splurge daydream for after residency

[alfonzarel]

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i replied to a post, and i thought this might make a fun thread:

after residency, i plan to live on roughly 50-60K a year, give or take, and send the rest to pay off principle on my 1/4 million debt. this is my plan for getting out of debt, asap. if i can live simply now, i can live simply after residency...


although... i may have to splurge on a couple of amenities like a good, reliable used toyota truck, a new parachute, a new laptop, and a new handgun (or two).



what are you daydreaming of splurging on when you actually start making money - as compared to your negative income presently in allopathic med school?

 

[Ashers]

I want to be able to travel somewhere cool at least once a year. One of my life goals is to get into the Travelers' Century Club (visited at least 100 countries). I want one of those countries to be Antarctica.

 

[ZagDoc]

after residency, i plan to live on roughly 50-60K a year, give or take, and send the rest to pay off principle on my 1/4 million debt. this is my plan for getting out of debt, asap. if i can live simply now, i can live simply after residency...

Ditto. Paying off debt is a law of decreasing returns due to interest and its wise to attack it aggressively as early as possible. I also intend to allow myself a "resident/fellow's salary" in allowance and make some big payments in the beginning.

That being said, its difficult to tell where I will be in my life in terms of financial responsibility to family/mortgage/etc at the end of residency, its sadly too far away. And those things have a tendency to sucking up a lot of your earnings.

 

[DickyV]

I do hear quite a few financial experts who suggest extending student loan payments, as the interest rates are fairly low (at least when compared to other forms of credit).

That said, I doubt that many of those experts have MD graduates' loan balances in mind. I plan on paying off my $350 000 ASAP after residency.

 

[bcat85]

I do hear quite a few financial experts who suggest extending student loan payments, as the interest rates are fairly low (at least when compared to other forms of credit).

That said, I doubt that many of those experts have MD graduates' loan balances in mind. I plan on paying off my $350 000 ASAP after residency.

Me too. My (future) wife is going to be a teacher, so we're going to try to live on her salary (though it's not much) and use as much of my salary to pay off student loans as we can even during residency.

 

[generic]

Personally, I'd also consider the sheer joy of knowing that you have made that last payment and are officially debt-free. That's gonna be sweet.

Too many people in the US have too much debt...hence our current subprime crisis/credit card problems/etc. I agree with the idea of paying off your loans early. You just never know what the future holds...

I'd like to splurge on a new car. Like a hybrid? I think Toyota's coming out with a new Prius soon, eh?

 

[Kris1]

I'm thinking along the lines of a '69 Boss Mustang 427. Yeah... that would be great.

 

[NonTradMed]

Too many people in the US have too much debt...hence our current subprime crisis/credit card problems/etc. I agree with the idea of paying off your loans early. You just never know what the future holds...

That's so true.

Unfortunately, many medical students have a too comfortable relationship with debt. They feel fine to splurge even in school because it's just "a few thousand extra" in the big picture. Well, I tell them loan money is NOT free money, so stopping treating it as much.

However, the one splurge I will make after residency is on books. I'm an avid reader and I always feel guilty about paying for books when there's a library nearby. So I'm going to buy shiny, new books when I graduate and build a library in my house. 🙂

 

[Thantis]

I have always liked the library that was located in that mansion in Casper. But one of the things I will be working toward is my own Hobbit Hole:

http://www.corey-butler.com/Bag_End_Hi.jpg
http://www.tenchford.com/_images/HobbitHouseInside.jpg
http://www.tenchford.com/_images/Hobbitvisit.jpg

Loan payment comes first though.

 

[ATrain]

I have always liked the library that was located in that mansion in Casper. But one of the things I will be working toward is my own Hobbit Hole:

http://www.corey-butler.com/Bag_End_Hi.jpg
http://www.tenchford.com/_images/HobbitHouseInside.jpg
http://www.tenchford.com/_images/Hobbitvisit.jpg

Loan payment comes first though.

Be careful about tripping over those doorways!

 

[Tiger26]

i replied to a post, and i thought this might make a fun thread:

after residency, i plan to live on roughly 50-60K a year, give or take, and send the rest to pay off principle on my 1/4 million debt. this is my plan for getting out of debt, asap. if i can live simply now, i can live simply after residency...


although... i may have to splurge on a couple of amenities like a good, reliable used toyota truck, a new parachute, a new laptop, and a new handgun (or two).



what are you daydreaming of splurging on when you actually start making money - as compared to your negative income presently in allopathic med school?

I was thinking about getting a spaceship . . .

 

[alfonzarel]

Be careful about tripping over those doorways!

or tagging your head like gandalf always does

 

[Mr hawkings]

I'm buying a used humvee from army surplus (dessert cammo paint and all) and converting it to run on biodiessel to use as my weekend off-roading ride.

 

[Concubine]

Most likely a long, much needed, and much deserved vacation (somewhere tropical of course).

 

[Steiner]

I'm thinking along the lines of a '69 Boss Mustang 427. Yeah... that would be great.

I'd like to get a '71 chevelle 454 SS with ghost flames, but I want it to get ~30 mpg.

 

[coldweatherblue]

I just look forward to the day when I can eat steak without it having to be a "special occasion."

That and a clean 5-speed E30 M3 with tan leather interior, 16-inch EVO wheels, overbored and tuned by Turner Motorsports.

and maybe a MiG-17.

 

[zmeister22]

A breeding pair of Hyacinth Macaws. They are an endangered CITES I macaw, and a single baby is about $15,000 and a proven breeding pair can run $40,000 at minimum. They are the most amazing birds at over 1 meter long and have 1800 lbs of pressure in their beaks. You haven't lived until you see one in person.

Either that, or a new Audi S5...

 

[DocFox]

I'm thinking along the lines of a '69 Boss Mustang 427. Yeah... that would be great.

That year had a 429 c.i. engine, not 427. But otherwise, excellent choice.

 

[Caboose]

I have to be realistic... probably all sorts of new equipment for my practice. I could do without bells and whistles while I pay off my loans, but I see this as my weak spot.

Caboose.

 

[doc20]

I get myself a trophy wife!!! does that count for splurging?

 

[TexasPhysician]

I get myself a trophy wife!!! does that count for splurging?

Only if she is between the ages of 18-20.

 

[djamel]

I better save it rather than waste it for some luxury. It's good to use it for later, for emergency purposes.

 

[wAyRadikull]

a tempur-pedic mattress after a long day of work sounds kinda good, i need the quality of my sleep to increase damn it! haha

 

[Dr Funk]

I will get a nice newer "pre-owned" BMW M3 to replace my 21 year old BMW 325is. Then its loan and house buying time where I will be paying for the rest of my life. I will enjoy driving to work though...🙂

 

[InspireMe]

I can live relatively simple for a while after residency, as long as the following conditions are satisfied

- a hot tub,
- daily massages,
- sushi 7 nights a week 😛

Other than that I don't need much... (Cmon! most of us gave up our twenties and early thirties for this, this short list ain't too much to ask for)

 

[Habeed]

Just for fun, I have to figure out what that will cost you.

Hot tub? Average hot tub costs $6000 per google. Assume the 'operating costs' of running the tub (water + energy) run to $900 per year, also per google.

Daily massages : let's assume these are massages, not "massage++" if you know what I mean. That probably costs $75-$100 for a massage by a hot massage therapist with skill. Sushi? Maybe $20 a meal?

So the hot tub is a pathetically cheap $6900 per year, the sushi is $7300 per year, and the massage therapist $36,500.

I was going to suggest a massage therapist for a wife, but realize that's a dumb financial decision. When you marry someone, legally they are entitled to half what you earn every year of the marriage. (more or less, divorce courts are complicated, but this is roughly right). That's a lot more expensive than just paying for it....