Minimum wage protest in Orlando (Lake Mary, Bell: real estate, home equity, prices)

[annerk]

Originally Posted by njbiodude

Residencies + fellowships for some specialties are 7-10 years. If someone had 278,000 after 7 years with compound interest at 7% interest (paying while making 40k during residency may not be possible) they'd be looking at a loan of ~400k, more if they're doing advanced neurosurgery. Even making 300k starting at that point they're paying ~ 30k in interest alone. When you're starting work over age 35 thats a problem.

The number of Bankruptcies by physicians was very low, only a few strategically did it. Bankruptcy isnt without consequences and will keep most people from getting a reasonable home loan for 5-10 years. For someone in their 30s that's not something most people want. Of course Sallie Mae wanted Congress to believe the problem was common, but it was very, very low.

It's still absurd some 18 year old kid can get a degree that gets them nowhere and end up in debt for life while some moron can rack up huge credit card bills on whisky and strippers and walk from an underwater mortgage and be able to get away from their obligations.

I had a coworker that had 97000 in student loans. She had an okay job but was getting ready to flee the country for good.

Most of the civilized world is appalled at what we do to our educated. It benefits the banks and government lenders. Good luck selling your house for retirement at what you think it's worth when no one has enough to pay for what you're asking

Cry me a river for anyone making $300K a year. Seriously. No sympathy. At. All.

Anyone who is counting on the equity in their home to fund retirement is a flat out fool.

By the way, you haven't got a clue about BK and home loans. Two years after discharge you can get a loan at the going rate for people with 720 and up FICO's with 20% down. Someone making $300K shouldn't even need a loan to buy a $600K home. Save for a few years and write a check.

[njbiodude]

Originally Posted by annerk

Anyone who is counting on the equity in their home to fund retirement is a flat out fool.

By the way, you haven't got a clue about BK and home loans. Two years after discharge you can get a loan at the going rate for people with 720 and up FICO's with 20% down. Someone making $300K shouldn't even need a loan to buy a $600K home. Save for a few years and write a check.

Selling your overpriced condo and paying cash for a Florida single family home and pocketing 100k+ is the essence of the NY middle class. And you got a bigger 401k and social security checks to tap into after getting paid a lot in a high COL area...

You forget that neurosurgeon starting at 300k is 35+ and it will take him probably 5 years to pay off those loans and only then could he get that house. And that's working 50x harder than most other Americans including the dolt bankers who sat at their desks collecting interest on made up fractional reserve bank money who might make 10x his salary. Neurosurgery is the absolute pinnacle of the elite educated professions in terms of schooling. For everyone else, it's much harder. Joe dentist with a 350k (pretty typical with grad plus loans accruing interest and many dental schools costing 60k a year in addition to undergrad) student loan making 110k is going to be in a lot worse shape and that's only due to our corrupt system.

[annerk]

Originally Posted by njbiodude

Selling your overpriced condo and paying cash for a Florida single family home and pocketing 100k+ is the essence of the NY middle class. And you got a bigger 401k and social security checks to tap into after getting paid a lot in a high COL area...

You forget that neurosurgeon starting at 300k is 35+ and it will take him probably 5 years to pay off those loans and only then could he get that house. And that's working 50x harder than most other Americans including the dolt bankers who sat at their desks collecting interest on made up fractional reserve bank money who might make 10x his salary. Neurosurgery is the absolute pinnacle of the elite educated professions in terms of schooling. For everyone else, it's much harder. Joe dentist with a 350k (pretty typical with grad plus loans accruing interest and many dental schools costing 60k a year in addition to undergrad) student loan making 110k is going to be in a lot worse shape and that's only due to our corrupt system.

Again your math is wrong. If he makes $300K he will have $200K after taxes and can easily qualify for a $500K house with a $100K down payment with the student loans. It's not an all or nothing proposition. I know many doctors who have successfully bought a home while paying student loans and had the loans paid off in about 10 years.

What a doctor makes in relation to what anyone else makes is moot. If they wanted to become an actuarial, they could have gotten a five year degree with a $100K job the minute they graduated.

And again, it's a fools parade to think that the equity in a home will fund retirement. It's also a fools game to think that Social Security will be around. I hope it is as it will pay for a lot more travel around the world for us, but we aren't counting on it--and neither should anyone else.

[chopchop0]

Originally Posted by annerk

Nope.

My husband is an engineer. He attended community college for two years. Then he transferred to a good University. It wasn't MIT good, but it was sufficient for him to earn a degree and get a job that paid enough to pay off his student loans. Fifteen years later we paid for him to get his masters without loans by living below our means and saving instead of buying the big house and fancy new car. What vacation? Vacation was driving two hours to see our parents for the day.

Can't have that option to go to med school. Doctors should make $300K for the risk of taking 6-figure loans IMO.

[chopchop0]

Originally Posted by annerk

You can get a free MD--join the military via ROTC. I know three surgeons who did just that. Zero student loan debt and at the age of 45 have completed their obligation and retired as an officer. I'd add that most countries which offer free college education also have compulsary military service.

Those programs require a year for year trade, ends up being 4-8 years minimum, much more than the 1-2 years you might have to serve in a place like Switzerland.

[annerk]

Originally Posted by chopchop0

Can't have that option to go to med school. Doctors should make $300K for the risk of taking 6-figure loans IMO.

Actually you can. You can do community college to state university. If you get good grades in high school in Florida (and if you don't, you shouldn't think about being a doctor ) you get enough scholarship money that makes a four year degree FREE through Bright Futures. Medical school at UF is about $35K a year. So it is quite possible to graduate with well under $200K in student loans. That assumes the student finances all costs of medical school including room and board and gets zero scholarship/grant money (not likely). It is rare for a doctor to make under $100K their first year out of residency. Anyone who can't pay $200K in student loans on a $100K+ salary is doing something wrong.

[annerk]

Originally Posted by chopchop0

Those programs require a year for year trade, ends up being 4-8 years minimum, much more than the 1-2 years you might have to serve in a place like Switzerland.

And the Swiss pay how much in taxes? A LOT more than we do here in the US. They also have a lot less lazy ne'er do wells leaching off their system. But that's another twist.

[Bellamouse]

Originally Posted by annerk

Again your math is wrong. If he makes $300K he will have $200K after taxes and can easily qualify for a $500K house with a $100K down payment with the student loans. It's not an all or nothing proposition. I know many doctors who have successfully bought a home while paying student loans and had the loans paid off in about 10 years.

What a doctor makes in relation to what anyone else makes is moot. If they wanted to become an actuarial, they could have gotten a five year degree with a $100K job the minute they graduated.

And again, it's a fools parade to think that the equity in a home will fund retirement. It's also a fools game to think that Social Security will be around. I hope it is as it will pay for a lot more travel around the world for us, but we aren't counting on it--and neither should anyone else.

You can't count on anything for retirement. 401K's can lose tons of money when the market crashes (happened to my MIL), hyper-inflation could kick in and make everyone's money worthless, there are a whole lot of scenarios that are just as likely as one's house becoming worth less (not worthless), or social security going away.

There are no guarantees really for anyone's retirement. Counting on equity in your home is not as ridiculous as you make it out to be - it's one part of anyone's plan/portfolio.

We could sell our Orlando home in 15 years for $500,000 (as an example - maybe more) and retire to Arkansas or something where you can buy a house for $200,000. There are always going to be dirt cheap places to live that will make living in retirement possible.

[tinytrump]

If you live that long to collect- Central America- is nice.. maybe affordable as well - I'm thinking Cuba?

[Arcenal813]

Originally Posted by tinytrump

If you live that long to collect- Central America- is nice.. maybe affordable as well - I'm thinking Cuba?

Lots of places in Central America and the Caribbean that can be affordable retirement locations.