Let me start by saying, I wish I had read the book and found this website few years back. Still better late than never.
We are 2 physicians (internists) just turning 40s with one 9 year child in school
We have no loans.
We have combined income of $5,00,000 annually
Our only investment is individual 401k plan though our employer which we have been maximizing for last 3 years.
We bought a Lot to build house. We are paying $2000 property tax and $900 association fees for it annually even though we haven't started building a house. Why? Because we don't have green card yet and may take 2-3 years for it. Want peace of mind with green card before building and investing in house. Now I wish hadn't bought the lot. Learning from mistake.
Have $6,00,000 in savings account. I wish I had read the book and found this forum years back.
Now we are wondering what to do? We will build dream house after few years. It will cost us $5,00,000 - $6,00,000 for it
At present we are renting duplex apartment for $1600 per month.
Should we invest? If yes, how much? Where to start investing it?
When we build house, should we take mortgage or just pay it off with cash in hand. By the time we build house, even after paying for house, we will have 1,00,000 left as we keep earning. So why should we pay for mortgage?
Not putting money in college plan for my child as not allowed to because not a permanent resident/ green card yet.
Would like to have nest egg for retirement and pay for child's college education, if we can
We plan to work till 65 - I guess should still be able to work as internist or atleast do out patient clinic till that age. Hopefully!
My spouse is thinking about changing job too and then won't have 401K anymore. Also she may make less money based on productivity in the beginning till her practice gets busy. So combined income may decrease initially. These changes may come up.
Would love to hear from forum members.
Thanks in advance.
We are 2 physicians (internists) just turning 40s with one 9 year child in school
We have no loans.
We have combined income of $5,00,000 annually
Our only investment is individual 401k plan though our employer which we have been maximizing for last 3 years.
We bought a Lot to build house. We are paying $2000 property tax and $900 association fees for it annually even though we haven't started building a house. Why? Because we don't have green card yet and may take 2-3 years for it. Want peace of mind with green card before building and investing in house. Now I wish hadn't bought the lot. Learning from mistake.
Have $6,00,000 in savings account. I wish I had read the book and found this forum years back.
Now we are wondering what to do? We will build dream house after few years. It will cost us $5,00,000 - $6,00,000 for it
At present we are renting duplex apartment for $1600 per month.
Should we invest? If yes, how much? Where to start investing it?
When we build house, should we take mortgage or just pay it off with cash in hand. By the time we build house, even after paying for house, we will have 1,00,000 left as we keep earning. So why should we pay for mortgage?
Not putting money in college plan for my child as not allowed to because not a permanent resident/ green card yet.
Would like to have nest egg for retirement and pay for child's college education, if we can
We plan to work till 65 - I guess should still be able to work as internist or atleast do out patient clinic till that age. Hopefully!
My spouse is thinking about changing job too and then won't have 401K anymore. Also she may make less money based on productivity in the beginning till her practice gets busy. So combined income may decrease initially. These changes may come up.
Would love to hear from forum members.
Thanks in advance.
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