Hello everyone. Longtime lurker but first post.
I have been fortunate enough to be 10yrs into a high income, private practice procedure oriented specialty. My wife and I have lived way below our means and saved a large nest egg. I feel very fortunate we have done this as the stress of practice is becoming overwelming and I want to be out or at least part time by age 45, which is 5 years. Please review and comment about anything you would do differently and if you think it is possible
3 childdren, age 1.5yr, 3yr, 4yr
Private practice avg yearly pay: $800,00-1,000,000 now that I am partner (been partner for 5 yrs). Typically save 75% of take home
Taxable acct: $ 3,200,000. Invested in 80% stocks/20% bond, all Fidelity index funds. On average contribute $350,000-$400,000/yr
$401K/profit sharing: $550,000, contibute max which I believe is $52000/yr. 50% stock market index, 50% total bond index
Cash balance plan: $100,000. Contribute $80000/yr--plan is only one yr old. Our practice advisor has us invested in several funds with goal of 4%/yr.
529 plan New York State: Have one for daughter age 4 with 60K, one for son age 3 with 40K. Contribute 10K per year to each account
wife Roth $140000. My Roth $50,000. Contibute $5500 backdoor to each every year
Live in a house appraised at $475,000 and have been doubling monthly payments so will be payed off in 3 yrs. Have $160K to go
Student loans: $105,000 at 3.5%. I know, I prob should just pay this off
Hobby farm/cottage: 3% owner held mortgage, have $175,000 balance. Aprraised value $365000. I have been in no hurry to pay this off
Once primary house mortgage is gone, our monthly expenses will prob average $7000 but would like to budget $10000 per month just to be safe
Comments? Please feel free to critisize also
I have been fortunate enough to be 10yrs into a high income, private practice procedure oriented specialty. My wife and I have lived way below our means and saved a large nest egg. I feel very fortunate we have done this as the stress of practice is becoming overwelming and I want to be out or at least part time by age 45, which is 5 years. Please review and comment about anything you would do differently and if you think it is possible
3 childdren, age 1.5yr, 3yr, 4yr
Private practice avg yearly pay: $800,00-1,000,000 now that I am partner (been partner for 5 yrs). Typically save 75% of take home
Taxable acct: $ 3,200,000. Invested in 80% stocks/20% bond, all Fidelity index funds. On average contribute $350,000-$400,000/yr
$401K/profit sharing: $550,000, contibute max which I believe is $52000/yr. 50% stock market index, 50% total bond index
Cash balance plan: $100,000. Contribute $80000/yr--plan is only one yr old. Our practice advisor has us invested in several funds with goal of 4%/yr.
529 plan New York State: Have one for daughter age 4 with 60K, one for son age 3 with 40K. Contribute 10K per year to each account
wife Roth $140000. My Roth $50,000. Contibute $5500 backdoor to each every year
Live in a house appraised at $475,000 and have been doubling monthly payments so will be payed off in 3 yrs. Have $160K to go
Student loans: $105,000 at 3.5%. I know, I prob should just pay this off
Hobby farm/cottage: 3% owner held mortgage, have $175,000 balance. Aprraised value $365000. I have been in no hurry to pay this off
Once primary house mortgage is gone, our monthly expenses will prob average $7000 but would like to budget $10000 per month just to be safe
Comments? Please feel free to critisize also
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