ME 457k AND I AM NO INTERVENTIONAL RADIOLOGIST. I CAME FROM NOTHING !!!! FROM THE BOTTOM. AND MADE IT. STAY SAFE. HE SHOULD PAY THAT IN ONE SINGLE YEAR !!!!!!!NO BODY NEEDS 300K TO LIVE IN A YEAR END OF STORY.
@@splicketylictv8490 SO SORRY !!! My caps was on and I just left it. Not yelling at all. interesting. How people perceive the text different. capitals could be important, exclamation, yelling?, excitement. etc. for sure I was not yelling amigo. If you met me in real life I am very hyperactive :)
the amount of debt accrued pursuing a medical education is absolutely ridiculous and i'm willing to bet its top 3 on the list of why people don't pursue medical professions
@@laveritepique7035 that is pretty lucky! I am unlucky because in this country Dental School is generally more expensive. My tuition alone is $85,000 per year..
I love videos like this. Dr Webb recently made a video where he was talking with a friend in the medical field about the financial side of medicine that isn’t taught in school.
Loved this video! We are in our 9th year of paying off my husband’s orthopedic med school loans. Almost done! We always chat about how docs are so poorly set up to manage their finances coming out of residency/ fellowship. Would you feel comfortable doing budget videos, breaking down how and where you budget your finances? I see a lot of lower income budget with me videos on UA-cam but not for higher incomes. I realize that it can open the door for a lot of judgment and that finances are very private. Just a thought. Thanks again for sharing all that you do.
ER DOC HERE ! WITH AN ORTHO SALARY 9 YEARS CLEARLY NOT DOING WELL. I MEAN NO BODY NEEDS 300K A YEAR TO LIVE PERFECTLY FINE !!!! YOU GUYS SHOULD HAVE PAID 200k PER YEAR. BUT MAY BE YOU HAVE 2-3 CARS, BIG HOUSE, ROLEX, TRIPS, AND MAY BE MANY CHILDREN. YOU SHOULD HAVE LIVED LIKE A RESIDENT FOR 3 YEARS AND DONE. STAY SAFE. QUICK TIP: NO ASSET SHOULD HAVE MORE THAN 20%. EXAMPLE. STOCK 20%, REAL STATE 20%, INVESTMENT ACCOUNT 20% ETC. AND NO STOCK SHOULD BE MORE THAN 5% YOUR TOTAL INVESTMENT. NO FINANCIAL ADVICE !
I know you were doing basic numbers, but people need to realize that Income based repayment will lower your payment that usually doesn't even cover the interest accruing. So interest will get capitalized onto your principle. The 250k will be even higher when you actually decide to start tackling it. It's a rough road, currently in the thick of it. Pay your loans off as soon as you can people, and enjoy the peace.
I have three more years with PSLF. I was going to quit bc my loan servicer was not counting almost 2yrs worth of payments. That changed when the DOE sent out the PSLF waiver notice last month. Now I'm on track to be done in 2025. So, I'm coasting and saving as much money as I can. I plan on taking a year off when my loans are forgiven. I've always had a job since I was 16yrs old. I'm tired, I want a break, and I want to travel.
I owe gratitude to my pm who put up 50 grand on doge in December of last year, I was able to settle all my debt. That put me over a mill, with half of that going to AMC at $14. I now hold over 35k shares worth over 1 mill. Andre Michael Ciaburri did this.
lol, you're an exception. The majority of retail investors who bought Doge did so after its parabolic rise in price, only to lose money when self-made millionaires sold. There's no way to catch the waves unless you can spot them ahead of time. Is there a way to contact your pm, if you are not too modest about it? I made very little money from AMC from just holding a previous loss and there was no way I would have been able to predict the bull run.
@@matt4381 Andre Michael Ciaburri routinely makes good investments, in addition to his past performance. For a long time, my weekly payment has been around $1000. If you seach his name you should find his page it would have all the info if you need to reach him.
@@DrCellini Exactly. Easy to get caught up in the numbers but if we take a step back and actually think about what we get to do for a living.. We're pretty lucky. Hope you're well and all is good with the new job 👌🏻
Thanks for sharing your experience, because physicians never talk about it. Definitely scaring pulling out the medical school loans when I started this fall, but this gives me hope!
THATS BABY MONEY. WHEN YOU COME FROM NOTHING I HAVE 457k IN DEBT. 250 SHOULD BE PAID IN 3 YEARS MAX. BUT PEOPLE WANT THE TWO NEW CARS, THE HOUSE, THE ROLEX, THE TRIPS, BLA BLA BLA
Exactly what I’ve done with my student loans. I have my degree in social work and you have to work for a non profit or a government job. I definitely agree that you need to do your research and make sure those plans are best for you. They have worked out so far in my favor and I hope my loan will will be forgiven in four more years. 🤞🏻
ER DOC HERE ! I OWN MORE THAN ANYONE I KNOW !!!!!! COMING FROM A VERY HUMBLE BACKGROUND, WORKIGN IN MCDONALDS AND NOW A DCO I HAVE 457,000$ IN DEBT. SOOOO. OH I KNOW. BUT I AM THANKFUL I WAS ABLE TO STUDY SUCHA REWARDING CAREER. STAY SAFE EVRYONE. BY THE WAY I WAS JUST ABOUT TO DO A SIMILAR VIDEO HOWEVER I DECIDED TO WAIT A LITTLE UNTIL I HAVE A JOB AND PLAN. SOOON !!!!
Absolutely not worth it. Become a nurse. Save your extra money the first 10 years and load up in an S&P 500 fund. With proper money management, you'll come out just as good financially.
My husband is a radiologist and he had to take out some student loans for med school. We were married a few years before he decided to go to med school and so we felt more comfortable waiting to start a family until he finished med school. I have an MBA and am good with $$- we really hunkered down to pay off those medical school student loans as quickly as we could manage. We lived quite frugally for many years snd even today live under our means. Back in the day, HEAL loans were 10-14% interest! It would have been stupid to not pay them off quickly in our case.
Love you’re videos! As a nurse married to a doctor, and having paid off $400k in student loans I was initially concerned about your plans until I got to the end of your video and then agreed with your current plans! 🥂 cheers!! (For those reading this - don’t count on the government helping you out in 10 years. It’s no way to live your life. Just make as much money as you can during your pursuit to pay your loans off as quickly as you possibly can! And don’t elevate your lifestyle until you’re debt-free, excluding your mortgage.)
Great info. I had student loans from undergraduate and graduate school. I'm retired and the loans are long gone. I remember getting my loans at 18 years old and not having the financial maturity you have. The government makes it easy for young people to get loans however they have no idea about the ongoing consequences. Today many people are having to decided if they can afford to buy a house and pay their student loans. Your research, however boring and dry it was, has given you financial freedom many people are struggling with. Thanks!
I have over 75k so far for my master's (2 semesters left to go) and am getting ready for my PsyD which will be a 5-year deal. I'm 50, disabled, and going through a divorce.
$250k in debt when you make $400k doesn't actually seem that bad tbh. Your payment is $2,600/mo for 10 years which is a drop in the bucket when you take home over $20k after taxes.
ER DOC HERE I AGREE A 100% HOWEVER A LOT OF NOT SMART DOCS DECIDED TO BLOW THEIR MONEY ONCE THEY FINALLY HAVE IT ON CARS, HOUSES, ROLEX, TRIP ETC. YOU SHOULD LIVE LIKE A RESIDENT FOR 2-3 YEARS AND YOU WILL BE DEBT FREE IN NO TIME. BEING PATIENT IS THE KEY. STAY SAFE GUYS !
Idk that’s just over a quarter of his monthly income. I’d pay that stuff of ASAP. The interest on student loans is above 5%. That’s a lot of lost money over the years.
@@PsychedelicFern I AGREE WITH 100%, NO REASON TO KEEP THAT AROUND SPECIALLY WHEN DISCLOSE HE MAKES ALMOST 100k ON UA-cam A YEAR. I MADE 110$ :( ONE YEAR. NO JOKE BUT STILL TRYING HOPEFULLY IT WILL HELP PAY MY 500k LOANS
US medical school is so expensive, in Canada is considerably cheaper. In my province of Manitoba, medical school is $13500Cad per year, about $15000Cad with extra stuff which is $12000USD. Medical school in Canada is heavily subsidized by the government.
Our idea of a government subsidy is the federally backed loans. So school charge whatever they want because they know we can get the money from the government.
You make it seem like people who make 50-60k don't make enough money to pay their bills! Like calm down Dr. Cellini lol everything is about budgeting!!
Thanks for the heads up on nonprofit for hospitals. I’m a hospital chaplain for a nonprofit. Definitely checking into this for public service repayment. Thanks again!
I love you brother i enjoy watching your videos. I’m a RN taking post bacc courses to fulfill requirements for med school and these videos fuel me upppp.
@@user-kp6we9qw7i I was a student nurse assistant (lesser role but still similar to CNA). CNA and RN spend so much time with patients that we quite simply know how to interact with people. We know body language, we know when someone is lying/ when someone is hurt, when someone is lonely and needs to talk! Most important we know body mechanics!!! Wish me luck in physics because thats my only hurdle to med school lol
thank you thank you so much I even not in college yet dude I'm 23 years old scare to not handle the situation in residency, all this pass for my head all the time degree > pre reqs> pre med> med school / residency dude jesus and for pre med and med school i need take money somewhere and pay for the loan jesus and am i international student ( Ok gonna be) this make the things little rough jesus.
Good luck to you Garry. I think that you will be fine as you have the good sense to be a little scared. Others who have no fear are the ones who will pay and suffer.
I knew as soon as I heard you talking about loan forgiveness that you'd change your plan away from it. It's honestly hilarious to assume someone would stay at a low paying job for 10 years betting on the government to forgive their loans when there are so many ways for it to go bad. The percentage of people who actually get the loan forgiveness is super low. Medical professionals are in high demand and the idea someone will decline private practice for 10 years - it's ridiculous.
Dr. Cellini do you think you could say the name of the procedures you do a little slower? I want to look them up so I know what you are doing. Love your videos!
4th year med student - The amount of debt that I'm accumulating at the moment due to the crazy interest rates and compounding effect.. no one teaches out about how to repay it or how to deal with it. Thanks for the video
Great content. Lots of debt to be a doctor but as Dr. C said…he can pay them off in 2-3 years if he wanted. Also, if you wanted to make a recession proof investment…I can’t think of a better investment into yourself than medical school. Dr. C will make millions as a doctor. Millions.
I heard from a friend that radiologists get sued more than any other specialty, is there any truth to this? I have been considering radiology but I would be concerned about something like being sued.
I would think OB if anything cause of the things going wrong during delivery and every parent gets sue happy if you might ruin their perfect bundle of joy. Would look up malpractice insurance costs and just assume the higher the cost the more the payouts are for suing
Omg that’s exactly what I did after I got my doctorate degree- I bought a Porsche ! You work so hard for years , and you want to reward yourself for your hard work. Ugh!!!
@Timmy Tran i mean you do know that there s 3 to 7 years of residency after medical school with an average income of 70k$ per year. And then in order to reach 200-300k per year (if you're a surgeon) that needs many years of experience. So it s easier said than done
Dr. Eli I, my thought is that you just work for free ($0) in residency and also don’t get paid as an attending and I just don’t really get student loans and how they pertain to medicine. So confusing, it’s like you are not really making anything. I need to understand finances more.
Hi , I am a foreign trained dentist, 31 yrs planning to seek dds . According to you ,is it worth so much debt. And if u can suggest what other next bst career path I can pursue . TIA.
Oh my money stress on top of residency stress.😢what I don't get is since like where I live we are so short on Doctors. We have 2 medical schools. 1 know is pushing being a hospitalist. Why can't the state help pay for medical programs and offer tto pay off your loans if say u signed a contract to work in the state 2 yrs? Or is that a bad idea?
I think it's a good idea to figure out ASAP if you're committed to academics or at least a non profit. Private loan companies will offer loans with small payments until you finish residency at a much lower interest rate. For a $250K loan and a 6 year residency, the amount of interest that accumulates at 6% is $60K higher than a loan at 2%. You definitely lose some protections refinancing with private but PSLF is really finnicky and almost always a net loss when you take salary into account. Decent plan for someone who's 100% committed to academics tho.
It is worth studying for 13 years, economically speaking since many people say that the salary is between 350-450k depending on the city and other things. I like the medicine but I also want to know if those salaries are correct
Always pay the smallest debt first---always! It works! So right now you may only have 3000$ available per month(shovel aka snowball), and next month you'll have a bigger snowball, since the amount you saved in interest last month, is now extra money you can use to pay the remaining balance. It's not simple math. Simple math makes it look worse than what it is. You're snowball will be so big that the bigger loans are not as bad as they looked initially. Also as soon as you can, get part time jobs, cut most expenses. Opporrunities always show up, or we can make our own opportunitues. No more debt! Just a few more years of paying off debt only is worth it to cut 10 plus year slavery! Ufff!
I'm sure he did his research on this. But once you leave the PSLF-IBR then wouldn't the loan balance revert to the $250,000 + capitalized interest over the 6+ years he was in residency. He easily would owe over $375,000 by that point at 7% interest since he was paying basically nothing on the loans for 6 years. That would be the new balance to refinance. So unless his new job would give him a gross pay increase of at least $550,000 over those 3 years when factoring taxes it would be better to stay in the PSLF-IBR.
Hi Dr. Cellini…my daughter is starting Medical School soon, and my husband is German & we basically have a European attitude towards debt…we can’t stand it. But there is no other way now…getting the Federal Aid package today made me so anxious. But your video was a glimmer of light at the end of a very dark tunnel. This is just the very beginning but like with everything else here…information is crucial…and you urging us to research and plan is a great start. Thank you for that. Looking forward to more nuggets of information.
Alternative. You get out of residency with $250,000 in debt. Your attending physician salary is 300 year after tax. You live on 175k for two years. Your loans are paid off and You’re a debt free 2 years after residency.
Gotta refinance with a Sofi or Earnest...Can get a rate of 2.4 percent or less as a Medical Professional....Knock down the principal with excess payments, and you can slowly easy up as your career progresses....It's sad that people who will other wise go to Medical School choose to be a PA, and have like 65-75k in debt, and act like they are physicians.
As a full time student & full time employed, I would suggest that you dedicate to school. It will save you from all the headaches & stress & gives you the best opportunity to excel in your classes. If it was optional for me, then I definitely wouldn’t work while in college
Do you wear a dosimeter badge? What is your acceptable amount of radiation exposure each year? If you reach it early, do you not work for the rest of the year?
Considering the income you are set up to make i don’t see the big issue. HOWEVER, the real issue arise when you take those debt out and have nothing to show after aka drop out of med school
I don’t know how it’s slipped under my radar for so long but I didn’t know until this video that you were a DO! Fist year DO student here with $150k in debt going into medical school. This video was a roller coaster for me to watch as I am fairly financially savvy like yourself. Have you considered waiting and just paying your loans off over the standard term simply because you could get better returns through investments than your interest rate on the loans? I’m kind of conflicted on paying debt back as quickly as possible vs. putting as much of my money away as possible when I finish up in a decade. Either way love your content, keep up the great work!
IF YOU HAVE VERY LOW INTEREST RATES AND YOU CAN MATCH AN SP 500 THATS MAY BE OKAY. NO RUSH IN PAYING. HOWEVER I WANT TO SEEEEE MY DEBT OUT ! GONE. DAVE RAMSAY WOULD AGREE. BC THEN YOU WILL BUY A HOUSE, CARS, KIDS, ETC AND ALL YOU WILL HAVE IS DEBT AND AN ILLUSION FOR YEARS THAT YOU ARE MAKING MONEY. STAY SAFE ! YOU ARE SMART GUY
great information Dr, Cellini! You are a man of so many talents from Medicine to Finance, but really your common sense is really what puts you at the King of the Hill and will always keep you out of trouble. .
As a PA I was $175,000 in debt went to a nicer school. It had a year more of education than the average, 3-year program. Now I’m finally down to owing $45,000 it feels good but gosh takes awhile to pay back. I’m 4 years out since graduating. I’ve had a baby, bought a new car (Honda because my husband talked me out of the nicer Range Rover haha) and I also went to work part time after becoming a mom. I chose lifestyle over paying the loan once I threw 2 years of my pay into those loans.
At least feel good that the good doctor will be saving lives with his education as opposed to someone getting loan forgiveness for a degree in Gender or African Studies.
I was fortunate enough to get into a school close enough to my condo to not have to sell and move. We're going to try to pay the condo off first and then live on my wife's nurse salary for 2 years after that so I can dump all of my money on my school debt.
Boy the "ironic" term is used so much and it's literally never used correctly. Even by chance you'd figure he'd get one right...how ironic (still not the correct use).
Gotta love those student loans...
Without them, 💰 I couldn't have gone 2 school, but they're a heavy 💪burden afterwards. Happy 😊 2 have them paid👍off!
Same same!
@@DrCellini -- 1 route I took was teaching [2nd career] 3 yrs in a poverty stricken school 🏫 district 4 some loan 💰 forgiveness.
Debt can be overwhelming! Thanks for breaking it down. I’m sure this helped many future and attending physicians.
Makes me grateful I live in Scotland where all tuition is free x
Dr Cellini: 250k Student Loan Debt
Dave Ramsey: "Heavy Breathing"
😆 In my head all I hear is 'only 2 % actually qualify for those loan forgiveness programs'
Rice beans , Beans and rice
ME 457k AND I AM NO INTERVENTIONAL RADIOLOGIST. I CAME FROM NOTHING !!!! FROM THE BOTTOM. AND MADE IT. STAY SAFE. HE SHOULD PAY THAT IN ONE SINGLE YEAR !!!!!!!NO BODY NEEDS 300K TO LIVE IN A YEAR END OF STORY.
@@FacundoMD Whoa, that's cool and all but why you yellin
@@splicketylictv8490 SO SORRY !!! My caps was on and I just left it. Not yelling at all. interesting. How people perceive the text different. capitals could be important, exclamation, yelling?, excitement. etc. for sure I was not yelling amigo. If you met me in real life I am very hyperactive :)
the amount of debt accrued pursuing a medical education is absolutely ridiculous and i'm willing to bet its top 3 on the list of why people don't pursue medical professions
I am lucky that in my country in I only pay 500chf per semester. Otherwise I Would not be able to do these studies..
@@laveritepique7035 that is pretty lucky! I am unlucky because in this country Dental School is generally more expensive. My tuition alone is $85,000 per year..
@@StudentDoctorEli which country ?
@@StudentDoctorEli my friend is in dental school and theirs is about 90k a year
@@kaitlynkilpatrick36 yup! can get really expensive
I love videos like this. Dr Webb recently made a video where he was talking with a friend in the medical field about the financial side of medicine that isn’t taught in school.
Loved this video! We are in our 9th year of paying off my husband’s orthopedic med school loans. Almost done! We always chat about how docs are so poorly set up to manage their finances coming out of residency/ fellowship. Would you feel comfortable doing budget videos, breaking down how and where you budget your finances? I see a lot of lower income budget with me videos on UA-cam but not for higher incomes. I realize that it can open the door for a lot of judgment and that finances are very private. Just a thought. Thanks again for sharing all that you do.
ER DOC HERE ! WITH AN ORTHO SALARY 9 YEARS CLEARLY NOT DOING WELL. I MEAN NO BODY NEEDS 300K A YEAR TO LIVE PERFECTLY FINE !!!! YOU GUYS SHOULD HAVE PAID 200k PER YEAR. BUT MAY BE YOU HAVE 2-3 CARS, BIG HOUSE, ROLEX, TRIPS, AND MAY BE MANY CHILDREN. YOU SHOULD HAVE LIVED LIKE A RESIDENT FOR 3 YEARS AND DONE. STAY SAFE.
QUICK TIP: NO ASSET SHOULD HAVE MORE THAN 20%. EXAMPLE. STOCK 20%, REAL STATE 20%, INVESTMENT ACCOUNT 20% ETC. AND NO STOCK SHOULD BE MORE THAN 5% YOUR TOTAL INVESTMENT.
NO FINANCIAL ADVICE !
I love to see video on higher budget.
Did they get forgiven?
I know you were doing basic numbers, but people need to realize that Income based repayment will lower your payment that usually doesn't even cover the interest accruing. So interest will get capitalized onto your principle. The 250k will be even higher when you actually decide to start tackling it. It's a rough road, currently in the thick of it. Pay your loans off as soon as you can people, and enjoy the peace.
Man student loans are killer. What was your favorite and least favorite part of medical school other than debt.
The friends I met
I have three more years with PSLF. I was going to quit bc my loan servicer was not counting almost 2yrs worth of payments. That changed when the DOE sent out the PSLF waiver notice last month. Now I'm on track to be done in 2025. So, I'm coasting and saving as much money as I can. I plan on taking a year off when my loans are forgiven. I've always had a job since I was 16yrs old. I'm tired, I want a break, and I want to travel.
I owe gratitude to my pm who put up 50 grand on doge in December of last year, I was able to settle all my debt. That put me over a mill, with half of that going to AMC at $14. I now hold over 35k shares worth over 1 mill. Andre Michael Ciaburri did this.
lol, you're an exception. The majority of retail investors who bought Doge did so after its parabolic rise in price, only to lose money when self-made millionaires sold. There's no way to catch the waves unless you can spot them ahead of time. Is there a way to contact your pm, if you are not too modest about it?
I made very little money from AMC from just holding a previous loss and there was no way I would have been able to predict the bull run.
@@matt4381 Andre Michael Ciaburri routinely makes good investments, in addition to his past performance. For a long time, my weekly payment has been around $1000. If you seach his name you should find his page it would have all the info if you need to reach him.
@@melvin5299 Thanks, will do
Damn these numbers are scary! 😲 Thanks for sharing. A must watch for everyone considering medicine
Yeah they are definitely daunting. But we can’t be scared of them!
@@DrCellini Exactly. Easy to get caught up in the numbers but if we take a step back and actually think about what we get to do for a living.. We're pretty lucky. Hope you're well and all is good with the new job 👌🏻
Glad to see my exact plan is being put to the test
I am going to Europe and study medicine for only 15k total tuition debt (6-year program)
Thanks for sharing your experience, because physicians never talk about it. Definitely scaring pulling out the medical school loans when I started this fall, but this gives me hope!
That’s why I’m doing it!
THATS BABY MONEY. WHEN YOU COME FROM NOTHING I HAVE 457k IN DEBT. 250 SHOULD BE PAID IN 3 YEARS MAX. BUT PEOPLE WANT THE TWO NEW CARS, THE HOUSE, THE ROLEX, THE TRIPS, BLA BLA BLA
This video was super informative!!! Thank you so much Dr. Michael Cellini
Exactly what I’ve done with my student loans. I have my degree in social work and you have to work for a non profit or a government job. I definitely agree that you need to do your research and make sure those plans are best for you. They have worked out so far in my favor and I hope my loan will will be forgiven in four more years. 🤞🏻
holy crap I think you just saved me $100,000. I really like these doctor's finance videos I think youre really good at them :)
You look tired. Another 4 hour work from home day?
🤣🤣🤣
ER DOC HERE ! I OWN MORE THAN ANYONE I KNOW !!!!!! COMING FROM A VERY HUMBLE BACKGROUND, WORKIGN IN MCDONALDS AND NOW A DCO I HAVE 457,000$ IN DEBT. SOOOO. OH I KNOW. BUT I AM THANKFUL I WAS ABLE TO STUDY SUCHA REWARDING CAREER. STAY SAFE EVRYONE.
BY THE WAY I WAS JUST ABOUT TO DO A SIMILAR VIDEO HOWEVER I DECIDED TO WAIT A LITTLE UNTIL I HAVE A JOB AND PLAN. SOOON !!!!
Absolutely not worth it. Become a nurse. Save your extra money the first 10 years and load up in an S&P 500 fund. With proper money management, you'll come out just as good financially.
My husband is a radiologist and he had to take out some student loans for med school. We were married a few years before he decided to go to med school and so we felt more comfortable waiting to start a family until he finished med school. I have an MBA and am good with $$- we really hunkered down to pay off those medical school student loans as quickly as we could manage. We lived quite frugally for many years snd even today live under our means. Back in the day, HEAL loans were 10-14% interest! It would have been stupid to not pay them off quickly in our case.
Omg. I’m a PA, went to Cornell. My loans give me anxiety.
Love you’re videos!
As a nurse married to a doctor, and having paid off $400k in student loans I was initially concerned about your plans until I got to the end of your video and then agreed with your current plans! 🥂 cheers!!
(For those reading this - don’t count on the government helping you out in 10 years. It’s no way to live your life. Just make as much money as you can during your pursuit to pay your loans off as quickly as you possibly can! And don’t elevate your lifestyle until you’re debt-free, excluding your mortgage.)
Thank you. Just got accepted to medical school and im starting this July. Love these financial videos.
Great info. I had student loans from undergraduate and graduate school. I'm retired and the loans are long gone. I remember getting my loans at 18 years old and not having the financial maturity you have. The government makes it easy for young people to get loans however they have no idea about the ongoing consequences. Today many people are having to decided if they can afford to buy a house and pay their student loans. Your research, however boring and dry it was, has given you financial freedom many people are struggling with. Thanks!
Student loan forgiveness program doesn't work that easy. They go by your income and don't take in account expenses.
I have over 75k so far for my master's (2 semesters left to go) and am getting ready for my PsyD which will be a 5-year deal. I'm 50, disabled, and going through a divorce.
Bless you and I admire you too.
$250k in debt when you make $400k doesn't actually seem that bad tbh. Your payment is $2,600/mo for 10 years which is a drop in the bucket when you take home over $20k after taxes.
You should be able to pay that off in 2-3 years if your raking in $400k
ER DOC HERE I AGREE A 100% HOWEVER A LOT OF NOT SMART DOCS DECIDED TO BLOW THEIR MONEY ONCE THEY FINALLY HAVE IT ON CARS, HOUSES, ROLEX, TRIP ETC. YOU SHOULD LIVE LIKE A RESIDENT FOR 2-3 YEARS AND YOU WILL BE DEBT FREE IN NO TIME. BEING PATIENT IS THE KEY. STAY SAFE GUYS !
Idk that’s just over a quarter of his monthly income. I’d pay that stuff of ASAP. The interest on student loans is above 5%. That’s a lot of lost money over the years.
@@PsychedelicFern I AGREE WITH 100%, NO REASON TO KEEP THAT AROUND SPECIALLY WHEN DISCLOSE HE MAKES ALMOST 100k ON UA-cam A YEAR. I MADE 110$ :( ONE YEAR. NO JOKE BUT STILL TRYING HOPEFULLY IT WILL HELP PAY MY 500k LOANS
I'd pay that off in 1 year. I'd survive on 50k to pay off that 250k student loans
US medical school is so expensive, in Canada is considerably cheaper. In my province of Manitoba, medical school is $13500Cad per year, about $15000Cad with extra stuff which is $12000USD. Medical school in Canada is heavily subsidized by the government.
Our idea of a government subsidy is the federally backed loans. So school charge whatever they want because they know we can get the money from the government.
Nobody cares. And the avg cost of a house in Canada is $800,000… Canada isn’t that great
You make it seem like people who make 50-60k don't make enough money to pay their bills! Like calm down Dr. Cellini lol everything is about budgeting!!
The doctors I know are at 500k+ student debt
Thanks for the heads up on nonprofit for hospitals. I’m a hospital chaplain for a nonprofit. Definitely checking into this for public service repayment. Thanks again!
I love you brother i enjoy watching your videos. I’m a RN taking post bacc courses to fulfill requirements for med school and these videos fuel me upppp.
I worked with an intensivist who used to be an RN and before that was a CNA. He was the best doctor I’ve ever worked with.
@@user-kp6we9qw7i I was a student nurse assistant (lesser role but still similar to CNA). CNA and RN spend so much time with patients that we quite simply know how to interact with people. We know body language, we know when someone is lying/ when someone is hurt, when someone is lonely and needs to talk! Most important we know body mechanics!!! Wish me luck in physics because thats my only hurdle to med school lol
What?! Why you paying $1500/mo for rent in NC?!
thank you thank you so much I even not in college yet dude I'm 23 years old scare to not handle the situation in residency, all this pass for my head all the time degree > pre reqs> pre med> med school / residency dude jesus and for pre med and med school i need take money somewhere and pay for the loan jesus and am i international student ( Ok gonna be) this make the things little rough jesus.
Good luck to you Garry. I think that you will be fine as you have the good sense to be a little scared. Others who have no fear are the ones who will pay and suffer.
@@pep590 Thank you dude for you too
I knew as soon as I heard you talking about loan forgiveness that you'd change your plan away from it. It's honestly hilarious to assume someone would stay at a low paying job for 10 years betting on the government to forgive their loans when there are so many ways for it to go bad. The percentage of people who actually get the loan forgiveness is super low. Medical professionals are in high demand and the idea someone will decline private practice for 10 years - it's ridiculous.
I would think of the student debt as an investment ❤
Dr. Cellini do you think you could say the name of the procedures you do a little slower? I want to look them up so I know what you are doing. Love your videos!
4th year med student - The amount of debt that I'm accumulating at the moment due to the crazy interest rates and compounding effect.. no one teaches out about how to repay it or how to deal with it. Thanks for the video
Great content. Lots of debt to be a doctor but as Dr. C said…he can pay them off in 2-3 years if he wanted. Also, if you wanted to make a recession proof investment…I can’t think of a better investment into yourself than medical school. Dr. C will make millions as a doctor. Millions.
I heard from a friend that radiologists get sued more than any other specialty, is there any truth to this? I have been considering radiology but I would be concerned about something like being sued.
I would think OB if anything cause of the things going wrong during delivery and every parent gets sue happy if you might ruin their perfect bundle of joy. Would look up malpractice insurance costs and just assume the higher the cost the more the payouts are for suing
Omg that’s exactly what I did after I got my doctorate degree- I bought a Porsche ! You work so hard for years , and you want to reward yourself for your hard work. Ugh!!!
My study was free at college and they government also gave us a small amount of money too Thanks God . Thank you bro love your videos .
Awesome! Can’t beat that
It took me 10 years to pay off my 200k med school loans. It’s a great feeling when you call in the last payment
was it worth it
@Timmy Tran what year you at now bro
@Timmy Tran i mean you do know that there s 3 to 7 years of residency after medical school with an average income of 70k$ per year. And then in order to reach 200-300k per year (if you're a surgeon) that needs many years of experience. So it s easier said than done
and now he's making that much probably in 6 months, big deal
Interest loans. His balance grows during school.
Dr. Eli I, my thought is that you just work for free ($0) in residency and also don’t get paid as an attending and I just don’t really get student loans and how they pertain to medicine. So confusing, it’s like you are not really making anything. I need to understand finances more.
Hi ,
I am a foreign trained dentist, 31 yrs planning to seek dds .
According to you ,is it worth so much debt.
And if u can suggest what other next bst career path I can pursue .
TIA.
“in the interest of time” 🥁
This was really great advice, thank you.
Oh my money stress on top of residency stress.😢what I don't get is since like where I live we are so short on Doctors. We have 2 medical schools. 1 know is pushing being a hospitalist. Why can't the state help pay for medical programs and offer tto pay off your loans if say u signed a contract to work in the state 2 yrs? Or is that a bad idea?
my ugrad loans are fucking 14.5% interest at sofi, im so fucked
I think it's a good idea to figure out ASAP if you're committed to academics or at least a non profit. Private loan companies will offer loans with small payments until you finish residency at a much lower interest rate. For a $250K loan and a 6 year residency, the amount of interest that accumulates at 6% is $60K higher than a loan at 2%. You definitely lose some protections refinancing with private but PSLF is really finnicky and almost always a net loss when you take salary into account. Decent plan for someone who's 100% committed to academics tho.
What is it with doctors and Porche 911's anyway? They LOVE those cars.
I’m subscribing cause you included pharmacists 🤗
Can I start Income based repayment in medical school or does it only count in residency?
I made a big mistake a couple of years after graduation leaving a union job at a nonprofit hospital for a independent pharmacy.
It is worth studying for 13 years, economically speaking since many people say that the salary is between 350-450k depending on the city and other things. I like the medicine but I also want to know if those salaries are correct
I'm so lucky I never had student loans...then again here in Europe my salary as a doctor is way lower than in the US.
Nice video!
Me, about to matriculate into the top school of student debt 💀
Always pay the smallest debt first---always! It works! So right now you may only have 3000$ available per month(shovel aka snowball), and next month you'll have a bigger snowball, since the amount you saved in interest last month, is now extra money you can use to pay the remaining balance. It's not simple math. Simple math makes it look worse than what it is. You're snowball will be so big that the bigger loans are not as bad as they looked initially. Also as soon as you can, get part time jobs, cut most expenses. Opporrunities always show up, or we can make our own opportunitues. No more debt! Just a few more years of paying off debt only is worth it to cut 10 plus year slavery! Ufff!
I'm sure he did his research on this. But once you leave the PSLF-IBR then wouldn't the loan balance revert to the $250,000 + capitalized interest over the 6+ years he was in residency. He easily would owe over $375,000 by that point at 7% interest since he was paying basically nothing on the loans for 6 years. That would be the new balance to refinance. So unless his new job would give him a gross pay increase of at least $550,000 over those 3 years when factoring taxes it would be better to stay in the PSLF-IBR.
Hi Dr. Cellini…my daughter is starting Medical School soon, and my husband is German & we basically have a European attitude towards debt…we can’t stand it. But there is no other way now…getting the Federal Aid package today made me so anxious. But your video was a glimmer of light at the end of a very dark tunnel. This is just the very beginning but like with everything else here…information is crucial…and you urging us to research and plan is a great start. Thank you for that. Looking forward to more nuggets of information.
Alternative. You get out of residency with $250,000 in debt. Your attending physician salary is 300 year after tax. You live on 175k for two years. Your loans are paid off and You’re a debt free 2 years after residency.
Didn’t know you were an athlete in undergrad. Mad respect. I swam and am now post grad… on the grind to get into med school.
Super helpful, thanks!
💞 the variety of your 🎥
Thx!!
Gotta refinance with a Sofi or Earnest...Can get a rate of 2.4 percent or less as a Medical Professional....Knock down the principal with excess payments, and you can slowly easy up as your career progresses....It's sad that people who will other wise go to Medical School choose to be a PA, and have like 65-75k in debt, and act like they are physicians.
That first degree payin off huh lol
Join the military once you get your acceptance letter to med school. Military will pay for it, but you'll owe them some years. Still worth it.
Theses PLF doesnt work
Do you think it’s worth it to work part time during college and take longer to graduate? Or crank out credits and graduate early without working?
As a full time student & full time employed, I would suggest that you dedicate to school. It will save you from all the headaches & stress & gives you the best opportunity to excel in your classes. If it was optional for me, then I definitely wouldn’t work while in college
Do you wear a dosimeter badge? What is your acceptable amount of radiation exposure each year? If you reach it early, do you not work for the rest of the year?
Considering the income you are set up to make i don’t see the big issue. HOWEVER, the real issue arise when you take those debt out and have nothing to show after aka drop out of med school
Where was I supposed to learn about this? Definitely not in Med school
My med school went over this during our orientation week
In my first year at a private MD program and took out 83,000…. Multiply that by 4 😅
I don’t know how it’s slipped under my radar for so long but I didn’t know until this video that you were a DO! Fist year DO student here with $150k in debt going into medical school. This video was a roller coaster for me to watch as I am fairly financially savvy like yourself. Have you considered waiting and just paying your loans off over the standard term simply because you could get better returns through investments than your interest rate on the loans? I’m kind of conflicted on paying debt back as quickly as possible vs. putting as much of my money away as possible when I finish up in a decade. Either way love your content, keep up the great work!
IF YOU HAVE VERY LOW INTEREST RATES AND YOU CAN MATCH AN SP 500 THATS MAY BE OKAY. NO RUSH IN PAYING. HOWEVER I WANT TO SEEEEE MY DEBT OUT ! GONE. DAVE RAMSAY WOULD AGREE. BC THEN YOU WILL BUY A HOUSE, CARS, KIDS, ETC AND ALL YOU WILL HAVE IS DEBT AND AN ILLUSION FOR YEARS THAT YOU ARE MAKING MONEY. STAY SAFE ! YOU ARE SMART GUY
Good luck finding low risk investments with an ROI of >7%!
@@gerardacronin334 most people are refinancing their loans for a much lower rate
@@gerardacronin334 Exactly
Hello Dr. Cellini. Where do I get a student loan to study medicine abroad?
A 17 min vid that feels like 1 hour
great information Dr, Cellini! You are a man of so many talents from Medicine to Finance, but really your common sense is really what puts you at the King of the Hill and will always keep you out of trouble. .
Love these videos!
Glad you like them!!
UR 1 VERY WISE 🤓 DR. 🚑
Why thank you
From DO to DO please dont wear figs thanks!
As a PA I was $175,000 in debt went to a nicer school. It had a year more of education than the average, 3-year program. Now I’m finally down to owing $45,000 it feels good but gosh takes awhile to pay back. I’m 4 years out since graduating. I’ve had a baby, bought a new car (Honda because my husband talked me out of the nicer Range Rover haha) and I also went to work part time after becoming a mom. I chose lifestyle over paying the loan once I threw 2 years of my pay into those loans.
How much math did you have to learn and what does math have to do with radiology?
Government equals me and others. Why do we have to pay for your education?
At least feel good that the good doctor will be saving lives with his education as opposed to someone getting loan forgiveness for a degree in Gender or African Studies.
@@pep590 We don’t want to pay for Anyone’s student loan. I had to pay for my own. Get a life and work and pay it off yourself.
i have a normal job and live pay check by pay check and i have a debt of 14k and it sucks
Hey. Dr. Cellini!
Could you make a video explaining how the different types of private practice models work?
Hey, at least when you pay off your student loans, your credit score drops because your credit age reduces.
I was fortunate enough to get into a school close enough to my condo to not have to sell and move. We're going to try to pay the condo off first and then live on my wife's nurse salary for 2 years after that so I can dump all of my money on my school debt.
A little off topic, but… HOW BOUT DEM DAWGS?!?!
Boy the "ironic" term is used so much and it's literally never used correctly. Even by chance you'd figure he'd get one right...how ironic (still not the correct use).
Hey Dr. Cellini, thanks for all the great info! what are your thoughts on buying a house in residency?
It isn’t forgiven completely. You have to tack it onto your taxes.
Can you explain those residency things please
Hello doc can i ask what RU TS (NCO) means
Excellent video, thank you so much for the information and examples.
Sir how many years will it take for you to pay back all your student loans?
dude thanks for making this video, very informative!!
Did you refinance? Why why not?
You probably make that now in 6 months lol
This is great information. Thank you so much Dr. Cellini
im taking all this as financial advice