Stupid $550,000 Student Loan Decisions!
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- Опубликовано: 27 июл 2024
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To my $9000 student loan I apologize for complaining..I will never complain another month...
Gratel Charles
Always someone worse off!
@Sona Falk I graduated with Bachelor degree with 19k student loan in 2015, I got paid off all of them in 2017. haha so happy I have been debt free for 2 years
Halfway to my engineering degree at a state school and thanks to my part time job I'm still in the green. Once I get my career rolling I'm ready for some exponential growth!
@@isaiahbaker3597 Keep what you doing man, I was too lazy to get a part time job when I was in college, so it ended up with 19k student loan lol. It did not feel good at all.
Same. I owe about $8600 and i am just so thankful
I’m a sophomore in college, just paid half of my student loans from 9,000 to 4,500! Small step but I’m glad i’m not waiting until after I finish college
Congratulations you should be very proud!!! That will be a huge relief to not have that worry of debt looming over you
Good job ! Keep paying as you go and try not to take note if you can avoid it , I wish someone gave me this advice when I was back in college
Smart...are you debt free now?
Update us!
Congrats! Though dave suggests to pay your way and finish college first before repaying
After the Mercedes and the $450,000 home hes gonna purchase it will take approximately...154 years.
😂
There was a dentist in so cal that accumulated 1 million in student loans.... He did exactly that
Lol 😂
Actually most doctors I know don't go out and buy expensive cars and homes.. only the surgeons and anesthesiologists do that...
Dude is absolutely not buying a Mercedes until he’s 50.
This student loan crisis is going to be the next big crash. It is insane what people are borrowing for school.
How can it be a big crash when its all government guaranteed?
most people aren't using the loans required for uni and to survive. They just use to spend it on luxurious items because they assume they'll make bank right when they graduate and pay it off easily
Don't worry, we the taxpayers will end up bailing them out - like we did Wall Street.
@@holyknight9507 the ones who thought that way in college ended uo getting better jobs because they had lots of confidence
@Spite Player Unknown battle field He could have studied medicine in another country with no debt at all
Ouch 550k in student loans 🤦🏻♂️
Time for some rice and beans, a lot of over time shouldn’t take you 8 years to pay !
Investing Hustler A big problem requires big solutions!
If I was hin I would be down for rice and beans everyday 😂
He should eat so many beans that he ASPHYXIATES each patient
There was a "we" in there too when he spoke of his plan. Could be a hard sell if the wife feels she sacrificed enough for enough years. No word on her income, maybe some kids in there too. Or kids in the plan soon.
Doctors don't get overtime
I paid off $100k in student loans. Lived in dumpy apartment and kept my IKEA furniture after school. Drove my rusty Toyota.
this
That's one way you become a multi millionaire too keep going never change
Awesome man !!!
@@mucleboy0151 True story!
FINALLY! A caller who has done the real math with income after taxes and student loans ballooning with interest as the years go on.... who can call Dave out on his often unrealistic numbers game with pre-tax incomes etc.
I always wondered why on his show they always use pretax income since that number is virtually useless to the person he’s talking to.
Facts. I like the philosophy about paying off student loans but he legit act like taxes, interest, health insurances and other personal expenses don’t play a part. “You are 500K in debt and make 200K why don’t it take you 2.5 years?” 😂
Yup! Only thing that matters is WHAT YOU TAKE HOME, after all the taxes and debts.
That’s why you have to tell Dave your NET income never pre tax
@@conservative8989That's because he probably figures you and your spouse can live with your parents rent free for 5 years while your parents pay your car payment. The daily beans and rice stuff is just unrealistic as well.
I was in a credit card debt hole that was just getting larger. I am now living like no one else and getting myself out of this hole at a rate I did not think was possible. Thank you Dave, God bless
Great job!
vase Good for you!! Bet you won't be going back there again.
vase you will thank yourself later! Great work, keep it up!
I started with a little of $36,000 with student loans. As of today, I owe $2,950, which will be paid off by the end of next month. I cannot complain !
Well done! 🙂
I need tips! My loans are around that number
Well, is it paid off by now? Better be.
How long did it take you?
Imagine what you could've done with $36k over the period of time you carried that debt. Invested properly, it could be worth well over a million dollars - six figures easily. Or real estate in select areas.
Time preference and opportunity cost are very important economic concepts. "Higher" education is still a tremendously terrible idea when you factor these in.
Here’s the 4 year pay off plan, Justin
1) Adjust taxes (take home to $130K)
2) Wife get job - live off wife’s income
3) Put $130K onto loan - done in 49 months
My sources say its 120k a year
And may be a tad longer because intrest for 4 years maybe 60 months
@Rekiah Hinton 8%!? Jesus as a 21yr old fresh out of college with no credit and a job that pays a quarter of his I got a 7.5% interest rate on a CAR loan. Student loans are half that. Try $20,000/yr and you can deduct that off your taxable income.
Jordan Golde not how student loan interest work after your undergrad. 8 percent sounds about right
Exactly! Why is he not mentioning his wife income? I don’t think she is at home, if she is SHE BETTER WORK! Don’t have kids.
@@jameswright2481 I have Sally May loans. They're at 4%. Not sure where you live or why yours would be any different. Maybe if they're some kinda private loan. And bad private loans at that.
So many people will be going to the grave with student loan debts.
Yep
@leaderoftheworldputin As it should. If you refuse to pay student loans you are likely to refuse to repay other loans.
My dad died with credit card debt, I think like 30k. He and my mom were long divorced, and no one else was on the cards. The cc companies actually called my siblings and I to see if we would pay them off. HAHA . HOW BOUT NO
And private loans don't go away when the borrower dies. The Student Loan company will sue the estate for the balance🤯
@@katrinaumana2127 I'd just sign everything over to my kids if I knew the end was near
Dave always underestimates income taxes
Also insurance for doctors
And loan interest.
Most ER's require the Dr to be board certified in emergency medicine. SO NO, a family practice doctor can't work ER. An urgent care, yes. But a lot of urgent cares want to utilize an NP or PA to keep costs down.
Yeah, when I heard this I was like "that's not how it works" lol
@@sailfasterllaser All areas of the country are different. In my area you aren't getting hired in an ER as a Doc if you are not board certified. Your study linked is pretty old. Things are changing in this dept. rapidly. Many FP Docs were shown the door for ER practice in the last couple years in MI.
@@sailfasterllaser Maybe that's how it was then, but I've been to several emergency rooms in several different cities and I'm always evaluated by an EM Doc. Medicine has shifted drastically since 2012 and primary care sees so many patients that I don't see how they could even manage to work ER shifts.
Absolutely. And I have heard dave make this mistake several times.
Urgent Care require at least 1 board certified physician that is licensed to see all ages (family medicine or emergency medicine) to be on site.
MD HERE. yes a family doctor can moonlight in an ED. Rural emergency departments will hire people who are not Emergency medicine trained. They take what they can get because if they didn't they would literally have to close for 12 hours per day due to insufficient staff. I personally know board certified pediatricians (never did emergency medicine) who work full time in children's ED in rural areas. You learn missing skills on the job and if the patient is too complicated then you just transfer them to a city hospital
Yes, a lot of these commenters are clueless about about medicine, especially family medicine works lol
As a physician, I can relate to this caller. Yes he borrowed more than the usual amount, but its not really very hard to pay that off within 5 years. Daves perception about family practice is wrong. If this guy moves to a rural area, he will easily be making close to 300k plus bonuses. If he is disciplined with his money and follows a budget, it wont take long.
Your not counting the interest... Your looking at close to a million. With the low reimbursements from the govt. Medicine is not worth it
trypanoma, you are correct. My husband is family practice. Go to a town that nobody wants to go to and make $500,000 a year. We did it.
@@kayhathaway6956 where does that money come from? I would have expected that if a doctor went to a big city.
@@tacticalcrusader3709 yea I dont get it why would he need to be paid that much especially with no experience ijs
@@mucleboy0151 Trust me, after residency he has plenty of experience. Its a supply and demand thing too, in rural areas family docs do all sorts of billables that in cities might be referred to specialists.
After graduating from college, I started working right away. But I decided to live with my parents so that I could pay off my student loans in less than a year. Now I’m debt free, and it feels great!
Ray Metal i did the exact same thing its worth it
I think I could put myself in a great financial situation if I did the same, but I'm too anxious/embarrassed to ask my parents about the prospects of moving back in. On one hand, they might be disdainful of me living in their house, but on the other hand, they're constantly asking me to visit home and call them more often, so maybe they would enjoy having me around for a while, especially if I'm working like an adult.
@@420blazinOG debt free financially comfortable cucks...
@@Am-Not-Jarvis Oh god, i would hope my kids would come home **temporarily** to clean up their debt, transition to a house (no rent here 😊), or just get their life together (3yrs max). *Don't worry, your parents are busy too!* It shouldn't be like in high school, ya know? *good luck!*
How old are you?
This is why people need financial education. "Stupid" is right. We need financial education in schools, starting from middle school.
The American way is "don't tell me what to do". Til you're broke and regret not having someone who's successful to tell you what to do to also be successful.
@@jordanneedscoffee can't agree with you more. I see retirees with barely any savings looking for work, when they should be enjoying their lives
I agree
True living for someelse's via accumulating debt.. Idiots fo sho!
you need to get out of arizona and move to the middle of nowhere and practice 60~70hours a week. Even with family medicine this will get you way above 400k a year pre-tax.
Are you a family medicine physician?
This show makes you realize that you shouldn’t complain at all. I have about $2000 in school loans and I can’t believe I had the audacity to say I was struggling🙈.
Hey, how much do you make now if u don’t mind me asking?
😆 yep.
@@Nooop655 I’m unemployed 🙃
2000?…child please
In Az $180k after taxes leaves a bit less than $127k. 10% tithe is $18k. So yeah, $110k is correct.
Thing about Dave (love him to death) is that he always neglects the tax hit in his calculations. Then there is the interest on the loans...
Back of the envelope fails in this sort of case.
Exactly. I'm from AZ and the Dr.'s math checked out to me. Especially because I am also in medical school right now and reviewed my loans along with expected income on what I will owe.
This is true.
@John Kevin Often the caller will say "this amount net" and Dave will interrupt and ask for gross. In fact, he almost always asks. "What is your salary, gross?"
He’s married so it’s 136k plus his wide salary isn’t included
His advice is generic at best.
As a RN I am glad with my decision to not become a doctor. I make close to or as much as a doctor with little student loan and less time spent in school. California nurse here ✌️
Even though he has 550K in debt i would much rather have that with an MD degree than one of these people that take out 100K to study some BS like philosophy or history. Then they come out of school and are surprised the most they can make is 30-40K (if they can even find a job in their field). At least this guy has immense earning potential. If he is willing to relocate to other regions he would probably make more. As long as he stays discinpline and doesn't go on a spending spree he will be out of this mess within a few years.
Unless u from ivy and break into consulting and make 150k starting with a good gpa
As a RN I am glad with my decision to not become a doctor. I make close to or as much as a doctor with little student loan and less time spent in school. California nurse here ✌️
@@RedFaceeee lol no way. Maybe a primary care doc, but you will never make as much as a specialist doctor in a major city which average 350k a year.
@@tylorjordon1642 Working 50-60hrs/wk 300k is no issue for a RN in Northern California. Becoming a doctor isn’t a worth while decision in this day and age imo
I know a good amount of lawyers who studied philosophy and history prior to or alongside their law studies. Law is built on and dependent upon those fields, along with political science, economics, English/rhetoric/writing, etc. If your aim is making partner at a big firm, that 100k on a history or philosophy degree could be paid back in less than a year 🥴 not to mention the 100k+ salary you’d have prior already chipping away at it substantially. It’s not really the degree itself that is worthless. It’s how you chose to combine it with other professional skills for realistic job opportunities 🤷🏻♀️
“After taxes and tithing”. Seriously, dude you’re giving money away to a church while you have $550k in debt??
@Anna zepinkoswki Now sure what this is supposed to mean. Are you mormon?
Valeria Vagapova
I don’t know what twisted religion your talking about but Christianity Does not tell u that and if there is they are false teachers.
@@RealGalaxyGamers I was talking about mormonism, it's in the text of the comment.
Valeria Vagapova
Yea mormonism is a weird religion because they say work to get into heaven and there logic isn’t sound and there texts were written recently and don’t make sense but christianity and the bible make sense even just observing are world
JJ Anthony Best $spent is tithing.
I love how this guy blames his student loan debt on other people's bad advice.
That's human nature. It's easier to blame others than take responsibility for ourselves...
@@vetiverose128 I wouldn't say it's human nature. It may be very tempting to go that route, but I wouldn't say it's natural to take that route.
@@kwebster62 Yes
Didnt sound like he was blaming others. He clearly said that he made poor choices
He’s not blaming them, he’s attributing to where he got his advice from.
Five Hundred and Fifty Three Thousands dollars in student loans??? Just throw the whole degree away.
Or leave the country for 10 years and change your identity.
GEEZUS this makes my $21,000 in student loans look tiny.
My 57000 student loan looks tiny
fanmaxis3004 riiight! I. Any even imagine handling a baby step 2 with this amount.
Raul J. Gomez how much did you end up making yearly?
EverlastingProsperity first job after graduating made $31K now 6 years later making $51K
@@raulgolfs what did you major in?
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A medical degree that cost $550,000 is absolutely insane! No wonder some people take shortcuts, they go study abroad for almost nothing and when they graduate they come to the US to take the exam and have their license to practice along with $180K job!
550k is a lot but if he was making 300k plus a year I would say it’s worth it then, in his case it was not worth it
The military can pay off student loans..they need doctors all the time.
@Brian Waller the military will take doctors well into their 40s. There's a lot less restrictions for them. Plus, doctors also get additional pay on top of what a normal officer makes.
They do, but they sent my friend to Iraq right after his residency.
@Brian Waller Military has wavers for doctors.
there is deployment but it can be seen as a perk for many. living conditions good as you'll be indoors climate control and as a commissioned officer will have good quarters.
It always bothered me that I won’t be graduating until I’m 27 from school in a field that I’ve been dreaming of working in since I was a senior in High School 8 years ago. (Computer Animation) I will be graduating with no debt at all though. I’ve just realized that puts me ahead of the majority of people my age! I’m so glad I’ve been following Dave Ramsey for about 2 years now! If it weren’t for his plan and luckily not being able to find people to co-sign on loans for me, I’d be in a massive amount of debt! Live smart, people!
This is the 3rd time I've seen Dave tell people they're wrong. It's simple math, Dave. 180k times roughly 35% taxes depending on their withholdings, maybe more, lands right around 110k to maybe 120k a year.
You're doing your math wrong chad.
@@129dannytran 35% of 180k is exactly 63k, which is 117k. Falls precisely between the range I mentioned, netting someone 110k to 120k, allowing some variation.
@Chad Graber lol yea but that's not how tax is calculated.
@@129dannytran This guy tells Dave he'll make 180k and Dave proceeds to tell him live on 80k and pay 100k towards debt. That's obviously impossible because his net income after taxes, other withholdings, and contributions won't be anywhere near 180k. If you're referring to tax tiers (10%, 12%, 22%, etc. up to certain amounts) then yeah, it's not a consistent percentage applied to the whole gross. Regardless, do a basic tax calculator for 180k. Include a ballpark amount for the tithe the caller mentioned. Account for any other miscellaneous withholdings, contributions, and state tax, and bam... you're right around the 30% to 35% mark, which will net roughly in the range I mentioned. The whole point is Dave uses gross all the time, as proved from the numerous other comments on this video of people saying the same thing. Point proven again as Dave looked shocked when this guy had to break down net income.
@Chad Graber that's what I was talking about in the US we are taxed under a bracket system. I didn't say Dave was right. Also your calculations are off because are you not considering taxable income and deductions. You are going off straight gross, which means he won't even take standard deductions
I wonder if Dave understands that doctors that work in the er have Emergency Medicine specialists. Not family doctors.
I think he was only trying to suggest something that might get him to figure out how to increase his income- and Dave did say that.
family doctors can work ER shifts because they have training in peds, ob/gyn , and ER
Family physicians can work in the ER, especially after doing a one year fellowship post residency in emergency medicine.
@@Sexdewana yes those who did residency . But that is obvious not what my statement was about.
@@Benjamin-to2zq umm no your comment directly said those doctors who work in the ER are not family doctors. This statement is false.
Thanks to this channel I haven’t gotten any loans, as a junior I decided I didn’t want to work two jobs any more. I wanted to enjoy college and get loans. Now I’m a senior with no loans, it’s difficult but it feels good to not owe anything 😊.
Its stories like this that should discourage people from being an MD of any discipline. It takes too long and too much money and honestly being a doctor is not the opportunity it once was. Unless maybe you are a gifted neurosurgeon at a top tier hospital. But the way medicine is going, you'd likely be better off becoming a PA or NP from an in state university program. You still make bank but without giving up decades of your life and the associated liability and accountability of a true MD. I think the opportunity cost is just too high.
$550K school debt. Why so much debt?
A: made stupid choices.
Family practice MD one of the lowest pay. $180K/yr
I love the tithing. Jesus is keeping me broke.
@Bonnie Holman ... hahahahaha. You are awesome !!!!!!!!
I had never heard of tithing until watch these shows... lol
I just watch these to feel better about my financial situation
Does Dave not understand how taxes work? If he makes 180k a year the taxes are 37%, meaning his after tax income is 113k.
Wrong. U calculated incorrectly. Go RUclips marginal tax rates and how they work.
Lies! He can absolutely moonlight in the ER on weekends. My ex was basically doing that when we were together. Same situation. Get it together Dr. Justin.
Ediana Nieves he said that his contract doesn’t allow him to. Mine doesn’t allow me to moonlight anywhere either.
@@karenJRV he needs a new contract. And so do you.
Ediana Nieves Amen to that but it’s very very common to have a “no moonlighting” clause specially if there are big hospital systems in your city.
@@karenJRV that's absolutely awful Karen. A lot more of you Doctor's could get out of debt much sooner if you had the freedom to moonlight.
His a family medicine physician he cant work in the ER. He needs to be board certified in EMergency Medicine.
lol Family medicine resident with $550k. You better be ready to practice in the middle of nowhere in Alaska or Wyoming to be able to pay that off!
Edit: 2016 data for average income for Family Medicine doctors - Employee (not self-employed) - Top 5 states:
Iowa - $243,580
New Hampshire - $236,830
Alaska - $232,560
Wisconsin - $229,900
Mississippi - $226,640
Iowa or NH doesn't sound too bad. Time to move bud.
Why not Wisconsin?
I’m on the Pell Grant, which means my current goal is to NOT take any student loans!
Pell Grants are only for undergrads. I was on the Pell Grant program. I took student loans out for my masters and I paid off Student loans.
Pell Grant just means someone else is paying your student debt for you. People in the middle, not rich, but not qualifying for grants, are the ones stuck with the loans and having to work.
My gosh debt is of the devil
@Lachasity Brown all depends on how you use it. The problem is most people get debt for things that don't bring in returns.
My dad has been in family practice since 1962. He's retiring in July at age 90!!! That's the good. The bad? Pay for a family practice doctor is actually going down. In 2010 he was making $300k a year. Today, before he went part-time last year anyway, he was making $225k. If you want to be a doctor family practice is the wrong way to go. If you want to go into family practice then do it on the cheap, not $550k. I know this guy knows he made a mistake and I feel sorry for him but he needs to take Dave's advice and get rid of this debt ASAP!!
i mean i think in general.. if you're looking to build wealth. being a doctor is not the way to go.
Yeah. It’s going to take at least 8 years even with rice and beans. 180k after taxes is nothing. Also, don’t forget about malpractice insurance and disability insurance. And family docs can’t moonlight in the ER. Maybe, urgent care...but most of those jobs are taken by NPs and PAs.
Half a million in unforgivable debt. I'm dead
what a messed up country that you need to take out half a million dollars in loans to be a doctor that wants to help patients...
What is Dave’s advice to medical and dental students? Every single phone call I hear I feel like the attitude is almost negative towards people going into medicine because of the money. It feels like a “shame on you that was a dumb choice” kind of response. Some dental schools cost up to 500K and it’s slim pickings- you go wherever you get in regardless of the price. Plus there are very limited scholarships. Should students just forgo medicine? That’s not a great solution because there goes all of our doctors we need. I am just curious what Dave’s practical advice is for students that don’t have $200K-500K in their bank account; how does he suggest these students pay for school?? Besides the military scholarships and public service scholarships which both are competitive, there aren’t many options...
Would like to know someone’s thoughts please, thank you.
spend 1-4 years on the oil and gas field working as gas operator/pipeline person/whatever to generate that $500lk. most of those fields take 1 year of school or LESS.
crane operator/welder/etc etc.
You can make well over $100,000/year. I ain't talking about being an engineer which certainly makes you that kind of money.
then decide if med school is the right way.
Just insanity!
I can tell when he said that it took Dave's breath away. I don't feel bad about $6k in student loans now.
Oh my goodness. That’s a big number but at least he has a decent sized shovel for it. It would be even harder if the shovel was smaller
It's insane you can borrow this kind of money for school but can't for education! Student loan tax deductions need an overhaul.
Huh?
550k? I can't breathe!
Our family practice has half day Saturdays and on call doc to call on the weekends so sometimes you can pick up more hours that way not having to do too much extra.
My 21k in student loans feels so much better now. I already paid over 10k, only 9900 to go!
I get the feeling that American doctors think more about their debts than about their patients. What a messed up country we live in.
what a messed up country that you need to take out half a million dollars in loans to be a doctor that wants to help patients...
@@joko3382 you don't have to take out that much, he said he made poor choices
@@frankg8861 The average doctor still takes out hundreds of thousands of dollars in student loans (which are at higher interest than undergraduate loans). Half a million isn't unreasonable to assume
You're telling me you wouldn't be distressed about being half a million dollars in debt? What do you want from them?
Why they hate Medicare, Medicaid, and,give that level of care. They get paid either way.
4:33 "Increase the size of your SHOVEL" :)
A lot of students that go to college try to keep a lifestyle that isn’t sustainable and not what they should be living. When I was in college 20 years ago I saw that as well. While I was working 30-40 hrs a week, working springbreak, Christmas and two jobs in the summer some were “playing” because they thought they deserved it because they were going to be “adults” soon. Total mistake
You cannot work it medical school
I feel better with my 13k debt on credit cards and personal loan. I would have nightmares with 550k.
Look I know someone who went to a good and expensive school and now works for an IVY league college making ........you won't believe this............SIXTEEN DOLLARS AN HOUR! What is wrong with the world???? Why in the world would anyone take a job like that after going to an expensive "respectable" school???????
That’s so sad
The system is built to milk these good guys and girls who are doing noble professions . The fact that school does not cover any of these real life critical decisions in highschool and middle school just prove they are apart of that propoganda. Good work by Dave to help the current and future generations much respect .
I'm engineer making 150k year, took me 4 years and 25k total in tuition. Why people pay 550k and go to school for 8 years is beyond my understanding.
which type of engineering??
I have a fraction of a fraction of what he has and I'm freaking out. I don't want to know what goes through his head when he thinks about this.
Wow I have $1,800 school debt and I got that "I've had enough!" Moment . Can't imagine this... It must feel horrible
I am officially debt free:))))
Engineer here, making 150k, but my loan was 20k and I didnt do residency. Started working at 22. Financially it does not make sense to become doctor nowdays or a lawyer
Yikes! That's a lot of debt
Does Dave not understand that there are state and federal taxes?? $180000 brings you down to about 125,000
I thought my student loans were a lot, not even close to this!!!!
You cant just work ER on the weekends. Its a whole separate specialty and you have to be boarded in it. Just so everyone knows. 🤦♀️
Hence the reason the ups driver makes the same as the doctor in a lifetime.
family practice makes so little! taxes and malpractice takes half!
Working ER kn the weekends? Does Dave not realize that emergency medicine is a specialty and that the family practice doctor is not credentialed for that?
Karen M
Dave has no idea what he is talking about here.
In rural areas fam med can easily work ER. You can’t work level 1 trauma but this is fairly common.
the only thing he knows about medicine is that doctors have a lot of debt.
@@sct4040 Dave knows basic financial principles. He doesn't know about all other disciplines.
I'm an MD. You must not know what rural medicine is. They will take whoever they can get. Family doctor could easily moonlight in a rural ED. I met a family doctor who was hired as the director of a rural ED.
I feel so sorry for these people 🥺So many of us got bad advice when it comes to student loans. Thank God for Dave Ramsey. I too want to go to medical school. I too was given the bad advice of borrowing anything I needed to get through medical school and worry about it later. But thank God I found Dave Ramsey before going down that path. I’ll find another way. God bless this guy and I hope he found his way out of debt.
I only listen to Dave Ramsey to help me feel better, his advice is practically the same for everyone
I love how Ramsey always says to people "cant you work the ED on the weekends?", No, I am an Emergency medicine doctor you need a residency in EM to work in the ED, as a fam med physician you can do a fellowship in EM and then work in the ED. Anyway , thats my rant, thanks for the advice :)
Also maybe part-time work reviewing cases for a major health insurance company.
Tithing???!!! LOL!!!
There is a DC Government job debt forgiveness program in DC for doctors nurses dentists.
Wow!! How can someone who went to school so long make such crazy decisions?
I almost feel like I'm less motivated to pay off my $6K in student loans hearing these! "Ahh I can let it go for a little longer..." Am setting bad precedent for myself, need to get my a** into gear, lol!
Bet 100 or more of that was not actually used for school or normal living expenses.
That much debt means that he lived the high life while going to school. I hope you future doctors learn a lesson from this guy’s experience, It would be a fantastic idea to also literally live on beans and rice while pursuing your medical degree.
He needs to consider doing a fellowship in like GI where he can do procedures and get paid more. Or he can work at an Federal qualified health center where they pay standard pay and also offer loan repayment
"After taxes and tithing" - Giving away 10% of that income is 18K/year ... that's an entire car per year. $144,000 in that 8 years while you're scraping by. I'm not sorry when I say that it's INSANE to just give away 10% of my hard earned money while I'm scraping by on rice and beans to make ends meet!
I understand that some have the belief in "God put me on this earth to manage his money" but that's just ridiculous.
I'm sorry no one has taken the time to explain things to you! The greater understanding is that a christians tithe as a form of worship and gratitude to God.
If this man can trust Dave (a man) with 90% of his financial income, then how could he not trust God (his Creator and Master) with first fruits (10%) or even more?
The advantage of tithing is spiritual maturity and is not to be underestimated. Tithing/trusting God with the money HE GIVES YOU is the stewardship Christians are called to. Giving $144k or $14k- the decision is bigger then trying to humanly stretch pocket change or the Dave ramsey plan.
The decision is:
Do you trust God with what hes given you? Or not?
For the caller it's not even a issue, its instinct (of course I trust God. Ik my God will take care of me regardless. HERE TAKE IT). For others who have only analyzed the temporal costs and not spiritual fruits, it seems like a poor choice.
Hope that helps!
X
God isn’t real
It is more ridiculous to be selfish.
You do realize you are listening to a Christian financial advisor who bases his principals off biblical teachings right?
@@toddlerbookclub2183 Yes. You do realize giving away your families food money when you're broke is crazy, right?
Dave’s logic for delaying retirement despite the caller’s well thought out argument and math supporting putting money towards retirement now :
“this is an extreme situation, clean up this mess, work overtime”
He makes some valid, logical, counterpoints. 😂
for a 100k per annum starting salary 50k -70k should be max loan
I heard $550000 and immediately thought oyeeeee vey!-( You really have to think of the loans you take out! Christ-( I wish him the best but I really cringed hearing that figure😩😯
Who on earth will lend that much money to one single person on student loan ? It is the financial institution who is in deep trouble if they have dumb founded employee making this kind of decision.
A Government-backed lender.....if you know what I mean.
He could have multiple lenders where he borrowed the max at each...
There is loan forgiveness particularly for primary care. FM jobs making $300k, but he has to be willing to move possibly. There is also PSLF so after 10 years everything on an IBR plan whatever is left is forgiven.
I understand the sticker shock when you hear someone has racked up $550k in debt but how many people are able to cash-flow medical school? Even if he went to a cheaper school and saved $100k-$200k, I feel like he would’ve gotten the same reaction from Dave.
I know a few people that went to med school and can safely say it’s very demanding and time consuming. It’s very difficult to have a part time job or some sort of work that would help a med school student generate enough income to cash flow their way through and not have to take out loans. I love Dave’s plan and his financial strategies and I know if someone called the show and asked him how he suggested they should pay for med school, he would advise them based on what he would do, which means he wouldn’t take out a loan under any circumstance. I’d love to hear how he’d pay for med school without loans and without much free time to work
As a medical student currently on a surgery rotation, I spend ~80 hrs a week in the hospital and in addition to that I have to find time to study for the exams and prepare presentations. I really don't know where I would fit in a part-time job.
I'm essentially working 3 full-time jobs right now, but instead of income I'm paying for them.
There are programs where doctors can have 75% to 100% of student loans forgiven by working for several years in rural or inner city facilities providing, what is in essence, indigent care. I live in a rural community where many doctors do this to pay down their student loans.
What’s the program called I wanna recommend this to a friend
A lot of these physicians should look into Telehealth. I'm not going to say I know all the qualifications but it would be a good option for extra income.
Imagine tithing when you’re a half of million dollars in debt.
Doc you need to go into a state driven high needs program. Undeserved community and they'll help with the debt, and usually the pay is better. Sign, a surgical PA who makes that much with 1/5 the debt.
That’s a really rough bill to take. College is wildly expensive. This guy seems smart and a great planner! He just need to get over this small jump and his life will be golden! I hope the next 8yrs go well.
Some family practice docs can do very well based on location. Heard about one that was out in rural TX I think that was the only doctor in the county. No big hospitals in those towns. So he actually got a ton of business.
Busy but not necessarily make any good money. Most rural places are patients on medicare and medicaid, not the kind of thing a family doc makes money on.
Ok now it seems like it's a contest to see who got the MOST DEBT. LOL
He can also pick up shifts at in an ER or urgent care. Some doctors pull in another 6 figures/year from doing extra shifts. He’ll be fine.
No he’s in family medicine. He would have to be an ER doctor to do that. That’s really not how it works.
What medical school did he go to? I know if you often go to in state public medical schools it costs about $100k - $150k.
Andy Meschwitz he had to be borrowing way more than was actually needed to cover school and lived very large off of the loans. At least he's a doctor and will recover. Many callers seem to spend $250,000 to $350,000 doing the same to obtain a 4 yr business or liberal arts degree, then wonder how they're going to live off their $35,000 salary and pay the loans back. It's insanity and no one's fault but their own. I'm sure spring break trips and extravagant vacations abroad with your buddies are great.. until the bill comes due.
Probably took him longer than usual to complete his degree..
He might be correct on his raise estimate. Healthcare does not give out good raises due to cost cutting measures.