Originally Posted by Prince300
I'm a fellow and its painful to moonlight to keep up with all my expenses and I rely a lot on credit cards especially that I'm getting married soon. Now I'm saving and paying off my debt at the same time but as far as house goes I'm planning to rent for 2 yrs after finishing up to save for down payment coz I don't wanna end up having to work all the time to make a mortgage payment, plus I'm not planning to get a big house because of the same reason. I think having a nice car is cool way to reward ur self for all the shit we go through. I do a lot of highway driving and I enjoy driving my car.
Definitely rent for two years. I listened to a buddy of mine who said buy a house that you can grow into. Wish I didn't. Oh well, you live and learn.
What are you specializing in? Prepare to have your wages cut. With ACOs and bundling payments, there's no other way but down for MD wages - especially for specialists. One of the docs at work just let his Skyline GTR go. Payments for cardiac catheterizations have taken a hit. He's also picked up extra shifts covering the general cardiologists.
If you're getting married, don't spend too much on it. I know it's tempting to blow cash on a big ring and a wedding and it is expected because you're a doctor, but honestly we're not as "rich" as people make out.
People don't realize that after all the taxes we pay, we have just the right amount of money for a nice home, 1 or 2 vacations a year, pay all our debts accrued while in school, save money for retirement and kids' education. We're not rolling in dough like the big CEO/banker types...