Debt to Dreams

Debt to Dreams is a my attempt to become better educated in the realm of personal finance. This blog is a running commentary of my thoughts, actions and perceptions of how money effects my life. This material should not be construded as financial advice.

As recent as early 2006 I had over $14,000 in credit card debt on top of $120,000 in student loans. I was in this situation because I had only a rudimentary understanding of finance and was living what I felt was an “normal” lifestyle. What I did know was that I had to change my ways or I was going to become the poster child for generation debt.

By most of our society’s standards I have been “successful” thus far in life. I am currently a 29 30y/o medical resident in the process of completing my medical education. Like most people I have had to face many personal challenges to get where I am today.

I like to think that I came from an average American family with average teachings in the realm of personal finance. I grew up in a small town of ~3000 and attended public schools throughout my education.

I was lucky enough to earn a tuition waiver at my local state university that payed for my college education. During the semesters I worked as a Resident Assistant to pay for my room and board. In addition I worked various odd jobs during the summer and had a small work-study allowance for my spending money.

This upbringing has served me well until a point. I was able to graduate from college debt free but had no savings to pay for medical school.

Upon entering medical school I was completely dependent upon student loans for all my living expenses. This was the beginning of my cycle of debt. I quickly found my lifestyle as a medical student outstripping my student loans. Like any good American I turned to credit cards to fill the void.

In a period of 4 years I had managed to amass $14,000 in credit card debt before I decided to reform my habits.

In the process of learning about personal finance I started reading a few personal finance blogs online. I found these to be useful and much more interesting than the usual personal finance magazines. Most of them had very useful personal insight and opinions relating to the day to day financial challenges any family must face.

In an attempt to become better organized and better educated myself, I decided to start blogging as a form of motivation and accountability to myself and hopefully others.

The information I have posted here is partially for my own organization and to provide a background for readers of why I have made/am making these financial decisions.

I hope that someone will find this useful and perhaps make some changes in their life for the better.