Panicking about debt

[softball2344]

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In law there was an explosion of for-profit universities -> anyone who is willing to pay can be a lawyer -> lawyer surplus and hard to get jobs out of the T14.
Medicine has done a pretty good job of keeping tight control on the number of graduates, and as long as there is not a Cooley School of Medicine on the horizon, I do not anticipate that being in our future.

Agree, except Cal Northstate

 

[libertyyne]

Agree, except Cal Northstate

Osteopathic schools have grown extensively in proportion to their initial size 20 years ago.

 

[Waldeinsamkeit]

IDK what that is, but the AMA is going to approve it?

 

[W19]

IDK what that is, but the AMA is going to approve it?

accp


"Nurse Practitioners are some of the most talented and qualified physicians to ever practice medicine, albeit without being recognized as such. We are unique in our practice of medicine. We are not trained the same as MDs or DOs, but clinical data has shown that the practice of cathopathic medicine is equally as effective, and time and again patients show they not only accept it, but may actually prefer it. The time has come to break through the glass ceiling which tells nurses that a clinical doctor practicing medicine cannot be recognized in title, professional standing, or payment as a physician.

Once we do, there will be no limit to what we can accomplish as a profession."

 

[waiter]

Worry not, as long as there is Income-Driven Repayment

 

[InvestingDoc]

Is anyone else who is taking on a lot of loans constantly worried that physician compensation will be cut and that we'll be financially f***ed forever?

I'm from CA and like many others wasn't able to get into my state school 🙁 I went to a state school for undergrad so luckily don't have much loans from that, but now I'm stuck at a private school and after interest will be >300k in debt after I graduate. I have done extensive calculations on how much I will be able to pay during residency to keep the loans from exploding and how much I will pay the first few years as an attending to make it more manageable the rest of my life, but I'm still scared and spend a great deal of my time obsessing over this.

Any tips on how to deal? Friends/ family don't help, they are also just as scared for me as I am..

edit: was a good person and in favor of universal health care but now I'm kinda just hoping things will stay the same...

Live as frugally as possible, avoid lifestyle inflation, try to pay something towards your loans while in residency, live like a resident post graduation , pay down your loans as quick as possible. Get a roommate!

OP to give you some perspective. I started with about $110k in debt and paid it all off in ~1.25 years post graduation from residency. I could have done it much earlier but I opted to max retirement ($54k/year), refinanced my loans to put money in the market to use leverage, paid for a wedding, and I bought a house not long ago with putting money down.

It's good to be worried about the debt but don't let it keep you up at night bc there is nothing you can do about it now other than live frugally and do well in school/residency.

 

[786783]

Live as frugally as possible, avoid lifestyle inflation, try to pay something towards your loans while in residency, live like a resident post graduation , pay down your loans as quick as possible. Get a roommate!

OP to give you some perspective. I started with about $110k in debt and paid it all off in ~1.25 years post graduation from residency. I could have done it much earlier but I opted to max retirement ($54k/year), refinanced my loans to put money in the market to use leverage, paid for a wedding, and I bought a house not long ago with putting money down.

It's good to be worried about the debt but don't let it keep you up at night bc there is nothing you can do about it now other than live frugally and do well in school/residency.

54k in what retirement accounts exactly? And what financial institution?

Thanks.

 

[Osteoth]

Big reason that EM is really not appealing to me, even as a medic 🙁

Most of the docs I work under say that they feel like urgent care doctors that are stuck working nights & weekends.

Yeah its definitely something that took me a long time to realize, but working 7-7 M-F with call once a month is vastly superior to working a bunch of random shifts simply because your family schedule is much more amenable since everyone is off on the weekends. I always thought that being off on random weekdays would be cool, except that nobody is around to hang out with because everyone's at work.

 

[InvestingDoc]

54k in what retirement accounts exactly? And what financial institution?

Thanks.

From the govermnent website:

"
Overall limit on contributions
Total annual contributions (annual additions) to all of your accounts in plans maintained by one employer (and any related employer) are limited. The limit applies to the total of:

• elective deferrals (but not catch-up contributions)
  
• employer matching contributions
  
• employer nonelective contributions
  
• allocations of forfeitures

The annual additions paid to a participant’s account cannot exceed the lesser of:

1. 100% of the participant's compensation, or
   
2. $55,000 ($61,000 including catch-up contributions) for 2018; $54,000 ($60,000 including catch-up contributions) for 2017.

However, an employer’s deduction for contributions to a defined contribution plan (profit-sharing plan or money purchase pension plan) cannot be more than 25% of the compensation paid (or accrued) during the year to eligible employees participating in the plan (see Employer Deduction in Pub 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans).

There are separate, smaller limits for SIMPLE 401(k) plans."

Retirement Topics 401k and Profit Sharing Plan Contribution Limits | Internal Revenue Service


it ends up being a combination of pre / post tax contributions and employer and employee contributions

 

[thepoopologist]

1. Study hard, as if your life depended on it. Hopefully you're the type who enjoys working hard and learning new things.

2. Minimize spending, while also recognizing you're not a robot and blowing off steam will at times require spending money

3. Choose a specialty you like, that also pays well.

4. Once you've succeeded, do not apologize for your success. Steps 1-3 are hell to execute.

 

[softball2344]

1. Study hard, as if your life depended on it. Hopefully you're the type who enjoys working hard and learning new things.

2. Minimize spending, while also recognizing you're not a robot and blowing off steam will at times require spending money

3. Choose a specialty you like, that also pays well.

4. Once you've succeeded, do not apologize for your success. Steps 1-3 are hell to execute.

Trust me I'm not going to apologize for finally earning an effectively good salary (when my debt is payed) at like age 40..

 

[Waldeinsamkeit]

accp


"Nurse Practitioners are some of the most talented and qualified physicians to ever practice medicine, albeit without being recognized as such. We are unique in our practice of medicine. We are not trained the same as MDs or DOs, but clinical data has shown that the practice of cathopathic medicine is equally as effective, and time and again patients show they not only accept it, but may actually prefer it. The time has come to break through the glass ceiling which tells nurses that a clinical doctor practicing medicine cannot be recognized in title, professional standing, or payment as a physician.

Once we do, there will be no limit to what we can accomplish as a profession."

*vomits* Wipes mouth, slowly looks up *vomits again*