Friday's Digest Podcast

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Table of Contents

1. Preface

2. Main Article

3. Readers’ Favorite

4. Stuff

Preface

Living in Boston is expensive. So expensive.

For those interested in the specifics, I broke down our monthly expenses in a separate newsletter (you can read it here).

In short, our monthly rent is $3,000, which will increase to $3,800 after we move out. Crazy, right?

We also own a car we intend to sell at a significant loss before leaving.

Add the utility bills, children's education, and groceries, and you’re left with very little, if any.

On the other hand, advanced training comes with many benefits: Skill development, experience, networking, and a wonderful experience for the whole family.

Today, we will focus on the financial aspect. The bottom line. The money in the bank.

If you would like to read about the fellowship experience, what to do on your first day in the US, how to apply for fellowship and post-doc, USMLE, TOEFL, and research during the fellowship, I prepared a tip sheet you can use.

So, let’s talk money. 💰

Number 88!

Let's go!

Main Article

Pursuing a career as a doctor or scientist (or both 😉) requires formal training.

This includes obtaining degrees and, if you’re a physician, completing a residency.

But when it comes to advanced training, it will cost you. This includes fellowships, post-docs, or residencies abroad. For dentists, even a local residency will cost money.

During training, you're likely to spend more than you earn. You will return home with less money than you started with.

Is it worth it?

Today, I want to help those of you considering advanced training but are unsure about it because of the money issue.

To make it simple, I will categorize the expenses into three types: the money drainers, the money savers, and the money-for-memory.

🔵 Money Drainers

There's no way around it. Some things will cost you a lot of money you'll never get back.

Here are the main ones:

🚛 Moving expenses

Shipping your furniture overseas and back is expensive. Prices have increased, sometimes reaching up to $10,000! One way!

Because of this, we chose not to ship anything and instead, bought basic furniture and household appliances for around $2,000.

🏠Housing

You don't want to live in a bad neighborhood or very far from your workplace. You also want your family to feel safe and enjoy the surroundings. Some places are more affordable, but I recommend you pay more than average. More on that in the “Money-for-Memory” section.

🧑‍🧑‍🧒‍🧒Children's education

In some areas, you can enroll your kids in public schools, as we did in Brookline (a small city next to Boston with an excellent public school system). Otherwise, plan for around $2,000 per month per child.

🚘 Car

I strongly recommend not buying a car for less than $10,000. Doing so increases the risk of needing costly repairs and maintenance. We bought a car for $23,000 when prices were high. However, it's a 4-wheel drive that can handle Boston's weather ❄️ and long drives.

🪪Training fees and licensure

I paid for USMLE, TOEFL, OET, document translation, and notarization around $10,000. However, having a medical license in the US will keep doors open for you in the future, so I consider it an investment.

👩‍⚕️ For those leaving a private practice

Upon completing your training and returning to private practice, you'll start from scratch. You'll need to rebuild your patient base and referral system.

🔵 Money Savers

Living abroad, particularly in the US, can save you money.

💻 Tech products

Computers, cell phones, and camera gear often go on sale, saving you 100’s of dollars per item.

👔 Clothing

Thanks to Amazon, you can buy high-quality clothes that will last many years at a low price. It can save you 1000’s of dollars in the long run.

⛽ Gas

Gas prices are relatively low (90 cents per liter), making road trips a great cheap vacation option. By driving, you can stay in affordable, high-quality hotels outside cities and avoid luggage fees. This not only saves you money but also provides you freedom.

This naturally leads us to our last category - the priceless memories you will accumulate during your training.

🔵 Money for Memory

In a previous newsletter, I discussed how I perceive money. You can read it here.

In short, increasing your income can bring you happiness up to a certain point. But beyond that threshold, more money doesn't equal more joy.

Memories, on the other hand, will significantly enrich your life. Spending time abroad can be a fantastic opportunity to create these memories.

🚗Let’s take the car you’ll buy as an example.

You want a reliable car that can take you anywhere without stressing about it. For example, we drove our car in heavy snow and rain, and drove it all the way to Washington DC and New York.

🏠Now to our apartment.

It’s a 100-year-old apartment, but it’s in a fantastic location. It’s surrounded by trees, flowers, and beautiful parks, but still very close to the train station and supermarket. It was worth every penny.

👨‍👩‍👦‍👦Afterschool activities.

Our kids had boy-scouts, gym, cello and piano lessons, soccer, basketball, and taekwondo. While some of these activities were quite expensive, they were investments in their development, and they will keep these memories for life.

I have so much more to say, but you got the picture.

🏡Take home message:

Invest in things that will reduce your stress and in experiences that will create memories for you and your family.

Yes, you may end up spending a lot of money. Some even say, "bleed money.” 🩸💸

But I wouldn't change a thing. It's money well spent.

My advice to you: Just do it.

You'll figure out the rest as you go along.

Readers’ Favorite

This is my tip sheet for fellowships and post-docs, covering everything you need to know, from getting accepted to returning home.

Feel free to share it, for the greater good.

Stuff

Ronin X6 Headlight: I’ve used it for the last year and a half, and this is my long-term review. I love the battery life and the ability to turn it on and off without breaking sterility. 

Setting it to 40% is best for me, so a single battery lasts me through 12 hours of surgery. Even if I need the scrub nurse to change the battery — it’s a straightforward process without worrying about breaking sterility. 

I absolutely LOVE the built-in indicator on the batteries and the fast charger. Priced 3,250$ for fellows/residents, which you can pay over 36 months with 0% APR.

Epilogue

If you received this newsletter from a friend and would like to join Friday's Digest, visit https://newsletter.shaysharon.com

That’s it for this issue.

Hope for better times.

Shay