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Two Attending physicians, student loan debt of 660K, Buy 1st home now or delay?

Home Mortgages and Home Buying Two Attending physicians, student loan debt of 660K, Buy 1st home now or delay?

  • ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3567
    Joined: 01/14/2017

    Here is the thing. I am 46. Many here are older than that. I messed up exactly as you are wanting to and I regret it.

    I bought a house for too much at the wrong time with nothing down after finishing fellowhip. I had 300k of debt, no down payment and i was starting a new job.

    I made the same mistake you are about to make.

    It was foolish of me and i deeply regret it.

    A resident asks: “ is that the right blood vessel to stick? “

    When you talk to a resident about to stick the carotid while attempting a central line do you tell them or just let them poke away? Do you say it firmly?

    You asked if you should poke the carotid with a big needle…….the answer is nope, bad idea.

    go to http://www.futureme.org and send yourself an email that will arrive in the future, say 8 years from now.

    In 8 years see if we were trying to be nasty or just trying to help.

    How did my home turn out? Sold 10 years later for a loss of 200k. Left my first job because it was crap after two years. Was a long distance land lord……tenants tore up house…….house did not appreciate as i hoped, money pit + time sink + stress + huge loss when sold 10 years later. I know, sounds impossible to you. Me too.

    I hate being wrong .

    like everyone i am a stubborn, overconfident, flawed, pattern seeking primate and i would also have been annoyed by this forum back when i made that ridiculous purchase.

    Don’t stick that. It is arterial.

    Rent yourself a really nice place. You deserve to live in a nice place.

    Click to expand…

    https://media.tenor.com/images/a9a99b5e3d23d99fe1dd5c82135d7451/tenor.gif

    #218454 Reply
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 2124
    Joined: 01/15/2017

    Don’t stick that. It is arterial.

    Steal worthy pearl.   Saving for future use.  Thank you!

    #218466 Reply
    Liked by RocDoc, billy, hatton1
    hatton1 hatton1 
    Participant
    Status: Physician
    Posts: 3115
    Joined: 01/11/2016

    Agreed.  Great analogy Tangler.  Do not stick the carotid.  Most of us older posters have made mistakes and we are trying to keep you young docs from making the same ones.

    #218483 Reply
    Avatar trebizond 
    Participant
    Status: Resident
    Posts: 132
    Joined: 12/31/2017

    Attitude reeks from OP(s). Good luck to them with their soon-to-be 1.5 million dollar debt…

    #218496 Reply
    Avatar Tangler 
    Participant
    Status: Physician
    Posts: 371
    Joined: 08/23/2018

    Attitude reeks from OP(s). Good luck to them with their soon-to-be 1.5 million dollar debt…

    Click to expand…

    I wasn’t any different. I am no better. Docs (myself included) are by nature driven, persistent and often overconfident. It is what we think we know already that often prevents us from learning. I honestly think they will get a lot out of this thread. They had the courage to ask the question. They got an answer they did not want, and did not agree with, plus a touch of shaming from our tribe, which always annoys smart folks. Being wrong sucks. But being wrong is very useful. Don’t get discouraged OP. Smart folks learn from mistakes, brilliant people learn from other people’s mistakes.

    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4595
    Joined: 05/13/2011

    Closing this thread. Based on the number of emails I’m getting about it, it’s generating more heat than light. Can’t say I’ve read the whole thing but it sounds like the OP(s) got the assistance they were looking for.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #218510 Reply

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