savings before MS1?

[Madhatter]

how much money did you guys have saved up before MS1?? Have you had to dip into yours savings yet??

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[JDAD]

I'm pretty sure most people are in the opposite situation, they are knee deep in debt.

Savings? what savings?

How can anybody have money in the bank? If you do, you better tell your parent's thanks for the support.

 

[LSUwannabe]

I've got about -$50,000

 

[Prophecies]

how much money did you guys have saved up before MS1?? Have you had to dip into yours savings yet??

My savings = $5,000 loan that I will be using to buy furniture and use for unexpected expenses...hmm...come to think of it, I don't really think that's "savings"...sounds like more debt to me

 

[Law2Doc]

How can anybody have money in the bank? If you do, you better tell your parent's thanks for the support.

Well, in all fairness, not everybody goes to med school via the traditional route... there are other sources of income out there besides parents. But true, debt is the norm.

 

[JDAD]

Well, in all fairness, not everybody goes to med school via the traditional route... there are other sources of income out there besides parents. But true, debt is the norm.

I uderstand this, however, I bet most people that go into medical school with money in the bank have the moey because of thier parents/family. I'm sure you are the exception though

 

[MadameLULU]

i have about 25K, which I've saved up over the past year (loan money and working). I had planned to use the money to purchase a condo, but I can't afford that where I'm going to med school. So, now I'm using it to buy a car, open an IRA, and the remainder will be used as reserve money in case I need it during med school

 

[tinkerbelle]

I uderstand this, however, I bet most people that go into medical school with money in the bank have the moey because of thier parents/family. I'm sure you are the exception though

I don't know about that. It seems like a lot of people have take a year (or more) off to work. Most people I know have managed to save at least a little bit.

 

[THP]

I took 3 years off and had right around $200,000. My wife and I both worked for publically traded companies. That is the real way to make money.

We have since had a baby so have had to dip into our savings but left our long term investments alone.

 

[relema]

I have $6,000 in the bank from working this year, some of that will go towards moving. I have been trying to bring back up my savings after I spent half of it to go to europe last year. I have a couple thousand in my 401k but I am not touching that at all.

 

[lightnk102]

i've got about 8000, but 2000 of that is going to my summer trip in costa rica. i consider it my "sanity money", aka beer money, post-exam-shoe-shopping money, etc. like the above poster mentioned, i also have a good amount in various retirement accounts that i won't be touching.

 

[backrow]

I had two years off between college and starting med school. I had an awesome job that paid very well, but in an industry that I didn't care for too much. I think I had around $15,000 in the bank when I stepped foot on campus, I'm down to around 6,000 now at the end of MS2 year, but I also made a very large purchase in those two years to help take that down. But yes, I have gone into my savings a little bit, but I am still putting away money in my retirement accounts.

 

[bigdan]

Wow. Nice work saving guys.

I'm gonna go in with about 1K. That's it. It will be gone almost immediately, and I will enter the throes of the aforementioned debt.

I will try to work a little, so that I can at least enjoy the luxury of having gas in my car and food on the table.

dc

 

[45408]

How can anybody have money in the bank? If you do, you better tell your parent's thanks for the support.

Yeah, right. They owe ME money.

 

[A.D.O.R.]

Yeah, right. They owe ME money.

Anyway, I worked almost non-stop during undergrad and saved up around $8,000. Spent about $3,000 on medical school application stuff and my parents gave me money for interview clothing and they paid for two airplane tickets. I then received cash for graduation. Before MS1 I had ~$7,500 in savings with $3,000 earmarked for my first IRA contribution.

 

[ZappBrannigan]

I have almost 13,000 saved up. I've picked up as many shifts as I could at work in anticipation of being flat broke (I worked for two years after undergrad). Definitely not a gift from my parents, but I know they would help out if they could.

 

[fun8stuff]

ha, and i thought i was good for going in with $2000, which wil be spent almost immediately. although i worked constantly through undergrad, i also bought a brandnew car in 2003, which is almost paid off. i have not been so lucky to have parents that have been able to pay for everything....

 

[YouDontKnowJack]

$75000 saved.

just started spending it on school, since I quit borrowing loans with the high ass 6.25% continually rising interest rate. I was losing most of my savings interest just paying off the 6.25%, especially now that banks seem to be stuck at 3.25% interest, despite a rising fed rate.

I'm getting 100% of the sub/unsubsidized staffords, and paying the rest out of pocket.

 

[A.D.O.R.]

$75000 saved.

just started spending it on school, since I quit borrowing loans with the high ass 6.25% continually rising interest rate. I was losing most of my savings interest just paying off the 6.25%, especially now that banks seem to be stuck at 3.25% interest, despite a rising fed rate.

I'm getting 100% of the sub/unsubsidized staffords, and paying the rest out of pocket.

$75,000? Dude, what did you do during or after undergrad?

 

[fun8stuff]

$75,000? Dude, what did you do during or after undergrad?

it is called... "Trust fund"

 

[tinkerbelle]

I'm getting 100% of the sub/unsubsidized staffords, and paying the rest out of pocket.

Is this what most people are doing? Taking out the full $38,500 and then using savings to pay for any extra costs? That's what I plan on doing too... but since my accounts don't make much interst, I guess technically, i'll be losing money when interest rates go up to like 4.46%.

 

[lightnk102]

Is this what most people are doing? Taking out the full $38,500 and then using savings to pay for any extra costs? That's what I plan on doing too... but since my accounts don't make much interst, I guess technically, i'll be losing money when interest rates go up to like 4.46%.

I'm planning on taking out private student loans to cover what the federal money doesn't cover. the 38.5k barely covers tuition as it is, and i'm not going to have enough savings to cover living expenses for four years.

 

[YouDontKnowJack]

$75,000? Dude, what did you do during or after undergrad?

I worked as a porn star.

 

[45408]

I'm planning on taking out private student loans to cover what the federal money doesn't cover. the 38.5k barely covers tuition as it is, and i'm not going to have enough savings to cover living expenses for four years.

That's why I'll use loans to cover my tuition, and my sugar mama will cover my living expenses.

 

[ttpatel]

I know being a med student is a full time job, but has anyone heard of people working part-time while in med school?

 

[YouDontKnowJack]

I know being a med student is a full time job, but has anyone heard of people working part-time while in med school?

and what are you gonna do part time?
is it worth sacrificing half your week and your grades?

money will pour in after residency. borrow now. work later.

 

[Law2Doc]

I know being a med student is a full time job, but has anyone heard of people working part-time while in med school?

I think some people manage to squeeze in skin bank harvest runs and other couple of hour a week kinds of jobs, but generally nothing like a 15-20 hour a week part time job is feasible.

 

[Mutt]

I think some people manage to squeeze in skin bank harvest runs

Skin bank harvest runs?

 

[Law2Doc]

Skin bank harvest runs?

Harvesting skin from organ donors and retrieving it from other hospital/facilities for use in burn victim skin grafts.