Intro and Financial Plan of Attack... Advice

[Rando]

Sounds like you are on the right track gkeep.  I will echo what others have said - get away from NML.  I mean any and all products they have sold you.  You can find quality insurance at a lower price and should not even consider their financial services.  Look for an independent insurance agent that can access different companies and is familiar with physician disability.  There are some good ones listed on the site.

 

Seems like you could refinance the student loans and save some money there thought I am no expert on that.

 

I would quibble with your decision to buy a house in residency and use an ARM, but what's done is done.

 

Congrats on completing your fellowship.

 

 

[gkeep84]

Quick update:

1. Refinanced remaining balance ($107K) of student loans via SOFI for a 2.20% variable rate with a solid plan to repay quickly with extra payments. Will likely payoff within 14 months. Thanks to WCI for the $300 bonus.

2. Currently contributing the maximum to 403b/403b SRA/Government 457b. I will be able to contribute a total of $36K this year. After 1 year, the employer provides a 2:1 match (5% employee contribution to 403b/ 10% employer contribution to 401a). Doing some research on selecting the right funds for the portfolios. There are 200+ funds to choose from including some of the more popular low expense ratio fidelity and vanguard funds.

3. In the process of leaving Northwestern Mutual and their products behind. Will move investment products Trad-IRA and Roth IRAs to Vanguard in the near future. Once transferred, will utilize the backdoor Roth for both myself and the wife.

Thank you for your collective advice! The more I read and learn, the more I feel vindicated in running quickly away from our current financial advisor.