How to best spend a windfall/inheritance? Need help, please advise.

[YYjames]

The White Coat Investor wrote:

YYjames wrote:

Curious as well – “medical” resident to be attending making 350-400k ?

Very few fields nowadays have that kind of salary.

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I’ve always been impressed with how much variation there is in a single field. I know emergency docs making $120K and I know emergency docs making $600K. I’m sure many fields are similar. It depends on the type of practice, where it is, how hard you work, etc.

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True, ED docs can crack that figure on shift work in podunk USA sure. I have never seen internal medicine/hospitalist with those numbers, OP saying medicine I meant internal medicine.

[SValleyMD]

I'm in Podunk America and our Hospitalists make 350-450k (confirmed on our non profits tax returns), so that number is rare but is out there.

[jfoxcpacfp]

SValleyMD wrote:

I’m in Podunk America and our Hospitalists make 350-450k (confirmed on our non profits tax returns), so that number is rare but is out there.

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OT, I live about 20 miles from Podunk, KY. Are you a neighbor of mine :-) ?

[BCBiker]

OP, did you consider converting a big chunk of your tax deferred savings to Roth and using the windfall to pay the extra tax? Seems like the perfect situation: falling income and money freed up to pay tax.  You may need to avoid pushing your income out of the standard Roth phaseout in the first year but should be able to leverage this to your advantage.

If I were you, I would probably set aside the rest for an investment in something not correlated with stock, perhaps real-estate or a local business. I personally would not pay off loans with that interest rate and with a plan for payoff already in place.  Whatever you do with it, save buying lottery tickets or some terrible options, you are in an awesome position to become very wealthy! Congrats.