Comments on: The Right Vehicle for the Trip

By: Scott

Scott — Wed, 26 Nov 2008 03:39:51 +0000

Yeah, it’s definitely a shocker, but they’ll be doing well before you know it. Maybe you can teach them what you are learning here and get them off on the right foot when they do begin making high incomes so they’ll put it to good use for themselves

By: Diane

Diane — Wed, 26 Nov 2008 01:07:50 +0000

@ Scott – My niece and her husband are recent MDs who both got residencies in Chicago at about what you quoted: $35k apiece. My sister went up there this fall to take care of their baby because they can’t afford a babysitter. I was shocked at what a newly-minted MD is paid (and expected to do), but I understand it’s a bit like learning how to make “better decisions faster” by having to learn how to do them while sleeping on your feet…eventually they are second nature and require almost no thought.

By: Scott

Scott — Tue, 25 Nov 2008 19:39:31 +0000

@ Debbie – Your welcome Debbie. Trust me, just keep your focus and you will achieve your goals!

By: AJC

AJC — Tue, 25 Nov 2008 18:28:08 +0000

@ Debbie – we have ‘thick skins’ here … have to

By: Debbie

Debbie — Tue, 25 Nov 2008 16:40:33 +0000

(Oh.. that’s not to say I haven’t been inspired thus far, just that this has been very enlightening to me- just wanted to clarify because after posting I thought someone might take that the wrong way!)

By: Debbie

Debbie — Tue, 25 Nov 2008 16:39:57 +0000

@Scott, I am more inspired by what you just shared in that last comment than anything else I’ve done or read here. Thank you!!

By: Scott

Scott — Tue, 25 Nov 2008 02:31:47 +0000

@ Moneymonk – That’s pretty much what I meant with my plan; real-estate together with stocks and small businesses. Didn’t really put any credence in my post to the order, but you get the point.

@ Adrian – Yeah, I would seriously look at the “big picture” of the MBA first before pursuing if it were me; Would the degree provide enough ‘seed money’ to fund your investment vehicle of choice to get you to your required NUMBER by your required DATE? That’s the question I would have to answer for myself.

@ Josh – Thanks Josh. Although I plan to open up a couple more clinics, which will be like dropping a couple of twin turbos in this train, lol.

@ Debbie – Been there, done that too. I was waaay over 2ook in the negative when I started out(and that doesn’t include a mortgage!). Yep, your heard that one correctly. When I was finishing up my last semester of school, we had 2 cars that totaled 40k of debt, over 20k in credit card debt, 2 personal loans of 10k each, my wife’s 11k student loan, owed our first born to a couple of banks, etc.. and our household income TOTALED about 35k. If there was a way to be stupid with money, unfortunately I did it! But what valuable lessons I learned that are worth far more money than the debt I paid off….As Dave Ramsey put it, we got on beans and rice, rice and beans and started hacking away. As we began to manage our money better and started stacking the debts with the debt avalanche, something strange began to happen, the money coming in kept going up, and not just my income. My wife kept getting raises and nearly doubled her income while I was raising my income, so the same principles work for anyone I think.

As far as the private loans, no, Sallie Mae funded all the graduate work and I did an enlistment in the Army out of high school that gave me the Army college fund to take care of all my undergrad work. Growing up in trailer parks, I didn’t see much of a chance in paying for college at the time unless I enlisted, lol.

By: Debbie

Debbie — Tue, 25 Nov 2008 01:27:43 +0000

@Scott – you made good choices along the way, unfortunately I think many people have already gone outside their means and are now faced with debt and very little (if any!) extra money each month. Did you not have any private education loans? My private education loans have much higher interest rates than 2.8% (and you can’t consolidate those with federal, unfortunately). Bummer. But yay for you- looks like things are all falling into place for you!

By: Josh

Josh — Tue, 25 Nov 2008 00:16:14 +0000

Sounds like a good plan Scott. Seems to me like your taking the train. A determined, steady mode of transportation.

By: AJC

AJC — Tue, 25 Nov 2008 00:13:32 +0000

@ Diane – I’m glad that SOMEBODY pays attention to what I’m saying

@ Scott – Your post goes some way to answering Josh’s question (that he sent me) about whether to go for an MBA or not … no doubt it’s a great investment; but, on it’s own, it wouldn’t have got you to your Number/Date. However, the Making Money 101 lessons that you learned – and, the ‘investing income’ that you are accruing – in the process of acquiring these degrees then using them, just might!

@ MoneyMonk – You said it, Baby!