[quote=Scarlett]I am with UCGal about this one – mainly…
I am going to take the middle ground in this match. I have close friends that are almost in the same situation as sdr’s friend. Those people can rent a nice pretty big house, pay debt and save for downpayment. They can still have a very good lifestyle. But for such high income and good debt to loan ratios I think it would be a reasonable exception for the downpayment to be 10% and not 20% if they don’t have any student loans debt. Very low risk – for the current conditions.
(begin rant) Since sdr talked about advanced degrees, I have a PhD and for people like us there wouldn’t be any exceptions made… PhDs won’t ever have the income the MDs have, not even half of that. If we get into six figures that’s very fortunate and happens after 6 years of grad studies, 3-6 years of postdocs with salaries in the 20s and 30s (usually when they start having kids in their 30s) and a few more years in industry or as an assistant professor. So it’s around age 40 – when one finally is able to START saving for downpayment (from previous salaries, barely enough to save some for retirement). True, they won’t have much student debt (usually PhD students are payed a very modest stipend or they help with research and teaching). Same type of sacrifices. How long do you think it takes a pair of PhDs to save 100K for a house that’s going to be much less than the one that your doctor friend would buy (guaranteed!). yeah, quite a few years. What quality of life is that, sdr? Are you saying MDs more deserving that PhDs? (end rant)[/quote]
Doctors have to deal with things most phd’s or enginerds (inclusive) for that matter don’t have to ….And it’s simple…
Liability.
As much as you and I would like to think enginerds are really that important. In reality if one of us screws up, no one is really going to die from it. Same cannot be said for doctors. And since it takes years of intense training/specialization (of which most people can’t do), simple risk/reward/supply and demand.
And unfortunately, there is no correlation between how much one studies, degrees,etc and how much one is paid.
A stripper probably makes more than me, as do drug dealers. And I’m sure some administrators that work at the Municipal Water District probably make a hell of lot more than some phd biologist. Fair? Nope….Oh well.
