How much student loan you got? how much is too much??

[mentos]

I graduated total with interest and all at 275k. I'm paying income based payments and using extra cash to save up for a home and putting into savings. At this time I'm not aggressively trying to pay them off.

275k is insane to me, that's more than I took out for my mortgage. Do people get approved for mortgages with that much debt? Just curious.

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[GypsyHummus]

“I make 120k/year working 40 hours/week as a 23 year old. Don’t do it too saturated” is the equivalent of saying “this ice cream is awesome, don’t eat it, it’s too cold”

right now i have a 120k/year salary once i'm licensed in a month, based on 40 hours per week, and i'm 23 years old. i don't recommend pharmacy because it is too saturated. there are more pharmacists graduating than there are jobs. the job growth for this profession is dead, don't do it


i see that you're pre-pharmacy, here let me give you some helpful advice: get out now. the saturation is too much and the job market is chit

 

[GypsyHummus]

edit, double post for some reason.

right now i have a 120k/year salary once i'm licensed in a month, based on 40 hours per week, and i'm 23 years old. i don't recommend pharmacy because it is too saturated. there are more pharmacists graduating than there are jobs. the job growth for this profession is dead, don't do it


i see that you're pre-pharmacy, here let me give you some helpful advice: get out now. the saturation is too much and the job market is chit

 

[BMBiology]

my situation is different. by the time i'm 60 years old i'll already be a massive baller. i'm planning to launch a company and essentially become a mult millionaire in the coming years.

What is your business?

 

[PA_dud3]

my issue with the 401k is that it's irrelevant until you cash it out when you're 60 years old. so at this point you're just taking away from your monthly income, now you have less cash available to actually enjoy your life while you're young and do fun chit with the high salary that you have. all because it's going into an account that you will not see benefits from for decades.

my situation is different. by the time i'm 60 years old i'll already be a massive baller. i'm planning to launch a company and essentially become a mult millionaire in the coming years. how successful will i be when i'm 60? forget about it, i'll have so much money in the bank that a 401k won't matter to me. i have over 3 decades to amass a high net worth. i do not need to rely on a 401k. plus, a 401k is not very satisfying at all. getting a ton of money when you're 60? that's extremely lame. who wants to be an old piece of chit with a lot of money driving an expensive car, super dumb. i would rather use that extra money to enjoy my life when i'm young and still have my youthful energy. i would also rather invest that money in things that will produce quicker results, compared to a 401k that literally offers you no benefit before age 60. now if i ever get to the point where i am balling out earlier than i expected, meaning my monthly net income is very high, then i don't see the problem in maxing a 401k since i'll have plenty of money to do so


right now i have a 120k/year salary once i'm licensed in a month, based on 40 hours per week, and i'm 23 years old. i don't recommend pharmacy because it is too saturated. there are more pharmacists graduating than there are jobs. the job growth for this profession is dead, don't do it


i see that you're pre-pharmacy, here let me give you some helpful advice: get out now. the saturation is too much and the job market is chit

How else am I supposed to become a massive baller by the time I'm 60, then?

 

[NITRAS]

Colonel Sanders started KFC in his 60's. . . . . just a thought.

 

[Amphetamine Salts]

+100 for this post

To add in.... remember folks, it's $18,500 per year. THAT'S IT. We make enough that the fact that it's a limit, actually limits our abilities to save.

Every year that passes, that limit is gone, you don't get to make it up as time goes on. If you miss the opportunity in 2018 to put away $18,500, that opportunity is gone forever. Your next best option is to save in a taxable brokerage account (or you can backdoor $5500 into a Roth IRA), but again, missed opportunity.

There should be no excuse given our income levels that we can't max out 401k's and pay down student loans in a reasonable manner.

Consider the math here:

$160,000/yr salary
$18,500 considered below

Option 1: Match 3% first, the rest to student loans
$4800 - pretax, sheltered, sent to 401k
$13,700 - 30% for taxes (it's probably more) = $9590 sent to student loans (above and beyond minimum payment, call it)

Option 2: Max 401k
$18,500 - pretax, sheltered, sent to 401k
--> You did not send $9590 to student loans, therefore that accrues at simple interest of 4% (that's the refi rate now, right?) = $383.60 cost of interest that year.


So... you forego preferential tax treatment, the ability to shield your wealth from civil tort/liability, and paying yourself first....just to save $383/yr on interest?

But we're pharmacists, go pick up some extra shifts if you want to send more to student loans. Easy.

honestly my only issue with the 401k is that you won't see the results from it until you're 60. in the meantime you're dumping all this money per month into it. it's extremely lame. why dump as much money as you can into a retirement account when you're young? get the 401k match, treat yourself well first, pay off your loans, and look towards investing your money in opportunities that provide quicker results. the goal is to increase your net worth QUICKLY, not in the next 30 years. does the thought of reaping monetary rewards as a 60 year old man really sound that appealing?

I hate to make fun of someone or degrade their plans/dreams (oh to be young) but "planning to be muliti-millionaire" did cause me to involuntarily LOL

If it were that easy we should all do it! Maybe he and that other poster/entrepreneur will get together and show us all up.

this is actually something that i've been involved in for the past 3 years. i already know what i'm doing and have ran internet marketing projects in the past to make easy money during pharmacy school. while i was doing shet like this and learning about it, most of the geeks were stuck in their rooms studying or wasting their lives doing inane stuff. but anyway, now that i have a stable income i have the resources to launch my own company which i've wanted to do for a while now. and yes if my company does become a success i could very well be banking $10k+ per month and soon crack millionaire status. so i'm really not sure why you're loling. also, it's not easy, i've been doing this stuff for the past 3 years

What is your business?

i am doing a drop shipping model

How else am I supposed to become a massive baller by the time I'm 60, then?

everyone around you is screaming "don't do pharmacy". not just me. if you think i'm a dumb ass, sure, that's great. but look at everyone else. they're all telling you the same thing "do NOT do pharmacy". but you're going to ignore us all and go to pharmacy school because you are very smart and your situation is different. then when you get out you're going to think "chit... they were right... why didn't i listen..". but anyway, good luck in pharmacy school!

 

[Amphetamine Salts]

“I make 120k/year working 40 hours/week as a 23 year old. Don’t do it too saturated” is the equivalent of saying “this ice cream is awesome, don’t eat it, it’s too cold”

i'm telling you it's too saturated. you're going to question your decisions down the line if you do it. there are plenty of other non saturated professions out there

 

[PA_dud3]

everyone around you is screaming "don't do pharmacy". not just me. if you think i'm a dumb ass, sure, that's great. but look at everyone else. they're all telling you the same thing "do NOT do pharmacy". but you're going to ignore us all and go to pharmacy school because you are very smart and your situation is different. then when you get out you're going to think "chit... they were right... why didn't i listen..". but anyway, good luck in pharmacy school!

I don't think you're an idiot at all, and I wasn't meaning anything sly, just poking a bit of fun. I'll tell you what I've told everyone else who told me not to go into pharmacy, though. I enjoy what I do, and I've done it for about a year so far in a very rural area. I am 100% confident that I want to go to Pharmacy school. That's why I joined this forum was to learn about Pharmacy so I wouldn't be going in blind. I feel I've taken everything into account so far regarding the job market, and I still feel confident I want to do this. I'm fine working in BFE, I might as well be working there now. I'm sorry if I offended you, and I appreciate you trying to dissuade me, as I can see where you're coming from.

 

[Amphetamine Salts]

I don't think you're an idiot at all, and I wasn't meaning anything sly, just poking a bit of fun. I'll tell you what I've told everyone else who told me not to go into pharmacy, though. I enjoy what I do, and I've done it for about a year so far in a very rural area. I am 100% confident that I want to go to Pharmacy school. That's why I joined this forum was to learn about Pharmacy so I wouldn't be going in blind. I feel I've taken everything into account so far regarding the job market, and I still feel confident I want to do this. I'm fine working in BFE, I might as well be working there now. I'm sorry if I offended you, and I appreciate you trying to dissuade me, as I can see where you're coming from.

you still wanna do pharmacy?

 

[PA_dud3]

you still wanna do pharmacy?

I am 100% confident that I want to go to Pharmacy school. That's why I joined this forum was to learn about Pharmacy so I wouldn't be going in blind. I feel I've taken everything into account so far regarding the job market, and I still feel confident I want to do this.

 

[Amphetamine Salts]

yes i know, you will go to pharmacy school even if it's saturated. usually the first plan is to prevent people from going, never works, so plan number 2 is to give them the options now for when reality sinks into them. be prepared to accept a lower pay or move after you graduate to find a job. if you want to do hospital you need a residency, so be prepared to be worked at 1/3rd pay rate and potentially not landing a job.

 

[BMBiology]

I am doing a drop shipping model!

How much have you made so far? How long have you been doing it?

Is this model sustainable? Anybody can do it. What is going to separate you from other people?


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[confettiflyer]

honestly my only issue with the 401k is that you won't see the results from it until you're 60. in the meantime you're dumping all this money per month into it. it's extremely lame. why dump as much money as you can into a retirement account when you're young? get the 401k match, treat yourself well first, pay off your loans, and look towards investing your money in opportunities that provide quicker results. the goal is to increase your net worth QUICKLY, not in the next 30 years. does the thought of reaping monetary rewards as a 60 year old man really sound that appealing?

Preaching to the choir, dude. Clearly you haven’t been on SDN very long.


:::sigh:::

you c-corp your side business and take advantage of the unlimited profit stockpiling and vote yourself a dividend at the preferential long-term capital gains rate.

But I’m talking about your stable money...your RPh money. You need every goddamn deduction you can get because wage income gets taxed up the butthole.

You don’t get rich from putting away $18,500/yr, that’s your bread and water money when you’re old.

If you seriously can’t seed your side business with what’s left over from putting away $18.5k, you need to re-evaluate your startup expenses and/or bring in outside investment.


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[Prosperity8]

Just a 3% match. The match is irrelevant to be honest. The tax advantages are more important as a single pharmacist. I graduated in 2015 and have always maxed my 401k. Also maxed out Roth one year. I listen to Dave Ramsey all the time but don’t really follow his advice, which is really meant for people who have no self control.

Dave Ramsey is the reason I will get out of $220k debt from pharmacy school 4 years after graduating from pharmacy schools. We as humans tend to overthink and over analyze. Life is not hard. Get out of debts and build equity. You will never gain financial freedom as long as you owe money. Why is this so difficult for professionals with doctoral degree to understand? How can people so stupid to invest and contribute to 401k when you have six figure debts?

 

[Prosperity8]

Investing or contributing to 401k while owing student loans is equivalent to putting on a life jacket while being stuck in a submerged submarine. It is the dumbest idea I have ever seen. Payoff debts than invest in your future.

 

[Momus]

Dave Ramsey is the reason I will get out of $220k debt from pharmacy school 4 years after graduating from pharmacy schools. We as humans tend to overthink and over analyze. Life is not hard. Get out of debts and build equity. You will never gain financial freedom as long as you owe money. Why is this so difficult for professionals with doctoral degree to understand? How can people so stupid to invest and contribute to 401k when you have six figure debts?

Don't worry, you just missed out $100k+ so far in retirement account which will be around $1M in 30 years. I am sure we are the stupid one hahahaha :-D

/rolling eyes again LMAO

When you are following an idiot, you get idiot return on your money.

 

[Prosperity8]

Don't worry, you just missed out $100k+ so far in retirement account which will be around $1M in 30 years. I am sure we are the stupid one hahahaha :-D

/rolling eyes again LMAO

When you are following an idiot, you get idiot return on your money.

We will see who ends up right in the long run. I have no doubt people like Dave Ramsey and me will end up on top. I don't care about "paying yourself first" and "invest in the future" or "let compound interest work". I'm not drinking that Kool-aid. I'm 99% confident paying off debts and not owing money to anyone is the best path towards financial freedom. I don't understand what is so difficult to understand here?

 

[BMBiology]

We all know what Dave Ramsey say is not exactly true. But it is also true that most people can’t max out their 401 k, save for a house and also pay off their debt in a timely manner. That is the only reason why I encourage people to follow his method.

This is what I suggest you do...put 5% of your salary into your 401 k so you can get the company’s match. Refinance your student loan at a lower rate and put everything you got into it. You should be done within 3-5 years.

I was debt free in 3 years. It feels great...probably the best financial decision I have ever made.

I get the tax saving part but I think 401 k is a bit overrated. You probably won’t need that much money in your old age..at least not that much money in order to be happy.


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[Momus]

We will see who ends up right in the long run. I have no doubt people like Dave Ramsey and me will end up on top. I don't care about "paying yourself first" and "invest in the future" or "let compound interest work". I'm not drinking that Kool-aid. I'm 99% confident paying off debts and not owing money to anyone is the best path towards financial freedom. I don't understand what is so difficult to understand here?

So brainwashed by dave ramsey kool aid LOOOL... Math doesn't lie

 

[wagrxm2000]

Investing or contributing to 401k while owing student loans is equivalent to putting on a life jacket while being stuck in a submerged submarine. It is the dumbest idea I have ever seen. Payoff debts than invest in your future.

Best advice for you is always put money where your return is the greatest.

Just do the simple math if in the beginning of 2014 had you saved $50,000 and started investing $50k in an s&p tracking index split up each month, by the beginning of 2018 your $250k invested would be over $350k. Obviously the past doesn't determine future gains and we are going to crash soon but that was a way better decision then simply "snowball" through those loans.

I'm a huge advocate to paying off loans but that should come from money you don't spend by living poor for awhile.

 

[Prosperity8]

Best advice for you is always put money where your return is the greatest.

Just do the simple math if in the beginning of 2014 had you saved $50,000 and started investing $50k in an s&p tracking index split up each month, by the beginning of 2018 your $250k invested would be over $350k. Obviously the past doesn't determine future gains and we are going to crash soon but that was a way better decision then simply "snowball" through those loans.

I have made a lot of money in the stock market with FANG. I also lost a lot of money with oil market crash in 2015 and biotech crash in 2016. The point is nothing is guaranteed in life. The only guaranteed is paying off debts and not owing money. This is not dependent on external factors. It is all up to you.

 

[wagrxm2000]

I have made a lot of money in the stock market with FANG. I also lost a lot of money with oil market crash in 2015 and biotech crash in 2016. The point is nothing is guaranteed in life. The only guaranteed is paying off debts and not owing money. This is not dependent on external factors. It is all up to you.

In the end it's your decision, while there is truth behind your statements, in general the numbers don't agree with you.

If negative returns were seen in the future then sure put it toward loans but right now we're still in a bull market.

 

[BMBiology]

It is not always about making money. You got 30-40 years to make money. What is the rush?

Is having an extra 50 k in the long run going to make you that much happier? If it does then you probably don’t have that many things going in your life.

I have made significantly more money than I thought I would at this stage in my life. It has not changed my life all that much. I am going to exchange it for something more valuable and that valuable thing is time.

It is about having a peace of mind and having the time to spend with your family and close friends. Enjoy your youth and stop worrying about making damn money all of the time.


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[wagrxm2000]

It is not always about making money. You got 30-40 years to make money. What is the rush?

Is having an extra 50 k in the long run going to make you that much happier? If it does then you probably don’t have that many things going in your life.

I have made significantly more money than I thought I would at this stage in my life. It has not changed my life all that much. I am going to exchange it for something more valuable and that valuable thing is time.

It is about having a peace of mind and having the time to spend with your family and close friends. Enjoy your youth and stop worrying about making damn money all of the time.


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You are talking to the wrong crowd, every single one of these kids joined for the money.

 

[quickpic007]

“I make 120k/year working 40 hours/week as a 23 year old. Don’t do it too saturated” is the equivalent of saying “this ice cream is awesome, don’t eat it, it’s too cold”

What if I told you there was a more efficient way to make 120K at 23 without obtaining a doctorate and 6 years of college?

I don't think you're an idiot at all, and I wasn't meaning anything sly, just poking a bit of fun. I'll tell you what I've told everyone else who told me not to go into pharmacy, though. I enjoy what I do, and I've done it for about a year so far in a very rural area. I am 100% confident that I want to go to Pharmacy school. That's why I joined this forum was to learn about Pharmacy so I wouldn't be going in blind. I feel I've taken everything into account so far regarding the job market, and I still feel confident I want to do this. I'm fine working in BFE, I might as well be working there now. I'm sorry if I offended you, and I appreciate you trying to dissuade me, as I can see where you're coming from.

While I enjoy reading a rare competent post from a pre-pharmacy student I will still warn you. In my BFE area walgreen used to beg people to work for a 30 K sign on bonus just 2-3 years ago. Now there are no positions available and the people who signed 3 years ago are still hanging around here, unable to return home. Granted this does not apply to your case, but the "back up plans" in this profession are becoming extremely thin. I have seen hundreds of pharmacies close nationwide (see Walmart/Sams, Kmart, Rite aid) since I graduated just 5 years ago. Maybe I'm just jaded being a tech since 2005.

Dave Ramsey is the reason I will get out of $220k debt from pharmacy school 4 years after graduating from pharmacy schools. We as humans tend to overthink and over analyze. Life is not hard. Get out of debts and build equity. You will never gain financial freedom as long as you owe money. Why is this so difficult for professionals with doctoral degree to understand? How can people so stupid to invest and contribute to 401k when you have six figure debts?

See the underlined bold text please. How did you rack up 220K? Hard to pay it off if you are such a big spender...

It is not always about making money. You got 30-40 years to make money. What is the rush?

Is having an extra 50 k in the long run going to make you that much happier? If it does then you probably don’t have that many things going in your life.

I have made significantly more money than I thought I would at this stage in my life. It has not changed my life all that much. I am going to exchange it for something more valuable and that valuable thing is time.

It is about having a peace of mind and having the time to spend with your family and close friends. Enjoy your youth and stop worrying about making damn money all of the time.
Sent from my iPhone using SDN mobile

The rush is escaping working for the man. If I can just hit that 1.5 Mil...

 

[Amphetamine Salts]

Preaching to the choir, dude. Clearly you haven’t been on SDN very long.


:::sigh:::

you c-corp your side business and take advantage of the unlimited profit stockpiling and vote yourself a dividend at the preferential long-term capital gains rate.

But I’m talking about your stable money...your RPh money. You need every goddamn deduction you can get because wage income gets taxed up the butthole.

You don’t get rich from putting away $18,500/yr, that’s your bread and water money when you’re old.

If you seriously can’t seed your side business with what’s left over from putting away $18.5k, you need to re-evaluate your startup expenses and/or bring in outside investment.


Sent from my iPhone using SDN mobile

"you c-corp your side business and take advantage of the unlimited profit stockpiling and vote yourself a dividend at the preferential long-term capital gains rate." - i honestly have no idea what this means, you will need to put this in every day terms in order for me to understand

also, $18,500 a year is a shet ton of money, make no mistake. that's 1.5k of my monthly income going towards a retirement account? are you serious dude? that sounds ludicrous. do you understand what i could do with 1.5k per month? good lord. that is sweet money that could be invested in something worthwhile that will see immediate results within WEEKS. better yet, i would rather simply have fun with $1.5k per month, go on awesome vacations and enjoy a lot of entertainment. i can think of dozens of things that i would rather do with $1.5k PER MONTH instead of putting it into a retirement account that offers me nothing until i am 60.

EDIT: the point i am trying to make without being too abrasive is that these retirement accounts will eat up a chunk of your money without providing any benefits until age 60. this will mean different things for each person, therefore i wouldn't recommend everyone default max a 401k early on

 

[Amphetamine Salts]

What if I told you there was a more efficient way to make 120K at 23 without obtaining a doctorate and 6 years of college?



While I enjoy reading a rare competent post from a pre-pharmacy student I will still warn you. In my BFE area walgreen used to beg people to work for a 30 K sign on bonus just 2-3 years ago. Now there are no positions available and the people who signed 3 years ago are still hanging around here, unable to return home. Granted this does not apply to your case, but the "back up plans" in this profession are becoming extremely thin. I have seen hundreds of pharmacies close nationwide (see Walmart/Sams, Kmart, Rite aid) since I graduated just 5 years ago. Maybe I'm just jaded being a tech since 2005.



See the underlined bold text please. How did you rack up 220K? Hard to pay it off if you are such a big spender...



The rush is escaping working for the man. If I can just hit that 1.5 Mil...

making $120k per year at age 23 is pretty dang impressive you have to admit lol. i still feel like a kid, yet i am being paid a tremendous amount of money. the downside is that i did have to go 190k in debt to reach this point. i do agree that there are MUCH more efficient ways to make a solid income when you are young

also, don't bother trying to convince the pharmacy tech in this thread. he has already swallowed the pharmacy pill, nothing will save him. i guarantee you that there is absolutely nothing that will change his mind about pursuing pharmacy. you just gotta let these do what they gotta do. and just stand back and watch. few years later you see them struggling to find work and just nod thinking "yeah.."

 

[owlegrad]

We will see who ends up right in the long run. I have no doubt people like Dave Ramsey and me will end up on top. I don't care about "paying yourself first" and "invest in the future" or "let compound interest work". I'm not drinking that Kool-aid. I'm 99% confident paying off debts and not owing money to anyone is the best path towards financial freedom. I don't understand what is so difficult to understand here?

Yeah, what is wrong with people, why do they want free tax sheltered money? Don't they know it is better to pay off loans first before getting free money?

also, it's not easy, i've been doing this stuff for the past 3 years

You have been doing it for the past three years while in school but it's not easy. Ok. Glad you have it all figured out, I truly wish you nothing but the best luck/fortune. At least once you are a multimillionaire you can retire from pharmacy and that will be one more job for the rest of us.

I honestly cannot tell who is trolling in this thread. :/

 

[PA_dud3]

What if I told you there was a more efficient way to make 120K at 23 without obtaining a doctorate and 6 years of college?



While I enjoy reading a rare competent post from a pre-pharmacy student I will still warn you. In my BFE area walgreen used to beg people to work for a 30 K sign on bonus just 2-3 years ago. Now there are no positions available and the people who signed 3 years ago are still hanging around here, unable to return home. Granted this does not apply to your case, but the "back up plans" in this profession are becoming extremely thin. I have seen hundreds of pharmacies close nationwide (see Walmart/Sams, Kmart, Rite aid) since I graduated just 5 years ago. Maybe I'm just jaded being a tech since 2005.



See the underlined bold text please. How did you rack up 220K? Hard to pay it off if you are such a big spender...



The rush is escaping working for the man. If I can just hit that 1.5 Mil...

Thank you for the insight, I'm glad to get all the info I can about the state of the profession. I'm hoping to complete at the very least a PGY1 residency after school in the hopes that it will give me a bit of an edge against other applicants ( and it also gives me another reason to try my best while I'm in school, haha). I have done a fair bit of networking already, but I intend to make as many connections I can just to keep my options open as well.

 

[Momus]

"you c-corp your side business and take advantage of the unlimited profit stockpiling and vote yourself a dividend at the preferential long-term capital gains rate." - i honestly have no idea what this means, you will need to put this in every day terms in order for me to understand

also, $18,500 a year is a shet ton of money, make no mistake. that's 1.5k of my monthly income going towards a retirement account? are you serious dude? that sounds ludicrous. do you understand what i could do with 1.5k per month? good lord. that is sweet money that could be invested in something worthwhile that will see immediate results within WEEKS. better yet, i would rather simply have fun with $1.5k per month, go on awesome vacations and enjoy a lot of entertainment. i can think of dozens of things that i would rather do with $1.5k PER MONTH instead of putting it into a retirement account that offers me nothing until i am 60.

the point is, by the time i'm 60, it won't matter. do you understand? by the time i'm 60, i will already be a total baller with millions of dollars, the extra little boost from a 401k will be nice, but it will be insignificant, and that's why i see no point in maxing a 401k when you're young. i would only do it if i was already netting 10k+ a month and had my loans paid off. at that point it would be more like "well, i have so much money, so i guess i might as well max my 401k".

you're talking about tax deductions, and making a "bread and butter" when old, this is small people talk. we don't need to penny pinch like rabbits, there will be plentiful amounts of money if you hustle and build a successful life for yourself

I feel sorry for you.

 

[owlegrad]

I feel sorry for you.

Dude, he is going to be a multimillionaire - why do you feel sorry for him? Is it because more money=more problems?

 

[Momus]

Dude, he is going to be a multimillionaire - why do you feel sorry for him? Is it because more money=more problems?

hahaha I feel sorry for his parents too

 

[owlegrad]

Savage!

 

[Amphetamine Salts]

Thank you for the insight, I'm glad to get all the info I can about the state of the profession. I'm hoping to complete at the very least a PGY1 residency after school in the hopes that it will give me a bit of an edge against other applicants ( and it also gives me another reason to try my best while I'm in school, haha). I have done a fair bit of networking already, but I intend to make as many connections I can just to keep my options open as well.

i'm telling you man, but alright if you insist. good luck doing a PGY1. i hope you know what these experiences are like? i've seen the residents get severely worked and very underpaid. personally, i don't find it fulfilling. perhaps you may feel differently about it

 

[confettiflyer]

Dave Ramsey is the reason I will get out of $220k debt from pharmacy school 4 years after graduating from pharmacy schools. We as humans tend to overthink and over analyze. Life is not hard. Get out of debts and build equity. You will never gain financial freedom as long as you owe money. Why is this so difficult for professionals with doctoral degree to understand? How can people so stupid to invest and contribute to 401k when you have six figure debts?

Look, more stupid people!


Sent from my iPhone using SDN mobile

 

[confettiflyer]

We will see who ends up right in the long run. I have no doubt people like Dave Ramsey and me will end up on top. I don't care about "paying yourself first" and "invest in the future" or "let compound interest work". I'm not drinking that Kool-aid. I'm 99% confident paying off debts and not owing money to anyone is the best path towards financial freedom. I don't understand what is so difficult to understand here?

lolololol

Another stupid post!

I mean I’m gonna quote this in case he changes it. But this is some grade A dumb@ssness right here


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[confettiflyer]

"you c-corp your side business and take advantage of the unlimited profit stockpiling and vote yourself a dividend at the preferential long-term capital gains rate." - i honestly have no idea what this means, you will need to put this in every day terms in order for me to understand

also, $18,500 a year is a shet ton of money, make no mistake. that's 1.5k of my monthly income going towards a retirement account? are you serious dude? that sounds ludicrous. do you understand what i could do with 1.5k per month? good lord. that is sweet money that could be invested in something worthwhile that will see immediate results within WEEKS. better yet, i would rather simply have fun with $1.5k per month, go on awesome vacations and enjoy a lot of entertainment. i can think of dozens of things that i would rather do with $1.5k PER MONTH instead of putting it into a retirement account that offers me nothing until i am 60.

EDIT: the point i am trying to make without being too abrasive is that these retirement accounts will eat up a chunk of your money without providing any benefits until age 60. this will mean different things for each person, therefore i wouldn't recommend everyone default max a 401k early on

ROFL you’re gonna be a millionaire baller and you don’t understand the basic profit structure of a C corporation???

$18.5k/yr is a shet ton of money?

$1500 a month pre-tax? You mean like $800 post tax? You forgot about that one.

Do you even lift?

I can’t even, this is hilarious. Hahahhahaha







Hahahhahahahaha


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[GypsyHummus]

You could be debt free in 3 years if you grind it out. 26 debt free and making 120k. Sounds like a pretty rad setup. Invest all you can and live off of nothing till your 40s and you become rich!

FWIW, I don’t plan on entering pharmacy, but your guys debt to income ratio is better than most. Head over to the dental forums to see scary debt. 200k is nothing!

Heck, most Podiatrists will make around the 150-200k mark but take out 300k+ in debt, and their training is 7 years compared to 4 for PharmD!

making $120k per year at age 23 is pretty dang impressive you have to admit lol. i still feel like a kid, yet i am being paid a tremendous amount of money. the downside is that i did have to go 190k in debt to reach this point. i do agree that there are MUCH more efficient ways to make a solid income when you are young

also, don't bother trying to convince the pharmacy tech in this thread. he has already swallowed the pharmacy pill, nothing will save him. i guarantee you that there is absolutely nothing that will change his mind about pursuing pharmacy. you just gotta let these do what they gotta do. and just stand back and watch. few years later you see them struggling to find work and just nod thinking "yeah.."

 

[confettiflyer]

You could be debt free in 3 years if you grind it out. 26 debt free and making 120k. Sounds like a pretty rad setup. Invest all you can and live off of nothing till your 40s and you become rich!

FWIW, I don’t plan on entering pharmacy, but your guys debt to income ratio is better than most. Head over to the dental forums to see scary debt. 200k is nothing!

Heck, most Podiatrists will make around the 150-200k mark but take out 300k+ in debt, and their training is 7 years compared to 4 for PharmD!

Is $120k the going rate outside of California now? Legit question.


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[PA_dud3]

Is $120k the going rate outside of California now? Legit question.


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Most I know in NC make about that or more. One I know at an LTC makes more than that I think.

 

[GypsyHummus]

Seems like a pretty good deal considering it’s only 4 years post college.

Most I know in NC make about that or more. One I know at an LTC makes more than that I think.

 

[Digsbe]

275k is insane to me, that's more than I took out for my mortgage. Do people get approved for mortgages with that much debt? Just curious.

I have pharmacist friends with 300k+ who also got 300k+ mortgages. I have some friends who went to med school that have near 500k in debt too.

 

[Amphetamine Salts]

Is $120k the going rate outside of California now? Legit question.


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yes it is, around $58 per hour

 

[confettiflyer]

yes it is, around $58 per hour

Okay that explains why $18.5k is a lot to ya, ignore my tirade.


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[GypsyHummus]

Do banks even sign off on a mortgage with someone with so much debt?

I have pharmacist friends with 300k+ who also got 300k+ mortgages. I have some friends who went to med school that have near 500k in debt too.

 

[PA_dud3]

So, sorry if this sounds stupid, but if someone making 120,000 contributes 18000 a year to a 401k pre-tax, they obviously have a smaller tax burden, but does that mean they take home more money (not counting the 401k of course) than someone who contributes 0 to anything and is just taxed normally? Just trying to make sure I understand the benefits and everything.

 

[johnpharm01]

I have pharmacist friends with 300k+ who also got 300k+ mortgages. I have some friends who went to med school that have near 500k in debt too.

Guess we know who's buying when you get together

 

[confettiflyer]

So, sorry if this sounds stupid, but if someone making 120,000 contributes 18000 a year to a 401k pre-tax, they obviously have a smaller tax burden, but does that mean they take home more money (not counting the 401k of course) than someone who contributes 0 to anything and is just taxed normally? Just trying to make sure I understand the benefits and everything.

No, you take home less, but the person who contributes zero doesn’t get $18k divided over X paychecks a year, since that $18k runs through the grinder of payroll taxes, etc...


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[confettiflyer]

Do banks even sign off on a mortgage with someone with so much debt?

Most banks will take 1% of the total balance owed and treat that as an additional trade line. $300k owed = $3000/mo for purposes of qualifying under the bank’s individual DTI guidelines.


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