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Financial Goals for 2017

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  • #31
    R2 here, with R1 soon-to-be wife. Both in 4 year EM program, doubt we'll do fellowships after. Living fairly frugally off of old savings and small trust income while trying to throw all we can into retirement accounts (and starting on loans hopefully soon).

    1. Continue to max out excellent residency retirement plan options -- 403b or solo 401k (when 1099 income available, hopefully this year between surveys and being allowed to moonlight in 2nd half of 2017 as an R3), 457b, pre-tax and after-tax DCP (after gets rolled into Roth with allowed in-service distributions), Roth x2. Goal to put away >$100,000 this year, with $40k each into tax-deferred and at least $10k each into after-tax/Roth -- hopefully more depending on 1099 income. Try to convince future wife to put all her extra non-tax deferred W2 salary into the after-tax rather than keeping it in savings account if we don't actually need it to live on (free Roth monies that we'll never have again = amazing).

    2. Create 1099 income for both of us (me via surveys and moonlighting in 2nd half of year, her via surveys only -- just starting, unclear how much will be possible although time isn't the limiting factor (EM residency so have some free time), rather limited by qualifying for surveys). Would love to create enough 1099 income over the year to fill at least employee contribution portion of solo 401k so that W2 residency income can be directed from 403b into the after-tax DCP and into Roth instead.

    3. If any extra 1099 income (after filling tax-deferred and covering any additional living expenses plus taxes), start to pay off loans (in chunks to avoid losing RePAYE subsidy).

    4. Keep non-rent expenses <$2,000/mo. And in that vein, stop purchasing so much stuff on Amazon (that's all me. It's my monetary weakness).

    5. By April 2018, purchase reasonably-priced home in our middle-COL hometown (plan to move back after residency, excellent EM jobs, in FL without state tax, both families there which will be great when we have kids). Sounds like an arbitrary timeline, but we basically have a monetary incentive via family contribution to downpayment if we purchase our first home together within a year of getting married. Then we plan to find tenants to cover mortgage and taxes for the next year and a half til we can move back (although we technically could afford them if needed).

     

    Sorry this was so long! Love the thread, though -- it will be great looking back at the end of the year to see how it went!

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    • #32




       

      5. By April 2018, purchase reasonably-priced home in our middle-COL hometown (plan to move back after residency, excellent EM jobs, in FL without state tax, both families there which will be great when we have kids). Sounds like an arbitrary timeline, but we basically have a monetary incentive via family contribution to downpayment if we purchase our first home together within a year of getting married. Then we plan to find tenants to cover mortgage and taxes for the next year and a half til we can move back (although we technically could afford them if needed).

       
      Click to expand...


      You might want to rethink that one.  Why would your family only help you if it is within a year of getting married?  Especially if you aren't living there and don't have jobs there?

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      • #33
        duplicate post

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        • #34







           

          5. By April 2018, purchase reasonably-priced home in our middle-COL hometown (plan to move back after residency, excellent EM jobs, in FL without state tax, both families there which will be great when we have kids). Sounds like an arbitrary timeline, but we basically have a monetary incentive via family contribution to downpayment if we purchase our first home together within a year of getting married. Then we plan to find tenants to cover mortgage and taxes for the next year and a half til we can move back (although we technically could afford them if needed).

           
          Click to expand…


          You might want to rethink that one.  Why would your family only help you if it is within a year of getting married?  Especially if you aren’t living there and don’t have jobs there?
          Click to expand...


          It’s just part of a trust agreement from my grandfather who passed away years ago. The timeline is included in the trust. It’s not that it needs to be in a particular place — could be anywhere we purchase. But we live in a HCOL area currently where we do NOT want to stay after residency, and we already know where we want to end up. That part is entirely our decision. And we aren’t required to purchase, but for me it’s just too good of a deal to pass up.

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          • #35
            Interesting, I'm assuming you've considered the risk of your not getting jobs there, not liking your jobs etc which prompts the usual advice to rent for a few years after residency.  It obviously would depend on the amount of assistance from the trust vs the risks.  Unique situation sounds like!  First world problem I guess lol.  Certainly if it's both of your hometown you'll probably be ok but you never know.

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            • #36
              This is truly an impressive group.

              I hope to:

              1. Maximize retirement accounts (we do this regularly).

              2. Better understand my expenses - we do fine, but I want a little more granular data.

              3. Work and earn less - although I still enjoy my work, having achieved FI, it is time to work a little less.

              4. Purchase another investment property.

              5. Continue to travel.

              Best of luck to all of you!!

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              • #37
                1. Continue to max out 401k, backdoor Roths, HSA, and 529.

                2. Pay off last 57k of student loans (2.5 years out of training)

                3. Continue making extra monthly mortgage payments

                4. Continue saving surplus to taxable account

                5. Read at least three new financial books (how to think about money is first on the list)

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                • #38
                  1. Line up locums for latter half of 2018 (NZ, AUS, HI, maybe AK?) Preferably outpatient / no call.

                  2. Like many of you, Max out the usual (401(k), 457(b), HSA, Backdoor Roth x 2)

                  3. Continue funding taxable account and 529s x 2.

                  4. Build up DAF close to $250k

                  5. Exceed 30x anticipated annual retirement expenses in retirement funds.

                  6. Continue to downsize / minimize our belongings.

                  Good luck to everybody in meeting those goals!

                  -PoF

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                  • #39
                    Finally finishing training this coming June and have found a job to start in July so 2017 will be a very different year in terms of finances. Goals in order of priority:

                    1. Finish paying off undergraduate student loans (~12k) prior to completing fellowship. I started with ~$35k to begin 2016.

                    2. Open solo-401k from moonlighting money.

                    3. Roll over 403b from residency/fellowship institution into my solo-401k before I start getting the extra "administrative fee" added on since I am no longer an employee.

                    4. Max out solo-401k, 401k from new employer and HSA from new employer.

                    5. Figure out how to do this backdoor Roth IRA thing (first time I won't be able to do direct) and max that.

                    6. Refinance remaining medical school loans (~110k) with another lender. I had done DRB refinance last year and feel that I should be able to get a better rate with the increase in income and decrease in total debt after paying off the undergraduate loans.

                    7. Aggressively pay off the medical school loans with goal of paying off before 2018 ends.

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                    • #40
                      1. Work less/make less. A big part of my compensation is a clinical incentive and this year I'll save more than I spend despite approaching FI.  I enjoy my job and love the actual clinical part (pediatric sub specialist) so plan to work many more years

                      2. Continue maxing 401/403 (59k/year), solo 401k for consulting, and spousal backdoor Roth

                      3. Transfer roll-over IRA to solo so I can do my own backdoor Roth

                      4. Read 25 books (1 plus 2X1/2  down already-I start the count when I take a break for the Holidays)

                      5. Try some activities to fill time as I work less/think about partial retirement and the kids are around less.  Hiking, picking up an instrument and art are my current thoughts

                      6. Save up enough post tax to remodel bathrooms and buy myself a new (or new to me) car- currently driving a 2002 Saab wagon.

                      7. Loosen up purse strings a bit, but only for things we really enjoy or experiences (went on 2 week trip to Europe this year that was 100% worth it)

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                      • #41
                        1.  Stay the course wrt retirement savings, paying off my mortgage, etc.

                        2.  Begin the process of endowing a scholarship at my undergraduate university (I'll be donating $75k over the next five years).  This one's a bit scary, since it means a temporary drawdown of my savings to date to jump-start the process, but I do want to leave a legacy, and I figure the time to do that is while I'm still drawing a good income.

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                        • #42




                          1. Line up locums for latter half of 2018 (NZ, AUS, HI, maybe AK?) Preferably outpatient / no call.

                          2. Like many of you, Max out the usual (401(k), 457(b), HSA, Backdoor Roth x 2)

                          3. Continue funding taxable account and 529s x 2.

                          4. Build up DAF close to $250k

                          5. Exceed 30x anticipated annual retirement expenses in retirement funds.

                          6. Continue to downsize / minimize our belongings.

                          Good luck to everybody in meeting those goals!

                          -PoF
                          Click to expand...


                          What's it like getting licensed abroad?  I'm a DO so it can be a bit tougher for me, but I'd very much like to live abroad for a few months out of the year once kids are grown (i.e. like 25 years from now).

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                          • #43
                            I don't know yet -- there are locums companies that outline the process and will assist if they can line up a job for you. I'm still weighing pros and cons. Having a US license makes it easier compared to many other international licenses.

                            It seems as though it might be easier to get a medical license in NZ or AUS than bringing a dog with you.

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                            • #44
                              Obtains 3 more rental homes

                              decide on when to retire

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                              • #45
                                1. Go from minus 2 commas net worth, to minus 1.

                                2. Finish the house remodel (and move into it!)

                                 

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