Minimize the Impact of Financial Stresses During Residency
While being a doctor may come with a comfortable salary, becoming a doctor comes with years of tight budgets, massive debt, and delayed gratification. Kim and I lived solely off student loans during medical school—during which we had two children. At least in residency we stopped accumulating debt, but working the equivalent of two full-time jobs for less than minimum wage and still living paycheck to paycheck for years has been extremely stressful. Managing our finances under these constraints has been a difficult and ongoing learning process. I don’t have all the answers, but we have done several things that have helped. First, while the amount I owe in student loans could buy a small mansion, we do not have any consumer debt. Second, both of our cars are over twelve years old and have been paid off since internship. Not having a car payment for years far surpasses the desire to drive a newer, more stylish car. Third, Kim and I never spend over $100 on something without talking about it first. Fourth, rather than blame each other, we blamed the process. When finances were overwhelming, I made sure she knew I was aware of how hard she was trying to run our household on less than we needed. Likewise, she never blamed me for not providing enough for the family when I was already working 80-100 hours a week. Lastly, I have never viewed the money I earn as mine. Kim works just as hard as I do to maintain our family. We chose early on for her first priority to be home with the children and for me to provide financially. Even when she accidentally says something about it being my money, I quickly correct and remind her that it is, always has been, and always will be, our money. {Medical Marriage Tip #7}
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