I'm 34 years old, a 5th year neurosurgery resident (7 year program, will do a fellowship) and I'm in over my head:
Federal student loans: $370k (doing PSLF)
Private student loans: $27k at 6%
Credit card debt: $5k
IRA rolled over from 401k prior to medical school: $27k
Home mortgage: $124k, house just appraised at $290k
Monthly take home: $3800 ($3000 paycheck & $800 in rental income).
Fixed expenses: Mortgage: $980, HOA fees $260, PSLF payments $400, Disability insurance: $120, homeowner insurance: $120, Auto insurance $170, utilities & cell phone $300.
I have $1200 emergency fund saved up and I've been pouring all my excess income into the private student loan since that won't get forgiven with PSLF.
I have awful disability insurance because I have an incidentally found PFO on my medical record, so just minimal coverage is costing me $120 a month (no own-oc rider, either).
I can't shake the credit card debt because of all the traveling I do for conferences. We are highly encouraged to present papers and national meetings, but don't get reimbursed for travel for many months. I'll have to book the flights, conference fees and lodging months in advance, so I end up carrying those charges at 16% interest on my credit card.
I try to put a few dollars into that IRA here and there when I can. Should I open a Roth IRA and fund that or keep paying down the credit card and private loan first?
Maybe it's the lifetime of training I've done, but I feel totally overwhelmed and like I'll never get out of debt.
Federal student loans: $370k (doing PSLF)
Private student loans: $27k at 6%
Credit card debt: $5k
IRA rolled over from 401k prior to medical school: $27k
Home mortgage: $124k, house just appraised at $290k
Monthly take home: $3800 ($3000 paycheck & $800 in rental income).
Fixed expenses: Mortgage: $980, HOA fees $260, PSLF payments $400, Disability insurance: $120, homeowner insurance: $120, Auto insurance $170, utilities & cell phone $300.
I have $1200 emergency fund saved up and I've been pouring all my excess income into the private student loan since that won't get forgiven with PSLF.
I have awful disability insurance because I have an incidentally found PFO on my medical record, so just minimal coverage is costing me $120 a month (no own-oc rider, either).
I can't shake the credit card debt because of all the traveling I do for conferences. We are highly encouraged to present papers and national meetings, but don't get reimbursed for travel for many months. I'll have to book the flights, conference fees and lodging months in advance, so I end up carrying those charges at 16% interest on my credit card.
I try to put a few dollars into that IRA here and there when I can. Should I open a Roth IRA and fund that or keep paying down the credit card and private loan first?
Maybe it's the lifetime of training I've done, but I feel totally overwhelmed and like I'll never get out of debt.
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