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Financial goals you've achieved this year (2016)?

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  • RadDoc6876
    replied


    in such a good place right now, and barring absolute catastrophe
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    Have you looked at getting some amount of Disability Insurance?  This was on my "list" last year and we are almost through the application process.

    Leave a comment:


  • jfoxcpacfp
    replied




    On another note, any recommendations for getting a better guarantee than 1% on the 300k+ in the MMA we have? The 200 bucks a month interests seems ridiculous.  Looking to use it as down payment in 2-3 years

    Anyone else in this same situation?
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    This is an ideal situation for you to buy a high quality corporate bond that matures at your projected date of purchase.

    Leave a comment:


  • Gas_Doc
    replied




    No debt at all except car loan since its 0 % for 5 years

    net worth > 3M

    bought 3 rental properties with cash this year ~ might not be smart but do not like debt

    enough in 529 for 10 years old to go to college today and will do the same for 5 years old

    max on retirement account

    plan to retire early in next few years
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    Three rental properties in a year, all cash...wow. Is that your first dip into the rental market or are you a long-time real estate investor? I was under the impression the leverage is one of the best ways to increase returns in real estate. What made you buy 3 properties all cash rather than, for example, 12 properties with 25% down on each?

    Leave a comment:


  • MotilityDoc
    replied
    Those prices are unfortunately low-normal for NYC area.  Will be facing tough decision next year when job hunt starts- stay in area, make less money, pay more for cost of living, but be near family.... or the opposite of those.  There must be a balance somewhere....

    On another note, any recommendations for getting a better guarantee than 1% on the 300k+ in the MMA we have? The 200 bucks a month interests seems ridiculous.  Looking to use it as down payment in 2-3 years

    Anyone else in this same situation?

    Leave a comment:


  • Cardonfire
    replied
    No debt at all except car loan since its 0 % for 5 years

    net worth > 3M

    bought 3 rental properties with cash this year ~ might not be smart but do not like debt

    enough in 529 for 10 years old to go to college today and will do the same for 5 years old

    max on retirement account

    plan to retire early in next few years

    Leave a comment:


  • Eimaise
    replied







    Paid off student loans in August (!)
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    Congrats!! That’s so awesome. How much did you owe?
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    Med school was $160,000 total.

    We received some generous gifts and an in inheritance throughout the 4 years totaling 90k

    We used our savings to pay for 30K (we got married at age 21/22 so we had some money saved for a few years.

    The remaining 40k we borrowed from the government and lived very frugally and devoted all extra money to it (any gifts, bonuses, etc.) and paid it down over the 16 months after med school graduation.

    Leave a comment:


  • conniebird
    replied







    DINK, new to forum, inspired by these posts!  2.5 years left in fellowship. High cost of living area, hard to save as much as others here!

     

     

    Achieved 450k net worth, cut down student loans (0% from family) 120k to 60k

    Totaled ~300k in MMA- to be used for house down payment (currently renting at 4.5k/mo)

    150k in taxable investments- low fee ETFs

    Wife’s 401k with ~75k, mine with ~20k

     

    Our plan for 2017 is to max out 401k, roth ira, start HSAs, increase MMA to 350 (should cover 20% of any house around here for post-fellowship) before committing remainder to taxable investments (saving rate has been ~30% of after tax dollars).

     

     
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    Wow! Where are you at that $300K is a down payment and rent is $4,500?
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    Sounds like NYC or SF.

    300K downpayment gets you something < 900 sq ft in NYC. Sad but true.

    Leave a comment:


  • The White Coat Investor
    replied




    DINK, new to forum, inspired by these posts!  2.5 years left in fellowship. High cost of living area, hard to save as much as others here!

     

     

    Achieved 450k net worth, cut down student loans (0% from family) 120k to 60k

    Totaled ~300k in MMA- to be used for house down payment (currently renting at 4.5k/mo)

    150k in taxable investments- low fee ETFs

    Wife’s 401k with ~75k, mine with ~20k

     

    Our plan for 2017 is to max out 401k, roth ira, start HSAs, increase MMA to 350 (should cover 20% of any house around here for post-fellowship) before committing remainder to taxable investments (saving rate has been ~30% of after tax dollars).

     

     
    Click to expand...


    Wow! Where are you at that $300K is a down payment and rent is $4,500?

    Leave a comment:


  • MochaDoc
    replied


    Paid off student loans in August (!)
    Click to expand...


    Congrats!! That's so awesome. How much did you owe?

    Leave a comment:


  • Eimaise
    replied
    PGY-2 here...28 years old, married with 2 kids.

    Financial things I accomplished in 2016

    • Paid off student loans in August (!)

    • Opened 401k and contributed up to the employer match

    • Opened up and maxed out spousal Roth IRA

    • Read most of the posts on this blog, Mr. money mustache, and read Bogleheads Guide to Investing.

    Leave a comment:


  • MotilityDoc
    replied
    DINK, new to forum, inspired by these posts!  2.5 years left in fellowship. High cost of living area, hard to save as much as others here!

     

     

    Achieved 450k net worth, cut down student loans (0% from family) 120k to 60k

    Totaled ~300k in MMA- to be used for house down payment (currently renting at 4.5k/mo)

    150k in taxable investments- low fee ETFs

    Wife's 401k with ~75k, mine with ~20k

     

    Our plan for 2017 is to max out 401k, roth ira, start HSAs, increase MMA to 350 (should cover 20% of any house around here for post-fellowship) before committing remainder to taxable investments (saving rate has been ~30% of after tax dollars).

     

     

    Leave a comment:


  • Anesthesia84
    replied
    I love reading everyone's financial achievements!

    We are a dual MD family- I am 2 years out from residency, working only 4 days per week and no call, husband will finish his cardiology fellowship next June and start his first real job in August. We have 3 kids and nannies who work about 40 hours per week which is our biggest expense after student loans. We have never carried debt other than student loan debt but it is/was massive....

    2016 achievements for us:

    -Net worth was -344k on January 1.... It will be -166k on Dec 31! That is the biggest increase in net worth we have ever had in a year

    -We paid off about 80k on our student loans (still have a combined balance of 450k at a variable rate, currently 2.7%)

    -We saved a 20% down payment for a house in a great school district, close to where both of our jobs will be, and we are excited to move once my husband finishes his fellowship.

    -Retirement accounts were maxed again for the third year in a row (2x 18k in 401k/403b, 2x Roth IRA)

    -Max'd our HSA and will continue to save it as another retirement account

    -Still did a couple of fun vacations with the kids - a week in Cali visiting family and a week at the beach on Cape Cod

     

    Lots of goals for 2017: Max out retirement (again), open a taxable account, buy a house, have another baby, and let my husband start carrying most of the burden of paying our bills

    Leave a comment:


  • hightower
    replied
    Well, really I should have refinanced all of my high interest rate loans when I started residency.  One of the many foolish mistakes of my younger years.  Should have, could have, would have.  Oh well, trying not to dwell on the past.  But, I'm realistically only 3 or 4 months away from paying it all off, so it seems pointless now.

    Leave a comment:


  • MochaDoc
    replied


    I still have one more loan of 39K at 6.8 that needs to go,
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    Why haven't you refinanced this loan to a lower interest rate?

    Leave a comment:


  • hightower
    replied
    Great thread!

    I'm 5 years out of residency, dual income, no kids (wife non-physician)

    This year I:

    1. Refinanced our house that we've been working on restoring for the last 4 years at 4% interest rate.  We were able to pay off 77K in high interest rate student loans with the proceeds from the refinance (interest rates of my student loans were 6.8-7.25%!).   We now have a 300k mortgage on a 550k house, so it feels pretty good knowing we successfully completed this project and saved ourselves some interest on student loans.

    2. Saved up a $20,000 emergency fund

    3. Paid off an additional 44k in high interest rate student loans by working A LOT of extra shifts at the hospital.  It feels really really good.  I still have one more loan of 39K at 6.8 that needs to go, but I'm already well on my way of having enough for that in the next few months.

    4. Maxed out contributions to my 401K and Backdoor Roth.  Only managed to put 10k into my wife's 401K, but opened a backdoor roth for her as well.

    5. Quit my job that was making me miserable and found a new job that is going to be a lot less stress, so very excited about that.  I am in between jobs now so I am only working as an optional status at my old job and part time at my new job until I start full time in June or July.

    My net worth was in the negatives last year at this time and its now positive at around 150K.  Its been a good year!

     

    Goals this year: Continue to save.  Hike the John Muir Trail in June before starting full time again

    Leave a comment:

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