Changing jobs when residency starts

[niener]

LOL, alright I get it, there's really not much "moolah" to speak of.

But I mean, I make less than $45k (far less, actually) and we use maybe $5k of loan money to supplement my earnings and we get by ok. So I figured if DH's salary is around $45k, that alone will be more money than we have now so theoretically I should be able to take more chances with my job and try something new without the fear of becoming a starving homeless person. Maybe I'm missing something??

I'm guessing it also depends on the market you move into. $45k probably won't get you too far in DC or Boston.

[L.Jane]

The expenses in DC were quite a shock for me. In Dallas I was able to rent a 2bed/2bath apartment for under 1100 a month. Here we have a 1bed/1bath for 1500 a month and that's actually cheap here. Its amazing what the cost of living is here. Its just J and I, so we don't have any kids to support and so far we are living off his salary and the little bit of funds I have coming in. I can't wait until I have a job so we can breath a little more. ( I hope to hear from a few positions next week) It really all depends on where you cut corners, where you live, and the price of living. Our money would have gone a lot further in other states. It is possible to go for your dream job, you just can't be eating out every night and seeing movies all the time. (can you believe its over 10.00 for a movie here? CRAZY. )

[DCJenn]

Right- 45k in DC is poverty level. I'm not kidding. You will qualify for affordable housing subsidies in the 'burbs.

My condo in DC which was 515 square feet sold for 125k. At the time the buyers were signing the documents I was thinking "seriously? you're paying that much for this place?"

The cheap place to live in DC is Southwest. (That's where I've always lived as a result.) There weren't very many places a single social worker could afford to buy back in the day.


Jenn

[L.Jane]

Yeah we are actually over in Arlington. Its easy to get to the hospital from where we are (when he is actually AT that hospital) and its got good metro access too. I don't think I could afford to live IN D.C. When J first signed this apt lease his dad had to cosign it becuase he wasn't making enough to be on the lease alone. It was ridiculous.

[oceanchild]

We rented a one bedroom apartment smack in the middle of DC (near the convention center) for $1100/month. We got a little lucky, but it's certainly not impossible.

Now, we could certainly live on DH's salary alone. I like working though.

To answer your original question, I planned on changing careers when we got here (going from being a bureaucrat to being a teacher). I'm having second thoughts about that though. I'll probably change careers at least a little bit, but I may bail on the teaching thing.

[ladymoreta]

I stuck with a similar job when we moved, but when we have kids, I will stay at home, so I consider that a career change. We bought a house when we moved here (last year, when we could still do $0 down), but we based our choice on DH's salary only. (A house shouldn't be more than 3x your annual salary. 45k x 3 = we could get a $135,000 house. We went lower than that, which can only help.)

We've been living at almost his salary since residency started. We've put a big chunk of his paycheck into savings each month to suppliment his salary when I leave my job. Also, one of our criteria for his residency program was that it paid overtime or allowed moonlighting. On some rotations, DH gets paid $15 for every 15 minutes he stays past 4:00 p.m. And he stays well past 4:00 even on his early days, so that will help a lot.

We will still need to cut out a lot of the eating out, going to movies so often, and traveling, but that will most likely happen with a new baby anyway.

So, while residents' salaries aren't anything remarkable, if you end up in a really cheap area like Oklahoma, it's very do-able to pursue your dream career, or not work outside the home.

[Vishenka69]

We lived in NYC during med school on my $45K and a bit of student loans. It was great having two incomes that bumped us to about $100K but we still weren't rolling in it. It did allow us not to have any consumer debt and enjoy our 20s living in a great city and traveling.

I did stop working full time after we moved for DH's first real job that actually pays moolah. For the past two years I've been contemplating a career change but so far haven't come up with anything. I like Jenn's idea of being paid for doing nothing.

Also, one of our criteria for his residency program was that it paid overtime or allowed moonlighting. On some rotations, DH gets paid $15 for every 15 minutes he stays past 4:00 p.m. And he stays well past 4:00 even on his early days, so that will help a lot.

I have never heard of a residency program paying overtime!! That is sweet!

We are almost living on a residents salary in LA. Almost. We had a little bit of savings from when when we both worked for a few months in intern year (the only time we have ever had 2 incomes). Savings are now gone, trying to figure out what to do to bridge the gap until DH can start moonlighting.... It would not be possible with older kids, but DS is still pretty cheap. Our list of "essential expenses" is probably smaller than most. I know this life would not be everyone's choice but me staying home is important to us.

[v-girl]

We've been in the same house since right before med school started. In the suburbs of Dallas (we're in Allen -- Collin County) you can actually buy an affordable house in a "not scary" neighborhood for less than $120K. Our house payment for 1430 sq ft (3 bed, 2 bath, 2 car garage) is less than $1000/month.

But from what I understand, the Dallas suburbs are pretty affordable compared to other suburban areas.

[GrayMatterWife]

But I mean, I make less than $45k (far less, actually) and we use maybe $5k of loan money to supplement my earnings and we get by ok.

Then I see why you're excited. Sorry. Everything is about perspective. I was older (post-30) and had been out of law school and in practice for five years when my DH started residency. But, you know what, if my DH started residency back when I was 23 and teaching high school, I would have been SO JAZZED about $45K a year!

So...congrats on doubling your income and having enough not to have to live off loans! Awesome feeling, huh?

[niener]

Then I see why you're excited.

Haha, yes... I'm young and don't know any better

Honestly I'm just jazzed that when he starts residency I don't have to find a job immediately in order for us to eat. I can actually take some time and find something I like to do, rather than something that just pays the bills. That's the plan anyway (and as we all know, everything always goes according to plan )

i didnt change my job/career due to residency, (thats mainly because we didnt have to move) but afterwards i plan on going back to school when my wife has found a job and is able to support us w/o me working.

I am now a stay at home mom, and loving the change.

[SoonerTexan]

But from what I understand, the Dallas suburbs are pretty affordable compared to other suburban areas.

Oh yes they are! We're looking at that when we decide where to live (in any city). The commute to downtown Dallas is hell, though

[DCJenn]

actually, during residency you want to be as close as possible to the hospital because too many residents have crashed their cars or been pulled over for drunk driving when they're really driving while exhausted.

We lived 8 miles from each hospital in both DC and San Antonio. Yes, it cost more to live downtown but being able to get home in 10 minutes was key. (and he still got pulled over and the cop escorted him home to make sure he made it)

Jenn