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  • jfoxcpacfp
    replied




    Sorry Johanna, you were very clear.  I should have clarified I was directing that question at Ifixfeet. #OOPS
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    No problem!

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  • Future Proof MD
    replied
    Sorry Johanna, you were very clear.  I should have clarified I was directing that question at Ifixfeet. #OOPS

    Leave a comment:


  • jfoxcpacfp
    replied


    What do you consider “long term”?  Where to put your money will vary depending on what your time horizon is.
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    Since short term, as articulated in my post, is the next 5 years, long term is anything beyond. There is no middle ground.

    Undefined needs within the short term (such as an emergency fund) should be kept liquid in a savings or MMA. Defined needs, according to the timeline in your financial plan (Ex's: a wedding for $25k in 3 years or a house downpayment of $100k in 4 years) should be kept in an instrument timed to mature at date of need, such as a high quality corporate bond or CD.

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  • Future Proof MD
    replied
    What do you consider "long term"?  Where to put your money will vary depending on what your time horizon is.

    Here's a post you may find useful - Long Term Investment Returns

    Here is where I put my money - Stepwise Approach to Retirement Savings

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  • jfoxcpacfp
    replied
    Anything you will need within the "short term" (the next 5 years) should be kept liquid. Put together a financial plan to get a reality check on your short- and long-term goals. In the short term, liquidity and safety are bigger priorities than earnings.

    If you need help with putting together a DIY financial plan, recommend you read Carl Richards' The One Page Financial Plan. If you need help understanding how to put together a portfolio for the long term and appropriate behavior, read Simple Wealth, Inevitable Wealth. And if you need help coordinating all the intricate details of planning and investing, see a fee-only CFP who truly does financial planning, not just investment management.

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  • conniebird
    replied
    The cash is your emergency fund - have 6 months worth. Anything over that, would do Roth IRA.

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  • Ifixfeet
    started a topic Saving during residency

    Saving during residency

    I'm sure this question has been asked previously, but definitely could use some guidance. Currently a 3rd year resident, trying to figure out where to put the money I have saved that can be the most beneficial for me long term. Currently have about 25,000 in a retirement plan thats offered, most of it is split between a roth and a 403b, and I have about 32,000 in cash in a savings account and the interest rate is atrocious. Any suggestions on where I should put the cash?
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