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Hey guys/gals,
I'm thinking about switching to FM for a variety of reasons, life style, regular hours, building a relationship with patients, continuity and versatility of FM. plus I would like to open my own clinic in the future. I'm pretty competitive for FM, fairly high board scores, AOA etc etc. Is it too late to switch at this point? Another question is, will I be able to manage my debt ($300,000 in debt) with FP salary and still take care of my family? I know its not about money, but need to be practical.
Its doable. For easy of calculations, let's say you start at 200k/year. Post taxes will leave you around 9k/month (depending on your state). I would expect your loan payments (based on my wife's 160k loans over 10 years) to be around 4.5k/month leaving you around 4.5k which we will round to 4k to include pre-tax stuff like health/life insurance from the job. I'm not sure what your mortgage situation is, but let's just pretend that's another 2 grand (probably a bit high, but better to calculate with too high than too low). That leaves you with 2k/month to spend on everything else - food, utilities, gas.
Only you can decide if that's worth it.
Now, that all being said, you can pick up some pretty decent extra money moonlighting. My take home from 1 weekend at a local urgent care, 8-5 Saturday and Sunday, is $1300. Do every other weekend and you more than double your spending money. Plus, as time goes on you'll likely make more at your original job as you get busier and more efficient.
Conversely, if you go to a more rural location you can usually get some pretty good loan bonuses when you sign up to work.