Kendall (Caller from Detroit)

The Ramsey Show

Surviving the Money Storm Starts with Tough Choices

3302.597

Hi, nice to talk with you today.

The Ramsey Show

Surviving the Money Storm Starts with Tough Choices

3306.359

So I just graduated medical school about a half a year ago. Hey, cool.

The Ramsey Show

Surviving the Money Storm Starts with Tough Choices

3312.372

Thank you. Um, some about three and a half years left, obviously residency salaries, about 60,000. I have about 220 in student debt, um, but no other debt in my life. Um, so my plan is like, you know, I can't pay off my debt while I'm a resident. I don't make enough, but when I graduate, I was going to live off of like 40,000 pay off my debt in two years.

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Surviving the Money Storm Starts with Tough Choices

3333.187

But my question is, I don't have like any money saved for retirement. and I'll be 33 when I start making six figures. So should I prioritize paying off my debt, or should I start saving more for retirement?

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Surviving the Money Storm Starts with Tough Choices

3353.516

$270,000 to $300,000, most likely. Ooh, Jade.

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Surviving the Money Storm Starts with Tough Choices

3361.685

Listen, I'm excited for you. Thank you.

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Surviving the Money Storm Starts with Tough Choices

3380.595

$220,000?

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Surviving the Money Storm Starts with Tough Choices

3392.879

Yes, nothing else.

The Ramsey Show

Surviving the Money Storm Starts with Tough Choices

3418.506

So they're on, I'm on an income based repayment plan and also the safe plan. So like typically they gain a thousand dollars a month of interest, but those two plans allow me to pay 233 and the government pays the rest of the interest. So they're not going to grow in residency and I only have to pay 233 a month. But when I graduated, that'll change.