Saturated Location (Chicago) PsyD Unique Situation

[PsyDr]

Iwouldn't withdraw 3 percent or 4 percent as someone else suggested a year. That's the trinity study SWR and it was a 95% (or whatever) success rate not to run out of money in 30 years. You are relatively young. That's unwise. Plus, if you keep working and saving, you can bump that up considerably.

Trinity study was 4% for 30 years. At 3% the longevity of capital is perpetual.

Firecalc for some of your financial nerd needs. You can model the swr and combine it with bernacke principle.

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[Sanman]

Agreed with the others here and some great financial advice. The other thing to consider is if this money can be invested to net the difference in income from your education. So let's say 80k salary as a psychologist Vs $40k in salary as an LPC or case manager and $30-40k in residual investment income from a mix of dividends and rental property, for example.

Lower taxes and stable income to pay bills is a golden ticket for anyone wanting to venture into private practice.

 

[imhere]

for my TA job in grad school, I worked about 10 hours a week. For that 10 hours a week, I received full tuition remission and 16k/9 months. That's a pretty good paying job. Also had time to work as a clinical tester for an Alzheimer's project for some extra cash. Not sure it's all that much apples to oranges. Especially with the average tuition costs out there. There may be outliers, but the majority are walking away with crushing debt.

What school did you attend? And was it PsyD or PhD?

 

[psych.meout]

What school did you attend? And was it PsyD or PhD?

Let's do the full clip this time.

 

[WisNeuro]

What school did you attend? And was it PsyD or PhD?

Clinical Psych PhD, large Midwestern Uni.