Living Together On $118K A Year In Philadelphia | Millennial Money

it's a lot of delayed gratification in medicine which i think a lot of people going into medicine are aware of but i think when you're in the brunt of it it's a lot harder to see your high school and college classmates driving bmws and buying houses when you're still making like fifty five thousand dollars working seventy hours a week and having like three hundred thousand dollars in debt [Music] i'm ashley i'm 27 years old and i make 60 000 a year i'm andrew i'm 31 years old and i make 58 000 a year together we make 118 000 a year and we both live in philadelphia pennsylvania we're both doctors i'm a resident physician in radiology i'm a resident physician in internal medicine [Music] the salary really depends on your specialty it can range anywhere from 200 000 on the lower end of the spectrum to over a million [Music] [Music] i am a resident but i plan on living very cheaply for a long time until my loans are paid off and i have enough to live on and i think that will be many years in the future one of the things i learned is a 50 30 20 rule 50 of your salary should be your needs that includes rent food water electricity the 30 would be your wants 20 should be automatically deducted already for whatever money you receive just for savings [Music] it was very scary when coronavirus hit our hospital our census really went up i felt scared getting infected multiple patients were just coming in left and right so it was very difficult for me with anxiety not only me but also our colleagues who would also get infected as well because i didn't interact with positive patients and i was mainly working on a computer i didn't experience what andrew experienced as a direct frontline worker i started to feel feverish generalized body aches i didn't have any appetite i just felt really really tired and shaky chills which was really uncontrollable then the next day i said to myself i'm a healthcare worker i will be taking care of patients i cannot risk infecting other patients who do not have the virus so i gotta get tested and of course it turned out positive i even didn't tell my mom early on because i knew that she was just gonna be very anxious for no reason and my mom is still in the philippines but i made sure that i told my brother but then again my brother still told my mom so [Music] i think every resident physician with student loans is thinking about how they're going to repay their student [Music] loans [Music] he started with net zero so whatever money he makes is um just growing so i don't think he feels as burdened by debt as i do as someone who's still like at the bottom of this hole trying to get out and seeing that i'm only saving x amount per year and how that is making very little impact on my larger share of loans i usually do the groceries because i love doing groceries i think ashley knows that i love grocery shopping and then i also love to cook so what i do i pay for um for the both of us in terms most of the time for the food and ashley also helps if i'm not able to do the groceries on time she's able to buy them and then i cook the food one of the strategies we do in terms of food is cook from home and meal prepping i take a look at the prices of the foods or items that i purchase both in different stores making sure that what i'm buying is really of value i even take note for example how much is this per pound of chicken at least for me personally i love a good deal and i love like coupons and like giveaways and things like that so i'm always looking for like food coupons or like joining birthday clubs you get like a free burger or like buy one get one free or something like that on your birthday or like if there's a promotion i feel like food tastes better when it's free with yelp elite i've gotten a lot of great perks i've gotten like a hotel suite for free for a weekend with like all food included for four people i've gotten to go to a hockey game in the game suite and i got to meet the us olympic gymnast ali raisman afterwards she was there where i've gotten to try like four course meals at various restaurants that i wouldn't have been to before it's been like an amazing [Music] experience we basically met through an app called coffee meets bagel that was my 27th birthday and we did a wonderful job it's very romantic he's a bad liar so i caught on that something was going to happen [Music] so our wedding budget is ideally 50 000 but because of my south indian background we actually are planning to do two events [Music] and this is basically all of our life savings together plus a little bit of help from my parents and not really anything from andrew's mom his father's deceased so and so around 50 000 would be our ideal budget [Music] financial planning for both of us is very important i also live thinking that if i mess up with my finances there's no one else that would help me i have no backup i don't even want to ask any family member or any extended family for any loans or for any money [Music] similarly i hate accepting money from my parents [Music] even in med school i maxed out my federal loans at the time and then i worked four jobs on top of that while in med school i was a dog walker i rated essays for the toefl exam for english learners and then also i was a babysitter and i was a sat and act tutor so i was always looking for additional avenues of income to supplement what i had because i did not want to take out a lot of private loans especially with high interest rates in addition to that i did like a research year at the national institutes of health in bethesda in between my third and fourth year of med school and i signed up as a healthy volunteer for a lot of like clinical trials so i've gotten like excessive mris of my brain but there's no radiation that's fine and then they would pay like 300 per mri and it's just kind of like 45 minutes of like sirens going off but it like it pays 300 so like things like that i would donate blood for money i got like shocked on my arm for like clinical trials i'm currently on a j1 visa that means it is by definition an exchange visitor i would still be on the same visa until i finish my training i will be applying for fellowship training this year and hopefully we'll get to a program for the next three years because that's the duration for hematology oncology training so when we get married i will still be on the visa [Music] so i anticipate that moving to dc will increase my spending a lot one with the actual move and also my rent is going to go up by around 200 a month i also have a roommate there and i'll be living in pretty much the best bang for my buck that i could find within biking distance to my work but i think that the cost of living in dc is a lot higher and also we're going to have the additional cost of commuting back and forth from philly and dc because andrew will be here in philadelphia over the course of the next year so transportation costs will increase as well i think with medicine it's a very rewarding and fulfilling career because every single day you go to work one with a new challenge so it's very intellectually stimulating and challenging and also fully knowing that you're going to make someone's life better or at least attempt to i remember during medical school i was reading our textbooks at least two times per textbook because i feel like what i'm reading now someday it's going to help a patient i think every single day you feel like you're doing something meaningful and positive with your life the pandemic really highlighted to society in general how essential uh doctors and nurses and respiratory techs and physical therapists and everybody in the whole team is in this basically ecosystem i always felt appreciated as a physician but i think it gave a renewed sense of appreciation from the greater [Music] community you

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Id: z6WMifIWoBs

Length: 11min 30sec (690 seconds)

Published: Thu Jul 23 2020