rmorelan Posted June 9, 2013 Report Share Posted June 9, 2013 Why in favor of making it more of a PITA for med students? Do you have an unusually large position in a bank you didn't disclose Ha - the fear is that if banks cannot control issues of security then their risks will rise. They will cover that risk by raising interest on loans - which just like these new policies would likely effect all the banks about the same time. I will take a minor PITA factor to reduce a larger MRFW factor later on. The is money removed from wallet factor for the non-economists (ha - I had crazy econ profs at Waterloo) Quote Link to comment Share on other sites More sharing options...
future_doc Posted June 9, 2013 Report Share Posted June 9, 2013 ha! I didn't notice that. Wow! Ha, you are one or four. Quote Link to comment Share on other sites More sharing options...
McMasterHopeful Posted June 9, 2013 Report Share Posted June 9, 2013 Ha - the fear is that if banks cannot control issues of security then their risks will rise. They will cover that risk by raising interest on loans - which just like these new policies would likely effect all the banks about the same time. I will take a minor PITA factor to reduce a larger MRFW factor later on. The is money removed from wallet factor for the non-economists (ha - I had crazy econ profs at Waterloo) Sure, I agree with you if we're talking about the big picture. RBC is one of the strongest banks on the planet right now and I have no doubt they are in full control of risk management. I think risk exposure re: fake admissions letters / dropouts afterthefact is minimal and thus I shall continue to lobby for easy access to $$ for med students Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 9, 2013 Report Share Posted June 9, 2013 Sure, I agree with you if we're talking about the big picture. RBC is one of the strongest banks on the planet right now and I have no doubt they are in full control of risk management. I think risk exposure re: fake admissions letters / dropouts afterthefact is minimal and thus I shall continue to lobby for easy access to $$ for med students But each branch of the bank is run as a separate division - the strength of the whole won't matter as much as you think. Clearly the risk isn't so low that they aren't taking PITA steps, delaying things, reducing some forms of exposure, and lately there seems to be a few more people declined. ....but by all means lobby away I mean it isn't like we cannot have an impact on things after all. Quote Link to comment Share on other sites More sharing options...
ellorie Posted June 9, 2013 Report Share Posted June 9, 2013 I signed mine with the RBC at Place Ville Marie in Montreal and they were okay with my offer letter (thank goodness - because I was broke and I needed to move!). Quote Link to comment Share on other sites More sharing options...
dazzle Posted June 9, 2013 Report Share Posted June 9, 2013 I signed mine with the RBC at Place Ville Marie in Montreal and they were okay with my offer letter (thank goodness - because I was broke and I needed to move!). Oh really? That's cool cuz I'm in Montreal too. I thought I would need to do it from London. Quote Link to comment Share on other sites More sharing options...
ellorie Posted June 9, 2013 Report Share Posted June 9, 2013 No, I signed mine in Montreal. It's not easy though - they will refuse to give you any perks because the perks are negotiated (apparently) with the medical students association of that province and you don't qualify for the Quebec ones and they can't do the Ontario ones. Also, for some weird reason, if you open your LoC in Quebec you cannot deposit money into it directly from Ontario - you have to put it in your checking and move it manually. Why? I have no idea. But like I said - I needed the money. Quote Link to comment Share on other sites More sharing options...
mm_med Posted June 11, 2013 Report Share Posted June 11, 2013 Does anyone know how long it usually takes people to repay their LOC? would having 15 years be a substantial benefit over having 10? Thanks Quote Link to comment Share on other sites More sharing options...
future_doc Posted June 11, 2013 Report Share Posted June 11, 2013 Well, if you pay over 15 years, you are paying more interest but (hopefully) at prime, which is the lowest rate you will get. Personally, I intend to pay it off in less than 10 years as I want to erase it asap. I will probably start in residency. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 11, 2013 Report Share Posted June 11, 2013 Does anyone know how long it usually takes people to repay their LOC? would having 15 years be a substantial benefit over having 10? Thanks I wrote a rather long post about that somewhere - I will be quicker here - the problem is if you pay it off faster there is a cost that most don't consider - taxes. When you do the math paying it off too fast will actually COST you more than the interest on the loan as you are taxed at basically 50% on income, so withdrawing the money from your corporation to pay the loan has a high cost. Leaving the money there instead and it can be invested. Banks know this and structure the loan in a sense so that it isn't worth it to pay it off really faster than the term (10-15 years). You could pay it off in a year or two if you really wanted to. It just isn't logical to do so. Quote Link to comment Share on other sites More sharing options...
future_doc Posted June 11, 2013 Report Share Posted June 11, 2013 ^ Serious food for thought. Thanks! Quote Link to comment Share on other sites More sharing options...
Gametime24 Posted June 11, 2013 Report Share Posted June 11, 2013 I wrote a rather long post about that somewhere - I will be quicker here - the problem is if you pay it off faster there is a cost that most don't consider - taxes. When you do the math paying it off too fast will actually COST you more than the interest on the loan as you are taxed at basically 50% on income, so withdrawing the money from your corporation to pay the loan has a high cost. Leaving the money there instead and it can be invested. Banks know this and structure the loan in a sense so that it isn't worth it to pay it off really faster than the term (10-15 years). You could pay it off in a year or two if you really wanted to. It just isn't logical to do so. Could you link me to this post? I wanna read the detailed version. Very interesting thoughts as I hand't considered this before. Quote Link to comment Share on other sites More sharing options...
osteogeek Posted June 11, 2013 Report Share Posted June 11, 2013 Could you link me to this post? I wanna read the detailed version. Very interesting thoughts as I hand't considered this before. It's in posts 9 and 10 on this page: http://premed101.com/forums/showthread.php?t=79206 It's really interesting food for thought. I remember reading it when rmorelan first posted it and it made me think about the financial aspect of med in a different way. Man, I'm glad I have at least 3 years to figure all this stuff out, haha (and I actually have an accounting diploma from a previous life, so that's helping me a ton when it comes to finances). Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 11, 2013 Report Share Posted June 11, 2013 It's in posts 9 and 10 on this page: http://premed101.com/forums/showthread.php?t=79206 It's really interesting food for thought. I remember reading it when rmorelan first posted it and it made me think about the financial aspect of med in a different way. Man, I'm glad I have at least 3 years to figure all this stuff out, haha (and I actually have an accounting diploma from a previous life, so that's helping me a ton when it comes to finances). Ha - I hope I was not confusing everyone. Part of my training is pretty heavy into good old economics so every once in a while that slips out - although of course there are much better trained experts than I. I just really do enjoy analyzing finances Glad I am not the only one - the field really does need more people that have a background in this stuff - otherwise we cannot really understand what the government is up to. Quote Link to comment Share on other sites More sharing options...
osteogeek Posted June 11, 2013 Report Share Posted June 11, 2013 Ha - I hope I was not confusing everyone. Part of my training is pretty heavy into good old economics so every once in a while that slips out - although of course there are much better trained experts than I. I just really do enjoy analyzing finances Glad I am not the only one - the field really does need more people that have a background in this stuff - otherwise we cannot really understand what the government is up to. Not confusing, it's great and I really appreciate your posts. It's so helpful to have a financial background (when I did accounting I figured it would eventually be helpful, I really had no idea how much!), but even with that background this stuff isn't straightforward (and you're totally right about needing more people who understand what the government is up to). I'm sure I'll have tons of lectures, etc on this stuff in the next 3 years of med, but reading your posts has me thinking about this stuff before I even start, which is great. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 11, 2013 Report Share Posted June 11, 2013 Could you link me to this post? I wanna read the detailed version. Very interesting thoughts as I hand't considered this before. You will have time to learn all the details as you go along and/or get the financial help from others as well who want your business. I have to say personally I never absolutely trust others with my money so I have to understand this at a relatively high level. It is just how I think and how I was trained. I need to understand the system or as a weird Al puts it "Wanna run wit my crew, hah? Rule cyberspace and crunch numbers like I do? They call me the king of the spreadsheets Got 'em all printed out on my bedsheets" ha - that song cracks me up every time Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 11, 2013 Report Share Posted June 11, 2013 Not confusing, it's great and I really appreciate your posts. It's so helpful to have a financial background (when I did accounting I figured it would eventually be helpful, I really had no idea how much!), but even with that background this stuff isn't straightforward (and you're totally right about needing more people who understand what the government is up to). I'm sure I'll have tons of lectures, etc on this stuff in the next 3 years of med, but reading your posts has me thinking about this stuff before I even start, which is great. You probably won't have any lectures on it. It isn't covered in medical school usually. You will get some talks in your final year usually to begin to discuss it, and you get some lunches on it a bit in residency. It is surprising how little this is actually discussed officially at most schools Quote Link to comment Share on other sites More sharing options...
Gametime24 Posted June 11, 2013 Report Share Posted June 11, 2013 You will have time to learn all the details as you go along and/or get the financial help from others as well who want your business. I have to say personally I never absolutely trust others with my money so I have to understand this at a relatively high level. It is just how I think and how I was trained. I need to understand the system or as a weird Al puts it "Wanna run wit my crew, hah? Rule cyberspace and crunch numbers like I do? They call me the king of the spreadsheets Got 'em all printed out on my bedsheets" ha - that song cracks me up every time I am similar in that I don't tend to trust anyone I don't know completely with my money. Fortunately, my roommate from undergrad is starting his masters in economics at UofT this coming year and we plan to stay in touch, so I pick up some things from him and consult his opinion on things here and there, but I am definitely interested in searching out more opportunities to learn more about the financial world myself over the next couple of years. Mainly because I'm obsessed with efficiency at times and don't want to waste my money haha. And would like to someday get a nice home down south to relax in Quote Link to comment Share on other sites More sharing options...
mm_med Posted June 11, 2013 Report Share Posted June 11, 2013 wow, thank you everyone. Quote Link to comment Share on other sites More sharing options...
AIM Posted June 11, 2013 Report Share Posted June 11, 2013 Hey, I was just curious. This would only apply if you own your own clinic or you're one of the partners. If you're working in a hospital or in another set-up where you're being paid a salary, this would not apply the same way obviously... am i correct? Quote Link to comment Share on other sites More sharing options...
futureGP Posted June 11, 2013 Report Share Posted June 11, 2013 Hey, I was just curious. This would only apply if you own your own clinic or you're one of the partners. If you're working in a hospital or in another set-up where you're being paid a salary, this would not apply the same way obviously... am i correct? also wanna add to the question, then would the simplest thing to do with LOCs in general is during residency--- pay back debt as much as possible after residency when you're in practice with your own corporation --- pay back in the longest term possible? Quote Link to comment Share on other sites More sharing options...
Gametime24 Posted June 11, 2013 Report Share Posted June 11, 2013 also wanna add to the question, then would the simplest thing to do with LOCs in general is during residency--- pay back debt as much as possible after residency when you're in practice with your own corporation --- pay back in the longest term possible? Seems like it. If you can't incorporate for some reason then I guess it would just be best to pay it back as quickly as possible. Quote Link to comment Share on other sites More sharing options...
schmitty Posted June 11, 2013 Report Share Posted June 11, 2013 Hey, I was just curious. This would only apply if you own your own clinic or you're one of the partners. If you're working in a hospital or in another set-up where you're being paid a salary, this would not apply the same way obviously... am i correct? I would assume so, yes since as a salaried employee, you won't have the benefits of incorporation. Quote Link to comment Share on other sites More sharing options...
shady Posted June 12, 2013 Report Share Posted June 12, 2013 For those of you who have Scotia's LOC, did you get passport gold VISA without an annual fee, or the gold visa? i.e. 1. http://www.scotiabank.com/ca/en/0,,102,00.html or 2. http://www.scotiabank.com/ca/en/0,,89,00.html Because I thought I was being offered Passport Gold, not the regular gold. Turns out they're giving me the regular Gold. This makes MD management's offer so much better Quote Link to comment Share on other sites More sharing options...
WtsupDoc? Posted June 12, 2013 Report Share Posted June 12, 2013 Hmmm... as I understood it, I was getting the Scotiagold Passport Visa. I haven't signed my papers yet, but I'll let you know when I know for sure. You've got me worried now. The passport visa was a selling point for me. Quote Link to comment Share on other sites More sharing options...
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