My tip for the next 4 years

[urge]

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Don't work too hard.

 

[pgg]

Disagree, work hard & make hay while the sun is shining.

 

[deleted126335]

Disagree, work hard & make hay while the sun is shining.

The yield on hard work is still decent. It takes a dip come Jan 1. It will take a bigger drop in the coming years.

 

[BLADEMDA]

Disagree, work hard & make hay while the sun is shining.

Work as hard as possible over the next 4 years as ObamaCare will decimate this field in terms of income over the next 5 years.

 

[sevoflurane]

Been working hard and playing hard.
Yes, I'm going to keep working hard.
Yes, I'm going to get taxed hard.

Gonna take the foot off the gas pedal sooner than later... but for now, I'm balls to the wall.

Get it while the getting is good (or @ least decent...)

Don’t go into family practice (hate to say it).

 

[imfrankie]

Don’t go into family practice (hate to say it).[/QUOTE]

Nothing wrong with family practice...if someone else is paying for your education.

News Alert, youngsters: you don't need to make big bucks to have a fulfilling life.

 

[Spikebd]

Just look at how the stock market opened today. I expect that trend to continue through the remainder of 2012.

 

[urge]

You guys remind me of the horse in Animal Farm.

 

[letoilenoire]

I have come out of lurking because honestly I am afraid of where healthcare reimbursement is going. I would be on my own specialty forum but they don't talk much over there (lol) and I've always enjoyed reading this forum. I know none of us have a crystal ball but just how bad do you think it's going to get? I'm not in gas but am in non primary care and I'm pretty sure my field has a target on it. I won't be done with residency until 2015. I would just like to hear some of the above poster's thoughts because unfortunately I have a lot of student debt ~240 k and yep, money does concern me even if I'm supposed to not care about it in medicine.

 

[Gern Blansten]

I have come out of lurking because honestly I am afraid of where healthcare reimbursement is going. I would be on my own specialty forum but they don't talk much over there (lol) and I've always enjoyed reading this forum. I know none of us have a crystal ball but just how bad do you think it's going to get? I'm not in gas but am in non primary care and I'm pretty sure my field has a target on it. I won't be done with residency until 2015. I would just like to hear some of the above poster's thoughts because unfortunately I have a lot of student debt ~240 k and yep, money does concern me even if I'm supposed to not care about it in medicine.

What specialty?

 

[jwk]

Work hard, pay off debt, retire early.

I'm doing one of the three already! 😉

 

[sevoflurane]

Work hard, pay off debt, retire early.

Good advice.

I have come out of lurking because honestly I am afraid of where healthcare reimbursement is going. I would be on my own specialty forum but they don't talk much over there (lol) and I've always enjoyed reading this forum. I know none of us have a crystal ball but just how bad do you think it's going to get? I'm not in gas but am in non primary care and I'm pretty sure my field has a target on it. I won't be done with residency until 2015. I would just like to hear some of the above poster's thoughts because unfortunately I have a lot of student debt ~240 k and yep, money does concern me even if I'm supposed to not care about it in medicine.

Doom and gloom is all a mater of perspective. I've lived in a third world country for 12 years of my life. Even if I take a 50% cut, I'll still be a very happy man. I also love my job and enjoy the people I work with everyday.

Be the best you can be, work hard to pay down that debt once you get out and have fun with post-residency life. It's a good gig all around no matter how you slice it. 🙂

 

[hoyden]

Work hard, pay off debt, retire early.

I'm doing one of the three already! 😉

And hope that the obvious solution to the national debt problem ( now equal to 100% GDP) is not going to happen until you die ))))

Anyone ever cared WHY the national debt does not seem to bother any of our leftwingers at all?

Considering that paying off your personal debt as soon as possible might not be the best option 😉

 

[Mman]

Just look at how the stock market opened today. I expect that trend to continue through the remainder of 2012.

Then I suggest you load up and start purchasing stocks.

People often get confused and want to buy stocks when their price is rising. Really a stock price is like a sales price at a store. If you are buying, lower is better. And if you are going to be a net buyer of stocks over the rest of your lifetime, anytime the market is down it's good for you.

The more they drop, the cheaper they become to own which is phenomenal for a long term investor.

 

[pgg]

And hope that the obvious solution to the national debt problem ( now equal to 100% GDP) is not going to happen until you die ))))

Anyone ever cared WHY the national debt does not seem to bother any of our leftwingers at all?

Considering that paying off your personal debt as soon as possible might not be the best option 😉

I see where you're going with this, but that's a risky plan.

In the end, there are only three possible outcomes to our sovereign debt problem:
a) outright default
b) devaluation of currency to reduce value of the debt
c) balanced budget AND sustained GDP growth of at least 3-4% annually for decades

C, of course, is absolutely laughable. We're talking hallucinogenic mushrooms laced with LSD and a squirt of ketamine kind of fantasyland.

A is unlikely (but if it did happen, private debts wouldn't go away).

B is politically easy ... obvious solution is obvious. The question is when. 5 years? 20?

I'd be in no hurry to pay off long term debt below 3-4% (like recent mortgages and student loans consolidated in the good ol' days).

But letting student loan debt at 6.8 - 8.5% just roll with the minimum payments, expecting that the timing of outcome B will be favorably soon, AND be accompanied by inflation of wages also, is a gamble all its own. I'm not a betting man, but I'd bet against that plan.


I'm not a historian and maybe I'm just ignorant here, but I can't really come up with a single historical examples in which people with debt fared better during currency crises or economic depressions than people without debt. If things got so bad that debts were forgiven or meaningless, you're looking at a world in which debts are the least of your problems.

 

[periopdoc]

You guys remind me of the horse in Animal Farm.

I'm your huckleberry Boxer, Benjamin.

-pod

 

[deleted126335]

I see where you're going with this, but that's a risky plan.

In the end, there are only three possible outcomes to our sovereign debt problem:
a) outright default
b) devaluation of currency to reduce value of the debt
c) balanced budget AND sustained GDP growth of at least 3-4% annually for decades

C, of course, is absolutely laughable. We're talking hallucinogenic mushrooms laced with LSD and a squirt of ketamine kind of fantasyland.

A is unlikely (but if it did happen, private debts wouldn't go away).

B is politically easy ... obvious solution is obvious. The question is when. 5 years? 20?

I'd be in no hurry to pay off long term debt below 3-4% (like recent mortgages and student loans consolidated in the good ol' days).

But letting student loan debt at 6.8 - 8.5% just roll with the minimum payments, expecting that the timing of outcome B will be favorably soon, AND be accompanied by inflation of wages also, is a gamble all its own. I'm not a betting man, but I'd bet against that plan.


I'm not a historian and maybe I'm just ignorant here, but I can't really come up with a single historical examples in which people with debt fared better during currency crises or economic depressions than people without debt. If things got so bad that debts were forgiven or meaningless, you're looking at a world in which debts are the least of your problems.

Those who borrow to buy land and other tangible assets do well AFTER (not during) a currency crisis. Of course their timing has to be nearly perfect (one usually doesn't have an income stream to service the debt during a currency crisis) and/or they have to have substantial reserves to service the debt so their assets don't get repossessed to satsify the debt during poor economic conditions. And they have the joy of living in a society that goes through the crisis.

Think about how one would have done if they borrowed to buy land or foreign currencies or businesses that sold stuff that people needed in Weimar Germany or Argentina just before things went to hell. I am sure that there are plenty of ultrawealthy doing the same now in the name of broad diversification.

 

[hoyden]

I see where you're going with this, but that's a risky plan.

I'm not a historian and maybe I'm just ignorant here, but I can't really come up with a single historical examples in which people with debt fared better during currency crises or economic depressions than people without debt. If things got so bad that debts were forgiven or meaningless, you're looking at a world in which debts are the least of your problems.

I do and that's why I mentioned it. And it did happen with socialist economy. And not even in one country. And contrary to what you think, it is NOT the end of the world.

It wasn't massive though. Most of the people suffered, because their savings became nothing.
That's why I am so amazed watching the ones who survived massive inflation once still voting for the same outcome in a different place. The history teaches only that it does not teach a thing.

 

[pgg]

Those who borrow to buy land and other tangible assets do well AFTER (not during) a currency crisis. Of course their timing has to be nearly perfect (one usually doesn't have an income stream to service the debt during a currency crisis) and/or they have to have substantial reserves to service the debt so their assets don't get repossessed to satsify the debt during poor economic conditions. And they have the joy of living in a society that goes through the crisis.

Think about how one would have done if they borrowed to buy land or foreign currencies or businesses that sold stuff that people needed in Weimar Germany or Argentina just before things went to hell. I am sure that there are plenty of ultrawealthy doing the same now in the name of broad diversification.

Well I don't have prescient timing or massively deep pockets / reserves so I guess that route is closed to me. 🙂 Think I'll just stay out of debt and away from the slot machines.

 

[periopdoc]

... (one usually doesn't have an income stream to service the debt during a currency crisis) and/or they have to have substantial reserves to service the debt so their assets don't get repossessed to satsify the debt during poor economic conditions.

That is why I have decided to pay as little as possible on my student loans and instead focus on paying off loans for hard assets (house, cars, etc). They can repossess the hard assets, but they can't repossess my education.

- pod

 

[92122]

This is an interesting perspective.

How can they punish you for not repaying your loans?

Garnish earnings?

Bring about suspension of your license/privileges to practice?

 

[Salt Creep]

That is why I have decided to pay as little as possible on my student loans and instead focus on paying off loans for hard assets (house, cars, etc). They can repossess the hard assets, but they can't repossess my education.

Even in sound economic times, this would be my plan. I'm married & have a couple kids, and I have life insurance to cover my debts & ensure my family is well cared-for. Student loans die with the borrower - my wife would not be responsible for them in the event of my death, so paying them off after hard assets is a kind of insurance. At least it makes me effectively need less life insurance than if I used the same money to repay student loans at the expense of paying for assets.

 

[Salt Creep]

I wonder about the time frame we're looking at before we get hurt bad. At the current rate, I can be completely debt-free in about 4 years, including all assets and my student loans. IF everything can hold out that long...

 

[periopdoc]

This is an interesting perspective.

How can they punish you for not repaying your loans?

Garnish earnings?

Bring about suspension of your license/privileges to practice?

Pretty much. If you default on your student loans you are subject to Treasury Offset and Wage Garnishment as well as Federal Salary Offset (if you are a federal employee).

Your loan can also be accelerated meaning that all principle, interest, and penalties are due immediately.

The loan holder can file suit to force repayment which would limit your ability to liquidate hard assets when necessary.

So they can take your tax refund, and 15% of your "disposable pay."

Obviously, this is something you don't want to do, but if you are in a situation where repayment of loans is impossible, the student loans are the last loans I would be worried about paying off unless bankruptcy is in your future.

Since education loans will essentially never be discharged in bankruptcy proceedings, you would be better off focusing on paying them on not loans that will be discharged once you go through bankruptcy.

- pod

 

[leaverus]

money does concern me even if I'm supposed to not care about it in medicine.

Why aren't you supposed to care about it? I care about it a lot. In fact, i freely admit earning potential is one of the major reasons i went into medicine in the first place. Doesn't mean i care any less for my patients than anyone who's in this field solely for "altruistic" reasons.