Save $9,000+ per year - live at home

I have plenty of friends going through med school while living with the 'rents. They love it! Free food, reduced chores, a loving family. Just what every med student needs while stressing out about seizure etiology.

Plus, they save ooooodles of monay.

Maybe this is just a Vancouver thing. My Toronto/Montreal friends have long since flown the coop and would never think about moving back home. Here in Vancouver, however, it seems to be quite the trend.

I can think of three reasons right away:

1. Rent prices. Vancouver prices are insane. And no self-respecting, zero-income medical student in their right mind (okay, except for THE MAJORITY OF MY FRIENDS!) would spend $1,500/month for a beachfront downtown apartment just to escape the insanity of family life. Right?

2. Asian parenting. I'm allowed to say this because I'd say my family is pretty similar (applicable to anyone with Failure to Launch-nurturing parents), who love it so much when you're at home and never want you to leave. Ready-packed lunches every day and hot piping dinner waiting for you when you get home? Yes please.

3. The obvious: this saves you a hell of a lot of money.

Rent in Vancouver is about $750/month for a shared place with a roommate, and $1000+ for a one-bedroom. Generally downtown this goes up to $1500.

Let's say, being the frugal Student Sophsticate, you decide to share a place with a roommate.

$750/month x 12 months = $9000

Yikes.

I think this one is really up to you.

Financial case study: post-graduation, new doctor

Let's look at an example of a friend of mine, D.

All medical students dream of the day when they finally start "making the big bucks". This is not entirely because everyone wants to run out and buy a Mazzerati - it's more because everyone wants to finally climb out of the deep hole of debt that we willingly dig ourselves into.

So D went to a school where his tuition was low - around $7000 per year.
During medical school D tried to cut down on expenses and worked to pay off some loans in the summertime.

By the time D graduated, he had $25,000 in loans.

That's really, really great.

He paid off his loans during his first year of residency. Now he's living the life - but he's in Kamloops!

So where's the logic? What is the point in having all this money if you're not able to go and spend it where you want to - when you're away from friends, family, and everyone you know?

Given the tough job market, D had two options upon graduating:
1. Go into a fellowship (continue making residency-like salary)
2. Go work in a rural community (make big bucks, have lots of choice where you work)

So it wasn't really tough for him to decide. But I can understand where the issue comes in for a lot of other people.