Planning the next 5 years

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  • MillennialDoc MillennialDoc 
    Status: Student
    Posts: 4
    Joined: 01/25/2019

    Hi all,

    Current MS3 just trying to plan ahead for large expenses over the next 5 years. I am newly married to a wonderful partner who is teacher.

    What are were some large expected purchases or spending, which you planned for when finishing medical school, starting internship, or during residency?

    Conversely, what were some of the unexpected purchases or spending?


    #237184 Reply
    Liked by adventure
    ENT Doc ENT Doc 
    Status: Physician
    Posts: 3456
    Joined: 01/14/2017



    CordMcNally CordMcNally 
    Status: Physician
    Posts: 2693
    Joined: 01/03/2017

    There shouldn’t be too many large expected purchases. The biggest purchase may be if one of you ends up needing a new(er) car. If so, I would certainly look at used reliable cars at your stage in life. Some other expected spending may be moving for residency. I would highly recommend that you rent. A lot of places want a first and last month deposit along with a security deposit. This is typically a good chunk of change considering one of you hasn’t had a real job in 4 years and the other is likely an underpaid teacher. If you rent, most unexpected spending may be the result of a vehicle breaking down, health problems, having to fly across country on short notice for sick family or a funeral, etc. Save up a nice emergency fund and these unexpected purchases won’t end up being a big deal.

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

    #237187 Reply
    Avatar NationalPark 
    Status: Physician
    Posts: 17
    Joined: 06/22/2019

    Interviewing expenses.

    #237192 Reply
    Avatar gas passer 
    Status: Physician
    Posts: 7
    Joined: 07/30/2019

    Interviews, moving costs, board exams, medical license, high rent if in an expensive area for residency, children

    #237282 Reply
    Liked by SLC OB, Tim, adventure
    Lordosis Lordosis 
    Status: Physician
    Posts: 1666
    Joined: 02/11/2019

    Depends a little on your anticipated specialty.  Going into Family Medicine I had all my interview costs covered Hotel and food.  A few places even gave me a mileage stipend.  I wanted to stay in the same region so I was able to drive to all of them.

    Some of my friends paid thousands in travel expenses and hotel costs however.

    Living expenses during residency can be more for a couple.  If I was single I would have lived under  bridge since I spent most of my time in the hospital anyways.  Since I had a wife we got a nicer but still modest place.  We had a kid during residency and that was also expensive.  The stuff is only half of it.  Daycare costs cut deep when your salary is 60K a year.

    Some people had very nice cars but we drove our old POSs throughout residency.

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

    #237286 Reply
    Liked by SLC OB, jfoxcpacfp
    q-school q-school 
    Status: Physician
    Posts: 2596
    Joined: 05/07/2017
    Earnest refinancing bonus

    it’s not exactly a cost, but your spouse may have to relocate with the match and s/he might not find a job right away.


    #237300 Reply
    Avatar Peds 
    Status: Physician
    Posts: 4240
    Joined: 01/08/2016

    have an efund, start saving, then it doesnt matter.

    #237301 Reply
    Liked by Zaphod, q-school
    Avatar tylerjw12 
    Status: Spouse
    Posts: 16
    Joined: 05/23/2016

    A vacation for the two of you after med school and before residency. Another nicer vacation after residency and before fellowship / attending life. Unfortunately we missed the second one.

    Second having a fund to cover funeral and wedding travel, costs of interviewing (lodging, travel, clothes), away rotation expenses.

    #237337 Reply
    Liked by Tim
    Dreamgiver Dreamgiver 
    Status: Physician
    Posts: 839
    Joined: 03/09/2017

    Also, depending on the practice you end up joining after training, there might be several months of no income as it takes time for AR to collect your bills.

    #237338 Reply
    Liked by jfoxcpacfp
    Avatar HumbleInvestor 
    Status: Physician, Small Business Owner
    Posts: 182
    Joined: 12/28/2016

    Are there offices that dont pay their docs until AR is cleared even if the doc gets paid a portion of the receipts?

    #237360 Reply
    Avatar adventure 
    Status: Spouse
    Posts: 1168
    Joined: 10/24/2016
    Interviews, moving costs, board exams, medical license, high rent if in an expensive area for residency, children

    Click to expand…

    Our list has also included:

    – rent going up

    – replacement car when it gets totaled

    – another replacement that one gets totaled too

    – moving yet again.

    – moving

    – furniture

    – buying a house

    – finding out there was another $50k student loan that your SO didn’t know about.

    – new laptop/computer/phones

    – the 3 months off you’ll want (and should!!) take off between residency/fellowship and real life.

    – a funeral or 2.

    – The dog and all that stuff

    – the dog’s surgery and night in the ICU, then (years later…) putting the dog down

    – The time when your SO is in between jobs and isn’t getting paid.

    – the garden you planted, the new bicycle(s) … (or insert hobby here)

    #238039 Reply
    Liked by jfoxcpacfp, Tim
    Avatar Tim 
    Status: Accountant
    Posts: 2857
    Joined: 09/18/2018

    Depending on specialty, residency/fellowship interviews can be quite a few trips. Time constraints can leave yo no choice but expensive air tickets, car rentals etc.

    Think twice about accepting requests to be in wedding parties. That’s a lot different than attending as well. If “no” isn’t acceptable, it can be close to a vacation.

    Self moves can be logistical nightmares cross country due to time constraints. Comes down to move versus buy all new stuff for furniture.

    Prep courses for all the tests and boards, get a handle all the professional stuff.

    Society annual meetings. Even if the residency “pays”, it’s likely reimbursed a long time after the fact.

    #238171 Reply
    Liked by jfoxcpacfp
    jfoxcpacfp jfoxcpacfp 
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7958
    Joined: 01/09/2016

    – finding out there was another $50k student loan that your SO didn’t know about

    Click to expand…

    Chuckle before bed. Sorry that you had that experience, but thank you for posting your experience 😳.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ ~ [email protected]

    #238182 Reply

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