More are slowly being drained by consuming: how to cut down
How to reduce expenses As students we have been consuming and accumulating debt. Some of us have upwards of 300k of debt. People that have completed a different path will have started to earn sooner contributing to wealth building and they probably have less debt. Once we complete medical school granted we have been able to secure a residency position we actually start to earn an income. I would highly recommend maximizing your retirement account and moonlighting during residency if you are in good standing. Most residents earn about 40k to 60k depending on specialty. With call and other obligations this is about $20 an hour. You are cheap labor for a facility and the government pays for it in the United States. In order to reduce expenses you must identify and track your spending. Credit cards make this more challenging because it is not the same as handing over…
How to dig out of the student loan pit
How to manage student loans Most Physicians/professionals have enormous amounts of student loan debt just from medical school. The average amount of medical school debt is around $200,000. This does not include undergraduate loans if they were taken. Without steady income from working or other avenues of earning revenue the student loans will increase with interest over the years while you’re studying. Most people obtain government based loans. These rates range from 3% to 5% interest. Previously some of these loans were as high as 7% to 9%. They’re actually not very many differences between private graduate student loans vs. a government loan. A government loan is usually easier to place in forbearance or to not pay it if you have financial struggle. Generally it is not needed to be paid while you are a student where some private loan companies will require this. After you graduate from medical school…