"Live Like a Resident"
paying off my student loan debt
I've decided to start a series of personal posts about my financial journey as a physician in training learning how to pay off my student loan debt early (why is medical school so expensive?!)
For those unfamiliar with the terminology:
- "Resident" - an indentured servant; but for real, it's a physician still in training (graduated from medical school, they have a doctorate in medicine (MD or DO), and yes they're allowed to be called "Dr.") that is completing several more years of training to become a full fledged, out on your own, practicing doctor!
- "Fellow" - a sucker (like me) who opted for an additional 1-3 years of MORE training, to further "sub-specialize" in their primary field of practice. For example, your dermatologist or neurologist may have completed a fellowship after completing medical school and residency.
To set the stage - Where does the phrase "Live like a resident" come from?
It comes from the common knowledge that residents don't get paid a salary for the amount of hours worked, and therefore must live frugally for a period of time. The word "Resident" actually comes from physicians in training that work such long hours and are at the hospital more hours in a 24 hour day than at home, that they actually "live" at the hospital (ie: are residents).
Also, a little about me because PERSONAL finance is just that, personal. Each experience is individualized and your debt is not my debt, or your living situation is not my living situation.
- I’m married to S, which means I have a second income to rely on (but also more expenses since we have to make one income spread among the two of us).
- I don’t have any kids - my focus now is to pay off the debt owed, and admittedly, it’s easier to do that when I don’t have little toddler feet running around to take care of. If you have kids, keep in mind what works for me may not work for you.
- I’ve paid off a significant portion of my debt already - I started off with $200,000…medical school isn’t cheap. I’m hoping that this investment of time and effort will pay off in the long run!