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I come from two uneducated, financially illiterate (incompetent probably better word) parents. My dad would rack up credit card debts chasing women. If I wanted something, they’d tell me to wait for Christmas or my birthday, so I always had to invest time into stuff, not so much money. But I’ve been a natural hoarder all my life so saving money is easy for me. I had to get a scholarship for undergrad and have loans for medical school. I have only recently taken on a huge mission to educate myself financially, so I know what I’m doing. Too bad I wasted my 20s…
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For me, I don’t think it makes sense to buy a$300k house to buy a bigger$5-600k house in 5 years. That’s around the break even point on a house, so I think either rent for a few years or just buy the big house now with a big down payment and grow into it. The only advantage a starter house gives you is an idea of what you really want in a house but financially I don’t think it makes sense.Click to expand…
Thanks that’s what we are concerned about too, whether we would break even when we sell the house. It’s hopefully better than renting though, since the monthly payment would be what I am paying for rent now.Click to expand…
It ultimately will come do to your preference. That break even point is generally thought to be around 5 years as Johanna alluded to. However, I’m sure this calculation is highly dependent on many variables (closing costs, housing market going up/down, ability to sell in 5 years, maintenance, utilities, etc).
To give you my experience, my wife and I bought a house for $250k 5 years ago at the start of residency, thinking we’d work in the same area afterwards (fortunately worked out). This was at rock bottom of the housing market and very much a buyer’s market. Now, we’re going to be looking for a house in the $500-600k range. We’ll end up selling our current house for around $300k (in today’s market), so this seems like a good profit but comes closer to a wash sale after paying realtor fees, maintenance (furnace/AC just went out 🙁 ), and upgrades needed to sell it again. However, let’s say you buy a big house and don’t have kids, then that empty space looks really lonely. Tons of moving variables, so I think you’ll have to decide what you want because you know all of the variables and your preferences most. Financially, like the others have said, you’re in a good situation, so go with what you want to do.
For me, I don’t think it makes sense to buy a$300k house to buy a bigger$5-600k house in 5 years. That’s around the break even point on a house, so I think either rent for a few years or just buy the big house now with a big down payment and grow into it. The only advantage a starter house gives you is an idea of what you really want in a house but financially I don’t think it makes sense.
FWIW, I don’t see any better way or any negative implications.June 3, 2016 at 11:20 am MST in reply to: First time home buyer: with how many Lenders should I get Preapproval? #21178
I think the most important step for people like this is just the basics. Where is the money going? Track your spending for a month or two and figure out what can be cut easiest. Sometimes, I doubt people know where all the money even went. If they’re eating out a lot, having a food budget may save a few hundred a month. Do they hire people to do the yardwork? Housecleaning? Wash the car? All this can be done easiest if you see where every dollar went. Using mint or other like programs will help. The original question writer is the only one to know the details.
I’m in a similar situation as I finish up fellowship. I’ve chosen B since most doctor’s loans have high interest rates. We’re waiting 2 years to save up since our house only went up about $40k during residency.
For us, the rush is to have our oldest start school in a nicer school district, which starts in 2 years. Then, it’ll be throwing money at student loans for a few years.
I’ve always liked the idea of getting a set number of days off for everything. I don’t understand people using sick days for vacation. Especially during residency when someone had to cover for them. Not someone I want to work with when they’re looking out for #1.
Re: OP, I agree that I wouldn’t cancel surgeries for “sick” days. It may be routine for you, but having surgery is a big event for most people’s lives. Not something I would want my surgeon cancelling just to avoid losing a sick day.
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There used to be an additional hidden cost of traveling to Tampa to use their slides and scopes but not anymore if you have a webcam. I wonder what they’d do if you took it at home in your underwear?
What I’ve never understood is the people who are grandfathered in for not having to recertify. For pathology, anyone boarded prior to circa 2001 are grandfathered. But that 60 year old pathologist who hasn’t kept up to date with anything for the last 20 years is immune but the person who did residency 5 years ago must. This fact alone argues strongly in favor of a money grab where it’s a bunch of old timers forcing recent graduates to pay. If they did it to emphasize quality, everyone would have to do it and they’d do it differently.
If you’re in ks, then LLCs don’t pay state income taxes. It’s a controversial tax break that’s bankrupted the state but caused many people to organize as such.Click to expand…
The OP is in NY, but I’m glad you posted that. Same for distributions (but not salaries) from s-corps, sole proprietors, and partnerships. Since it has been effect only sine 1/1/13, I doubt it has had time to “bankrupt” the state, but that is sure some tax loophole. Wonder how long before it is deep-sixed?Click to expand…
Bankrupt, no, but the cuts are happening. There’s been budget shortfalls every year since implementation, and medicaid, higher education, and roads/transportation have all been cut already. I agree that it’s a matter of time before they’re repealed since the state is hemorrhaging money, but it may take an election or two.
If you’re in ks, then LLCs don’t pay state income taxes. It’s a controversial tax break that’s bankrupted the state but caused many people to organize as such.
It is, but at some point the patterns become increasingly complex. And someone still has to assure quality of the technology. How would you like a computer diagnosing you with cancer without some physician oversight? Eg, the standard of care is to use software to grade and score breast prognostic markers, but you probably wouldn’t want joe from IT making sure it’s accurate 😀 . You (and probably most physicians) would probably be amazed at how frequently lab equipment and analyzers break down/fall out of QC. Quality assurance can’t be done without someone knowledgable of what the right answer should be.