Hi Everyone,
We just sold our med school house and after we deduct taxes, expenses...etc, we have a profit of $40K(conservative figure). We are PGY 1 (3 years residency) with a possibility fellowship(3 more years). We won't buy a house until we are done with training, which could be another 2.5 years or 5.5 years. We are DINKS and our annual gross is around 120K, we are renting now and rent+monthly expense is fairly cheap(1500/month) and we can cover other insurance expenses disability insurance, life insurance, car insurance, max out 401, and roth primilary from our salary and still be able to save some money. We are 200K in debt and the rate is 150K @ 5.5% and 50K @ 6.8% and no other debts. I feel like we should just toss that profit we have at the 50K @ 6.8% since we can live comfortably with out salary and we have easy access to emergency fund( large CC line + parents who are okay with lending). Should we pay off a good amount of the student loan with the profit or there is a better way of spliting between saving for downpayment + investment+student loan+retirement options.
We just sold our med school house and after we deduct taxes, expenses...etc, we have a profit of $40K(conservative figure). We are PGY 1 (3 years residency) with a possibility fellowship(3 more years). We won't buy a house until we are done with training, which could be another 2.5 years or 5.5 years. We are DINKS and our annual gross is around 120K, we are renting now and rent+monthly expense is fairly cheap(1500/month) and we can cover other insurance expenses disability insurance, life insurance, car insurance, max out 401, and roth primilary from our salary and still be able to save some money. We are 200K in debt and the rate is 150K @ 5.5% and 50K @ 6.8% and no other debts. I feel like we should just toss that profit we have at the 50K @ 6.8% since we can live comfortably with out salary and we have easy access to emergency fund( large CC line + parents who are okay with lending). Should we pay off a good amount of the student loan with the profit or there is a better way of spliting between saving for downpayment + investment+student loan+retirement options.
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