My Future

By: Devin Luckey

Occupation: Orthopedic Surgeon

Annual Income: $240,44

Degrees needed: Bachelor’s degree* and 4 years of Medical School

*(1 year of biology, 2 years of chemistry, 1 year of physics)

What is an Orthopedic Surgeon?

An orthopedic surgeon is a surgeon who has learned and been trained in the diagnosis and treatment of diseases and injuries of the musculoskeletal system. Using both surgical and non-surgical methods, they treat conditions that affect bones, joints, muscles, ligaments, tendons, and nerves. Examples include arthritis, dislocations, fractures, spine disorders, and more.

College

College attending: Harvard in Cambridge, MA

Tuition per semester: $22,639; Medical school- $31,775.50

Total tuition to obtain degree: $181,112 + $254,204 (Med school)= $435,316


School loan terms:

4.6% rate

Time: 20 years

Loan balance after deferment: $476,286.20


Additional interest for 2 year deferment: $40,970.20

School loan payment after deferment: $2,231.62

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House

Address: 2017 Edison St N. Arlington, VA 22207


Loan terms:

  • 3.79% interest rate
  • 30 years
  • Loan Balance- $600,000


Monthly Payment: $2,792.33

Total Interest Over the Life of the Loan: $1,005,238.80

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Vehicle

Certified 2014 Audi A6 TDI Premium plus Quattro


Loan term:


  • 3% rate
  • Time: 4 years
  • Loan Balance: $48,983


Monthly Payment: $1,083.21

Total Interest Over the Life of the Loan: $51,994.08

Budget

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  • Monthly Income: $20,036.66
  • Total Expenses: $18,474.74
  • Overall Net Worth: $1,561.92

Reflection


  • During this project I learned that you must consider every possible thing in your budget to ensure that you have enough money to pay for it all.

  • Throughout the project I had to adjust the time of my house loan and my school loan. I did this because wanted to pay my school loan off faster, so I changed the time of my house loan to 30 years in order to be able to afford it and have a reasonable amount of money left over.


  • My initial ideas of beginning adulthood was that it was going to be expensive and hard, but if I worked hard and got a good job it would all work out in the end. I now realize that everything about adulthood cost much more than I originally thought it would. Plus if you strategically pick your house, school, and car loans you can pay them off and still own nice things.