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Loans and Locums, graduating in 2 mos

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  • Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3088
    Joined: 09/18/2018

    So you do have a job lined up, kind of.
    “The attractive thing about locums is that I can work 14 shifts straight at the beginning of a month, travel for a month, and work 14 shifts straight at the end of the next month. Maybe take a few days off and then get back on schedule.”

    That gives you one month off out of two. Good start. Now you just need to plan out the other 10 and get your other month in! Glad you got the license crap down. Might as well scout jobs. Are your locums in AZ,NV, & Cali? Or in the east?

    So your plan is 14 on -28 off with 7 or 14on? You see my point, tough to repeat and tough to get back on track for 12 months. Still don’t see how you cash flow July-Sept and sell your house in August. Doesn’t seem like Mom is an option. Fill in the holes for yourself, not for anyone else. By the way, some locums might be toxic like the practices you mentioned and in cities that are boring as well. But, 14 straight limits that and then you are gone.
    Of course that assumes that the contracts always dovetail with your desires. Good luck.

    #215608 Reply
    wonka31 wonka31 
    Participant
    Status: Physician
    Posts: 701
    Joined: 03/24/2018

    I know this forum is for people who value financial stability above all else but some of this is not helpful, just unconstructive bullying. Some of you are helpful. Fortunately I already paid for boards and will sit for the exam in August. As far as my travel plans, good point about employment gaps; I will keep it in mind. The attractive thing about locums is that I can work 14 shifts straight at the beginning of a month, travel for a month, and work 14 shifts straight at the end of the next month. Maybe take a few days off and then get back on schedule. I’ve been told by other locums docs that they actually give their locums agencies their credit card numbers. Their hotels and flights during assignments are billed to the docs personal credit card and immediately reimbursed by the locums agency. This way, the docs just pay off their credit card bill every month and end up with lots of rewards points to use on personal travel. I’m between the chase sapphire reserve and the amex platinum card. I definitely don’t carry balances on credit cards.

    Luckily, I already have my licenses in 3 states, one was paid for in exchange for a contract to work 18 shifts in any state over the next calendar year with one of the locums agencies. That’s a nice perk. Since I’m planning on doing full time locums anyway, the 18 shift requirement doesn’t feel like a big deal. Depending on how things go, I may ask them to reimburse me for the cost of one of my other licenses. I agree I need to start looking for a permanent position in the Southwest, thanks for the fire. And hopefully will be able to establish with a CPA and a financial planner within a month or two of starting work.

    Click to expand…

    I may be reading between the lines here, but it seems like you want to get rid of your debt (sort of), but really want to travel. There’s nothing wrong with travel (I like it too), but you came and asked specific finance questions. Some of the comments were unconstructive, however I read them as a dose of reality instead of bullying.

    I’d be somewhat concerned about working fourteen days in a row in any field, including medicine. These hospitalist shifts tend to be longer (10-12 hours) and fourteen in a row would be brutal in most places. In my opinion, this is a quick path to burnout. Loading a month’s worth of work into two weeks, then traveling for two to four weeks (not sleeping in your own bed, timezone changes, etc.) and then going to work for fourteen straight days seems unsustainable. I’d really recommend rethinking this for your own good.

    Here’s what I would do: I’d travel some, but far less than what you’re planning on. Although it may seem counterintuitive after reading the paragraph above, I’d work more. Maybe instead of fourteen shifts a month, you work sixteen or eighteen, but spread it out over the 30ish day month. The fastest way to pay off your huge debt (not your fault, it’s the cost of education currently) is to make more money and pay it off on an accelerated schedule.

    I think there are a lot of things you, and only you, can figure out. People here can be helpful, but there is way too much up in the air to be all that constructive. How many shifts can you work? Should you travel as much as you intend to? Should you settle down in a practice sooner rather than later? Should you do a critical care fellowship? Should you contact your lender directly to get some of your timeline questions answered? Should you not give $20k to your mom per year when you owe $390k?

    Again, I can’t justifiably answer these for you. I think that you need to sit down and really think some of these things out, it’ll probably help you far more than anyone here can at this point in time.

    #215621 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2859
    Joined: 01/03/2017

    @cordmcnally,
    You might like this.
    https://mobile.twitter.com/yologeneration_

    Fail.

    Click to expand…

    It says account suspended for me. For full disclosure, I’m likely similar in age to the OP.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #215624 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2859
    Joined: 01/03/2017

    I know this forum is for people who value financial stability above all else but some of this is not helpful, just unconstructive bullying.

    Click to expand…

    Bullying? You have $400k in student loans. If you go to any financial forum, most recommendations are going to be to start doing something about that before you start jet setting around the world. I bet a decent number of people at travel forums wouldn’t recommend traveling as extensively as you’re planning in your current situation. What a lot of new members don’t understand is that many of the posters here provide invaluable advice through life experiences. Just because it isn’t the answer you want to hear doesn’t mean it’s bullying.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #215625 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 487
    Joined: 02/01/2018

    It’s solid advice, man. You can’t go by the username MackTruck then throw out the word “bullying”. Come on, man

    Good luck with it. Props to helping out your family on top of everything

    Earn everything.

    #215632 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1863
    Joined: 02/11/2019

    I agree you have bigger problems.  We have seen it before and I think people are just being honest here on the forum.  You need to address those loans and live your net worth.  You are poorer then a bum and should act like one.  Don’t believe me?  A lot of people do not agree with the normalization of debt;

    https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

     

    https://www.whitecoatinvestor.com/how-fast-can-you-get-out-of-debt/

     

    https://www.daveramsey.com/get-started/debt

     

    https://jlcollinsnh.com/2015/03/26/stocks-part-xxviii-debt-the-unacceptable-burden/

     

    Best of luck.  I hope you realize the emergency here sooner rather then later.

    “Never let your sense of morals prevent you from doing what is right.”

    #215887 Reply
    Avatar Radonlake 
    Participant
    Status: Physician
    Posts: 38
    Joined: 01/24/2019

    One of the challenges in your plan is that you start your career with locums’ work – so I would try to use that strategically to locum in areas you may want to work in. That way, you make up for the disadvantages of the locums early in your career by finding out whether there are potential practices for you to join, learn the local culture and see whether you fit.

    Try to limit your licences to states you think may practice later – don’t let locum’s agencies talk you into getting many more unless you may want to practice there. I was told that you keep your licences usually since it is difficult to get them back so it becomes really a yearly tax which you will be paying forever, after you dump the locums work.

    Also try to limit your assignments/credentialing. I am a different specialty but many private groups and hospital consider you “difficult to credential” if you have been credentialed at many places – since every future place has to verify all these.

    Keep meticulous track of all your dates. In every future credentialing process you have to explain any gap, sometimes even a few days. This may not so much apply if you stay with the same locum’s agency/same set of hospital practices. It is pitty-petty but it is reality.

    #215906 Reply

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