I would like some feedback on my financial situation. I stretched myself too thin during the medical school application process.

[NegativeMargin]

This seems to be the best place for it, but I could be wrong.. feel free to move this thread wherever you like.

I'm 29 years old, and for the purposes of this discussion, financial assistance from my parents is not a realistic thing to discuss. I will matriculate either in June or August depending on the school I attend.

Until then.. I have one class over this 3 week winter term, 5 classes in spring, I do volunteering at 2 places each once a week, and do research basically anytime between there that I have free. I am paid $11/hour for research and usually get 5-6 hours in a week, ~$200/month. So I don't really have much wiggle room to work until I graduate in Mid-May.

Including all forms of income, my funds will total $15,500 between now and May.

The issue is, once I move to this new city orientation immediately begins.. and on advice from literally everyone, working is not a viable option especially at the beginning; I will need to live there until my financial aid package from the school arrives. Depending on the school that might not happen until the middle of September. Meaning this $15,500 will now have to last me 9 months, including the cost of moving and essentially setting up a new life. My expenses routinely crest over $1,500/month. To add on to this, if I end up going to the school that starts in June, then I will need to pay rent at two different places for two months. and while I plan to work from Mid-May to August, I will not be able to do that either if I attend the school that starts in June.

My credit score is 681, and I'd like to build it up to over 730 over the next 6 months. I have a credit-card, quick-cash, and a car-loan. My financial advisor at the bank stated if I can maintain or raise my credit, then I would likely be able to increase my credit limit to accommodate the wiggle room needed for this transition. I'd love any advice.

As an aside, how feasible is it for me to use my vehicle to make some money in some way? It's a 2018 sedan and has only 28,000 miles on it so I would feel comfortable using it.

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[Mman]

I do volunteering at 2 places each once a week,

I'd stop volunteering for anything if your finances are being cut that tight. I mean you don't need it for a resume since you are already accepted to wherever you are going next. It's a nice thing to do, but you don't really have the time/money to afford doing it right now. I'd spend that time doing some sort of part time work that can bring in some more money for you.

 

[NITRAS]

Debt isn’t your friend. You have Been accepted? Stop all the fluff. Finish the classes you need to and work to make $$. Personally, I’d rather not use Ride share jobs as you will burn the value of your car, which is probably too nice a car for your financial status.

PS: pretty much any “financial advisor” at a bank is three kinds of idiot.

 

[Barrel Proof]

Agree with above. You’re accepted to medical school. As awesome as it is to volunteer and help others, you also have to look out for yourself. I would prioritize your classes and grades and making sure you graduate. Then I would spend every hour I could working odd jobs to buffer the financial stress of your transition this summer as best you can.

 

[Entadus]

what is your car worth? (I'm guessing quite a bit in this market with only 28k miles...)

And do you have a loan on the car or do you own it free and clear?

Depending on the above answers, I would consider selling the car and buying a beater when you need it (Can you wait until M3 to buy a car?)

Agree with above suggestions to volunteer less and work more

 

[RangerBob]

what is your car worth? (I'm guessing quite a bit in this market with only 28k miles...)

And do you have a loan on the car or do you own it free and clear?

Depending on the above answers, I would consider selling the car and buying a beater when you need it (Can you wait until M3 to buy a car?)

Agree with above suggestions to volunteer less and work more

This isn't a horrible idea at all. Used cars are worth a lot right now. I'm assuming in 2 years they won't be so expensive. Truthfully I could've gotten by just fine without a car M1 and M2--I was biking distance from my medical school, and in inclement weather (ice/snow/freezing temps) probably could've just put an additional layer on and walked (safer than biking on Midwestern streets in winter!). Not having a car saves you insurance/gas/parking, but obviously comes with tradeoffs. So, should be a last resort to get rid of a reliable car.

As others state above, as wonderful as volunteering is, you do need to make sure sure you've got your basics all set/arranged.

You could also reach out to whatever med school you decide to attend and see if they can advance you anything/get your loan dispersed sooner. I think all our funding came in the weekend after orientation.

Is the research still needed/helpful? And do you need to take all 5 classes to graduate? Med school is really busy and it's nice to have a light load/summer off prior to starting so you're refreshed.

 

[NegativeMargin]

This isn't a horrible idea at all. Used cars are worth a lot right now. I'm assuming in 2 years they won't be so expensive. Truthfully I could've gotten by just fine without a car M1 and M2--I was biking distance from my medical school, and in inclement weather (ice/snow/freezing temps) probably could've just put an additional layer on and walked (safer than biking on Midwestern streets in winter!). Not having a car saves you insurance/gas/parking, but obviously comes with tradeoffs. So, should be a last resort to get rid of a reliable car.

As others state above, as wonderful as volunteering is, you do need to make sure sure you've got your basics all set/arranged.

You could also reach out to whatever med school you decide to attend and see if they can advance you anything/get your loan dispersed sooner. I think all our funding came in the weekend after orientation.

Is the research still needed/helpful? And do you need to take all 5 classes to graduate? Med school is really busy and it's nice to have a light load/summer off prior to starting so you're refreshed.

Thank you for the reply.

I have read what everyone is saying, but I am still struggling with the idea of cutting research and/or volunteering. Not only are these things I stated on my AMCAS application that I would continue to do, these are things I told adcoms I plan to continue doing as well.

I understand what everyone is saying, and will likely ultimately do whatever I have to, to make it to med school. That said, I am doing a chemistry minor that I got special permission from the chair of chemistry to accomplish through finishing a manuscript and poster so I also do not really wish to get rid of the O-chem research. Also, yes, the 5 classes are required to graduate. The cancer research is a bit of a passion project, and while it certainly won't lead to anything other than getting my feet wet in that area of research I do have hopes to get into Hem/Onc unless I am heavily swayed to something else once med school hits. So while I'd love to keep doing it, this is the one that may fall by the way-side.

The hospital volunteering is straight up for my mental health as much as it is for anything else. I was a CNA for 7 years and I'm just wired to need to help folks, and this application process has ruined me. It was 6 months of little to no patient interaction and me talking myself up in primary and secondary applications, which has led me to often have prideful thoughts I shouldn't have and I know the volunteering will keep me grounded where I need to be. It's also a fun workout, getting 10,000 steps in 4 hours, and it is only once a week. Perhaps I could cut down on the soup kitchen volunteering as that really is just sitting around talking with people.

I say all this to show that I really am invested in these areas, and you took the time to type out a response very similar to others, so I'm going to think about all of this. You all wouldn't be coming to the same conclusions if it wasn't obvious what I should be considering here. I really do appreciate the advice. As far as the car goes, I'd be more willing to put a lien on the car than to get rid of it. The reason I bought a nice vehicle was because multiple times in my academic career (which goes back to 2010 when I graduated HS) I had multiple cars break down resulting in me losing jobs or the ability to get to school. Also my choices of school are down to MCW-GB or Wisconsin, and both require a fair bit of driving.. or at least, they say we should have vehicles from day 1 if possible. I've also always had a vehicle so it would be weird to just stick to biking.. especially when it's been below zero for a week here in WI.

I will say this, everyone I talk to IRL, here, and on reddit talks about quitting their jobs and just relaxing over the summer, and while that obviously seems like the best approach, I just cannot really even think through the idea of not working.. perhaps it's just the SES I'm in and my upbringing but counting lost wages I'm down $10,000 from where I was a year ago before all of this, and that wasn't like extra money. I'm on food-stamps and badger-care, and I don't say this to try and get pity, but not working would only really be an option if I did sell my car and just lived off of whatever I could get for it. And that would mean I'd be spending money that would have otherwise went to pay the car off, which does seem a bit dicey.

 

[RangerBob]

Thank you for the reply.

I have read what everyone is saying, but I am still struggling with the idea of cutting research and/or volunteering. Not only are these things I stated on my AMCAS application that I would continue to do, these are things I told adcoms I plan to continue doing as well.

I understand what everyone is saying, and will likely ultimately do whatever I have to, to make it to med school. That said, I am doing a chemistry minor that I got special permission from the chair of chemistry to accomplish through finishing a manuscript and poster so I also do not really wish to get rid of the O-chem research. Also, yes, the 5 classes are required to graduate. The cancer research is a bit of a passion project, and while it certainly won't lead to anything other than getting my feet wet in that area of research I do have hopes to get into Hem/Onc unless I am heavily swayed to something else once med school hits. So while I'd love to keep doing it, this is the one that may fall by the way-side.

The hospital volunteering is straight up for my mental health as much as it is for anything else. I was a CNA for 7 years and I'm just wired to need to help folks, and this application process has ruined me. It was 6 months of little to no patient interaction and me talking myself up in primary and secondary applications, which has led me to often have prideful thoughts I shouldn't have and I know the volunteering will keep me grounded where I need to be. It's also a fun workout, getting 10,000 steps in 4 hours, and it is only once a week. Perhaps I could cut down on the soup kitchen volunteering as that really is just sitting around talking with people.

I say all this to show that I really am invested in these areas, and you took the time to type out a response very similar to others, so I'm going to think about all of this. You all wouldn't be coming to the same conclusions if it wasn't obvious what I should be considering here. I really do appreciate the advice. As far as the car goes, I'd be more willing to put a lean on the car than to get rid of it. The reason I bought a nice vehicle was because multiple times in my academic career (which goes back to 2010 when I graduated HS) I had multiple cars break down resulting in me losing jobs or the ability to get to school. Also my choices of school are down to MCW-GB or Wisconsin, and both require a fair bit of driving.. or at least, they say we should have vehicles from day 1 if possible. I've also always had a vehicle so it would be weird to just stick to biking.. especially when it's been below zero for a week here in WI.

I will say this, everyone I talk to IRL, here, and on reddit talks about quitting their jobs and just relaxing over the summer, and while that obviously seems like the best approach, I just cannot really even think through the idea of not working.. perhaps it's just the SES I'm in and my upbringing but counting lost wages I'm down $10,000 from where I was a year ago before all of this, and that wasn't like extra money. I'm on food-stamps and badger-care, and I don't say this to try and get pity, but not working would only really be an option if I did sell my car and just lived off of whatever I could get for it. And that would mean I'd be spending money that would have otherwise went to pay the car off. The car is worth $28,000. If I sold it and got $25,000, get a vehicle for $10,000 and then not work over the summer and use that extra $15,000 for that, is that what seems like a good idea? If so, I've never really sold a vehicle, I could figure it out but with so many people saying the same thing it's certainly something I think I should consider.

Sending you a PM.

Sounds like you have already thought out your priorities though, so the best options are likely see if you can get your loan money sooner (and thankfully you only have two FA departments to inquire at) and/or live more frugally the next 9 months. It certainly sucks to live on less, but if it lets you keep doing all the things you love it's certainly worth it. What's the point in paying a lot for a nice play if you're always out studying/working/volunteering anyway? One of my favorite places to live was a tiny room in a home in Berkeley that had enough space for a bed, dresser and desk/bookshelf unit. That was it--there was almost no floor space left over. Somehow I still fit in the room! But, it was the time I spent outside the room that made it so memorable.

If you're already living on the minimum (like crashing on friends' couches rent-free, eating ramen, rice, and beans), then that advice is sort of moot.

If you have to move cross-country, stay at campgrounds/KOA's to save money (and have more fun). Don't bring what won't fit in your car--furniture can all be found very cheap second hand on craiglist. You just need a friend with a truck (provide the beer/pizza). In residency we just had our mattress on the floor for 3 years... If you're not moving far, UHauls can be rented very cheap and likely makes keeping your stuff worth it.

 

[NITRAS]

Thank you for the reply.

I have read what everyone is saying, but I am still struggling with the idea of cutting research and/or volunteering. Not only are these things I stated on my AMCAS application that I would continue to do, these are things I told adcoms I plan to continue doing as well.

I understand what everyone is saying, and will likely ultimately do whatever I have to, to make it to med school. That said, I am doing a chemistry minor that I got special permission from the chair of chemistry to accomplish through finishing a manuscript and poster so I also do not really wish to get rid of the O-chem research. Also, yes, the 5 classes are required to graduate. The cancer research is a bit of a passion project, and while it certainly won't lead to anything other than getting my feet wet in that area of research I do have hopes to get into Hem/Onc unless I am heavily swayed to something else once med school hits. So while I'd love to keep doing it, this is the one that may fall by the way-side.

The hospital volunteering is straight up for my mental health as much as it is for anything else. I was a CNA for 7 years and I'm just wired to need to help folks, and this application process has ruined me. It was 6 months of little to no patient interaction and me talking myself up in primary and secondary applications, which has led me to often have prideful thoughts I shouldn't have and I know the volunteering will keep me grounded where I need to be. It's also a fun workout, getting 10,000 steps in 4 hours, and it is only once a week. Perhaps I could cut down on the soup kitchen volunteering as that really is just sitting around talking with people.

I say all this to show that I really am invested in these areas, and you took the time to type out a response very similar to others, so I'm going to think about all of this. You all wouldn't be coming to the same conclusions if it wasn't obvious what I should be considering here. I really do appreciate the advice. As far as the car goes, I'd be more willing to put a lean on the car than to get rid of it. The reason I bought a nice vehicle was because multiple times in my academic career (which goes back to 2010 when I graduated HS) I had multiple cars break down resulting in me losing jobs or the ability to get to school. Also my choices of school are down to MCW-GB or Wisconsin, and both require a fair bit of driving.. or at least, they say we should have vehicles from day 1 if possible. I've also always had a vehicle so it would be weird to just stick to biking.. especially when it's been below zero for a week here in WI.

I will say this, everyone I talk to IRL, here, and on reddit talks about quitting their jobs and just relaxing over the summer, and while that obviously seems like the best approach, I just cannot really even think through the idea of not working.. perhaps it's just the SES I'm in and my upbringing but counting lost wages I'm down $10,000 from where I was a year ago before all of this, and that wasn't like extra money. I'm on food-stamps and badger-care, and I don't say this to try and get pity, but not working would only really be an option if I did sell my car and just lived off of whatever I could get for it. And that would mean I'd be spending money that would have otherwise went to pay the car off. The car is worth $28,000. If I sold it and got $25,000, get a vehicle for $10,000 and then not work over the summer and use that extra $15,000 for that, is that what seems like a good idea? If so, I've never really sold a vehicle, I could figure it out but with so many people saying the same thing it's certainly something I think I should consider.

You thinking of a title loan? As an attending with a 7 figure net worth, neither my vehicles are $28,000. Mrs. NITRAS got a $25k vehicle 6 months after I became staff To replace the incredibly reliable 1999 Honda Civic with nearly 200,000 miles.

 

[Neopolymath]

Some aspects of this are incredibly simple and need emotion taken out of the equation. You have an acceptance. Barring any egregious behavior or not fulfilling real commitments (finish degree, take biochem etc etc type stuff), you do not owe the school anything. I don't care if you told the school you planned to volunteer and live off sewer water for 6 months. That's absolutely ridiculous. It's not being ethical or fulfilling your branding to the adcoms. It's being a martyr. You are 29 years old and it's probably time to think of yourself first every once in a while. No one else will in this career path, that's for sure.

Working for free aka volunteering aka something people in poverty can't afford to do is not on the menu for you right now. That doesn't make you a liar or change your character. When you have time, and you truly care about this stuff and it wasn't just for secondary gain, then you will start doing it again. Right now, it's time to survive and no one is going to hold that against you! That's way more important than what you think some adcom will say. Trust me, they know the game. Every year people tell them stuff they know is a lie and they get admitted anyways because it's mostly fake. They certainly aren't going to care if your legitimate reason for not doing these unpaid activities is that you cannot afford to live. They are busy laughing about all the people volunteering in soup kitchens for the underserved and then joining the Ortho club day 1 to notice.

Don't sell your car. I have sold over $1 mil in cars and boats in my life and I can tell you that this is a bad idea for so many reasons and it sounds like you have no idea what you are doing. I would take about 10% of advice I have ever seen about cars on SDN, med Reddit, WCI...

 

[FlowRate]

Have you looked into part time CNA work in lieu of your unpaid patient care activities?

 

[NegativeMargin]

Have you looked into part time CNA work in lieu of your unpaid patient care activities?

Yeah I worked as a CNA for 7 years, they said I'd be welcome back anytime I want, I ended up quitting when I got a promotion at the research position I have at the University. Though that was somewhat of a temporary promotion, I'm back down to that $11/hour.

My PI is helping me make a manuscript and poster, so my hours should go up a little bit from that.

The issue with dropping the volunteering people are talking about is that I only do it once or twice a week for 4 hours.. most jobs don't really allow you to just pop in for the 4 hours you have free in the middle of the day, certainly not that CNA job. I'd be more likely to be able to just do more research. I'm making it work, this post might make it seem like I'm literally doing nothing, really I just wanted to gather some opinions. As I said in the post, eventually I'm going to have to do whatever I have to do in order to get through and I certainly won't fight what's necessary.

 

[doctalaughs]

See if you current landlord will advertise your place now and often they will let you out of the lease if they find a new renter. Even if you need to move out a bit early maybe you can find a place to crash and not pay rent for a couple months. At least if they find someone your rent won’t overlap 2 months.

Agree with others to stop volunteering and make money.

If needed (and you are savvy enough not to get cheated) — sell your car and buy a cheaper (but reliable) one, depending how much you can get. Like another poster said, my car is probably cheaper than yours, perfectly reliable (sedan 7 yrs old 90k miles, only repair was myself replacing the battery for 100 bucks) — and I could buy a brand new one in cash tomorrow with less than 2 weeks of income (or like 1 week of investment returns if the market keeps returning 20% like it has). So given your means, that car is probably way too expensive. Maybe you can get a roommate that goes to the same school via social media and carpool to avoid a car completely?

Worst case look around for more loans.