I sold my house last month and made a little over $80k profit. I'm looking to invest some of it.
Financial situation:
I recently graduated from residency and I'm currently in a 1-year subspecialty fellowship. I have approximately $320k in federal student loans. Most of it is 6.8% interest, but I do have a small amount at 7.9% and some from undergrad at 3.75%. I was able to get a post-graduate fellowship DEFERMENT so that I'm not accruing interest on about a quarter of my loans. I'm still trying to pay about $300/mo as cash flows allow so that I can keep some of the interest down and also so I can write some of it off when I do my taxes.
I have no credit card debt. I have no other loans other than a used car loan I took out about a year ago and have paid half of it already (interest rate <2%).
I assume I will be buying a house within the next 1-2 years after I get out into practice, but I hope to be able take advantage of a physician mortgage, so I don't think I will require a huge downpayment for that. I have no other major purchases planned within the next 1-2 years unless I get engaged/married (which is possible).
I hope to have a job lined up by early 2017 and with that will likely refinance my student loans with a company like SoFi and then pay them off aggressively.
In the mean time however, I had been looking at some online reviews of brokers for a Roth IRA (since this is the last year I'll probably be able to contribute to one). I'm probably going to be a relatively hands-off investor and looking to minimize costs at the same time. Any advice on the best brokers to go with? And best funds to put in a Roth IRA?
Also, is the backdoor Roth IRA a good idea? I never heard of it before reading about it on this site, and I'm wondering if it would be advisable to start a traditional IRA to roll over into the Roth IRA that I eventually open?
Any other general advice for investing given my situation as outlined above? Should I put any of it towards my student loans? Thanks
Financial situation:
I recently graduated from residency and I'm currently in a 1-year subspecialty fellowship. I have approximately $320k in federal student loans. Most of it is 6.8% interest, but I do have a small amount at 7.9% and some from undergrad at 3.75%. I was able to get a post-graduate fellowship DEFERMENT so that I'm not accruing interest on about a quarter of my loans. I'm still trying to pay about $300/mo as cash flows allow so that I can keep some of the interest down and also so I can write some of it off when I do my taxes.
I have no credit card debt. I have no other loans other than a used car loan I took out about a year ago and have paid half of it already (interest rate <2%).
I assume I will be buying a house within the next 1-2 years after I get out into practice, but I hope to be able take advantage of a physician mortgage, so I don't think I will require a huge downpayment for that. I have no other major purchases planned within the next 1-2 years unless I get engaged/married (which is possible).
I hope to have a job lined up by early 2017 and with that will likely refinance my student loans with a company like SoFi and then pay them off aggressively.
In the mean time however, I had been looking at some online reviews of brokers for a Roth IRA (since this is the last year I'll probably be able to contribute to one). I'm probably going to be a relatively hands-off investor and looking to minimize costs at the same time. Any advice on the best brokers to go with? And best funds to put in a Roth IRA?
Also, is the backdoor Roth IRA a good idea? I never heard of it before reading about it on this site, and I'm wondering if it would be advisable to start a traditional IRA to roll over into the Roth IRA that I eventually open?
Any other general advice for investing given my situation as outlined above? Should I put any of it towards my student loans? Thanks
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