@quinita It does sound like a good idea if you have the income to support it. I knew one person that did that. The husband was an executive at a huge company, making executive salary. That’s only one person out of the thousands I know.
@kevfr Not really? Most med schools keep you in the same spot for four years. Residency moves you to another spot, usually also for four years. Only folks who go to schools that do things like rural medicine stints have to move a lot during med school (had one friend that did multiple 3-6 month stints in the middle of nowhere). After residency, some folks do fellowships for a year or two.
@evieoooo Not based on the people I’ve known. You go all over for clinical rotations, you do whatever the term is for “guest rotations” which is basically a residency audition. I know a friend of a friend who lived in an RV for a year or so going all around the southeast doing various rotations.
@kevfr I guess it depends on the school, then! And is probably driven by the location, too. The friend of mine who moved a lot was in a smaller town for med school where they didn't have a specialist or department for everything that you'd need to see as a med student. My other friends in bigger metros had maybe one rotation at another hospital, but it was still local.
@evieoooo It depends on a ton- where you get into med school, what hospital system your school is affiliated with for clinicals (med school is only 2 years I believe of actual school, after that you’re in hospitals/clinical work), what speciality you are interested in and where you can get clinical experience in that speciality, where you want to apply to residency, how you want to apply to residency… doctors are alllll over the place.
@baruch_atah My parents also did this with me while I was in vet school. Me + 3 roommates that I managed. And I came out in significantly less debt than my classmates that rented apartments.
@baruch_atah You should research social hosting laws in the state. If your kid hosts a party in the house and something bad happens, the consequences may be severe for both of you.
@yerin Being a landlord and a parent both come with significant liability risks. Because I'm a landlord I carry a personal umbrella policy but of course that doesn't protect you from any risk whatsoever.
@applesandangels I would do the housing thing. Get a small 3 bed 1 bath or a condo for them to use. After 4 years sell or continue renting it. Bonus if they find a roommate who can help pay for the remaining mortgage / utilities.
Edit: my family did this for me while I was in med school and my loans are half my classmates.
@applesandangels You seem to have plenty for retirement. At your net worth, ten years from retirement, I’d be paying for med school. Bring on that generational wealth!
@applesandangels Since you've already added it, I'd suggest to edit it such that it breaks down investments vs home value. Net Worth can be deceiving. $2.3M NW with $1.5M being the value of your home in a HCOL area is much different than $2.3M with your home value representing $500k. That's a $1M difference in money that you can actually withdraw and spend in retirement. Unless you plan on moving, NW/home value isn't particularly meaningful for retirement. I'd stick with invested assets (be they equities, bonds, real estate, etc.) and leave the home out of the equation. Or at least list home equity as a separate number.
@applesandangels You can invest it now and help them pay their loans if they end up needing the help in the future. If they work for a nonprofit (including a nonprofit hospital) for 10 years, they can have their loan forgiven. Or if they work for a private company, they can still potentially qualify for income driven repayment plans which cap how much they pay and are forgiven after 20 years. And Biden is supposedly making those plans more generous (mainly for undergrad loans, but a little better for grad loans too). Or they make a ton of money and don’t need any help from you. That’s what I think I’ll probably do with my kids. Take whatever government loans are available as long as the rates are ok and see what help the government offers and whether that fits into their plans. And if they even need the money.
Though those forgiveness programs are for government loans. I dunno how med school loans work. If they’re private, that’s different.
