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Paying Back Principal During Residency?


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Residents can I ask - is it liveable for 40 K a year, for five years? Or do you see your costs increasing as the residency years go by. 

 

I'm just making some gross budgeting and it may be possible to pay off a lot of my loans and a new car aggressively within five years, assuming that I'm frugal and stay to a "set" income of 40 K a year. 

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Residents can I ask - is it liveable for 40 K a year, for five years? Or do you see your costs increasing as the residency years go by. 

 

I'm just making some gross budgeting and it may be possible to pay off a lot of my loans and a new car aggressively within five years, assuming that I'm frugal and stay to a "set" income of 40 K a year. 

 

to be clear is that 40K before or after taxes? Your tax credits are going where? In what city did you match to?

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On 40K disposable, yes. If 30K disposable, if rent does not exceed $800, yes provided car payments not heavy. Is it really that necessary to aggressively pay off loans and a new car? My old car is paid off, I take 1 week vacations to exotic destinations, and eventually - after residency - I will pay off my LOC over time. 

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to be clear is that 40K before or after taxes? Your tax credits are going where? In what city did you match to?

This is in Alberta - can't really say where for anonymity, but I can PM you, and this is after all the taxes.  Any tax credit I have that's above 40 K I was thinking of contributing to my car financing as well as my loan.  

 

It's kind of like the "pay yourself" first principles that I've been reading on some of the online blogs and books 

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On 40K disposable, yes. If 30K disposable, if rent does not exceed $800, yes provided car payments not heavy. Is it really that necessary to aggressively pay off loans and a new car? My old car is paid off, I take 1 week vacations to exotic destinations, and eventually - after residency - I will pay off my LOC over time. 

Hey Bambi - yes on 40 K disposable, I'm purposely cutting myself that "chunk" every year hypothetically for 5 years.  My rent's about $1300 per month and car payments are around $350 bucks per month. 

 

I guess so, but like Ellorie, I feel very very debt adverse and I want to contribute as much as I can.  I'm not sure if I will have a job or fellowship at the end of all this, given my field, so being frugal and saving up may be a wise decision of sorts.  

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On 28/6/2017 at 6:44 PM, kenmed said:

Back to @Carrie Underwood's question. Where does one start investing in index funds/ETFs. I have my first meeting with MD next week and after reading some of the posts I'm inclined not to throw my (limited) money at them lol 

I suggest you to read www.canadiancouchpotato.com, also read The Value of Simple and The Millionnaire Teacher.

Subscribe to the subreddit "PersonalFinanceCanada".

You'll thank me in 10 years ;)

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