put in on student activities and lesson planning at home, I was taking home less than $1.32 an hour. Ouch!
This year we decided to take an extreme risk and I quit my salaried position to work as a private tutor. It has been fantastic. I make exceptionally good money, am able to set my own schedule, get out of the house, and exercise my brain (as well as those college degrees I'm still paying for!) After a few months I was working a steady 12 hours per week and taking home more than I was as a full-time teacher. I don't want to comment on what that says regarding teacher pay, but we are very, very happy. I am able to focus more of my energy on being a good person, mother and spouse...and take an active role in my husband's med school application process.
As far as training is concerned, all you need are clients. You don't need any teacher training at all. If you have a degree (or even just a few classes!) in math, science or writing, you are golden. Foreign languages, music, dance, art, etc...I've seen it all. Of the five people I know who do this "full" time, I am the only one with teaching credentials. All it takes is patience and a little imagination to get through to kids. 99% of kids respond exceptionally well to 1-on-1 attention, and the rewards are much greater than the wonderful pay.
Oh, but stay away from those Sylvan-type places. Their pay is embarassing and insulting, plus they have a non-compete clause in their hiring process that forbids you from gaining clients for up to two years while you work for them.
Just an idea!

 

[sundevil1]

k's mom,

I am definitely interested in your current work situation. I am applying to med school this year and a move to Tucson is definitely a possibility. I saw what teacher pay is in Tucson (my wife is a teacher, we have no kids) and it is very low, but then again it is extremely cheap to live in Tucson. Could you give me any more info about what you do? Any extra income is welcome in my home. I would just like a little more of an idea so I could present it to her as an option.

thanks

 

[k's mom]

sundevil1-
Yes, I was very disappointed in the teacher pay in Tucson. My first year here I took a 25% paycut from Phoenix. Outrageous. Are you guys in the valley now? (I was a Sundevil for Grad school, but you have to be careful about where you mention "ASU" down here). Not to put a damper on things, but I was surprised at how similar the cost of living is down here to Mesa and Tempe. Just to prepare you!
As far as tutoring is concerned, I work with seven students, three of whom are homeschooled. I got all of my clients either through my previous job (siblings of former students), or from a psychologist I met who primarily focuses on academic remediation. She has about four women who work as tutors for her. She gets the clients, does the billing and cuts me a check every month. It's great!! The other parents I bill monthly.
I'm really happy the way it has worked out because I meet most of the students during school hours so I'm always home by 5:00.
If you want more info about what I charge, or other questions, pass on a private email. I'm more than happy to help out.
While I have a big chip on my shoulder regarding TUSD, your wife might consider substituting for them, even if it is just to get her name and card out there as a tutor. The pay rate is quite generous, at least compared to sub rates for places like Mesa and Tempe. On the 40th day of subbing (any position, any school...not just at the same site) you are automatically bumped up to $121.00 per day for the remainder of the academic year. Not bad for a part-time, take-it-or-leave-it job.
Best wishes...we are anxiously awaiting word from UofA as well.

 

[commymommy]

This sounds like an interesting idea! I have also been looking for a way to earn some supplemental income and still use my degree. I have considered looking into working with homeschoolers or students who need extra help. How did you get started?

Kris

 

[dctrben]

Hi all,

I have been noticing your posts and think it is wonderful that you are finding ways to feel fulfilled in your lives. I am just starting med school next fall (At KCOM) and just thought I would put in my 2 cents worth in the finances realm.

My wife runs a business from home. It allows her to be there when we have children (still thinking on when we want to do that), plus she has time to go to school full time as well. The business deals with some very high quality nutritional supplements (both macro- and micro-) and some equally high quality skin care products. We would be happy to help any one of you learn more about this opportunity, just send me a private email or ask here in this forum.

Good luck to you all in the coming years.

Ben

 

[k's mom]

momofthree:
Send me a private email....I would love to offer any advice I can!