- April 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Financial Advice for Future Education
Hi everyone, I’m reaching out for advice as I begin to take a more active role in managing my finances. At 19 years old, I am financially independent and have saved up approximately 60k through aggressive employment. Additionally, I have 30k in my RESP, bringing my total savings to 90k. However, I also have around 18k in OSAP debt.
## Anticipating Medical School Expenses
I am planning to start medical school in Ontario this Fall and am aware that the cost can range from 200-250k. I also understand that I will not have a salary until I am 22-23, with an expected income of 65k/year initially, and potentially exceeding 300k/year by my mid-20s.
## Maximizing Savings and Managing Debt
My main concern is what I should do with my savings at this point. Should I focus on minimizing and paying off the debt I will incur during medical school, or should I consider investing and taking a more active role in managing my finances now? I am thinking of waiting until my debt is paid off and I have a stable income as a staff physician before delving into more complex financial decisions.
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First off, to have 60k in savings for your age is extremely impressive. Good job stashing that cash away.
I would start investing your RESP into a low risk investment now (why have your money sit when it can be working for you?). Interest in your OSAP won’t begin till after completion of med school.
I would also start looking at bursaries that may be available at the medical school you will be attending as well as Federal and provincial ones (a lot may require an essay but it is a great way to get your costs down and pay off debt).
Other than that, relax. You have done and insanely good job for someone so young. In your specific profession you will be making a fair amount of money (just don’t fall into any bad habits and you will be fiiinnnere).
Good job on saving so much at your age; that’s impressive. As a medical student, you’ll soon realize how aggressively banks push their products on you. Typically, they aim to make you rely almost entirely on your line of credit, then sell you insurance to protect that debt after graduation.
I have a few rare medical student friends who managed to graduate almost debt-free. While most lived in fancy apartments and went on numerous vacations, they didn’t overspend and lived like regular college students. My advice for you is to be disciplined and only use your line of credit when needed.
Having worked in insurance, I despised how clients often got taken advantage of by ill-informed financial advisers. Now, I solely focus on investment advising and am becoming a portfolio manager. If you ever want a second opinion on your investment strategy, feel free to DM me. I’ll be glad to help.