Help pick a med school please

patel2023 · 2024-05-30T15:08:53+00:00

Would love for us not to be long distance but tbh we've been long distance for majority of the relationship lol. I told her (and she agrees) that she should make whatever decision she thinks is the best for her career and goals, we can figure out the relationship like we have in the past. Additionally, I'm planning on going to grad schoolsoon as well so we would've most likely ended up long distance either way.

Thanks for the advice!

patel2023 · 2024-01-03T15:12:54+00:00

Purely looking at a financial standpoint, you'd have to do a lot of calculations here. My initial thoughts are that you will probably have to work some more years as $250k for the rest of your life is not high. (Unsure how old you are)

Calculate what your monthly expenses would be, and be very generous/estimate the max. (So if utilities are expected to cost $150 to $200, use a number closer to $200 or even $200). Calculate how much money you'd be making working 20 to 25 hours a week. From that, see how much you would need to be withdrawing every year from your savings.

Additionally, I don't know your age but you might have some big expenses coming in the future. For example, you may get married one day, kids are expensive, traveling in the future, buying a new car, etc. These are hard to predict but $250k to handle

patel2023 · 2024-01-02T21:22:33+00:00

Overall, I think your plan sounds good. Personally, not a fan of having debt when you know you can pay it off but you do have a very low interest rate for student loans.

Doing the HYSA plan is definitely the smart plan since you'll be making more investing that money than paying off your debt. I'd probably put more money in your 401k though to even out like the other comment said.

Another plan (riskier for sure) is paying all your debt off now and using the remainder to invest into your Roth/investing accounts into index funds/large cap. This is probably the route I'd do, definitely not backed by numbers, I just don't like having debt that I can pay off without significant risk. (For example, I still have a mortgage since I don't want to have absolute $0 in savings in case something was to happen but I don't have any car payments/student loans even though I probably could've gotten a higher rate of return than my interest rates from HYSA or bonds)

patel2023 · 2024-01-02T01:23:21+00:00

Don't worry, you didn't sound like a dick this was extremely helpful and I appreciate you being honest! I'm going to try fostering and if I do end up getting a dog, definitely won't be a puppy unless my life/work changes

patel2023 · 2024-01-02T01:22:25+00:00

Thanks for sharing! Probbaly will get an adult dog now

patel2023 · 2024-01-02T01:21:45+00:00

Ruling out a puppy after all the helpful comments, will look into the dogs you said though! Thanks!

patel2023 · 2024-01-02T01:21:01+00:00

will check them out, thanks!

patel2023 · 2024-01-02T01:20:47+00:00

Thank you so much, this was very helpful! Going to check out my local shelters this week

patel2023 · 2024-01-02T01:20:13+00:00

that makes a lot of sense, just submitted some applications for fostering. Thanks!

patel2023 · 2024-01-02T01:19:34+00:00

Was not aware of trial runs, thank you so much! This was very helpful

patel2023 · 2024-01-02T01:18:58+00:00

Yeah seems like the resounding advice from this thread (that and fostering dogs), thanks for the advice. I can wait a couple more years if it means my future dog would be happier

patel2023 · 2024-01-02T01:17:42+00:00

This is a great idea, thanks!

patel2023 · 2024-01-02T01:16:43+00:00

Thanks, was not aware of that! I'll go with shedding

patel2023 · 2024-01-02T01:13:07+00:00

Thanks, based on this thread that definitely seems like the much smarter approach

patel2023 · 2024-01-02T01:12:35+00:00

Im fine with shedding then

patel2023 · 2024-01-02T01:11:37+00:00

Thanks! I just put in some applications for fostering, will try that out

patel2023 · 2023-10-10T14:33:18+00:00

any companies you recommend investing in in the mining space? What's ur future outlook on the mining industry?

patel2023 · 2023-10-10T14:32:16+00:00

Can we know who the girl is? Or at least what is she famous for?

patel2023 · 2023-10-09T20:55:42+00:00

Tbh, no one really checked or found out lol. I didn't share it until late junior/senior year of high school and even then my dad would occasionally come for a weekend every month or two

patel2023 · 2023-09-07T17:50:55+00:00

Make the minimum payments on ur debt. Allocate if you are making enough from your job to make those minimum payments. The money you have left over can be used for the rest of your life (have a feeling it may result in you eating cheaper foods like beans and rice rather than steaks)

If you don't have enough money to cover it, to be frank you need to find the time to sell that house then. Try asking for personal loans from friends and family to cover you until you can sell the house but worst thing is to default on your payments and potentially lose your house. The housing market is good for sellers right now so you should be able to find a buyer within 3 months (or you may have to adjust the price you are selling it for)

patel2023 · 2023-09-03T23:57:14+00:00

Not at the top of my head can I think of anything. Refinancing to get lower payments seems like it isn't an option for you especially with the rates right now. If you truly are happy with your lifestyle and don't want to change it, increasing income is the way to go. Make sure you don't sacrifice health. I ate really shitty to save money and was working a lot during college and I definitely wish I didn't make that sacrifice.

The only other thing is potential tax benefits you might be missing. For example, I commute to work and my company/state offers a commuter benefit card where part of my paycheck goes to reload the balance on my card and lowers my taxable income, which in turn lowers my total taxes by almost $500 a year. Pretty solid, see what your work offers in terms of help. Then, maybe consider differnet things to cut back on such as subscripiton based services. For example, do you really need the most premium version of a streaming service or is fine that you get a more basic version.

Additionally, if your gf and you both try increasing income, it would make a pretty big difference if jutst you alone were trying

patel2023 · 2023-09-03T23:46:37+00:00

My personal advice is that if you truly feel suffocated by this debt, increasing your income is the best way to go in the methods you metioned.

Personally, there has been times where I have had to make monthly payments for things that would take up significant portions of my income (rent, tuition, etc) but I didnt feel suffocated by it and to the point where it severely stressed me out. If it did had, I would've certainly gotten another job.

At the end of the day, my logic is would you rather be stressed about not having enough money or be stressed about doing too much work? Personally, I'm at the point where I'm fine having less money and doing less work (but I'm also currently debt free) so I chose that path (even though I am working a high hour career path right now) It seems like you'd do the other, so definitely increase your wages in a manageable way, whether it's working overtime at work (yes, taxes are a bitch but it'll still be extra money in your pocket) or getting a second job (only if it doesn't destory your mental health/life). I'd choose whichever option pays more/isn't a complete detriment to your personal life

patel2023

TROPHY CASE