Medliorate

Improving medical students

How to Live with Debt

Posted by medliorator on February 29, 2008

Take the studies seriously – During [medical school], not only are you investing the cost of tuition, but you’re also investing the loss of income that you might have made doing something else. What’s the best way to undermine that strong investment? To flunk out. To fail a class, causing you to stay in school longer. Hit the books. If it’s a choice between a side job and the books, choose the books every time. If you need to borrow more money because of it, borrow that money. Don’t undermine the value of your big investment just to save a little bit of money.

 

live as poor as you can – do most of your clothes shopping at Goodwill and at thrift stores… don’t spend money on a great wardrobe. The typical college campus is teeming with free entertainment – check the campus newspaper for ideas instead of spending money to have fun. Take advantage of the cheap food opportunities, too – for a while, I had a “one meal a day” meal plan in dining services and I’d eat a big meal then, then just snack the rest of the day on whatever was available.

 

Minimize your debt – make the choice that results in the lowest debt when you graduate. Don’t [pile] on debt without improving your post-graduation opportunities… maximize the value of what you’re paying for, and minimize the level of debt.

Little Income, Big Debts: Managing Your Money in Your College Years [The Simple Dollar]

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One Response to “How to Live with Debt”

  1. […] Correlate: How to Live with Debt […]

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