Economics of The New Grad CRNA

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I have a friend that graduated recently from CRNA School. He loves his job and got a pretty good salary, 120 - 130k. He just bought a $360,000 home in the area; he doesn't have a lot of debt outside of his CRNA student loan. My question is for you new grads. Do you think he spent too much? How much do you guys and gals plan to spend / spent? Just wondering, he seems to really love the work though.

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Specializes in US Army.

Why is that any of your concern....? Leave the man alone and stay out of his business.

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Happened to see a decent formula on T.V. the other day. Take your total salary (i.e. 120,000) and divide that number by 12. That gives you your monthly salary. Take that number (10,000 in this case) and divide that by 2 =5,000. The show said you shouldn't spend more than this dollar amount (in this case 5,000) in mortgage, taxes, insurances, monthly bills, etc. Just what I saw. Not in the positon just yet to see how this would work.

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No way to answer.Is he married, does his wife work? Is it his first home?

I plan on spending more than that but in the Northeast you don't have much of a choice.

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Without knowing the specifics of his financial situation, it's a little hard to say. However, buying a house that's 3 times one's income is not typically considered extravagant. The mortgage on that house would be around $2300/month. That would be approximately 1/4 of the gross monthly salary. That's within common affordability guidelines. The big missing stat is how much his student loans are.

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Spent too much on the house or school? If it's school, how much is his debt? The house depends on how large it is, the area, etc.

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Whether or not he spent too much is a personal opinion it's all relative.

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Specializes in Med/Surg, ICU, ER, Peds ER-CPEN.

I have to agree with the others who said it's his business not yours, afterall he is the one paying the mortgage, not you

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I'm curious why you ask, zaga.

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How would you know if its my business or not??????? He happens to be a very close friend and a business partner, who readily discussed the issue with me and asked my opinion before he purchased the home. I was not asking if you thought it was my business I was asking if working CRNAs like him thought it was resonable. You should not assume things, I'm not forcing my way into his personal finances he has been one of my best friends for 15 years. To answer the other questions on the board: debt from school was about 60k, his wife does not work, two young kids, and I want to know BECAUSE he asked if I knew any place to see what others in field have done in the past. Thought this might be a good place to inquire, I didnt think people would be so testy and judgemental.

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most of us aren't so testy and judgemental. wow. discuss away.

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I didn't think you were being nosy. I got the impression you were wanting to know for your own sake? I am glad you asked the question, as I have never owned a house and wasn't sure what I would be able to afford when I graduated. I'm glad it was put in perspective, didn't know I could possibly get that much house, so thanks for asking1

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