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time to zero net worth

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  • #31
    Finally made it to zero net worth and it feels great!  I am exactly 2 years out as an attending, had 265000 dollars in med school debt when i started residency which ballooned to over 300,000 even while making IBR payments.  Make high 200,000s as an attending, living like a resident, refinanced my loans to a variable (now 2.9%) 5 year loan, live in a HCOL area (I know, but for other reasons I really need to live here) and finally I was able to make it to zero!  I was fortunate to know about roths and investing while still a resident and my residency had a great match for a tiaa cref option (4 thousand dollars per year roughly= 16 grand "free" money) so that gave me a little of a head start. I did it by throwing a LOT of money at student loans (I'm down to 200,000 now, and paying anywhere from 4-7 grand per month), buying my car off a reasonable lease payoff while paying cash (14 grand for a car worth about 17) and remembering to backdoor roth, hsa and 401k it. I have 8 months emergency fund that I no longer contribute to.  I still havent started a taxable investment account, but will once I finish paying off my student loans.  I know the math probably favors a taxable account at this point over being aggressive with student loan payments, but psychologically those loans are a killer that I can not wait to get rid of.

    So to all the newbie attendings out there- I'd advise reading this forum/website, hold off on buying that tesla for a couple of years, get yourself to zero as fast as possible. It can be done within a few years of being an attending, even living in a HCOL area.





    • #32
      Same as you. Took me 2 years after fellowship. I calculated today and am + $87,000. Kinda surprised me because I honestly didn't think I had made it. Did not take mortgage into account but am not underwater on this.

      I started with $210,000 in student loans. Refinanced with sofi (excellent experience; got a great rate). I've been moonlighting like mad and honestly have gotten too close to burning out. It's a balance I guess but seeing the fruits of my labors today certainly gives me a lift. Probably will back off extra work for a time but continue to "live like a resident".

      Just focused on maxing out retirement accounts, 529s, emergency fund, and paying down debt fairly aggressively. Overall just putting more stuff in the green column than the red column. I tried not to sweat the details. Numbers don't lie.

      Thanks for everything WCI. Best of luck to all.