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post #22666 of 37396
Thread Starter 
Economics and history. But I taught a lot in college and I was lucky enough to make some connections in the private education market in Seoul while living there but before actually entering the field. Started off design side part time. Led to some teaching and it turned out I was very good at it (it was something I had always loved and I had always intended to teach...still looking forward to a small liberal arts university somewhere).

For some reason I thought you were law school?
post #22667 of 37396
Quote:
Originally Posted by Joenobody0 View Post


It's really very easy for a post-grad program. I forgot to submit half the assignments in one of my classes, didn't study for the final, and received an A+. This was a top 3 MBA program.

Thanks for the insight, I didn't know Wharton is that easy. Out of curiosity, how heavy was PE recruiting? 

post #22668 of 37396

Easy? Fuck me... I'm looking for programs that are hard. What do I care about the ranking? Who's going to challenge me?

post #22669 of 37396
I don't think masters' programs are what they were 40 years ago... many seem like cash-grabs for universities.
post #22670 of 37396
Quote:
Originally Posted by CBrown85 View Post

I don't think masters' programs are what they were 40 years ago... many seem like cash-grabs for universities.

Mine was (is) a joke...from a decent school. Still need to finish the last course. Kids keep getting in the way.
post #22671 of 37396
Yeah. They seem good at that.
post #22672 of 37396
Quote:
Originally Posted by ridethecliche View Post


To be honest, my retirement stuff is incredibly lacking (I'm 26 for reference). I likely won't be able to put much of a dent in it till I'm 35 or so at which point I hope I can make up for lost time. 

Look at the math of compound interest and then reconsider--and I know you are about to start the med school journey and won't be able to put tons of money away. *Anything* you put away now will grow by leaps and bounds over the course of a 40-year investment horizon. You almost literally cannot afford to wait. "Catching up" to compound interest is damn near impossible.

Quote:
Originally Posted by Ambulance Chaser View Post

Anybody have investments outside of a retirement account? I keep wanting to open up a Fidelity or Vanguard index fund, but see all my money go toward mortgage, living expenses, clothing, and travel.

As others have noted, money deposited into other accounts, or automatically diverted to investments is a great way to not miss it and force yourself to save.

In addition to 401(k) and IRA, for the past 15 years I have consistently put away money monthly to be invested in a couple of DRIPs. I never see it in my account. It just slowly builds up over time.
post #22673 of 37396

@ridethecliche FWIW I'm heading into my 4th year of medical school after taking a year off to work. While a handful of my classmates invest heavily, they're the exception to the rule (and most of them were able to do this because of significant parental support). It's hard - I was up against the same decision you're facing of how to handle my savings heading into 4 years of loans and debt. I decided to put it toward living expenses and loan-reduction as much as possible, with the rest going toward vacations and other ways of relaxing/enjoying life as I go through the grind. I'm not going to be entering a particularly high-paying specialty (non-procedural) but I still have no regrets for the decision I made. Major consideration here is that my medical education has been dirt cheap, but still, travel, eat well, enjoy life over the next 4 years.  Most of my class has done this, and quite a few of us come from financially rough backgrounds.  I think the quality of life and mental health benefits of my decision outweigh what compound interest can give me 35 years from now.  Think of it this way - you were a pre-med, now you're a medical student, your life has been and will continue to be led by the promises of delayed gratification. It gets exhausting and it can make you feel hopeless/miserable/depressed. Instant gratification is a wonderful thing.

post #22674 of 37396
Thread Starter 

I hope to never retire. Sweet, sweet academia. I'm going to teach until I'm senile.

post #22675 of 37396
I have to disagree with the people advising those entering or in medical school to be saving heavily. Compound interest does a lot, but the math of compound interest is a lot more important when you are looking at steady pay increases over a number of years versus the very sudden pay increase when one goes from residency to a full time medical position post residency. That's kind of like telling someone who is working as a prosecutor for 5 years before going to the private sector to triple their salary that saving a lot of money while a prosecutor is critical. It just isn't. When you are in a position where you have a reasonable expectation to see your pay increase dramatically, your eventual salary is going to be a lot more important.

I'm not opposed to saving. I think it is smart and do my best to save a fair amount of post-tax income (I won't give the exact amount because that's really only my business). But the tiny amount of money one is going to be able to put away as a medical student and resident just pales in comparison to what one will be able to put away as a doctor post residency. If you don't expect that sort of compensation bump, by all means start early, but if you do, the traditional rules don't apply in the same way. They're written for people who will see slow increases in pay over a 30 or so year career, not people who will see a material change in their lifestyle between something like their last year of residency and first year as a doctor post residency.
post #22676 of 37396
Under the standard econ model and income path it's optimal to borrow for consumption when young FWIW.
post #22677 of 37396
Quote:
Originally Posted by archibaldleach View Post

I have to disagree with the people advising those entering or in medical school to be saving heavily. Compound interest does a lot, but the math of compound interest is a lot more important when you are looking at steady pay increases over a number of years versus the very sudden pay increase when one goes from residency to a full time medical position post residency. That's kind of like telling someone who is working as a prosecutor for 5 years before going to the private sector to triple their salary that saving a lot of money while a prosecutor is critical. It just isn't. When you are in a position where you have a reasonable expectation to see your pay increase dramatically, your eventual salary is going to be a lot more important.

I'm not opposed to saving. I think it is smart and do my best to save a fair amount of post-tax income (I won't give the exact amount because that's really only my business). But the tiny amount of money one is going to be able to put away as a medical student and resident just pales in comparison to what one will be able to put away as a doctor post residency. If you don't expect that sort of compensation bump, by all means start early, but if you do, the traditional rules don't apply in the same way. They're written for people who will see slow increases in pay over a 30 or so year career, not people who will see a material change in their lifestyle between something like their last year of residency and first year as a doctor post residency.

Using that same compound interest, that tiny amount you are putting away as a medical student its effect over time may be equivalent to the big amount you will have to catch up with. But hope we aren't talking about very tiny monthly amounts though. Moral of the story is to invest as early and as often as possible.
post #22678 of 37396

Life experience also earns interest on a compounding basis.

 

Case in point: I did a lot of stupid things as a young man, and now I can reap the benefits of being orders of magnitude more stupid than I could possibly have been, had I saved money instead.

post #22679 of 37396

Anyway, I did something quite unusual today. Took part in a "Kaffeeklatsch" at a friend's house. This consisted of everyone bringing along a recording of some piece of classical music which was significant to them. The theme was "war", as today is the 100th anniversary of the ANZAC landing at Gallipolli.

 

Heard some amazing stuff. The piece which affected me the most was the first movement of Shostakovich's Seventh Symphony (the "Leningrad"), which has an interesting history. Generally thought to be programmatic of the march on, and siege of, Leningrad by the Nazis, it's now recognised that Shostakovich had the music mostly mapped out long before those events - in which case, it's far more likely that his music was first intended as a commentary on the Stalinist terror.

 

Anyway, legend has it that by the time the symphony was completed, the siege of Leningrad was already well under way, and indeed many people had already starved or succumbed to bombing (the final death toll was some 900,000). A group of emaciated musicians was nevertheless gathered together to rehearse and perform this stupendous work, in defiance of the horrific prevailing conditions. Somehow the performance was recorded, and somehow that recording made its way to the Nazi commandant in charge of the siege. He later said "When I heard this, I realised finally that we would never succeed in taking Leningrad".

 

Leningrad is now St Petersburg, and an orchestra I play in toured that beautiful city last year. It turns out that the rehearsal hall we used was the very same one where rehearsals had taken place for the first performance of the Seventh in 1941. However, I had never heard the actual music until today.

post #22680 of 37396
So, I had my carmina's resoled. This is the first time I've had a leather sole replaced in London, and is this how it's supposed to look? I went to a cobbler that was highly recommended on SF. If this is how resoles look, I don't really see the point of buying expensive shoes that are nicely finished, as this is how they'll end up looking after a year. Might as well buy cheap meermins and replace them after the sole wears out. Ends up costing about the same.

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