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As part of my job, I work with Internal Medicine physicians who finished residency, and are looking for work.
Here's is a real example:
Female, unmarried, no children, 29 years-old - just finished three years of Internal Medicine residency at the hospital represented by my avatar. She decided to accept a five year contract to work as a hospitalist in another state starting November 1. Contract is with the hospital owned P.A. and stipulates: twelve hours per shift, alternating seven days on, seven days off (28 weeks of work time per year); she will work flexible hours, sometimes nights, others days. She wants the every other week schedule for personal reasons, and so that she can have the chance to do some clinical research. She has decided to pay off all of her student loans over the next five years; with interest, $240,000.
Here's her budget:
$180,000 gross in pay per year (plus annual bonus, ~ $5000)
$63,000 in taxes per year @ 35% rate
$117,000 take home pay per year
$9750 per month take home pay
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Average per month expenses:
$1800 mortgage/insurance for 2 bed, 2 bath upscale condo
$120 cable/internet
$150 gas/electric/water (higher per month in summer lower in winter)
$750 car payment/insurance
$150 gasoline
$120 cellphone
$400 food/dining
$200 misc entertainment (netflix, online music websites, movies, etc.)
$400 misc other (her consumer buying allowance, travel)
$4000 student loans
$8150 total
$1660 go into savings
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At the end of her five year contract she will be 34 years old, have five years of equity in her home, own her car, have her student loans paid, and have $100,000 cash in the bank.
Here's is a real example:
Female, unmarried, no children, 29 years-old - just finished three years of Internal Medicine residency at the hospital represented by my avatar. She decided to accept a five year contract to work as a hospitalist in another state starting November 1. Contract is with the hospital owned P.A. and stipulates: twelve hours per shift, alternating seven days on, seven days off (28 weeks of work time per year); she will work flexible hours, sometimes nights, others days. She wants the every other week schedule for personal reasons, and so that she can have the chance to do some clinical research. She has decided to pay off all of her student loans over the next five years; with interest, $240,000.
Here's her budget:
$180,000 gross in pay per year (plus annual bonus, ~ $5000)
$63,000 in taxes per year @ 35% rate
$117,000 take home pay per year
$9750 per month take home pay
----------------------------------------------------------
Average per month expenses:
$1800 mortgage/insurance for 2 bed, 2 bath upscale condo
$120 cable/internet
$150 gas/electric/water (higher per month in summer lower in winter)
$750 car payment/insurance
$150 gasoline
$120 cellphone
$400 food/dining
$200 misc entertainment (netflix, online music websites, movies, etc.)
$400 misc other (her consumer buying allowance, travel)
$4000 student loans
$8150 total
$1660 go into savings
----------------------------------------------------------
At the end of her five year contract she will be 34 years old, have five years of equity in her home, own her car, have her student loans paid, and have $100,000 cash in the bank.
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means that the property value should increase by a fair amount (~25%) over the next five years. And, of course the expenses numbers could change for many reasons, we were establishing a budget baseline.
