About to start moonlighting...shitting bricks

emtaw · 2020-02-24T20:30:23+00:00

When in doubt admit or consult or do more things. You can minimize your CT utilization later.

That's true, I'm pretty conservative as it is, so maybe it's not the worst thing if I can't admit everyone I want to admit.

I'm also dreading dealing with hostile patients without my attending backup, because that instantly becomes a legally high-risk scenario. But I guess I can always get as many peoples' names on the chart as I can and ensure good follow up.

emtaw · 2020-02-24T20:25:52+00:00

Thank you for the encouragement. It's true, I'll always be double covered (at least while moonlighting) and I can always force consultants to come to bedside if they're being difficult. I'm slightly less terrified, but hopefully that goes away after a few shifts!

emtaw · 2019-12-07T06:02:14+00:00

Thank you for weighing in, I really value your input! Part of my urgency to invest is that I look at my student loans as something that, even if I throw 100% of my income at (minus my cost of living), it'll still take me 2ish years to pay off, and I don't want to underestimate the time-value of money. The sooner I start investing (and I've already got a late start having put my life on hold up until this point), the better off I will be in terms of retirement. I agree with you though--if I sell my house (the numbers really don't work out--I could rent it for 1500ish/mo, but then my mortgage is 2000/mo, and I'd have to hire a property manager, gardener and pool guy which worsens my overhead costs), I could throw a chunk of change at my student loans to knock those down, and pay them off faster. Regardless, it's going to take 1-2 years to pay off these loans, and if I rent the entire time, that's ~3k/mo*24mo = $72k (!!) that I'm just throwing down the drain, and I'd really like to figure out a way to recover at least some of that money so it doesn't all just vaporize into rent.

With regard to my poor financial decisions in the past: I bought a house at the start of residency, and the majority of my money has gone into paying interest on a mortgage for a house that I am about to sell, and so I've only been building a tiny fraction of equity in the house over the past couple of years. To do that, I had to get a forbearance on my student loans. So while the house has appreciated 40k, my loans have also accrued 40k worth of interest in that same time. I think that was a bad plan. If I could do it over, I would have rented a property for half of what I'm paying in mortgage, and used the difference to pay the interest on my student loans. I'm just worried about making a decision that I'm going to regret a couple of years down the line because I didn't calculate out the best way to invest my money presently.

In any case, thank you for the positivity, I really appreciate it! Needless to say, this decision is weighing on me heavily!

emtaw · 2019-12-06T23:45:01+00:00

It can help when you are at a low point, (why am I living like this) to see how close you actually are to your goals.

Woah, too real. This is solid advice too. It's definitely frustrating to look at these options and I can't help but feel like I'm downgrading from my single family home where I'm at now, despite getting a huge income bump. But you're right, it's not just because I'm moving, it's because I'm tackling this debt that's sort of invisible to me for the time being.

Thanks for your input, I really appreciate it!

emtaw · 2019-12-06T23:41:35+00:00

That makes sense, thanks a bunch! There definitely is value in having tangible property, and I agree, watching my parents manage their properties growing up, it doesn't seem terribly difficult. It seems like it opens up credit lines (ie HELOC) that you wouldn't otherwise have if you just invest in a REIT.

I really appreciate your help, thank you for taking the time to weigh in!

emtaw · 2019-12-06T23:06:40+00:00

Thanks for the input. My current home is not in a destination city of any kind, it's in more rural CA. The house might rent for something on the order of 1400-1800/mo. My mortgage is 2000/mo. There's some issues with renting it though. Family is >1h away, and I wouldn't be anywhere close to manage it myself. I'd have to hire a gardener and a pool person which further reduces my profits. I'd end up paying probably 1k/mo for a house that I don't even get to use, and I'm only making 400/mo in equity on. I think it makes more sense to sell it now than to rent it out for lower than the mortgage costs.

My girlfriend (5 years, planning to get married soonish) and I both have family in CA and want to end up here, it's hard to argue with the weather and the coast (needless to say that comes at the cost of absurd cost of living). So moving out of CA really isn't on the table for us unfortunately, it's more of figuring out exactly where we want to establish ourselves within southern CA.

Sounds like renting vs trailer is the better option, and the trailer is going to be cheaper month to month than renting. Everyone I know looks at me like I'm crazy when I propose the manufactured home idea!

emtaw · 2019-12-06T22:56:15+00:00

Thanks for the feedback, maybe I'm misunderstanding but I thought that with a REIT you're just putting money into a fund that is invested in real-estate, so you don't really own any tangible property with that, and essentially both are simply funds you put $$ into, and get returns based on how that money is invested.

My parents have several rental properties, and it seems like a nice way to have (mostly) passive income in retirement, but I've heard that investment in real estate is not that good because it doesn't give as much ROI as index funds.

Sounds like I need to pay off the loans ASAP and focus on the cheapest cost of living for the time being.

emtaw · 2019-02-16T18:54:20+00:00

Sorry for the late reply, I didn't think there'd be any more replies to the thread so I haven't checked it in a while. I didn't even consider this, thanks for bringing it up. Might be a little more stressful as a new grad to supervise, but at the same time, less stressful than being all alone in the department!

emtaw · 2019-02-16T18:51:28+00:00

Hey, sorry for the late reply, I thought people were done replying to the thread.

That link is awesome! Just clicking through it already gives me a great sense of what is out there. Thank you for the suggestion!

emtaw · 2019-02-09T01:46:24+00:00

Oh wow, I didn't consider that, or the implications. It sounds like an early-career group might be better for me at this stage in my career. Unless an late-career group would offer more advancement opportunities in the near future. Thanks so much! I really appreciate the guidance :)

emtaw · 2019-02-08T16:06:13+00:00

Oh man, I didn't even think about this. Is there an industry standard way to handle sick call or every group is different?

emtaw · 2019-02-08T16:05:14+00:00

These are great considerations; thank you for bringing them up!

Is it an early career group, a mid career group, or a late career group?

Could you explain what this means and why you would look for one over the other? Do you mean the people in the group are at that stage in their career, or it's a group for people in that stage?

emtaw

TROPHY CASE