conversation: User (WeLoveOranges): "I am in my last year of training as an emergency medicine resident living in a big Midwest city. I have about $80,000 of student debt from undergrad and $230,000 of student debt from medical school (interest rates ranging from 3.4% to 6.8%). I went to med school straight after undergrad and started residency right after med school. \n\nResident salary for the past 3.5 years was about $50,000 (working close to 75 hours per week) so I was only able to make close to minimum payments. Since interest has been accruing while I was in medical school and residency, I have not even begun to dig into the principal debt. Thankfully, I just accepted an offer as an emergency physician with a starting salary of $230,000. \n\nI'm having trouble coming up with a plan to start paying back my debt as I also want to get married soon (fiance is a public school teacher) and I will need to help my parents financially (immigrant parents struggling to stay afloat). \n\nHonestly, I'm scared to live frugally for the next 5 or so years because I feel like I've missed out so much during my life already (30 years old, haven't traveled anywhere, been driving a clunker, never owned anything, never been able to really help my parents who risked their lives to come to this country so I can have a better life). And after being around sick people (young and old) during the past 8 years my biggest fear in life is dying or getting sick before being able to enjoy the world. I am scared to wait until I'm in my mid 30s to start having fun and enjoying my life. \n\nWhat should I plan to do in the next couple year? Pay most of the debt and save on interest or make standard payments and start doing the things that I really want to do? Somewhere in the middle? Any advice would be appreciated. "
  Self: "The most important thing to remember is that you have cashflow but you are not rich. In fact you are very poor. \n\nYour parents have managed thus far, they'll manage just fine another 5 years. \n\n$230,000 after maxing out your 401k/403b and taxes should leave you with about: $140,000 take home. \n\nYou've been living on 50,000 pre-tax. \n\nYou also would like to live a little. \n\nI'd suggest giving yourself a raise in the form of your spendable income being 50,000 take-home and 15k more to live it large. Total: 65k\n\n140,000-65,000= 75,000 that you are not to touch.\n\nYou didn't list your loan breakdown so pretending all your loans are at 6.8% and you chucked that full 75000 at them in the form of monthly payments it would take you 4.9 years to pay off your loans.\n\nI think you could be less aggressive once the only loans you have left are at 3.4%. Alternatively you could be far more aggressive. \n\nAs for your other concerns, I would use the 50k post-tax to maintain your lifestyle with a slight boost since it's post-tax now. \n\nThe 15k is a slush fund do with it what you like, below is a suggestion\n\nYear 1's extra 15k can be split into a 5k vacation each year over the next 3 years\n\nYear 2's extra 15k can be downpayment on a nice car that you'd like. (nice NOT stupidly expensive, preferably used)\n\nYear 3's extra 15k can be gift to your parents.\n\nedit: **own-occupation disability insurance**, research it, get it."
  numberswench (numberswench): "I was faced with a similar situation 15 years ago after completion of Med school, residency, and another round of grad school.  This comment gives excellent advice, as do many others in this sub.  Give yourself a little raise, but continue to be frugal, and if you can, consolidate and pay off the loans early.  I cannot begin to describe how wonderful it felt to pay off my loans at the 10 year mark.  Best of luck.  "
  