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Post Residency Planning

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  • #16

    2. You could easily double your savings and live on $50k after-tax.
    Click to expand...

    In Chicago with a family of three? Possible, sure, but rent alone could easily be half that budget. OP is looking at investing ~ $100k or more, which will be ~40% of take home pay. I think that's quite prudent.

    I would start the 529 to allow for years of tax free growth, especially if there is a state income tax deduction in IL.




    • #17

      This would make an interesting post.
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      Great thread. +1 on this being an interesting post for the WCI blog. Could be an "instant classic"


      • #18
        Glad this thread was refreshed. Last January, the OP and subsequent responses sparked my partner and me to publish a set of 3 Financial Guides for Doctors. You can download based upon where you are in your career (Resident/Fellow, New Attending, Established Attending) or use the link for all 3. They are free, but you have to sign up for our newsletter to get them. Of course, you can always unsubscribe if you want. And, fwiw, they are not sales promo junk but full of actionable advice.
        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087