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  • #16
    Originally posted by Tim View Post
    Not a criticism, but that doesn’t change the math. Just saying.
    Paralegal can be dicey. The certification helps. It is feasible. In the competition for the decent jobs, the one thing they look for is experience.
    Big law or boutique law firms require experience. Like it or not, her age will work against her. There will be a ton of competition in a VHCOL area.
    I wish you and her good luck.
    None of this changes the math or probability.
    The intent is only to communicate the potential pitfalls.
    No offense taken, whatsoever: I was just providing some additional context to my specific situation. I anticipate sticking around until she is on Medicare and I have encouraged my mother to reconsider staying in the VHCOL area and relocating to a state that is "better" than the west coast h3ll hole we currently live in. And yes, the age factor is unfortunately alive and well.

    Furthermore, I am acutely aware that those with (financial) resources are those who tend to do better in the long run, so I'm trying to be a careful steward of my money and keep as much of it in my pocket as is possible.

    I'm already sourcing for new roles as I consider my last year at this current hospital: I have seen that a lot of technology companies and other places I wouldn't have expected have clinical trials programs that would pay much more. I'm fortunate to not be tied down by a wife and kids, so I can go wherever and pursue whatever I want.

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    • #17
      If you want to become a physician then I would start the process now. It makes very little sense to purposefully delay it from a career standpoint. I understand there are other factors at play here but just because somebody you love can't be flexible doesn't mean you should delay going down the path you ultimately want to.

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      • #18
        Originally posted by CordMcNally View Post
        If you want to become a physician then I would start the process now. It makes very little sense to purposefully delay it from a career standpoint. I understand there are other factors at play here but just because somebody you love can't be flexible doesn't mean you should delay going down the path you ultimately want to.
        Another valid point: family is not delaying my start. My mother has said that I can go at any time should the right opportunity present itself. I have decided to stay just until she has secure health insurance for life and contributing to some expenses along the way.

        Edit: Why am I doing this? After my dad died in 2012, she ensured that I didn't have to borrow money for senior year of college and my first and only car-the one that is the subject of this post-was gifted to me. This is my chance to "pay it backward" (as it were) somewhat and even the scales.

        I am taking the time to establish a solid nest egg, raise my UGPA from a 3.27 to at least a 3.5, study to nuke the MCAT, and have a solid several years of work experience under my belt for letters of reference. Those are my decisions to maximize the likelihood of securing admission on the first application attempt and at least have some financial security once I leave the working world for four years. And that classwork I completed also makes me a viable candidate for MSN/RN should I not get admitted to MD. All part of a careful plan that mixes in realities of the world, finances, and my personal goals. I just want to be as thoughtful as I can before pulling certain triggers.
        Last edited by F0017S0; 10-17-2021, 10:24 AM.

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        • #19
          Originally posted by F0017S0 View Post

          My current (rough) numbers are as follows:

          401(k): $25000 (1:1 Roth to traditional)
          403(b): $5000 (1:1 Roth to traditional)
          IRA: $30000
          Roth IRA: $30000
          Brokerage: $20000
          HSA: $3000
          Emergency: $13000

          I have no debt from school or car loans. I do not spend lavishly. IRAs and brokerage accounts are from my PhD years; I am fortunate I was able to invest in those early years while others in my class year could not do so for their reasons.

          I do not make it a practice to keep money in my checking account: I see that as money going out somewhere to pay a bill in the near future (or for direct deposits from pay). I do have other savings accounts earmarked for other purposes which I make deposits into for specific roles (i.e. a savings account for future auto, renter, and umbrella premiums/deductibles).

          And just to clarify: I am a PhD-trained early career clinical researcher. I make about as much as a resident and I prioritize saving in different areas and accounts. I live at home, so I don’t pay “rent”, but I help out with some (large-ish) expenses in a VHCOL area in a notoriously expensive, large, west coast state. I anticipate staying at my current role until she is on Medicare next November, then I will aggressively pursue a higher paying opportunity that would allow me to max out my accounts for a couple of years before throwing in for MD.
          Perspective (this and your later post) is very helpful. Glad you and your mom have a mutually beneficial relationship!

          Earmarking a variety of accounts for various expenses is not something I would generally recommend (have had a few clients who do this and it is maddening to keep track). What you are essentially doing is using different accounts as a substitute for a budget and proper personal finance. Many online apps will take the place of your accounts and simplify your recordkeeping. If that's the only way you can do the mental math (stole that from another thread in progress at the moment), your situation is not that complex at the moment so it's not a big deal. But I can imagine it will get much more tricky in the future. YNAB (You Need A Budget) might solve your problems.
          Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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          • #20
            Originally posted by jfoxcpacfp View Post

            Perspective (this and your later post) is very helpful. Glad you and your mom have a mutually beneficial relationship!

            Earmarking a variety of accounts for various expenses is not something I would generally recommend (have had a few clients who do this and it is maddening to keep track). What you are essentially doing is using different accounts as a substitute for a budget and proper personal finance. Many online apps will take the place of your accounts and simplify your recordkeeping. If that's the only way you can do the mental math (stole that from another thread in progress at the moment), your situation is not that complex at the moment so it's not a big deal. But I can imagine it will get much more tricky in the future. YNAB (You Need A Budget) might solve your problems.
            jfoxcpacfp: I'll check it (YNAB) out! I have been using a monthly spreadsheet system since starting my PhD in 2013 that has worked relatively well for me the past several years. But, as you said, as I make more and my finances become more complex, I probably will "outgrow" that. As far as separate accounts beyond checking, I have one for the emergency fund, and one for insurance premiums. I just total up my annual premiums, divide by 12, and put that amount of money aside each month into that insurance account. I like the feeling of having that account in particular so that I know the money is ready for premium time.

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            • #21
              Originally posted by F0017S0 View Post

              jfoxcpacfp: I'll check it (YNAB) out! I have been using a monthly spreadsheet system since starting my PhD in 2013 that has worked relatively well for me the past several years. But, as you said, as I make more and my finances become more complex, I probably will "outgrow" that. As far as separate accounts beyond checking, I have one for the emergency fund, and one for insurance premiums. I just total up my annual premiums, divide by 12, and put that amount of money aside each month into that insurance account. I like the feeling of having that account in particular so that I know the money is ready for premium time.
              That’s not bad - I have worked with people who have up to10, which is kind of a banking version of the envelope method. I hope you like YNAB. There is also an app call “Mvelopes” that is based on the envelope system.
              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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