Once again, I thought I was kind of a big deal. In 2 years spanning 3 calendar years (July to July) I had built up a sizable SEP-IRA, and had set enough cash aside to purchase a six-figure waterfront lot with cash after taking a “permanent” job. Our housing was paid for, I got a nice daily wage and per diem, and I took very little time off. We traveled around, and I worked as locum tenens anesthesiologist for nearly 2 years. It’s also advantageous to work like a resident to really kickstart your savings. It’s a good way to jumpstart your nest egg when you get your first real Doctor job. You may have heard the term “ live like a resident“. It turns out I fell in love with someone who despises wasting money even more than I do, my 2nd big step towards FI. To this day, she still complains that the diamond is too big. I bought my lovely girlfriend a ring with about 2 weeks’ worth of a resident’s salary. I say “we” because I became engaged in 2006 as well. Hindsight being 20/20, it would have been wise to sell when I graduated in 2006, but we weren’t ready. I became a homeowner, had a nice place to live, and the place appreciated in value. I was able to save enough during my internship for a 10% down payment on a one-bedroom condo in residency. Why are we opening an IRA? What is a Roth conversion, and why should we do this now? How much might account this be worth 40 years from now if it were to grow 9% per year? Answer: 32 times as much, thank you Rule of 72 and compound interest! The financial help was great, but I probably benefitted as much or more from the financial education aspect. They also covered the taxes for a Roth conversion (but not this Mega Roth conversion) when I was in a low tax bracket. When I got a job in high school, they helped me open an IRA, and helped me fund it when the $4.25 an hour I earned at the grocery store wasn’t enough. My Dad taught me the Rule of 72 when I was a kid. My parents didn’t help pay for college tuition, fees, room and board were already covered. Physicians, Pharmacists, and other healthcare professionals are invited to join Incrowd today! Designed with convenience and timeliness in mind, 70% of surveys are answered on a mobile device in just a few minutes. If I hadn’t had my grandparents’ help, or had gone to private school at any point, my debt would have easily been six-figures.Īnswer quick MicroSurveys for cash. I took out loans during medical school, lived in shabby apartments next to campus, and was able to graduate with a hefty five-figure debt. I consider my choice of college and medical school to be an important first step towards FI.īetween the scholarships, the in-state public school tuition, and a college fund set up by my grandparents, I was able to finish undergrad with money in the bank. I graduated in 4 years, enjoying it so much I decided to stay for 4 more, finally leaving in 2002 with an M.D. Instead, I followed in the footsteps of my mother and father and his father and went to State U.
Cme mathlete full#
The call where they offered me full tuition for 4 years. I also got into my safety school, the good old land-grant State U, but I hadn’t given it that much consideration. I hadn’t actually seen most of them, and they probably didn’t have on-campus Taco Bells, but I thought I might like to go to a Big Name school. I was admitted to some other top schools too, like Duke, Rice, and the University of Chicago. Plus, they offered me a merit scholarship covering 75% of tuition. But I thought that was pretty outstanding.
The fact that Vanderbilt had an on campus Taco Bell and you could use your meal plan card there carried way, way more weight than it should have. I had the Princeton Review guide, a few campus tours, the US News rankings, and no idea what was really important.
As a senior in high school, I received numerous scholarships, but there was one in particular that led to my first step towards eventual financial independence.Ĭhoosing a college was no easy task.
But what matters is that I did well in school and rocked some standardized tests. Or the glorious junior high days, when I was a star mathlete. I could go back, way back to 1st grade, when I dominated the Iowa Basics.
I didn’t keep great track along the way, and didn’t know 10% of what I now know about personal finance, but I’ll do my best to recreate my path. I didn’t give many details as to how that happened financially. In My Story, I talked about the life circumstances that led me here, to create this blog after achieving financial independence.
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