Medical student $300k+ in debt... Crypto investments a way out?

[CryptoDoc17]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

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[Febo]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

You are living in lousy country that they cant afford to teach doctors for free. Seems something went wrong somehow.  Ever thought of going study abroad? Doctors are needed everywhere. If they get you young to train you, they will be even more interested.

[chaosfourever]

Ya I still own 80k for student loans. Hoping crypto investing can help pay them a lot sooner. Already made 12x on my investment. Just wish I invested more lol. GL

[DenDanny]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

I would not recommend to invest money you loaned, in something so risky as cryptocurrency. I also feel like we are in a bubble right now, pretty much everybody and their grandma can make money with crypto at the moment.

[BitFinnese]

If you invested on the right cryptocurrency, it can clear you of your debt and not only that, they can even make you a multi millionaire.  That is the beauty of investing / trading with cryptocurrency.  Though I believe once you finish your MD degree, you will be able to pay that debt. Doctors are in demand packaged with high salary.

[BitWhale]

Ya sorry guy, I don't think anyone is going to be able to recommend this.

Never borrow money to invest, that's just asking for trouble. Never invest what you aren't willing to lose.

Also, this is something I see repeat each bitcoin bubble, every time I make money I have people beating down my door to "invest" for them, but they don't realize that the boat has already been missed. If you wanted to invest in bitcoin it should've been in 2015 when it was a few hundred dollars each and the risk to reward made alot more sense.

It might seem like right now everyones making money, but buying this late in the game you've got a 1:1 risk to reward at the moment. You risk $100 to make $100. Buying in 2015 and holding until today, for every $100 dollars you risked, you would've made $733. Your probabilities of cashing out in profits is much higher with the second option.


No one here can tell you how far bitcoin is going to go, I can say it will probably go to 2500-3k for sure, but after tht is all up in the air.

Please do some heavy thought and studying to make sure this is something you'd like to pursue. I lost thousands of dollars for many years before I ever started to get the proper mindset to become a profitable trader. If you trade because of emotion (which it sounds like this might be because of anxiety that you want to invest), you are destined to fail like 90% of all traders. You will either sell too early and take a loss/miss out on profit, or sell too late and miss out on profit.

Also, with how fast bitcoin is moving, it'd be extremely wise of you to wait until the next correction. I could seriously see bitcoin dropping $500-600 a piece no sweat next correction. If you must, buy the dip. When the correction comes it will be a volatile one, purely because of how fast we are moving now. Buying in now might be a blood bath.

[CryptoDoc17]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

You are living in lousy country that they cant afford to teach doctors for free. Seems something went wrong somehow.  Ever thought of going study abroad? Doctors are needed everywhere. If they get you young to train you, they will be even more interested.

I agree with that in many respects, however, it is very difficult to practice in the US if one graduates from a foreign medical school. At this point I'm locked in to graduate with a US MD. Hopefully in the future it will become much more manageable but in the mean time it doesn't seem to be headed in a positive direction.

Ya I still own 80k for student loans. Hoping crypto investing can help pay them a lot sooner. Already made 12x on my investment. Just wish I invested more lol. GL

That's a great return! Hopefully I can come by something sooner.

I would not recommend to invest money you loaned, in something so risky as cryptocurrency. I also feel like we are in a bubble right now, pretty much everybody and their grandma can make money with crypto at the moment.

Any idea how long the bubble will last? That's my primary concern with everything bursting.

If you invested on the right cryptocurrency, it can clear you of your debt and not only that, they can even make you a multi millionaire.  That is the beauty of investing / trading with cryptocurrency.  Though I believe once you finish your MD degree, you will be able to pay that debt. Doctors are in demand packaged with high salary.

Do you have any recommendations on what the right cryptocurrency is? I know that NEM, Waves and Wings are all considered solid but haven't had the time to expand the portfolio. Unfortunately, the specialty I want to go into requires many more years of residency during which time that 300k can easily balloon to 500k due to interest. Even with a high salary this severely limits quality of life.

[Qartada]

...Well.

The total cryptocurrency market caps, trading volume and prices have gone up extremely dramatically in the past few weeks.  You could have literally picked nearly any existing coin and it would have gone up by about that much - doesn't mean that you could repeat it and have the same thing happen again.

If you were to do it, you'd have to have a big appetite for risk.

If you have no other money to put in, then you could take a loan, but don't take it if you would fail to pay it back through other means.  There's always the possibility of something going wrong even if you're in multiple coins, and last time altcoins went back up they went back down again in a couple of months (although this time it's more dramatic and that may not happen).

EDIT:  IMO, the bubble will last ~2-3 months tops if there is one.  It's likely for crypto to go further, but previously there have been some serious bear markets which take coins a lot lower.  You'd need balls of steel.

[testerx]

Whatever you do don't go crazy all in.  I actually paid the IBR minimum while I was in residency because I was spending all the rest of my money on bitcoin mining equipment.  It did pay off, though probably not as much as you'd think since I mined them mostly at a cost of about $500 per bitcoin.
But honestly if you budget well you can get out of your debt just by being a physician.

That said, there are a LOT of junk investments here and a lot of nonsense posted and we are definitely in the middle of an altcoin bubble.  So I am honestly not sure what is good to invest in at the moment.  Right now it's mostly good for people who've already made those investments a while ago.

If you do do this I would set a budget for yourself and then diversify into like 3-4 really promising tokens, and try to get in early on the more innovative ones that really have a shot of greatly changing things.  BUT even if you do so, realize that you can lose every last penny and it wouldn't even be unlikely.  Most altcoins become worthless over time, just look at the list of altcoins that were popular 1-2 years ago and compare them to today's lists.

Right now the growth in my wealth is about 50/50 cryptocurrency and my work as an attending, but the cryptocurrency side is insanely volatile. 

[The Sceptical Chymist]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

Dude, don't take a loan to invest in an extremely volatile asset that's currently at its all-time high.  That's crazy.  If you're really in med school, just focus on that.  Doctors make more than enough to repay their loans.  Hell, I had my college loan paid off pretty damn quick just making a pharmacist wage--and that's way less than a physician would make (depending on specialty, of course).  $300K is a lot, but you'll pay it off soon enough.  I would suggest keeping your exposure to crypto at a minimum.  Even though I'm a huge fan of bitcoin, none of us know when the bubble is going to blow up.  You could lose everything and then you'd be screwed.

[BitWhale]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

Dude, don't take a loan to invest in an extremely volatile asset that's currently at its all-time high.  That's crazy.  If you're really in med school, just focus on that.  Doctors make more than enough to repay their loans.  Hell, I had my college loan paid off pretty damn quick just making a pharmacist wage--and that's way less than a physician would make (depending on specialty, of course).  $300K is a lot, but you'll pay it off soon enough.  I would suggest keeping your exposure to crypto at a minimum.  Even though I'm a huge fan of bitcoin, none of us know when the bubble is going to blow up.  You could lose everything and then you'd be screwed.

Solid advice. Also, most hospitals will pay your student loans if you sign a contract to work with them for a specified period of time. I know it's this way with nurses as multiple people in my family have paid off their thousands of student loans in this manner. Maybe you can find something like this?

I know Lovelace & Presbyterian (both USA hospitals) offer this type of deal. For nurses, it was 3 years you had to work for them.

[newtybar]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

Meh, my wife is a doc and had a good amount of student loans.  She just put in the max to repay per month and its all repaid and gravy.

Your salary should let you live a comfortable living net of loans.  Not going to be filthy rich or baller like you expected for the first 5-10 years, but it will be comfortable. 

There's worse problems out there.

invest what you are willing to lose without flinching.

[BTCwriter]

Yes, this is good time to invest in crypto right now.

[CryptoDoc17]

...Well.

The total cryptocurrency market caps, trading volume and prices have gone up extremely dramatically in the past few weeks.  You could have literally picked nearly any existing coin and it would have gone up by about that much - doesn't mean that you could repeat it and have the same thing happen again.

If you were to do it, you'd have to have a big appetite for risk.

If you have no other money to put in, then you could take a loan, but don't take it if you would fail to pay it back through other means.  There's always the possibility of something going wrong even if you're in multiple coins, and last time altcoins went back up they went back down again in a couple of months (although this time it's more dramatic and that may not happen).

EDIT:  IMO, the bubble will last ~2-3 months tops if there is one.  It's likely for crypto to go further, but previously there have been some serious bear markets which take coins a lot lower.  You'd need balls of steel.

Given future income potential I know I'll be able to pay off an additional 10k so it won't alter my life nearly as much as being on track for 300k loans. Maybe an option would be to let money grow for a few months, take it out then see how the market is before deciding whether to invest again.

Whatever you do don't go crazy all in.  I actually paid the IBR minimum while I was in residency because I was spending all the rest of my money on bitcoin mining equipment.  It did pay off, though probably not as much as you'd think since I mined them mostly at a cost of about $500 per bitcoin.
But honestly if you budget well you can get out of your debt just by being a physician.

That said, there are a LOT of junk investments here and a lot of nonsense posted and we are definitely in the middle of an altcoin bubble.  So I am honestly not sure what is good to invest in at the moment.  Right now it's mostly good for people who've already made those investments a while ago.

If you do do this I would set a budget for yourself and then diversify into like 3-4 really promising tokens, and try to get in early on the more innovative ones that really have a shot of greatly changing things.  BUT even if you do so, realize that you can lose every last penny and it wouldn't even be unlikely.  Most altcoins become worthless over time, just look at the list of altcoins that were popular 1-2 years ago and compare them to today's lists.

Right now the growth in my wealth is about 50/50 cryptocurrency and my work as an attending, but the cryptocurrency side is insanely volatile. 

Right now we're on summer break and I'm planning to do research on which coins are a solid investment then put the money in. Congrats on having the crypto side match your attending salary, even that is a great feat!

Dude, don't take a loan to invest in an extremely volatile asset that's currently at its all-time high.  That's crazy.  If you're really in med school, just focus on that.  Doctors make more than enough to repay their loans.  Hell, I had my college loan paid off pretty damn quick just making a pharmacist wage--and that's way less than a physician would make (depending on specialty, of course).  $300K is a lot, but you'll pay it off soon enough.  I would suggest keeping your exposure to crypto at a minimum.  Even though I'm a huge fan of bitcoin, none of us know when the bubble is going to blow up.  You could lose everything and then you'd be screwed.

My tentative plan for the summer is to determine which coins are worth investing in while we're on break then focusing almost exclusively on school during the year. Given future attending salary, losing 10k seems like it'll have a minimal impact on the timeline to repay loans based on physician salary alone. I'm not certain if you have to go through residency after pharmacy school but accumulating interest is the primary negative to large loans when you're living an additional 3-7 years on 50k/year resident salary. A lost 10k may increase to 15-20k by the time training ends but that's nowhere near the lions share of the pre-existing 300k, no? Thanks for your input.

Solid advice. Also, most hospitals will pay your student loans if you sign a contract to work with them for a specified period of time. I know it's this way with nurses as multiple people in my family have paid off their thousands of student loans in this manner. Maybe you can find something like this?

I know Lovelace & Presbyterian (both USA hospitals) offer this type of deal. For nurses, it was 3 years you had to work for them.

I'm not aware of hospitals paying the entirety of medical school loans since its such a substantial amount. I can see with nurses since they have significantly lower debt after their training. While loan repayment assistance is fairly common it is still primarily on the student to repay the vast majority debt (sadly).

[counterplay]

I think your best bet to get out of debt is to invest your time in excelling in what you are already good at - medicine.
If you invest in Altcoins you might get lucky - but this feels similar to gambling it up in a casino.
If you want to make good investment decisions you have to spend a lot of time studying the coins and the market.
This time is almost certainly better spent investing in yourself.

[CryptoDoc17]

Meh, my wife is a doc and had a good amount of student loans.  She just put in the max to repay per month and its all repaid and gravy.

Your salary should let you live a comfortable living net of loans.  Not going to be filthy rich or baller like you expected for the first 5-10 years, but it will be comfortable.  

There's worse problems out there.

invest what you are willing to lose without flinching.

Yes, this is good time to invest in crypto right now.

I appreciate the input. I'm willing to lose 10k without thinking much since future salary should covert that without much strain. And given how much everything is increasing, maybe investing then withdrawing once sustained losses are observed is a safe bet (it'll be pretty difficult to lose all 10k without retaining even a fraction after all)

I think your best bet to get out of debt is to invest your time in excelling in what you are already good at - medicine.
If you invest in Altcoins you might get lucky - but this feels similar to gambling it up in a casino.
If you want to make good investment decisions you have to spend a lot of time studying the coins and the market.
This time is almost certainly better spent investing in yourself.

I agree 100% medicine should be the primary focus. Once the next year begins, I don't plan to give much attention to it other than checking up on existing investments.

[dissident]

It was a year ago. Not now.

[phytosaw22]

Hi, this is an absolutely terrible idea. You do not give the impression that you have put in the time to understand the crypto markets and you dare to think of taking out a loan???

And guys, don't encourage him because you think you'll be able to dump on him... if he loses all this money he will go crying to the SEC and fuck over the entire space.

DO NOT TAKE OUT THE LOAN

[ergie]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

Yes you can pay off your debt with the 10k loan if you trade wisely. Definitely feasible!

[European Central Bank]

You want to take a loan out to buy coins that have smashed every all time high by huge margins? That's the worst idea I've read on here all week.

Not one single coin has earned their valuation. Some of them have gone up by 50x and there is literally nothing different compared to when they were worthless.

You're making the classic noob mistake and you'll buy high and sell low. Most of them do.

The only time to,buy is when things are looking their absolute worst. That's when the professionals buy. Then they convince you that you're gonna miss out. Your greed fools you into lining their pockets. Then they sell everything and leave you with nothing.

If you really are intent on doing this wait until people are posting suicide hotline numbers.