Right...good that you don't concern yourself with what other people think on this matter.

To clarify what I meant to say, it felt weird for me driving to school in my 997 every day. At first it was fine. But after a few weeks my mindset was on my tasks and research and so my mental focus during the drive to/from school was very different than to/from the office.

My 997 had previously been a key, integrated part of my drive into work as I loved the experience of the drive. Now my mind is elsewhere and I was not able to appreciate the 997 driving experience to/from school.

That's what I meant by it being weird to drive the 997 to school (nothing to do with what people thought).

If someone told me I'd lose the appreciation of the 997 as a DD with my new job (as a student) I would have told them they were crazy. I guess I'm the crazy one

Perhaps your mindset won't change too much and you'll still be able to appreciate the drive. If so, keep the BMW and Porsche and enjoy them.

 

Oh my reply was directed to Gloves' earlier post, not you specifically .

I rarely take the 911 to school, I'm nervous about leaving it there and that can ruin my focus and my whole day. That and it's 150 miles a day for me to commute, miles I'd rather save on the 911. That is exactly why I have the 135i.

 

Don't do it Dave!! You have a great set up right now and its not hurting you.
Run the 135 until the warranty expires.Then you can look at trading just that for a used M3.You could be putting money aside between now and then for that eventuality in a seperate fund and that will make the trade easier.
Keep the 911 now its not your daily and you will appreciate it more when you do drive it (with us).You have it just as you like it now and I suspect you would regret selling it.Now the annual mileage is minimal so will the maintenance be.
Don't kneejerk your thinking, you have a great 911 that is not going to depreciate that much especially as it is now a 'Garage Queen'.

 

911 in med school? I was in my early 20s cutting coupons from Rite-Aid and eating Top Ramen for dinner Didn't need a ride in Manhattan though. I had to wait until I was an attending to get the P-car hehe.

I like this advice.

 

This is the part that baffles me more than anything. You've mentioned several times that you've been "fortunate" and many of the physicians who replied expressed that it took them time to get the things you currently have when they entered school and the field.

So why would you change occupations especially given the challenges of the evolving field , the expense , the time, to start over .

This modern concept baffles me about a trend observed in todays young people. Some graduate college with an MBA and think they will be an instant CEO and when faced with the entry positions they think its beneath them .
You express that you will go to med school and then to a Gt3 as if this is an overnight process. How can you even know what the future income of medicine will be ?

I am not a physician and I am very glad I am healthy because even as a patient I cringe at the thought of dealing with all the beurocratic red tape of trying to get well if i ever got sick.

So what the draw to medicine ? Is it that you have some type of philosophically idealistic vision of helping sick people ? Or is it the Gt3 .. bcause that is what you shared ? Or are you just bored ?

BTW -- part of the reason why so many young people are in student loan debt is because they were told to "study what makes you happy. do what you love" INSTEAD of .. choose an occupation that pays the bills.
It sounds like you already had that .

Yanno -- you may as well keep the Porsche . Compared to the expenses and time faced with this change .. the depreciation is pennies for dollars in contrast .

 

An interesting question and I do see your point. First off, I'm coming from a decent starting point, I own my own home, I have pretty much everything I want in said house and a nice selection of cars, it's not like I'm saying "I have nothing and the day I graduate I'm going to buy a Ferrari or GT3", I already have a huge stepping stone.

I've always been very interested and very good with biological sciences and teaching/helping others. When I was still in school back in the UK, it was a combination of being young, very poor careers advice and not wanting to spend my entire life in studies that prevented me from taking this path. Instead I had my own business and before that, became a company director for one of the UK's largest computer hardware retailers within a few months of starting work there in sales and offering myself for free.

I moved on after this and became a commercial and aerobatic pilot, something I still do to this day but sadly, the US has really removed any status and associated career prospects from flying, whereas the UK still holds pilots as prestigious, not overpaid bus drivers as they imply here. After moving to the US due to marrying my wife, the economy tanked before I could complete my US conversions. Before the recession, starter pilots only got paid $20k but at least there were jobs, now there's no salary AND no jobs. Forgive me but for spending $150k on my flying training, getting paid $20k a year is a little insulting and moreover, you don't even get promoted because of your merits or how good a pilot you are; if the guy next to you has 5 more hours flying time, he gets the promotion, regardless of how much better you are.

I grew up in a world where you make your way through tenacity and ability, not because someone tells me I can or can't do this.

I decided to return to school to pursue something I should have done a long time ago and to involve myself in a constantly challenging and changing field. There's also a long term implication in medicine, it's not likely that I'm going to be struggling for a job, how many doctors do you know who are collecting benefits? I'm only 27, not 57, I have plenty of time and believe me, this was no easy decision to give up all the things I'd worked for and to spend the next 6 years of my life in school - this took some serious conviction and thought.

I do know how much I'll be paid upon graduating med school and I do know how much I'll get paid after my residency is up too, it's all quite easy to work out on a base level. I'm not coming in bottom or middle of my class, I'm working my *** off to be the very best and give myself the best shot I can out of the gate to get the job I want. As for my GT3 idea? Well, as I mentioned at the beginning, I already have a huge leg up, it's not like I have nothing and am about to blow $100k on a car is it?

The world's been very good to me so far, medicine allows me to do something I love, something that challenges me every day and allows me to give back to the world at the same time; so yes I am an idealist and I'm loving every minute of it

Edit - I will agree with you on one point above, the MBA part. I'm with you 100% on that, it makes me laugh how many people think they can come out of college and run a business. Both my Dad and myself rarely employ people that only have qualifications, business nouse and acumen is something you're born with or develop, not something you study.

 

^Good for you. 27 is still young (although I was in my 2nd year of residency at your age LOL). Your life experiences will make you a more mature med stud and allow you to visualize the proverbial "light at the end of the tunnel" that was so difficult for those of us who went straight from undergrad to med school to capture. Your work ethic will prove beneficial during those long nights on call in OBGYN and Gen Surgery. Best of luck and shoot for the stars! GT3 all the way

 

I do wish I'd started sooner but in all honesty, I wouldn't be who I am today without the experiences I've had. It's exactly as you put it, my endeavors have helped immensely with both motivation and desire to do this, at the end of the day I'll be out of my residency in my mid 30's and as my father has always said, "life begins at 40". It's not like I'm doing this alone either, this is something my wife and I discussed (as you'd expect) at great lengths before setting down this long road; changing career at any time has its risks but medicine is not a 5 minute solution. My wife is a very successful woman, as the only female VP ever in her field so it's not like she encouraged it for her own benefit.

I hear all these stories about the long hours, hard work etc but I'm no stranger to 100 hour weeks. If I'm doing something I love, none of it even matters to me. I'm genuinely excited to get through it all

 

As a physician now owning my own practice, I can tell you success has nothing to do with the degree. Rather, it has everything to do with motivation and luck. Don't think that just because you are going to graduate and "maybe" get into a residency (what kind at that given the coming defunding of residencies by Medicare???) you will have any sort of an affluent lifestyle at the end of the road.

I had less than two nickels to rub together in medical school. I became an indentured servant to the US government (Go Navy!) to pay for all of that and still ended up with a 100K bill. The "scholarship" paid tuition (25K/year in 1992), but only gave 700 bucks a month to live in Miami (oh and they took out taxes on top of that???). The 4 year commitment turned into nearly 15 years (damn, I should have read the fine print) and a couple of trips to unpleasant places.

At the rate medicine is evolving (devolving) I think you will find yourself likely with a VERY large bill and no place to practice in the end. Don't look for your "investment" to pay off anytime soon. It took me 20 years of 100+ hour weeks and getting shot at to boot.

Lucky for you in the new paradigm, you won't have to work more than 50 hours per week when you graduate and if you get into a residency --- just don't expect any kind of pay like there used to be 20 years ago. As an investment - you made a very poor choice. My kids are only 8 and 10 now, but I would NEVER EVER tell them to go into medicine. Just my two cents (nickels?) Although, it sure does sound like you are independently wealthy (good for you), so maybe medicine can be a hobby for you.

 

Follow the below advice - don't listen to the haters...

 

I noticed Yrallis' post was either removed by a mod or by himself last night and as such I won't post the whole thing up out of respect but I would like to address a couple of the points he made.

You insinuated that my careers have all fallen apart and that the commonality between them is that they've all reached an end; this in fact couldn't be further from the truth. I started my first business at 17 and was a company director for a large firm at 17 also. I made my money and got bored of what became a rather tedious an uninteresting career hence the sale and moving on. By the age of 18 I'd lived in 3 different countries on my own, I'm no stranger to doing what's necessary or taking a chance. If I'm totally honest, I knew flying wasn't going to satisfy me from the beginning because I like to move on in the world based on my own ability and merits, not because of a number of hours in my logbook. That said, I enjoy flying and became the world's lowest hours aerobatic pilot because of it.

I've always been told to believe in myself, to work hard and the rewards will come. Maybe you think this is naive or idealistic but it's always worked well for me. You mentioned "dreaming" about becoming an NBA player or buying a Porsche and beating Rohl but just because I'm good at something doesn't mean I *have* to make that my career. FYI 13-16 I was the UK XC mountain biking champion and I played national level basketball, hockey, soccer during my late teens and raced in the Ferrari challenge in my early 20's - it wasn't a lifestyle I wanted to pursue, they were hobbies. In fact, one of my major hobbies in my late teens was gaming which actually helped put me where I am today but I knew that one wouldn't last and I was right. There's actually almost no money in professional gaming these days, where as back when I was doing it, we'd get $200k for winning a tournament, now it's more like $100.

You may be surprised that I've dumped my life history on the table for you but that's what makes me who I am, I'm not afraid of my decisions in the past however wrong they were and I only look to better myself and learn from mistakes and other people. I'm very much a "what-if" kinda guy and believe me, I've planned for all eventualities but if anything's going to stand out with my past, it's that I need something challenging to sink my teeth into. I don't go into anything halfheartedly, I go in to be the best I can be.

Am I aware that things may change in the medical field in the future? Of course I am, however, you're the one who's naive if you believe medicine will collapse and all of a sudden the US will have a NHS. In all honesty, I don't care if I only earn $50k a year doing this, I'll be happy knowing that I'm doing something that challenges me and that can bring happiness to other people. We can't predict the future but by choosing my specialty carefully and being top of my classes in the mean time certainly gives me a nice head start.

I'm not a stupid young kid who doesn't know what he wants, in fact I'm very interested in many avenues of income in life. I'd be very interested to hear your suggestions on the '5 other careers' that would earn more in 10 years, so please do post those up, I may have missed something and you could come up with a fantastic idea. I will ask one thing though, how many of these careers are guaranteed long term? I considered a lot of things before going down this path, all of them ran the risk of being here today and gone tomorrow.

You've obviously done well for yourself and I applaud that but don't assume that just because you've accomplished what you have that your way is the only way or the "right" way. There are many ways to skin a cat, so to speak, and luck plays a great part in anyone's success. You can increase the likelihood of your luck by choosing wisely but I know of plenty of now bankrupt millionaires and dreamers left with nothing because they were too greedy or had no ambition.

Finally, to address your closing statement "A guy buys a Porsche and he thinks about driving it having fun .. but why not also think of the big dent an SUV can give it in a parking lot?".

If you think like this your whole life, prepare for a lot of misery, I buy my cars and look after them beautifully as a few members on this board can attest yet I drive mine and don't let things like that ruin my enjoyment. I take my car to the mall every weekend, let valet's drive it, friends drive it, it's a car that can be fixed or replaced, enjoy your life rather than worrying about it, we've only got one.

 

Don't let them wind you up Dave. You do what you feel is right. No one but you knows what you want in life and if this is the path you want to persue then do it.
I have always been a doer rather than a sayer and whilst there may be things you or I regret doing AT LEAST we did it. People analyse **** to death and then do nothing.
You only live this life once and whether it is buying cars or choosing a career go with want YOU want.
I have purchased many many cars, sold them, made a little lost a load, but who cares, I have enjoyed them and paid the price. That's life!!!!!!
This thread was not about what career path you should choose, that's your personal decision and people that do not know you should not speculate on what is best for you!

 

Dave,

if your current income is really $50K annually and there is no other income source - you need to adjust your priorities and do some accurate financial planning.

It does not matter what a great human being you are/were/will, whatever, it is just a common sense. Look at your finances at least couple of years ahead.

In your current situation, you have a family, probably will want to move up into a bigger house as family will grow, you will have student loans to pay off - I would be much more concerned to be totally debt free and clean up all loans and possibly mortgages away than to waste any single cent on a high end cars, TVs, and other items which are not _essential_ for basic survival. Just my 2c.

As of your age - each of us was 27 too, all I am saying here - try to think of a bigger picture and make sure you do have enough to keep you afloat if you loose any source of income.

A friend of mine is an physician in NYC who tryes to relocate out of there (whole different story of what happens with NYC now) - you may be surprised but economy is in such a dip**** right now that even doctors have problems finding new job. Unless you have secured $5+mil for yourself already I would be more concerned about source of income than of new cars.

PS. I would keep all you have now, drove 135i as DD and sell your 997 altogether with all the rest luxiries if you will need extra money for anything until you got a stable permanent job with 6 figure paycheck.

 

I don't earn $50k, I was saying that even if being a doctor only paid that, I'd be happy with it, I'm at that point in my life.

Contrary to what many people may think, I owe nothing, I own everything outright and my loans for school will only be taken because it's so damn cheap to do so and I'd rather use the banks money than my own.

My whole point of this post was not *if* I should sell the 911 but when, in order to get the most fun/monetary return ratio, something which I feel has been rather lost!

I'm sure there are issues what with the economy being slow at the moment but every doctor I know who's graduating from med school is still getting a residency and those that graduate at the top are getting the highly competitive positions they were after.

I do appreciate the advice though, it is certainly sound

 

Thanks Keith, I've pretty much decided what I'm going to do after a phone call yesterday from the Porsche dealer regarding the extended warranty. 3/36 for $3500 that covers everything so I'll be hanging on to the 911 until the end of 2013 at least. I'll probably sell it then and just bank the money until I'm in a position to add a bit more and get a GT3 a couple of years later. At that point in my training I'm unlikely to even have time for a 911 anyway so I'd rather wait and get what I really want instead of putting all the money into an M3 that's only going to depreciate anyway. For the price of the 1 series, I may as well just buy another when the warranty on this one expires!