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?