I've been saving for a downpayment on a house this past year, but now I'm considering applying this money toward my practice buy-in.
I'm one-year out of training and currently have 90K saved in cash, and will likely have a total of 200k saved by the end of next year, which is close to the total amount of the buy-in. My current salary is 325k, but will jump up into the 600 to 700k range after buying into the practice and attaining partnership.
My wife (who is also a physician) and I are itching to move up in the world and buy a nice house. Our current rent is 1500/month and we are reasonably comfortable in the rental, but we're approaching our mid-30s and have never owned a home.
I figure that even if we use up all of our savings on the buy-in, we'll be able to save quite a bit for a house downpayment in a very short period of time, especially as her salary increases to the 300+ range.
Our total student debt is about 140k, which I refinanced with a family loan at an interest rate of 3%.
Thoughts?
I'm one-year out of training and currently have 90K saved in cash, and will likely have a total of 200k saved by the end of next year, which is close to the total amount of the buy-in. My current salary is 325k, but will jump up into the 600 to 700k range after buying into the practice and attaining partnership.
My wife (who is also a physician) and I are itching to move up in the world and buy a nice house. Our current rent is 1500/month and we are reasonably comfortable in the rental, but we're approaching our mid-30s and have never owned a home.
I figure that even if we use up all of our savings on the buy-in, we'll be able to save quite a bit for a house downpayment in a very short period of time, especially as her salary increases to the 300+ range.
Our total student debt is about 140k, which I refinanced with a family loan at an interest rate of 3%.
Thoughts?
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