bbb
IM Program Coordinator
Topics: 32
Posts: 4,734
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miracleseeker wrote:
Now, I am at a complete loss once again. How do we live on a resident's salary on a J1 (for most of us) or and H1b visa? What do you mean - first year resident salary is decent. I have been fussing for years to make an intern's salary.
miracleseeker wrote:
Can you still make investments at home or would this be taxed highly? Check with your financial advisors - here and at home.
miracleseeker wrote:
Can you deduct the cost of exams, ERAS/NRMP, trips for interviews, licensure requirements from the 2006 fiscal year? Only if you have enough to itemize when you do your taxes.
miracleseeker wrote:
If you're just about to start having a credit history here, how soon can you start applying for housing and car loans? Most banks and credit unions will bend over backwards to help persons with initials after their names.
miracleseeker wrote:
Or get a good car insurance policy when you're just about to apply for a social security number and US driver's license? I heard that State Farm which is one of the best supposedly requires two years driving experience. Of all the things that my residents have moaned about over the years, none of the above have been issues.
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bbb - trying to combine common sense and humour into realistic answers, but not going to guess on anyone's chances of getting into a position....
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| digitaldoc
Topics: 35
Posts: 369
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yeah...resident salaries are good enf for a good living !
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| miracleseeker
Forum Senior
Topics: 13
Posts: 90
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Thanks for the advice, bbb and digitaldoc.
Anyway, relax guys. I'm not moaning or complaining. I think resident's salaries are pretty sweet. I just want to know how to make wise investments. Thanks. Ciao!
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| digitaldoc
Topics: 35
Posts: 369
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Home is a wise investment - if u stay on rent ...paying say about 500-600 pe month, at the end of 3 years you would have spent more than 20,000 $ and get nothing back.. if you buy a home, you will pay up more at the end of 3 years - but once u sell your house, you will get the full value of the house in ur hands - which will be excellent down-payment for the next house resulting in much lower monthly mortgages for u ..
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| drvic
Forum Elite
Topics: 10
Posts: 181
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hey digitaldoc
you're right home is a wise investment - but you can't just go buy one straightaway when u land in US for residency....u surely would need some time and resources to settle down first. with the recent slump in property prices all over US, it definitely is the right time to invest. but i'm still not too sure how quickly you can get your hands into that, when you're about to begin your residency....in fact that's what miracleseeker had asked in the first post - any answers anybody???
as for the taxes, can you please clarify the difference in exact terms, as in what all j1 visa holders have to pay?
bbb said something about "itemize" with regard to including cost of exams etc. in income tax deductions - what was that about? totally a newbie about all this...
i guess the first thing one would need would be an accomodation, followed by Social Security Number, Driver's Licence, Bank Account, Cellular Phone, Broadband connection, and a Car. these would be the basic initial necessities. the rest is all up to individual needs and requirements...
GL to all
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say what you mean... and mean what you say...
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| miracleseeker
Forum Senior
Topics: 13
Posts: 90
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i think there are two ways of getting tax deductions, standard or itemized. I think you get to pick which one you want after you've determined which one would give you a greater tax refund.
i've checked out other forums and there is still some debate about which of our incurred expenses can be considered as part of jobhunting. i guess the lesson here is to hang on to all the receipts while studying how to pay for the taxes in the US and our respective home countries.
Settling here and starting residency would really be an adventure. Good luck to all IMGs!
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| Moozy
Forum Guru
Topics: 45
Posts: 785
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How much is the cost of living in US including rent, daily necessities, application process for match, internet and travel expenses over 3 months. I mean, if someone can give me an approximate figure that one should kep in mind b4 coming to US?
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| miracleseeker
Forum Senior
Topics: 13
Posts: 90
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Rent would really depend upon the neighborhood, size of the apartment and your personal preferences. It could range from $500-$2000/mo. Even less if you're not picky with the neighborhood. But it would be good if you could crash at a relative's place. NRMP is $60 for the first 10 programs and the rate goes up for the next succeeding programs. Aside from this you have to pay ERAS. The number of programs you apply to would determine how many hundreds or even thousands of dollars you spend. You can get free dial-up service for 3 mos from various internet companies such as AOL (just get a free CD from the grocery) or if you want DSL that's at least $20 for the first 3 months. Travel expenses really depends on your location, the number of programs that will send you an invitation and their location. Good luck.
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