First, I am not condoning the physician complaints about income (some physicians, thankfully only some, seem to live in an alternate universe). At the same time, we should note that for someone who spends his/her days in a high-stress environment where life and death may routinely hang in the balance, who has previously spent at least a decade of his/her life sacrificing and often being pushed to the limit both mentally and physically without any real compensation, it is not unreasonable to expect a reasonable income. (Physicians complaining about income are certainly NOT that terrible, when we contrast them with baseball players complaining about their multi-million dollar contracts.
). OK, back to the thread...
I do know someone who paid off his $160K combined undergrad+med school debt within 32 months of getting his first job out of residency (radiology) - he was single, frugal, and determined. However, I believe that doing this when one has a family (especially children) is very selfish. I am not a proponent of spoiling children with material things, but opportunities cost money too... We only have one shot at giving our children a wonderful childhood and a great start in life - sacrificing that opportunity for the sake of filling the government's coffers faster seems quite unreasonable. What about music lessons, sports (not just throwing balls at the park, but actually experiencing a team sport, training in martial arts, etc., all of which requires fees, equipment, uniforms, etc.), visits to museums, exposure to live music, science projects, craft projects, camps, birthday parties, presents to take to their friends' birthday parties, etc. etc.... the list goes on. For a moment let us suspend our disbelief and assume that it is indeed possible to avoid all the child-related extracurricular expenses - these are after all a matter of choice, and I am fully aware of the fact that plenty of children in the US do not have these opportunities (although I find it hard to believe that healthy and able parents would deprive their children of such opportunities by choice), but let us not forget all the contingencies that are built into parenthood - everything from broken glasses, damaged shoes and torn backpacks to something imminently life-threatening. Can anyone who has been a parent for 11 years unequivocally state that their household expenses break down as follows?
Rent: 750
electric: 70
Cell phone: 120
Cable and internet: 100
Home phone: 22
Food and household supplies: 400
______________________________
Monthly total: 1462
Yearly total: 17544
We go out and do fun things occasionally and then add things like christmas and school supplies so it comes out to about 21k a year for us to live on.
Mayday, I admire you for your financial self-control, but I also wonder whether your child will feel cheated out of opportunities because his/her parents chose to pay off school debt at break-neck speed rather than using some of their income to create said opportunities.
Last but not least, if you are receiving Medicaid (and any other form of government assistance), keep in mind that the rest of us tax-paying folks are also helping you with your expenses every single month.