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Paid off student loans in August (!)
Congrats!! That's so awesome. How much did you owe?
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Congrats!! That's so awesome. How much did you owe? -
DINK, new to forum, inspired by these posts! Â 2.5 years left in fellowship. High cost of living area, hard to save as much as others here!
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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
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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?Helping those who wear the white coat get a fair shake on Wall Street since 2011Comment
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Sounds like NYC or SF.
300K downpayment gets you something < 900 sq ft in NYC. Sad but true.Comment
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Paid off student loans in August (!)
Congrats!! That’s so awesome. How much did you owe?
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
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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 yearsComment
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Those prices are unfortunately low-normal for NYC area. Â 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. Â 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. Â Looking to use it as down payment in 2-3 years
Anyone else in this same situation?Comment
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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
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
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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. Â Looking to use it as down payment in 2-3 years
Anyone else in this same situation?
This is an ideal situation for you to buy a high quality corporate bond that matures at your projected date of purchase.My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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in such a good place right now, and barring absolute catastrophe
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
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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
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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?
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.My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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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
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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 usComment
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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.
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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. Â Looking to use it as down payment in 2-3 years
Anyone else in this same situation?
This is an ideal situation for you to buy a high quality corporate bond that matures at your projected date of purchase.
hi, could you comment on specific examples to consider?Comment
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