dh. reacted to Sleepywood in Spending LOC on fun
Incoming med student as well. I've looked up the advice of senior students/residents/physicians on this website and others. The consensus is to spend enough so that you can focus entirely on med school. If that means buying an apartment with in-suite laundry so that you aren't taking your laundry to a nearby landro-mat during exam season, so be it. If that means buying a new computer with a premium service warranty to carry you through the next four years, indulge.
It gets trickier when it comes to say, buying furniture for a new apartment. Some classmates will blow a decent chunk of their LOC right out of the gates to make their apartments look like luxury stage homes. One could argue that a dining table is a dining table, whether it costs you $300 on Facebook Marketplace or $2600 on a premium website. So, should you spend that extra $2300 to make it look nice? Maybe this is important to you - maybe you like to host friends at your place as a way to relax. So, maybe a nice table is worth it. But are you then going to apply that to your TV, your kitchen appliances, your chairs, your couch, your bed, your bookshelves, ect?
I will say this: if you spend too much money today, it isn't just about delaying your ability to pay it back at the end of residency. I'd argue the more-significant consequence is you you will decrease the amount that you can invest into your retirement fund once you are practicing. A few extra years of compound interest at the end of your career is significant - losing out on that by spending lots today can actually add up and impact you later in life.
dh. reacted to blah1234 in Spending LOC on fun
It's all about risk tolerance and what you're willing to accept. You're correct, it may only take an additional year of attendinghood to pay off the marginal debt but here are a couple of considerations:
1) You may not want to be a surgeon at the end of medical school
2) You may not get surgery even if you want it
3) You may not enjoy medicine at the end of the training
4) The true impact of compound interest over the span of a working career (that 100k difference of debt is not truly 100k at the end of your career)
I am fortunate that I enjoy what I do but I work with many people who are not as enthusiastic as they were when they were medical students. I'm a big believer in keeping life sustainable and working towards happiness. If those purchases will keep you balanced in life then you don't have to justify that to anyone else but yourself. However, I would caution students to not spend like they are printing money for the rest of their career because you never know how life might change in the upcoming 30+ years.
dh. got a reaction from Scrubadubdub in MCAT question
Which was your most recent score?
I would check with Dal to see if they require your most recent MCAT, or if you can choose a prior score. I believe the AAMC gives them all of your exam scores and dates, but different schools assess multiple scores differently.
If given the choice, I would personally elect to share a more well-rounded score with higher CARS, but this is purely my subjective opinion since we have no idea how Dal actually assesses the MCAT. Do keep in mind that it is worth very little of your overall application score (10%, per the website), and either way your scores are decent.
dh. reacted to Anaik in Dal activities
I filled all 28, but I lumped certain scholarships together for the same criteria (my uni had a simple application form and gave you scholarships based on that one application) but there were a couple spots where I broke some activities down into 2 spots instead of one.
For example, I was a coach for a high school team, but I also trained the players in the gym in the off season. I made that two different entries.
there is no set number. Three quality commitments with a good amount of hours is better than 7 okay entries with mediocre hours. I know of people who structured their app different than mine, and who certainly did not fill each entry! Don’t worry about it and just focus on doing what feels best given your application
dh. reacted to Dr. Tenma in MD Class of 2024 bag colour
I've been so happy today. For the past five years of trying over and over to get into UBC with below average interviews, I kept telling myself If I ever get in, and the backpack color is yellow that year (My favorite color. Also the color of my car, and many clothing I own), then it is destiny. I was meant to get that year. This feels really symbolic.
Yellow is the color of happiness.
dh. reacted to ZBL in Using LOC to max out TFSA
I’ll suggest a bit of a different idea. Instead of maxing out the TFSA, why not put in an amount you would be comfortable losing. If your education and living aspect is all taken care of, and it won’t affect any student loans or anything, then put a small amount in the TFSA, 5K, 10K, 20K etc - whatever you would be comfortable with should it go POOF, gone. Here’s why I say that:
Investing is hard. It’s not as easy as read a book then put money in this stable ETF or mutual fund and sit back and relax for most people. You can read all the books in the world on investing, assessing company value, how to balance a portfolio etc but no resource in the world will teach you how to control yourself and your discipline if something suddenly tanks, or if it suddenly rockets, or if the entire market falls, or if that YOLO out of the money call just looks too good to pass up.
Like medicine, investing is more about experience than simply reading how to do it. Also like medicine, you need to have a bit of a game plan going in and a bit of an algorithmic approach should things get crazy. In a market as volatile as ours is now, you can gain A LOT of experience in a short amount of time compared to say 2010-2019 where the only market direction was up. Therefore, I think using a small portion of the TFSA to practice investing is wise - better to do that now and make your mistakes with money you won’t miss compared to down the road when you are playing with staff-size dollars. Of course, the likelihood of your investment going to zero is probably near zero as long as you aren’t just straight up gambling on ridiculous calls or penny stocks.
dh. reacted to rmorelan in Using LOC to max out TFSA
I think the primary drawback you maybe the loss of OSAP funding so I would do that math there - in my case the free money (in my case grant plus no interest payment was higher than the expected return on any investment. However again at the time RRSPs were not considered assets so could have filled that etc).
Objective smallish amounts won't make or break anyone - I can see the temptation with the low rate, and tax free status. We have to be careful not to be blinded by how low the rates are (usually any of this would be relatively silly as the interest rates are still way below historical norms). TFSA's as tax free investments also wipes out some things.
I always remind people that they are investing quite heavily right now anyway - in themselves basically. Whatever you do don't have that threatened.
Also ha on a pure investment approach point - what is the point of having bonds at all right now? At what point would you do anything with the money you are investing?
At your stage, and with a mix like you are proposing, I would probably just do a simply all in one rather than wealthsimple (which will hit you with a 0.5% fee for really in your case no reason). Just like BigM is suggesting.
Also if you are going down this route - take the time now to read some basically financial planning books if you haven't already That sort of them pays off hugely in the end.
dh. reacted to Bambi in Leaving career for med
I would think out of consideration to your employer, you want to give them Notice ASAP. There is absolutely no downside to you other than perhaps an awkward moment. I would simply tell them it was “a long shot” application as you did not want to live with any regrets and as it turned out, you won the lottery, but realize you are putting them in a difficult position. Tell them you will accommodate them in any way possible. I would have this conversation later in the week.
dh. reacted to Lavarball in Using LOC to max out TFSA
Imma be honest. If you don't feel comfortable even using questrade to do a simple etf trade then I think you're not ready to use leverage to invest. The behavioral risk with staying disciplined would still exist with wealthsimple if you decide to withdraw during a market downturn.
It does seem like a great time to borrow to invest however with the real cost of interest nearing zero so if you have a long time horizon of 10+ yrs then just leave your tfsa in an index fund and never touch it again.
dh. reacted to VivaColombia in Using LOC to max out TFSA
Play around with the numbers on OSAP if you get funding from there too. The balance of 23,000 on your TFSA may wipe out your grants portion of OSAP so input the info and see where you stand. If you believe you can make more than the grants portion per year by keeping a TFSA, you should invest in the market (and vice versa). Markets are unstable and your investments could go up or down but the grants of OSAP are guaranteed for the amount quoted by them.
dh. reacted to DrOtter in Using LOC to max out TFSA
I mean it could be slightly profitable if the net rate of returns on the TFSA is > interest rate, but this is not guaranteed in 4 years and the interest rate can change depending on prime. e.g. 3% for TSFA and 2.2% for the LOC -> you'll potentially (and ideally) be earning net 0.8% interest. Bear in mind, though, that the interest rate on the LOC is guaranteed (and is calculated and compounded every month), whereas the return on the TFSA is not (you can lose money in market fluctuations one month to the next, so there will be months where you'll either lose money at more than the 2.2% interest rate, or where the return is not high enough to cover the 2.2% LOC interest). Longer terms than 4 years might be a little bit safer since the risk is averaged out, but again the LOC calculates and compounds interest consistent vs. the monthly unpredictability of TFSA (or any investments really).
So personally, I would be too risk averse to take out loans to play with.
dh. reacted to rmorelan in Are residents actually happy?
Residency unfortunately I think - despite all the talk about it - is not about work life balance. It is about maximum training in minimal time coupled with required service etc. Making it more balanced would increase the training time (which is an option we could put it - they do that in Europe)
FM is better - because for parts of it you work with family doctors that have a set schedule. Many places still have off service rotations that are more intense usually. It is also shorter - which I think is actually most important factor. It was for me at least about 2 full years into contact call shifts and sleep deprivation that I really crashed. No matter what you do people only have so much reserve. FM isn't the only lighter one either.
Still as intrepid says above it is temporary. you have to be very careful taking to residents about what they like or if they are happy etc if you are making a long term decision based on it. Talk to staff as they are the ones past all that. Residents are often tired, overworked, overstressed, and pushing them to the limit - and accidentally going past that point quite often.
dh. reacted to RichardDegrasseSagan in Lost (With Updates and Acceptance)
Thank you everyone!!! You guys have been so supportive - it's a bit mind blowing. As for the big news: I was accepted!
Although this is a really great success for me, I just want to emphasize that I didn't have an insane cathartic moment. Sure there will be transient happiness with good news, but your true source of happiness starts way before that. So for those of you who are in the same position I was in last year - please please please don't feel demoralized. You have the opportunity to do great things outside of medicine. Work hard for your career, but don't neglect your personal lives. This year was amazing for me, and I worked hard to be happy with my personal life. So this is just the cherry on top.
I want to direct you guys to this thread, which I think does a good job of conveying this from current medical students:
TL;DR I didn't have a magical cathartic moment by getting this acceptance. The acceptance isn't a magical gateway to happiness. So those of you who haven't gotten in yet, don't feel as if you can't be happy in the meanwhile and during your re-applications.
Sorry if this sounded a bit convoluted, but I am just in a break during work and wanted to update all you awesome people!!
Thanks again for all the love!!
dh. reacted to Galaxsci in Med school at home techniques/advice
Set the same 3-4 hours a day as your "work hours" where you'll just work every day and everybody in the house knows it. So you ideally won't have any interruptions during that time and you'll be in the routine of actually working during that time yourself.
I'd be so much more productive if I could follow my own advice...
dh. reacted to rmorelan in Lines of Credit for Medical Students (Scotia is the best option)
it is a trap
The point in insurance is to cover a rare but severe loss to yourself. That is why we have disability, fire, life, property.......insurance. Tragic events regarding all of those are rare but if they occur it would be very expensive.
The key here is there MUST be a loss though. No loss then no point having insurance.
In the case of your death as tragic as it might be doesn't have an associated critical loss, or at least doesn't for most people who are med students. Your estate would have to pay the loan - extremely likely it couldn't and then the bank would be forced to take the rest as a loss. Beyond that nothing happens - and as long as your estate doesn't have to pay for anything really that is fine.
You can argue ok, so wait - I do have financial obligations in my death (say you are married for instance). Ok that is rarely true for med students but if it is true they you may need life insurance - however you would need clearly much more than the value of the LOC and it is usually cheaper to just get a policy directly for that.
Bank charge interest on loans to cover profit + risk on their investment. All investors are doing that actually with any investment, and the bank has already factored the risk of your death when giving you the LOC. When you pay for insurance on the loan, you are reducing the banks risk - they will now get paid even if you are killed. However they do not offer in return anything to you for reduction - your interest rate stays the same. You are giving them something for nothing - which is in most cases stupid. If the banks cared about your death then they should be the ones getting the insurance (which actually they do indirectly).
They may argue wait - if you die there are expenses - like your funeral even. Fine that may be true - but you can get a small life insurance policy, make your parents the receivers of it outside of the estate and cover that. All for vastly cheaper than any LOC insurance - and you can provide your parents for instance with whatever amount you want to accomplish other tasks as well. All without dealing with your LOC - again an investment which the bank has already charging interest to cover their risk.
This overall is another lesson in personal finance - ha so PAY ATTENTION - banks, people that sell insurance or investments and so on often present products that make NO sense and cost you vast sums of money (this is just a small example, but still it reveals the pattern you must be aware of). This is in effect how their business often operates and you must assume that is what is going on so you must always educate yourself. Failure to do that will cost you a horrifying amount of money and the downstream time or freedom that money represents (hundreds upon hundreds of thousands of dollars here).