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      02-14-2013, 11:38 AM   #1
phecht
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Any med school grads or current students here?

I was wondering if there are any current or graduated med students here that could just lend a bit of advice. I'm hopefully going into med school soon and wondering how you paid for insurance, gas, and any other miscellaneous fees. I'm aware that loans are the main crutch. Although seeing as though whoever answers this has already experienced it, I just wanted to know if you had any advice without going too much into dept. Currently I'm about to go into the EMT field for some decent money and preparation for med school. But I doubt I will be able to continue that while I'm studying to be a doctor. I know the M3 is a relatively expensive car to maintain and curious on how you guys got through it. Thanks any replies in advance!
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      02-14-2013, 12:04 PM   #2
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Don't buy an expensive car until your residency is over and you start reeling in a real paycheck. Why dig yourself a hole before getting started?

Your judgement is questionable, are you sure you want to be a doctor?
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      02-14-2013, 12:04 PM   #3
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Quote:
Originally Posted by phecht View Post
I was wondering if there are any current or graduated med students here that could just lend a bit of advice. I'm hopefully going into med school soon and wondering how you paid for insurance, gas, and any other miscellaneous fees. I'm aware that loans are the main crutch. Although seeing as though whoever answers this has already experienced it, I just wanted to know if you had any advice without going too much into dept. Currently I'm about to go into the EMT field for some decent money and preparation for med school. But I doubt I will be able to continue that while I'm studying to be a doctor. I know the M3 is a relatively expensive car to maintain and curious on how you guys got through it. Thanks any replies in advance!
I didn't have a car in med school. Depended on my girlfriend's (now my wife) shitbox Honda to get us around. You won't have time for anything if you are working hard.
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      02-14-2013, 12:15 PM   #4
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Becoming a doctor is without a doubt my main priority. It has been for years now, so messing that up with a poor financial decision would be catastrophic. I was just wondering if from any personal experience if it was possible to juggle schooling and just a bit more expensive car payments on top of it possible at all. I suppose not however
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      02-14-2013, 12:42 PM   #5
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I came out with 150K in loans.

I drove a beat up Isuzu Amigo during med school and residency.
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      02-14-2013, 01:09 PM   #6
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With the rapid corporatization of medicine we are becoming employees and the salaries will just go down and down. I would not go in to this field expecting to EVER be able to drive an M3. In most parts of the world docs are MIDDLE class and make the equivalent of $60-100,000 per year- America will be there when you are done with your training IMO. I am a psychiatrist. When I started practice in 1989, Medicare allowed up to $129 for a 45 minute office visit. Now it is ~$103 and there is a 23% cut being held over our heads. And this is just the start of the aging of the baby boom- it is clear that they expect us to care for twice as many people for the same total $. Since I am self employed I pay double payroll taxes and $4,500 dollars per MONTH for my family's health insurance. Do the math.
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      02-14-2013, 01:18 PM   #7
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You're better off finding a sugar momma doctor. It won't be for 10 or 11 years from the day you start med school until you might be able to splurge a little. Unless you get paid very well as a part-time EMT you will not be able to afford an ///M during the study of medicine. Get a beater and spend your money on booze, babes and gambling.
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      02-14-2013, 01:39 PM   #8
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Granted I did not buy a new car while in school, you can pull off a used older one if you really must have one. It would serve your itch for a few years. I, personally, had a car that was already paid off but it was pretty old at the time, like 7 years old. Served me well until about 1 to 2 years of real world work after graduation under my belt then I got myself the car I really wanted (that I could afford) at the time. Like they say, live like a student now and live like a doctor later...or live like a doctor now and live like a student after you graduate (piss poor).
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      02-14-2013, 01:40 PM   #9
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I appreciate your generosity everyone. I with no means was anticipating to buy a brand new M3 worth upwards of $60K-$70K. If anything it was to be a used e46. Although from the sounds of it, thats not even plausible. I don't want to do medicine for the money or toys (if thats even a possibility anymore with todays healthcare) although I thought that if I came here to listen to some first hand experiences I could get an idea of what the auto side of finances cost while in med school. I figured it would be best to just ask here first
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      02-14-2013, 02:15 PM   #10
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Wait for it. Like wine, it's going to be always better in the end.
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      02-14-2013, 03:16 PM   #11
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I waited until I could afford it. My wife and I had a Corolla and a Civic through med school. My advice going forward is to borrow as little as you can and live on as tight a budget as you can while in school. Then you won't have such a burden when you are done, plus you will be making enough in residency to upgrade your lifestyle a little bit. Incomes are certainly trending down and likely will continue to do so. I would go to a state school and try to get a residency at a high power place like Duke , etc. Crazy to spend the kind of money at a high price med school when the education is fine at state schools. It is still a fine profession, but I am a little worried about medicine going forward. As said above, I think there will be a high percentage of hospital owned physicians in the future. That may not be a bad thing in all cases. If that is really what you want to do, go for it. Good luck
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      02-14-2013, 03:27 PM   #12
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One can't give advice without knowing your current financial condition. Already have the funds for school or not? Make's a world of difference.....
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      02-14-2013, 03:45 PM   #13
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If you are college age and have an M3 then someone obviously bought it for you. So its pretty simple: If that someone is paying for your med school tuition, room, board, food, insurance, gas, maintenance, etc, then keep the car. BUT, if you have to foot the bill and put your own food on the table, then sell that sweet mofo and get a beater. Do NOT take on loan debt and keep an expensive car at the same time--it will bury you. I sense that your situation is the former, though...

Delay your gratification, its all the sweeter (and its a better survival skill).

And don't let people put you off on the profession. I still LOVE what I do.

GL
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      02-14-2013, 04:09 PM   #14
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What you are proposing is insanity. Get a beater for when you need it (10 year old Toyota Camrys are quite well suited for this use), and for the rest of the time, live near campus and walk . . .
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      02-14-2013, 04:18 PM   #15
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Join the military, get them to pay for your schooling....buy ///M now....win win! Hey thats how I did it.....also winning $250k in the mega millions last march helped to pay off my student loans and my finace's. But I bought the M3 back in 2011.
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      02-14-2013, 04:24 PM   #16
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Quote:
Originally Posted by phecht View Post
Becoming a doctor is without a doubt my main priority. It has been for years now, so messing that up with a poor financial decision would be catastrophic. I was just wondering if from any personal experience if it was possible to juggle schooling and just a bit more expensive car payments on top of it possible at all. I suppose not however
As with most things in life, "It depends"

I got through med school with a car payment, gas, etc, but also had some financial help from family. I still have about $230K in debt as of now (deferred due to residency).

My wife's sister is in med school, and somehow has managed to pay cash for a house through sweet talking her grandparents, and she somehow bought a new Ford F-150 EcoBoost. Methinks she may have a business on the side

It just depends on your situation, as others have said.

Try and get through with as LITTLE debt as possible. I am dreading having to pay off my loans. Even though I have gone into a field that has a good track record for decent pay, who knows if that will be the same when I get out in 3 more years...? If not, the debt is REALLY gonna hurt.

Best of luck with your endeavors. You will be putting your life on hold for quite awhile.
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      02-14-2013, 04:26 PM   #17
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For clarification, i do not currently own an M3. My parents have helped pay a majority of my state undergrad, however they said they will not pay for med school seeing as though it is too much money, which is totally understandable. If I want to do this then I need to own up to my expenses. I think the decision is now abundantly clear, wait until I reach a stable point and my sacrifices to become a doctor start now.
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      02-14-2013, 05:02 PM   #18
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Hello everyone,

For everyone that assumes that since you are under 30 or "college age" and drive a bmw then your parents bought it. Email me and I will prove you wrong with two titles!!! PLEASE DON'T ASSUME, because for some of us that are hardworking and got a head on the shoulder it's offending. And yes I am currently a student as well, in dental school (I am paying for it as well).

It's possible to have an m3. But I would not advise it unless you can fully pay it off prior to start of school and save up for maintenance and insurance (face it everyone one pays for gas whether you drive a bmw or toyota). So make your decision, but remember not to regret it down the road, because I def don't.
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      02-14-2013, 05:20 PM   #19
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How was residency for you if you don't mind me asking? I'm wanting to become an anesthesiologist, although you may not be one.
Thanks

Just curious, how do you know you want to be an anesthesiologist? Did you read somewhere that they make lots of money?
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      02-14-2013, 06:17 PM   #20
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If you have the means, I say go for it. But that means cash for school and the car. Don't take a loan for school and the car, otherwise that M3 will cost you the same amount as a Ferrari at the end of the day.

I went to medschool with a Honda Prelude VTEC. Fun car, perfect for me. When I found I had a one year internship before moving to NYC for residency, I bought an E36 M3 (6 years old at that time and well into the E46 model cycle). Great car, lots of fun, cheap to maintain, and sold it after a year for a profit! I bought another one straight out of fellowship, again used it for a year, and then sold for a profit.

I bought my E90, only after establishing a job, creating a solid rainy day savings fund, and receiving a sizable bonus.

And you know what--the delayed gratification made it that much sweeter!!

For the person wanting to do anesthesia--I'm curious too, what makes you want to do it? I am an Anesthesiologist/Pain Medicine doc.
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      02-14-2013, 06:19 PM   #21
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Quote:
Originally Posted by faith&firepower View Post
Join the military, get them to pay for your schooling....buy ///M now....win win! Hey thats how I did it.....also winning $250k in the mega millions last march helped to pay off my student loans and my finace's. But I bought the M3 back in 2011.
+1

join the military and have them pay for med school. Do your payback tour, get experience. profit

OR

you can look into government education loan payback program. Not a bad deal. https://www2.ed.gov/offices/OSFAP/DirectLoan/index.html
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      02-14-2013, 06:27 PM   #22
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I'm an anesthesiologist in the northeast. Don't go into medicine for the money!!! I've been in practice for 7 years and each year my salary has been declining at least 10 percent per year. At this rate I will be looking for a jeep pretty soon. I still make a decent amount of money but you need to be happy with what you do. I just happen to love sticking laboring woman with a 5 inch needle which is what I am doing tonight.
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