OK, well lets break it down a bit more.
First of all, the $150,000 right out of residency probably wont happen unless you join a large group or hospital. If you go into practice on your own you might be living in the red for quite some time AND you dont be making $150,000.
$150,00 is near the top range for FP in most places.
So lets say you DO make $150,000/year as per the contract at your hospital or practice.
Is that before or after malpractice?
If its before, then how much will you be paying?
If its after, do you plan on taking out supplemental insurance? What about life insurance? Disability with casualty coverage?
Oh...and we forgot the 401K.
So, lets put a modest amount into the 401K...5% of your income.
Take home pay will be $7200/month. Again...assuming your malpractice is covered.
Lets say your loans are as follows:
$190,000 in government loans @ 7% x 30 years = $1,250.oo/month
$60,000 in private loans @ 8.5% x 15 years (standard) = $590.oo/month
Total loan payment per month: $1,840.oo/month
House. Lets say you live in a decent house, $300,000. Not such a "big" house if you are in an area that is paying FPs $150K!
Mortgage on that will be $2,000.oo/month (300K @ 7% x 30y)
So far your monthly expenditures are $3,840.oo/month.
Theres half your salary gone already.
Lets assume one car @ $500.oo/month. Very reasonable.
Damn car insurance: $150.oo/month (again, youre in an area that pays high salaries for FP)
Electric, heat, water, cable, phone, cellphone: $600.oo/month
Where are we? $5,100.oo already spent
About $2,000.oo left to go.
Food, clothing, gas.
Life insurance, disability (must for docs), supplemental malpractice.
Wait...did we put any money away in savings? Not yet. That tiny 5% 401K wont add up too fast. Never going to be able to retire there.
Do we have kids? Yes? Damn...double the cable bill, triple the food bill and add college savings, braces, private school, clothes and all that on as well.
$7,000.oo/month doesnt go as far as you might think.
Will you be poor? No. But you will drive a Camry your whole life. You are too rich for your kids to qualify for scholarships and too poor to send them to a private college.