Announcement

Collapse
No announcement yet.

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

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #76


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


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

    Comment


    • #77




      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?
      Helping those who wear the white coat get a fair shake on Wall Street since 2011

      Comment


      • #78







        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?
        Click to expand...


        Sounds like NYC or SF.

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

        Comment


        • #79







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


          Congrats!! That’s so awesome. How much did you owe?
          Click to expand...


          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.

          Comment


          • #80
            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

            Comment


            • #81
              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?

              Comment


              • #82




                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
                Click to expand...


                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?

                Comment


                • #83




                  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?
                  Click to expand...


                  This is an ideal situation for you to buy a high quality corporate bond that matures at your projected date of purchase.
                  Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                  Comment


                  • #84


                    in such a good place right now, and barring absolute catastrophe
                    Click to expand...


                    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.

                    Comment


                    • #85
                      I appreciate your suggestion. It would be great to buy a high grade bond, but can't because of COI with wife's job (can't buy individual corp stocks/bonds). Do you have any other recommendations?

                      Comment


                      • #86




                        I appreciate your suggestion. It would be great to buy a high grade bond, but can’t because of COI with wife’s job (can’t buy individual corp stocks/bonds). Do you have any other recommendations?
                        Click to expand...


                        Could you explain a bit more? I'm not familiar with this stipulation (COI = Center Of Influence?)

                        Do you have a family member who needs a short-term loan?

                        Otherwise, best to accept that, when funding short term goals (those maturing in under 5 years), your priorities are liquidity and safe access to funds while earnings are secondary.
                        Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                        Comment


                        • #87
                          Sorry for the confusion. COI= Conflict of interest. She works in finance and there's a nightmare of paperwork to fill out if she wants to invest in an individual entity (because her company works with competitors, may have insider information, etc). Grateful that no one in the family needs loans at this time.

                          Comment


                          • #88
                            I know about that theory as well. I'm the new investor in real estate but we paid off our primary home 2 years ago ( paid off in 4.5 years from 10 year loan) and it felt so good that we can't think of borrowing money again. It's not the smartest choice financial wise but as long as we feel secure, it works for us

                            Comment


                            • #89
                              38yo 6 yrs out from fellowship:

                              2016
                              Maxed his/her Roth
                              Maxed 403 and 457b
                              Maxed 457f - 15% of annual w2 income
                              Contributed about 30-40k into solo401k
                              Paying kids and wife as employees so they have their own Roth and employee 401k respectively
                              3k per month in taxable
                              529 x 3... $150 each
                              Vacationed California x 2 weeks, India x 2 weeks, Hilton head x 1 week, Chicago/Michigan x 1 week, weekend getaway to Stowe, PR
                              Just closed rental property this past month.. $180k purchase price.. appraised 210k. 20% down.. expected rent 1.5-1.8kmonthly

                              Goals 2017
                              Tax loss harvest.. still haven't done it
                              Purchase 2 rental properties or multi unit?
                              We have a 4th kid on the way... woohoo?!
                              Credit card point hacking
                              Start donor fund
                              I'd like to push my hospital into offering high deductible health plans... has anyone done this before?
                              Continue to plan at least 4 separate week long vacations and increase the number of weekend getaways using points
                              I'd like to offer financial counseling to our med students, residents

                              We still have our mortgage and I am taking on new debt with the rentals as long as I feel I can cover the mortgage if vacancy? I'm not adverse to debt as long as it's appreciable assets and positive cash flow.



                              Comment


                              • #90







                                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?
                                Click to expand…


                                This is an ideal situation for you to buy a high quality corporate bond that matures at your projected date of purchase.
                                Click to expand...


                                hi, could you comment on specific examples to consider?

                                Comment

                                Working...
                                X