I've been following WCI for a while now. Hoping to get some advice instead of paying for a CPA but I understand that may be necessary. I've gotten to this point by myself but now I feel like I know just enough to do something stupid if I'm not careful. Below is my situation. Please let me know what you all think I should do.
I recently inherited my half of my parents' estate. We took a large hit on the sale of the house so I imagine there will be positive tax implications but that's too complicated for me to worry about at the moment.
I just graduated medical school and started a 3 year EM residency. I have $169k in principal and $186k in total student loans with rates between 5.2-6.8%. I just signed up for REPAYE in case.
The first thing I did was pay off my credit cards. I then put $30k into an emergency savings account and $16.5k into an account so I can use that to fund 3 years of a Roth during residency. I have some upcoming expenses of a few thousand from moving and paying veterinary bills (they're family, it's not negotiable haha).
I have a mortgage on my house I bought for medical school with a principal of $155k remaining at 4% 30 yr that I'm renting out with projected cash flow of $350-400 monthly.
I have investments of around $80k in mutual funds, 60k in TSP, and 20k in a Roth from my investing during my military service, and $50k in individual stocks from other relative inheritances.
I will be receiving $2800 monthly after taxes in residency salary assuming no deductions and $1550 tax free in VA disability.
I'll have around $180k left. What do I do? I want to pay most of my student loans but am worried that may not be the best. Just seeing the interest capitalize from medical school really scared me about putting it off.
Thank you all
I recently inherited my half of my parents' estate. We took a large hit on the sale of the house so I imagine there will be positive tax implications but that's too complicated for me to worry about at the moment.
I just graduated medical school and started a 3 year EM residency. I have $169k in principal and $186k in total student loans with rates between 5.2-6.8%. I just signed up for REPAYE in case.
The first thing I did was pay off my credit cards. I then put $30k into an emergency savings account and $16.5k into an account so I can use that to fund 3 years of a Roth during residency. I have some upcoming expenses of a few thousand from moving and paying veterinary bills (they're family, it's not negotiable haha).
I have a mortgage on my house I bought for medical school with a principal of $155k remaining at 4% 30 yr that I'm renting out with projected cash flow of $350-400 monthly.
I have investments of around $80k in mutual funds, 60k in TSP, and 20k in a Roth from my investing during my military service, and $50k in individual stocks from other relative inheritances.
I will be receiving $2800 monthly after taxes in residency salary assuming no deductions and $1550 tax free in VA disability.
I'll have around $180k left. What do I do? I want to pay most of my student loans but am worried that may not be the best. Just seeing the interest capitalize from medical school really scared me about putting it off.
Thank you all
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