Tackling Student Debt: Exploring Refinance Options

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As you all know, we’re in the midst of refinancing my gigantic student loan! We started at $575,000 and in one year, reduced the total to under $500,000. I have shared why we decided to refinance, and what the hold-up has been since then. Now it’s actually time to bite the bullet. There are many companies to choose from, and what is necessarily best one person isn’t the best for another. Therefore, there is no one formula or equation that would allow me to tell you the refinancing agency you should go with. My advice is to do what we did — shop around!

Figuring out which refinancing company is best for you is easy. You can visit a number of them online and get a quote. Here are some decisions you’ll have to make.

  • Fixed interest rate vs variable interest rate: I like the stability of a fixed interest rate, even though variable interest rates give you a lower rate initially. Unfortunately, you may find that low rate changing as time goes on, a surprise I am not willing to chance.
  • Number of years for repayment: You can also choose the number of years you want to take paying down the loan. They may offer you anywhere from 5 to 20 years. If you are refinancing out of IBR like I am, the smartest choice will be to choose the least number of years as you can comfortably pay… except for one exception. If they offer you a lower rate at 10 years instead of 5 years, then I would take the 10 year option at the lower rate, and simply pay it down more aggressively, so that you still finish in five years. It’s a way to take advantage of a lower interest rate!
  • The amount of your loan you will refinance: I put this here because sometimes you simply can not refinance your loans in its entirety. For example, some of the companies that we looked into max out at $300,000. Some are even career-dependent or level-of-education-dependent, and cap at lower numbers such as $150,000. This caveat specifically applies to us, because my loan is so huge! In fact, I have not found any lenders to date that would refinance more than $500,000 of student debt, which is why it was so important for us to pay down my debt until it was under $500,000.

Now that you’ve made some decisions, it’s time to make the big decision: Which lender? I would recommend going to each of the following websites below to see what they can do for your specific case. A pre-application will at least give you a rough ballpark estimate of what they can do for you. Below, you will find some affiliate links to each of the companies we explored.

Things to note:

  • Once you refinance out of IBR, you cannot re-enter IBR again. I’ve spoken of this before, but please make sure that you are able to pay the required monthly payments under the newly refinanced loan. I would like for you to consider any possible complications that may occur over the repayment timeline. If you or your spouse experience disability, will you still be able to pay? If you have a lifestyle change, such as an addition to your family, or move to a different city because of your job, would it still be doable? The last thing you want to do is refinance and get yourself stuck with a payment that you won’t be able to make. Off course, no one ever knows what the future holds, but try to ensure you have a fallback plan in place.
  • Pre-application rates have expiration dates. You can fill out a pre-application form, but do know that they have an expiration date. The quoted interest rates may change if you wait too long to go through with the refinancing process. Rates are always changing. Do not be surprised if you re-apply after your first application has expired, only to find a higher rate than before. If there is a rate you really like because it is very low, I would say move quickly, or risk losing it. Of the same token, don’t start gathering rates until you are absolutely sure you are ready to re-finance.
  • Soft credit pulls do not affect your credit score. Some pre-applications may request making a soft pull on your credit report. These will not affect your credit score, however, if they request making a hard pull, then that will have some effect. Therefore, you want to avoid hard credit pulls unless you are 100% sure that you will be going with a particular company. I have discussed how credit scores work once before.
  • Do not add your spouse as a cosigner unless you are willing to tie them down to your debt for life. Consider this gruesome inquiry: What happens to your student loans in case you pass away? A conversation I implore everyone to have. If your spouse co-signs with you on that refinanced loan, if you happen to pass, then your spouse is still on the hook to continue paying back that debt. If, perchance your spouse does not co-sign, should you pass away, that debt is erased. Off course, you must read the fine print of the contract they send you to confirm this, but that is something to consider. You may receive a lower rate with a co-signer, but is that worth it? Maybe for some whose loans don’t approach half a million dollars, but for us, I don’t think so.

Feature: Discussing Hyperdebt with ChooseFI

Today, my interview with Brad and Jonathan from Choose FI was released. In it, we discuss the topic of hyperdebt among recent grads. The podcast can be found at their website, so please have a listen!

If you enjoyed the content, here are other related topics that you may also find useful!

My Financial Story:

For New Grads:

On Saving Money:

Also, since the podcast’s recording, we have successfully been able to purchase a home! On top of paying down student debt at a rapidly fast rate! Here are a few samples of the new set of posts regarding property ownership.

Property Ownership:

Feel free to contact me with any questions, or simply to share your own stories. Like I mentioned in the podcast, I do not know of anyone else tackling a debt this large, but it’d be nice to create a community of said people.

Small Space Living

Tip 02// There is ALWAYS room for a loved one

When we tell people that we are not ready to have children at this time, their next step is usually to inquire about the likelihood of us owning a pet. A feline friend or a canine, perhaps? To which we have shot them down with equal fervor, choosing our own privacy, space, and time over additional responsibility. Why would we want to complicate our lives after everything we’ve done to create space? What we didn’t know was that the universe had plans of their own, and decided that if we were not going to search for an animal to love, I suppose it was going to dump one on our laps, or rather, in the midst of our nightly walking path. I guess it’s a way to fill up the space that we’ve purposefully made room for, with things of meaning and value. After all, that’s what this life we created is all about.

As you can probably guess, we have added a new member to our home. Which begs the question of how to even begin thinking about bringing in an additional breathing being into small space living. The answer is simple and easy. Which is that there is always room for another loved one.

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We were still renting at the old loft and were doing our usual mid-summer night’s walk through the neighborhood, when this orange ball of fluff appeared out of nowhere, and approached us. He didn’t approach with hesitation or signs of fear. Boldy, this little guy walked right up to Mr. Debtist’s bare ankles meowing and literally head-butted him, an obvious indication that someone needing some pets. Mr. Debtist knelt down and gave him a little head pat, which was invitation enough for the fellah to continue purring and head-butting his way into our little hearts. After getting a minute’s love from Mr. Debtist, he came after me. Nudging me with his little ears and rolling over to get some belly pats, it was easy to see that he definitely was an affectionate little creature. Once ten minutes of giving him attention passed, we got up to continue our walk home, and he followed us for a ways, meowing his farewells.

After our first introduction, we started visiting him every night. He was reliably  found in front of the same door, which made us think that perhaps he was owned by someone else. However, the occasional interview with the neighbors taught us that he was a stray cat that appeared around the time we first saw him. One neighbor let him into his business front every morning for the entire day while he was working. When he left for home, he would put the kitty out. Another neighbor would feed the cat when she got home from work. When I asked her why she only fed him wet food, she told me it was because he was toothless, a dagger delivered straight to a debtist’s the heart. A third neighbor took the liberty to name him Tucker.

In mid-September, we closed on escrow! As we were preparing to move, my woes were mostly centered around leaving the loft that was our home the past two years. We started living in that loft before we were even married. We experienced so many moments with close friends and family, and on our own, too. We imagined we would buy one loft just like it in the area. But that’s not where life took us. It took us away from where we first set our roots to grow, and it took us away from that darned cat.

Of all the things I missed most about that place, I didn’t miss anything more than our feline friend. Admittedly, we made some ventures back to the old place for tying up loose ends, and looked forward to seeing his face. Each time, I feared someone else had fallen in love and taken him away from us. Each time, there was a moment I held my breath, in case we found him no longer there.

One week ago, we went on our usual visit, when a neighbor popped up from his balcony and tried to get us to take him home. He praised that cat and really pushed and shoved, but we didn’t budge. We weren’t interested in taking a cat in, or so we said. We would jokingly say, “Let’s take him home,” and look at each other and grin. Mike said he was down if I was serious, but to be honest, I wasn’t sure I was ready to give up space in our new home. Small enough as it is, where would a kitty scratch post go? Or a litter box? More importantly, where does it go so that it is considered to be even remotely sightly? Where can it be placed so that I won’t have to gawk at its ugliness, that fiendish plastic bin being?

Then this past weekend came and went, along with it a series of natural events.

It has been so long since California experienced rain, I can’t even pinpoint when it was. Perhaps we missed the rain while we were away on vacation? My memory pinpoints to June, of LAST year. Well, rain it did this weekend. Sunny, 98-degree weathered Friday brought in thunder and lightning in the early evening, along with a torrent of rain drops. Angry rain, momentarily, and then a drizzle until next morning.

I was walking the three blocks it takes to get to work, in the cold, on the wet, and thought about that cat. How was he faring? Meowing his head off, no doubt. Asking for a warm body to hug, maybe? It rained all of Saturday, and that’s who I kept thinking of. I voiced my concerns to Mr. Debtist, who agreed and repeated that he was down to take the cat home. But still, I hesitated.

Sunday was lovely, in contrast. A day well spent with my parents and brother. In between the socializing, Mike and I teetered between going to pick up the cat, or not. Since it was a sunny day, and I was busy entertaining family, there wasn’t anything to push me over the edge.

Monday … Monday was a different story. Providence brought about dreaded Santa Ana winds. I woke up at 5:30 in the morning, and could not go back to sleep. The double-paned windows creaked in misery, singing a sad song that brought my mind to the cat, once again. Darned cat. Trees have fallen over, in surrender. Has that cat, too? My co-worker brought news of a lady who was killed in the morning by </s>the wind</s> a tree pushed over by the wind. Has the cat suffered the same fate? I couldn’t torment myself anymore.

I texted Mr. Debtist to pick up the cat after work. He drove back to our old place, and there was the cat, waiting. This furry creature weaseled his way into our hearts, and now has a warm home, just before the winter months. We took him to the vet yesterday, and we picked up the minimal necessities. Turns out, there IS room for a loved one and his things. Our small space just got a little smaller, but our lives just got much more grand. The cat’s, too.

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Meet Theodore:

  • Age: Guesstimated to be about 4-5 years
  • Physical Appearance: Orange, Short Haired, Green-Yellow Eyed. Has a small tip of his ear cut off, for when the Rescue and Release Program took him in and neutered him in the past.
  • Almost toothless. Has severe periodontitis, so we are extracting what few, decayed teeth he has left in a few months, to make it entirely official.
  • FIV+. Poor guy, must’ve gotten in a fight at some point with another FIV+ cat. It doesn’t mean he can’t live a long and happy life. Only that his immune system is weak and we need to monitor his health a bit more closely. Hopefully, we give him happy days for the rest of his cat life.
  • Personality: Loves cuddles and head scratches, is very talkative, and social. Feels unsure about his carrier, and does not like the way we pick him up. Not a picky eater, and loves to take cat naps.
  • The newest addition to our home.

 

 

Frugal Challenge: Don’t Buy Snacks

I am going to be the first to say that I am the least opposed to having a mid-afternoon treat. A firm believer that chocolate fixes all things, you won’t see me denying a cupcake when it’s sitting on the kitchen counter for the taking. My family knows that once you set out the dessert at a holiday gathering, I’m going to be first in line holding an empty plate.

That’s just the problem. It’s difficult to say no to something when it’s taunting you from right underneath your nose. However, it is very easy to pass up on something that you never knew was there. So here is my next, and long-awaited, frugal challenge for the month of October. Stop buying snacks!

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This challenge is not a practice that just recently came about in our household. In fact, it is a habit that we are quite accustomed to. The origin story goes way back to the moment I was diagnosed at age 22 as pre-diabetic, despite the fact that I weighed 100 pounds. You’ve oft heard the saying, “Never judge a book by its cover”? Well, it’s true. A skinny, young girl can be diabetic. At 22, my body was doing a great job at metabolizing all the sugars that I was consuming, but it was also already starting to fail. Without getting too extremely technical, having a normal blood sugar level does not mean that your body is not suffering. Your body can be fighting to keep itself healthy by pumping out a TON of insulin to get rid of those sugars, but eventually, your handy dandy pancreas will not be able to keep up with the work load, and it will start to fail. By the time you notice a high blood sugar level, it is already too late. Your body has had enough.

So when I was diagnosed with pre-diabetes, I knew something had to change. Having been trained to eat ice cream for breakfast, lunch, and dinner (yes, I have done that all in the same day… quite frequently), and growing up in a household where snacks can be found in the pantry every single day, I knew that it was my diet that was causing my body to suffer. I was taught that soda was exchangeable with water, and that juice was “healthy”. Every day after school, my mom would require us to eat merienda, which translates to a snack in Tagalog. Unfortunately, the snack list included chips, cookies, cereal, ramen, mac-and-cheese, and more thoroughly processed goods.

I was in my first year of dental school when I cut out sugar from the grocery bill. In doing so, I nixed mostly every snack possible. I not only said goodbye to my beloved cartons of ice cream, but also the chocolate bars and the cookies and the juice. I even cut out most cereals, with the exception of Cheerios (and not the Honey Nut kind). It was here that I first learned that the most efficient way to cut down the grocery bill is to get rid of junk food. I was grocery shopping for Mike and I, swimming in student debt, and I proposed that we limit our combined grocery bill to $50 a week, a rule which we still stick to to this day. $50 covered at least six days worth of breakfast, lunch, AND dinner for two. That’s how I got through dental school. But that means our limitations couldn’t stop at sugar. We also cut out chips, frozen fries, pizza pockets … even cheese and crackers.

Once we did that, we realized that $50 a week was completely doable. And I am not talking about eating spam or peanut butter sandwiches every day. I am referring to decent, home-cooked meals that taste better than going out to eat! Off course, there are many more perks to cutting out snacks than simply hitting a grocery budget. Here are the top 5 reasons why you should cut out snacks, in general.

TOP 5 REASONS TO CUT OUT SNACKS

  1. Decrease spending. Have you noticed that snacks cost so much for what you get? A protein bar for a few dollars?! A box of fruit roll ups for $5?! You’re practically paying top dollar for useless carbs that will shorten your life span or increase the chances of you needing to pay for medical bills to treat underlying conditions because of unhealthy food choices during your hay day. When you put it that way, all of this pointless eating costs more than the food itself. You may want to cut out snacks to decrease overall spending, for now and for the future.
  2. Cut down on sugar. In case you haven’t heard, all processed foods contain tons of added sugar. It doesn’t matter if they sell it in the form of “agave sugar“, it is still processed sugar that is unnecessary. Cutting down sugar was my number one reason to cut down on snacks. But there may be other reasons as well..
  3. Cut down on cholesterol. My extended family has a history of high cholesterol. When I think about how much salt lies in my once most favorite snacks (ie: Cheetos, Ruffles, French Fries, Ramen, etc), I can feel my arteries clogging up. Decreasing snacks can really do a body good.
  4. Become more productive. Let’s face it. A majority of us use snacks as a means to distract us from work. I remember the days when I needed to study for a test, and suddenly, my mind focuses on food when it should be focusing on the textbooks in front of me. How often do people at work take “snack-breaks”? Work-at-home-bloggers, you know what I am talking about. When I cut out snacks, I find that I eat more regularly. Three meals a day at approximately the same time. I stop “craving” a lot of things, which allow me to focus on my work, whether that’s dentistry or blogging.
  5. Help planet Earth. A majority of snacks are packaged in plastic. When we cut out plastic from our grocery list, we were already primed for success, because we have been cutting out snacks for a few years. Think about it. Individually packaged candies, bags of chips and cookies, even popcorn is in a paper bag wrapped in a plastic bag! We cut out frozen foods completely, as well as jugs of orange juice and bottles of soda. We aren’t only helping our bodies, but we are also helping the planet too.

Off course, there are many more reasons not to eat snacks. But these, for me, are my top five. So try it out for the month of October! Extend it past your grocery list and avoid buying snacks at all times. Do you need that mid-day coffee from Starbucks, or that extra bag of chips from the gas station to satisfy you during the commute home? If you do go out for dinner, is it necessary to get the appetizer and the dessert? Or a cup of soda, even though it’s unlimited re-fill? I know that at first, habits like these are hard to ditch. But try it for a month, and see how much you actually save. You may be extremely surprised, in a good way.

 

Small Space Living

Tip 01// Make Use of Baskets

A daily qualm for small space living is answering the never-ending question of where to put things. Complicated by a desire need to have everything look tidy and put together, storage solutions run short in our home. Well, acceptable solutions anyway.

Five years of working as a product specialist for retail stores has its pros and cons. Con: Jumbled messes and unabashed eye-sores cause anxiety. Pro: I know just how to fix it.

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Enter the use of baskets. The perfect vessel for wrangling things together in one space, without the need to organize or neatly fold. For well-loved, most-oft-used pieces, stock-piling them into one spot is kind of a necessary thing. The basket keeps everything corralled in a neat space, is beautiful to look at, and hides one dark secret: that I am not perfect and though I can fold a stack of clothing like a machine with perfectly even edges, I do not necessarily want to do it all the time.

For me in particular, the basket I am referring to holds a number of soft sweaters and cardigans. Too delicate to throw on a hanger in the recesses of our only closet, and too often used to continually fold, stack, re-fold, and re-stack. They’re forgiving enough to avoid wrinkles, and look more beautiful laying askew than they do folded into a boxy shape.

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Off course, this applies to many things that are unsightly, but you want to hide. A basket is perfect for holding shoes. Kicking off shoes as you enter the home is a part of life since my mother brought me into this world, and small spaces are less tolerant of shoes lying around, lest someone trips on a stray sneaker. Likewise, we use a basket to hold my beloved Fiddle Leaf. The pot it came in is one of those standard black, flimsy, plastic bins with a clear water tray at the bottom. Throw it into a basket, and voila! Only you readers would ever know.

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The ones we have in particular are made by Olliella. A brand based in London, England and born in 2009, it was created by sisters Chloe and Olivia Brookman. The baskets are made of natural materials which are sourced sustainably. They are fair trade certified and are ethically produced.

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How about you guys? Any storage solutions to keep small spaces organized? Share away!

Property Ownership: Happiness Does Not Lie in Double Vanity Sinks

I never thought there would come a day where I would have to write about double vanity sinks. I guess that is just the space this blog is taking me to. Excuse my short interlude amongst my usual property ownership writing, but I am seeking respite from a thought that refuses to leave my mind. I turn to writing it all out, and (hopefully) letting it go. It has something to do with double vanity sinks, and everything to do with people’s concepts of what makes this life worth living.

We looked at two properties (this time around) before we decided on the one to buy. The first time we were looking at a live work loft, our agent was walking through the home with us, while the seller’s agent awkwardly stood downstairs. We were exploring the third floor where the bedroom and bathroom resided, a floor plan quite similar to the one we were renting. I walked into the newly renovated bathroom and commented, or rather, exclaimed, how nicely done it was. Our super rad real estate agent, who we love, flippantly added to the appraisal with what I presume she thought all prospective buyers wanted to hear.

She said, “The nice thing about the bathroom is that it has a double vanity.” She looked at us expectantly and then followed up with, “Do you have a double vanity in the bathroom you currently rent?” When we said we didn’t, she said, “That’ll be a nice upgrade then!”

I was quite confused by her comment, but smiled and continued asking questions about the home and moved on with the rest of the tour. It stuck with me as nothing but a funny comment, and it was pushed to the recesses of my mind.

Until our dear friend helped us move in to our new place (the one we actually picked) two Sundays ago. (How time flies! Was it already two Sundays ago??) After all the lifting, sweating, scuffling, and off course, gorging on food to replenish depleted energy stores, we were sitting on the couch catching up on each other’s lives. A thing that used to be an everyday occurrence in college but that you miss once everyone finds their place in the world. He excused himself to use the restroom and returned to the couch with a big smile on his face. “I like how you have double vanities. So nice!”

Mike and I kind of did this super obnoxious look that we give each other sometimes, at the risk of being borderline rude, and we smiled. We then proceeded to explain how we didn’t think it mattered how many sinks were in the bathroom, as long as there was a sink in the house. Our friend assured us that it’s because we have not experienced “double sink life” just yet, and that we would soon change our minds.

So I asked, “What is so special about double sinks?!” Quite in a similar intonation as the text implies.

He kindly informed me that it was nicer to have one’s own. He said that we each have our own stuff that we want around the sink, and it would be nice to have our own place to store them. He alluded to the stereotype that women want to keep a ton of products around their sinks, and men have shaving supplies to worry about. Plus, it would be such a convenience now that we don’t have to share a sink in order to brush our teeth.

After one week of living in this space, I still don’t get it.

First off, let me show you a picture of our sinks.

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As you can see, the only thing on it is a pump for hand soap, and Mike’s toothbrush. There is absolutely no other thing on the sink.

Secondly, what’s wrong with sharing? We can take turns brushing our teeth. Or, as is more often case, brush at the same time, but take turns using the sink. We tend to roam around the home while brushing anyway, and old habits die hard. Usually, I’ll accumulate my drool much more quickly than Mr. Debtist does, and I am using the sink before him. If anything, it makes for good laughs, moving each other aside in order to expectorate. It’s even funnier when we don’t quite make it.

Ultimately, I think I know what bothers me most. It circles back to when our real estate agent assumed that double vanity sinks is what buying a home is about. Or the inclination that double vanity sinks lead to a happier life. It relates to the concept that “more is better”.  And it still implies that convenience is key to happiness. I kinda miss our single sink. I miss pushing each other out of the way, and trying to steal water from over each other’s hands. I talk a lot about “less is more” but in doing so, I am feeding into this idea that more is better. Less is definitely LESS, but that can be a good thing, too.

Deciding whether a home is the right home for you does not depend on double vanity sinks. Sinks do not even define “an upgrade”. What’s the point of “upgrading” to double vanity sinks if, say, the mortgage is too much for you to comfortably pay. Doesn’t that downgrade you to a more stressful life? Why do people use sinks as a measure of how nice a home is. Shouldn’t we comment on other things? Like, how kind the neighbors are, for example. Or how it cuts your commute to a mere three blocks (yes, that’s my commute to one of my offices now. It’s glorious). I do admit, I may be bent-out-of-shape and hung-up on some small, insignificant thing. But I have got to say that as long as people are measuring worth in terms of double vanity sinks, there’s going to be a lot of happiness-searching without actually any happiness-reaching in this world.

 

Property Ownership: Overcoming Buyer’s Remorse

I was lying in bed on a Sunday night, exhausted from a grueling week of spending every spare moment readying the house into a home. My heart won’t seem to slow down, my mind won’t seem to shut up. We’ve moved every big piece of furniture and a majority of our few belongings that morning with the help of a brother and a close friend, yet there’s still a million things to think of. My brain couldn’t help but tick through the to-do list on repeat, as I try to clear my mind and get some shut eye. Then, it started to turn onto a bleak subject.

I turned to Mr. Debtist and asked, “What have we done?

As the city street lamps glared into our upstairs window, and I heard the shuffling downstairs from an equally unsettled roommate, I started to miss the curtained windows at our previous place. I looked outside to the main street below, and I started to miss the buildings that I frequently stared at. I sat up in bed and set my feet down on the cold cement floors, and missed the tufts of carpet.

I’ve moved ten times before turning thirteen, and I’ve moved a total of sixteen times in my life. Each time, I go through this phase of longing for what once was. The first night is always the most difficult, and I knew that. However, this was different. As if settling into a new environment wasn’t emotionally draining enough, there is the added mental weight of knowing just how much we’ve put into this new home. Invested wouldn’t be the correct word. Gambled might be a better term. On the first night, I feel like the most appropriate way to describe the feeling is a feeling that you just lost it all.

Here’s something every new home-owner experiences. Buyer’s remorse. And it was coming over me like grey skies, gathering for a downpour. If it wasn’t for Mr. Debtist reaching out a hand and telling me “It’ll be okay”, who knows what kind of tumultuous storm might have been unleashed that night.

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When a deal closes on the home, the seller tends to feel like their house was taken away from them at a bargain rate, and the buyer may feel like they were jipped of their money’s worth. It is normal for both sides to feel this way. However, whereas seller’s remorse will likely dissipate in the upcoming month, buyer’s remorse will have the audacity to do its best to linger. Buyer’s remorse is way more complicated, since it is being compounded by other anxieties, most of which have nothing to do with the actual home. Anxieties that involve job stability and its correlation with the ability to pay a mortgage. Anxieties about someone’s health failing, and the complications of trying to balance a home loan with medical bills. Anxieties about the market crashing, or a natural disaster striking. Anxieties about the world collapsing.

While everyone may suffer from a momentary panic attack about their most recent home purchase, it will be unfortunate to have these same worries follow you forever. In the mildest of cases, the remorse is nothing a few aspirin tablets can’t handle. Or in my case, a good night’s sleep. But for others, the thought is so ravaging that they try to break the contract.

Amidst all of this, we center on one single fact: you’re buyer’s remorse at its core is nothing but raw, naked fearThis fear comes from your perception of the value of the home. How do you know if this is you? The symptoms are pretty common, and very easy to spot. Are you doing any of the following?

  • Reading real estate listings more intently than you did before signing the contract. You spend your days searching for similar or nicer homes with lower asking prices.
  • Continue to tour open homes. Don’t be surprised if you see remorseful sellers at these same open homes.
  • Endlessly discuss your purchase with your friends, neighbors, business associates, and any being with two ears. You want to probe other people for their opinions on your home-buying actions. You will likely take anyone who confirms your suspicions as telling you the truth, when in reality, they likely have no idea about anything regarding the current market.

Physically and emotionally drained yet? Because you will be, if you keep this up. It’s enough to make any human go bonkers. Hopefully, you discover soon enough that your fears are groundless. Here’s the real truth.

Facts defeat fear.

The faster you get to the facts, the less you’ll suffer. Overcoming buyer’s remorse relies heavily on your trust in the decisions you’ve made when purchasing your home.

As explained here, a home can have more than one correct price. Pricing and negotiating are arts, not sciences. Never mind the asking price. As long as the purchase price is in line with the sale prices of comparable homes, you’re in the clear! Read up on how to know a home’s market value.

To learn more about home buying, use the book we used.

When I woke up Monday morning, I turned to my side of the bed and stared outside the windows to a crazy skyline, and clear skies, thinking to myself how much I love our new home.

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Dear College Kid: Pursuing Medicine Will Not Get You to Financial Independence Faster

Dear College Kid is a series I decided to write to my younger self. I would send them too, if I could somehow teleport myself via time machine to my late teens and early twenties. I hope other college kids find these letters, and garner some foresight that I myself had lacked. I hope it changes their lives.

Dear College Kid,

Have you ever heard of the term FI? More importantly, do you know of the FIRE community? Standing for “Financial Independence, Retire Early”, FIRE is a concept that aims for the option to be free from needing to spend forty years of your life working. Not to be confused with your life’s work, FI aims to free people of your job, if and when you choose to do so, in order to do your life’s work.

What I am here to tell you is this. If you’re dream is to pursue FI, then the medical profession is not the best, most practical route. I’m a dentist, who graduated from dental school at age 26 with more than half a million dollars in student debt. Now imagine being a doctor finishing residency at age 30, or an oral surgeon finishing at age 34. What you have as a college kid that I no longer do is time on your side. Time to get a head start, time to reach freedom more quickly and efficiently. Time to start opening doors.

At 21, I had no idea FIRE existed. It’s unfathomable for me to even think that I would have understood that work is not necessary in order to live a good life. A 21 year old graduating with zero (or very little) student loans, pursuing a desk job and saving  their income will have a 5-10 year head start on a 30 year old medical professional graduating with hundreds of thousands of student loans and saving none of their income because it is all tied up in debt. I will start at 36 years old at $0 in the bank if I spend all my income right out of school and funnel it to paying down my student loans (something I’ve talked about before). Meaning, the 21 year old with the desk job will have 15 years ahead of me in savings. On top of that, those savings have been racking up compound interest for 25 years. Assuming a moderate 6-7% return rate, those 15 years makes a whole heck of a lot of difference!

Off course, if you are pursuing the medical field, I am not dissuading you entirely, if it is what you WANT to do. The medical field is great! I love my job, but that’s because I did not go into it for the money. If you want to become a medical professional because it’s what you want to do for a long time, then by all means, you will be very happy! If you want to enter the medical field because you want to be RICH and that’s your goal in life, then you will be successful. BUT, if you are pursuing freedom or FIRE, and you think the medical field will get you there quicker because of the higher salary, you are incorrect. There are people in the FIRE communities who retire at 30 years old. If you go into the medical field, unless you have relatives that can pay for your entire tuition and you graduate debt free, well, you’ll still be at net-zero at 30 years old, but at least you have the means to get to FIRE by mid-to-late thirties perhaps. Most parents, however, cannot support med school, and if you graduate with a medical degree AND a ton of student debt, then you’ll be reaching FIRE later than your other FIRE friends. See what I mean?

This does NOT mean, pursue a desk job that you hate in order to reach FI. We reach for FIRE in order to be happy. There is no point putting yourself through misery in order to get to FI because you’ll be giving up happiness in order to do it. Some people say, “Well, I’ll just put in the work and hate my job but get to FIRE faster and THEN I will be happy.” But will you really, though? Reaching the end and never working a day in your life does not guarantee you will be happy. True FIRE pursuers recognize that it isn’t about the end goal, but the journey. It’s about gaining your freedom in the future, without giving up your freedom now. Otherwise, you’ve read FIRE all wrong.

Alternatively, FIRE is not entirely about Retiring Early. It’s about having the option to not work at a job, in order to pursue something else in life that will lead to more happiness. Ultimately, this all boils down to entering a profession for the right reasons. If you find a profession you love, you may not need to retire at all. I find myself happier than a lot of my colleagues, some of whom have only been out a few years and are already “sick of it”. They want out! Unfortunately, they are far from being free because of their lifestyle, or their debt, or a combination of the two. I am happier because I did not enter the field solely for money. I am happier because I do not need as much money in order to live, and can therefore choose how much of my life I need to give up in order to live a happy one. As I’ve said many times before, having money dictate the way you live your life is not a good thing. Whether that’s a lack of money, or a plethora of money. My dream is to free myself from student debt, go FIRE, and eventually travel the world and work for free as a dentist in third – world countries. To give back to communities that dentists never touch. I will likely never be “rich”, but my life will be. I am very, very happy, because I am doing what I love.

So in summary, enter the medical field if it is something you are very interested in or really want to do. (Sage advice: enter ANY profession because it’s what you want to do.) Do NOT enter the medical field, thinking it is the quickest way to get you to financial independence. It’s not the fastest, and it’s not the easiest, either.

For those just hearing about FI, here are a few of my favorite blogs and podcasts:

Welcome to the rabbit hole.