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Should have said hello before

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  • Should have said hello before

    Hi you all,

    This is @prsdoc with a new username since I caught heat for doc in my name as a student. I want to officially say hello and share a little more about myself before participating more in the community.

    Here are a few things I've done after having come upon the knowledge on this site:

    - Read the automatic millionaire, opened a money market account and automated 10% of paycheck into savings and 13% into Roth TSA (the table on page 48 was too convincing). Also made sure my money is going into a low maintenance target date fund for now.

    - Become debt averse (student loans, car loans, cc's, all are the plague unless absolutely necessary). This sentiment is mostly from the blog posts on cars, and WCI talking about his currently lifestyle with few payments.

    - Monetized a growing website (but delivering value and developing trust are #1 priority)


    A couple short term goals you all have inspired are:

    - do my own taxes this year using the taxes made simple book WCI recommends. A little nervous about properly reporting other streams of income, but I'm sure I can post specific problems here if necessary.

    - pay off the $3500 cc debt I've amassed to apply to med school and travel for interviews (before school starts)

    - pick the cheapest school I get into.

    - stick to a budget I've created in mint starting in February. The amount I spent on brews for new years and my birthday was astounding. Funneling the excess money into cc.


    A few long term financial items I am considering are:

    - pay off $12,000 in undergraduate debt by the start of residency (is this necessary?)

    - create an investor policy, chooses and AA, and open a taxable account early

    - create a plan to support my parents. They have no retirement savings and have bad financial habits. They also are not very willing to learn and change. However I wouldn't be where I am without them so will need to think of something

    - finding a teammate with similar views on finances


    Thanks for being so welcoming in the past and answering my previous questions.


  • #2
    Welcome! I read through your prior posts and it looks like you have taken the advice you received seriously - good for you. Stick around and keep it up.
    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 clients


    • #3

      pay off $12,000 in undergraduate debt by the start of residency (is this necessary?)
      Click to expand...

      No. You will have enough to worry about.

      finding a teammate with similar views on finances
      Click to expand...


      Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.


      • #4

        Just remember that money is a means to an end rather than the end itself.

        Don’t focus so intensely on building the biggest possible pile of money that you lose sight of the bigger goal of living the best life.
        Click to expand...

        Thank you for that. Lately I've been thinking a lot about how to improve my financial situation, but that shouldn't be the purpose in itself. You remind me that ultimately the purpose is to live the happiest life and money is just one tool.


        I put $10K on my credit card as a senior resident to live it up with my girlfriend. Even worse, I bought a hot sports car when all of my debt was paid off just two years out of residency.
        Click to expand...

        Haha this is a good reminder that we don't have to be perfect. Keep telling me these things and I will dump my plan and put an all inclusive trip to a tropical island on my cc.




        • #5
          You will do great since you are thinking along these lines so young. I thought your

          name was stealth wealth.. very good. Sthealth wealth. It is nice that you want to help your parents.