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What did you guys splurge on after graduating?

Discussion in 'Pharmacy' started by nucrx2003, Mar 10, 2007.

  1. nucrx2003

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    Hi all:

    First post here and enjoy reading everyones thread. Anyway was just curious if your spending habits changed after receiving your Rx salary. A few of my classmates did buy a BMW, Lexus, Mercedes or some luxury car right after graduation. I personally kept my beat up 87 Tercel for a few years before buying a new car (Honda CRV) and a house. I'm still thinking of a luxury car but now my mortgage keeps me in check. I really did not spend much my first couple years in the job force and focused on paying off my student loan.

    Anyone here go all out after graduation. Money was no object feel. I admit I was really tempted after my first few paychecks to get a nice car off the bat, but I was never a big spender to begin with. Right now I'm eyeing an BMW 3 series or the Lexus IS. I'm figuring 3-4 years down the road I'll treat myself to one of these nice cars. Maybe sooner if that itch gets worse.

    Cheers,
    nucrx2003
     
  2. MountainPharmD

    MountainPharmD custodiunt illud simplex
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    I bought a brand new 2005 Harley Davidson Softail Standard. Like you say, with mortgages and the like you can't go too crazy....
     
  3. tussionex

    tussionex Pharmacist
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    if you live anywhere that has any amount of snow, skip the IS:eek:
     
  4. pharmagirl

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    I think you were smart to pay down the loans and keep driving your regular car. That's my plan, we'll see how it goes once I start getting the big paychecks. :)
     
  5. pharmboy30

    pharmboy30 order entry monkey
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    I was dumb and got an Infiniti G35 coupe.
    Payments aren't that bad and it's fun to drive.
    I got friends who make alot less and pay alot more for their cars, so that was my reward.
     
  6. Mentis

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    I'm a bit of a car fanatic, so even though I'm only planning to buy mid-range when I graduate, I get the feeling I'm going to end up spending a large sum of money on my car :smuggrin: I'm probably going to start by renting a place rather than having to deal with mortgage right off the bat though, so I suppose it balances out.
     
  7. PharmD2MD

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    Nice... I bought a 2003 Deuce when I graduated in '02. There aren't any cars that a pharmacist can readily afford that will beat the cool factor of a bike, in my opinion.
     
  8. Requiem

    Requiem Senior Member
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    How do you like that car??

    I think they look amazing - haven't driven one
     
  9. WVUPharm2007

    WVUPharm2007 imagine sisyphus happy
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    I'm splurging on some student loans!
     
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  10. Doctor M

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    I consilidated my student loans with a 2.78% interest rate. I pay myself first. I bought a BMW and then two years later i bought a house in clearwater fl. I guess to each their own.

    Dr. M
     
  11. Mentis

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    I hear the demand is so high we're actually getting huge signing bonuses nowadays. Like, if you sign for 2 years you get 10-20k bonus just for signing. I think that's awesome, cause coming fresh out of college, you need that startup money. Get yourself an apartment, put a downpayment on a car, get some appliances and stuff *cough*bigscreentv. But yeah, sounds like a great way to get started.
     
  12. pharmboy30

    pharmboy30 order entry monkey
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    I really like it. Fun to drive everyday.
    Got it in black, so it's a little hard to keep clean.

    The restyled 2008 is coming out later in the year.
     
  13. pharmboy30

    pharmboy30 order entry monkey
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    My sign on bonus was taxed at 40-some %, so it's not as much as you think.
     
  14. Idesiretosling

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    Cars are such a horrible investment right out of school and everyone will tell you this is last thing to sink your money into but on that note I figure when i graduate in the summer of 2011, the new line of Dodge Challengers will be a few years old and be reasonably priced so it won't be too big of a splurge.

    http://www.dodgeboy.net/news/challenger/index.htm
     
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  15. Mentis

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    Well, if you finance a really nice car, you'll only be paying another 700-1000 per month. That doesn't sound like too much. If you lease it, like I think I may do, it'll only be another 500-700. If you're pulling in 10-12k a month in 2011, I don't think that's too much, if you like cars enough to spend that much on them anyway. :p

    Who says cars are a bad investment? I mean, it's a luxury, sure, but it's about as good an investment as buying anything more expensive than it could be.
     
  16. WVUPharm2007

    WVUPharm2007 imagine sisyphus happy
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    I would never buy a new car, ever, let alone right out of school.
     
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  17. GatorRxGirl

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    I'm going to splurge on loans also.
     
  18. npage148

    npage148 Senior Member
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    I'm paying off all my bills and loans before I buy anything remotely unncessary. Plus I got a wedding in april 2008 we need to pay for.
     
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  19. tussionex

    tussionex Pharmacist
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    bought a house, switched cars a few times, paid for my wedding, bought a lot of stuff...
    consolidate the loans and pay yourself first....you worked hard, you deserve it!
    :)
     
  20. wannabePharmD11

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    Correct me if I'm wrong. But can't we get a tax right-off at the end of the year since we'll be making plenty of money?? I heard that we can get about half of a car payment written off by the end of the year. For example, a leased car for $700, you'll end up really paying about $350 (at the end of the year) because you get a lot back because of paying so much taxes.

    Can anyone elaborate.
     
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  21. crying moo

    crying moo pancakes!
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    cheap economy car for me... I'll be splurging on a little old condo, D.C. area. That is all.:)
     
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  22. Shadowstar

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    My friend graduated 2 years ago and he bought a 5 bedroom 3,500 sq ft. brand new house. He's pretty much set. As for myself, I don't graduate till 09 but I think that the first thing I'm going to do is by a new house as well, then after a few years I'm definitely getting a BMW 3-series...thats my all-time favorite ride.
     
  23. Gearhead-Rx

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    71 camaro, full independent suspension, LS2 V8 mean enough to scare women and young children....I can't buy it so I have to build it myself. Been saving for a while and should be set by 2010 when I graduate.

    Otherwise paying off loans will be my 2nd way of splurging the green.
     
  24. tungywungy

    tungywungy New Member
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    Man that looks sweet, minus the tailights though :scared:

    First thing I'm getting is lasix, then maybe a nice fishing rod and a lifetime license. And then a vacation to Austrailia!:D :D
     
  25. StallionRx

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    Really?

    How bad is your edema?


    A student I was just on rotation with just spent her sign on bonus on LASIK eye surgery and she says its the best money she ever spent. Im definetly considering it, that and a real fast car..ZO6, Viper, something cool.
     
  26. tungywungy

    tungywungy New Member
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    LOL, uhh yeah you caught my joke :laugh: :laugh:
     
  27. Idesiretosling

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    I am considering getting Lasik this summer before school, depending on how much money I can make. Anyone know what LASIK prices are like right now?

    Viper? haha. I drove one a couple years ago. Damn those things throw you back in your seat. I am 6'3 200lbs so I do not fit that comfortably in a Viper, fo an American muscle car they should accommodate for our size. I can fit in a Toyota but not a Dodge Viper, something is wrong with that in my opinion!
     
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  28. ethyl

    ethyl Go suck on a Zoloft.
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    I'll be splurging on a nice cheap trailer home, repaying my student loans asap, maxing out an IRA and 401k(hopefully with a nice % matching by the company), and continue running my current car into the ground.. afterall it's completely paid for. After my car fails, I'll probably buy an old used diesel VW or BMW that I can convert to run off vegetable oil... because I'm a cheap bastard that doesn't want to pay so much for gasoline, plus I like it when the exhaust smells like McDonald french fries.
     
  29. tungywungy

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    I think it's anywhere from like 600 or so to 3g's. It depends a little on where you live and how bad your vision is and if you have astigmatism and all those extra little fee's they like to throw in.
     
  30. StallionRx

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    She said she paid between 4-5 grand I think. Like tungy said, the prices do vary alot.

    She was explaining something about how their are actually different kinds of lasik eye surgery. She had custom lasik and she explained it as the procedure being tailored more to your actual problem. I would think that all LASIK surgery would be custom to your problem, but I guess their is a difference. It was the most expensive option of surgery that they offered and I would think if your getting your eyes done youd pay to have the best. So I dont blame her.

    Yea, a viper is definetly a big possibility. My loans are pretty small and Ill probabley live with my parents the first year out to bank some cash. Cars are one of the major reasons I went to pharmacy school. Ive been lucky to drive alot of nice cars already from bmw, benz, porsche, etc. At this point Id want something that is really exotic and can turn heads.
     
  31. Glowwyrm

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    I will probably sink some money into real estate. I would like to get some more land. Car? Eh. I'm not really into cars. I have a pretty new car right now and will drive it until it flat out cannot go anymore. That car replaced my last one that I had about 10 years and close to 200,000 miles on. And the only reason why I didn't patch that one up and keep going was because there were just too many things wrong with it. But land...that will be my big purchase.
     
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  32. genesis09

    genesis09 Senior Member
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    Some of the tax write-offs go away if you make more than a certain amount of money. For instance, you can't write off student loans if you make more than $50,000.
     
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  33. wannabePharmD11

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    I thought it was the complete opposite. When you make more you pay more taxes and hence, we can write off real state, car, etc. This happens because these things can be 'business expenses' or 'work related expenses.'
     
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  34. genesis09

    genesis09 Senior Member
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    No, the more you make the fewer deductions you can take. A lot of the deductions max out after about an individual salary of $100,000.
    Also, the tax rate increases, and now, you have to be worry about the AMT.
     
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  35. starsweet

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    Cars are not investments.. investments are things that earn money back for you in the long run, like property and houses. Cars, like electronics, depreciate the moment you buy them and take them home with you.

    But, they ARE a fun way to spend your money. :D
     
  36. patmcd

    patmcd Senior Member
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    Cars can be very good investments, but they aren't new cars off the lot. And its a very speculative market that takes a lot of odd turns. For example no one thought that muscle cars would every get much money, let alone million+. Most people by a classic they like and if it makes money, then great and if not oh well.
     
  37. howsoonisnow

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    I have an idea. How about splurging on a financial advisor!

    Seriously, for the person who is planning on renting an apartment and buying a brand new car....???

    Cars are a bad investment. Period. Yes, some classics can be worth a lot decades from now, but probably not Infiniti G35s!!!
    Buy a house, real estate, something that will actually appreciate over time. Or you can give the management company of an apartment complex 1200 -$1500 of your money every month and watch them get rich off your foolishness. It's unfortunate that common sense isn't part of the didactic portion of the PharmD program!

    I'm not saying not to enjoy your money, but I've watched about a billion people drop a buttload of money on brand new cars, then watched the value depreciate by 4, 5, 6 grand the SECOND they drive off the lot with it. You're basically bending over and grabbing your ankles while the car dealership gives it to ya. And believe me, most pharmacists who do that right out of school end up seeing the error of their ways, usually within months.

    $1000 a month for a possession that statistically people hang onto for usually 3 years max. HMMMM

    You can get a pretty nice (modest) house for about $2000/month and conceivably live in it the rest of your life. HMMMM
     
  38. WVUPharm2007

    WVUPharm2007 imagine sisyphus happy
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    I don't want an awesome car for a while. I already got the 50" plasma. I could upgrade the house. I'm buyin' a double wide!!!
     
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  39. pharmboy30

    pharmboy30 order entry monkey
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    The original question was meant to be fun, not looking for lectures on money management.
    It's nice to work hard and treat yourself with something that you have wanted.
    I like cars.

    Makes it worthwhile to the buyer, doesn't always have to make financial sense.
     
  40. Idesiretosling

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    I am just going to keep sending Xzibit letters and pictures and hope he Pimps My Ride, X gonna give it ta ya! haha, I feel like punching myself.
     
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  41. StallionRx

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    Exactly.

    I feel as long as you dont max yourself out your entitled to splurge and get what you enjoy. Theirs no sense in having money if you dont enjoy it.
     
  42. patmcd

    patmcd Senior Member
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    Thats right. Work to live, not live to work.
     
  43. PharmDMBA

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    I think I will postpone all the big purchases aside from a nice appreciating piece of real estate (house) and a maxed out 401K untill I retire at ~55. I would rather enjoy all the finer things in life at an early comfortable retirement than work my whole life away. I know pharmacists working that are in their seventees. I will go on record right now and say, that ain't gonna happen here.
    Love my job but love not going just as much if not more.
     
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  44. WVUPharm2007

    WVUPharm2007 imagine sisyphus happy
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    You're all wrong. Work to retire at age 40.
     
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  45. tungywungy

    tungywungy New Member
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    Man, if you retire at 40, you're going to be bored for the next 30 or so years of your life. Spend it now, cause you can't take it with you!
     
  46. Idesiretosling

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    Work hard, retire at 40. Then just work part time to pay for fun things. Like cars, electronics and vacations. I guess it all depends on kids, spouse and family in general how well that plan would work.
     
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  47. sdn1977

    sdn1977 Senior Member
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    Ahhh - how funny you all sound!

    In 1977, our big splurge was a TV - 25 inch - can you imagine that (oh - plus a new car:D ) My gosh - I can remember the day it was delivered - I thought I had gone to heaven (& no - we don't have a plasma!).

    My first 5 years of income supported us since my husband's income was all put back into the practice - worth it btw...but still we had "discussions" about it! Those were VERY, VERY long five years!

    Then. we bought a house, had kids - the house is almost paid off, the kids - well- they seem to keep wanting to go to school:confused: . But - our life goes on - travel,, seeing the kids, pursuing our own personal interests, keeping in touch with parents & extended family......
     
  48. WVUPharm2007

    WVUPharm2007 imagine sisyphus happy
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    Ha, that's what you think. I'll have money and be able to do what I REALLY want to do.
     
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  49. tungywungy

    tungywungy New Member
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    HAH! Pfft, you'll be old with kids.
     
  50. Gearhead-Rx

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    and a wife
     

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