Archive for September, 2008

Doctor/Lawyer Couple in $532,000 Debt!

September 1, 2008 Leave a comment

I saw this clip this morning on the Today Show about a doctor/lawyer couple in $532,000 debt!    I can’t help but think how overly screwed they are.  This poor couple needs more than a money makeover, they need a money “do over”.   Just to pay the interest on that monster will take 50K a year in gross income (30K after tax assuming average interest rate of 5-6%).  That is more than a medical resident’s salary-  is slaving away 80 hours a week for a whole year under incredibly stressful conditions working with malignant personalities in a skanky smelling cesspool hospital worth it TO JUST PAY THE INTEREST.  Can you say OUCH!!!  And don’t even get me started on how this prominent doctor/lawyer couple is being shipped off to the Siberia of America- Buffalo. 

Watch and see for yourselves modern day slavery in action.  Let’s think about this for a moment.  Sacrifice away your twenties in school with mushrooming debt followed by your thirties paying it down to just break even.  Now you get to toil away like a work horse in your forties playing catch up to everyone else who started earning and putting away money very early on.  Again, is it really worth it- go all through that to wind up a Siberian slave?

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