Hey everyone, I would love some financial guidance on my next steps going into medical school. I am pretty self-sufficient with a full time research position, and use this income to pay my rent, bills, and other expenses. I want to minimize my financial burden on my parents as much as possible given I come from a low income background.
However applying to medical school and interviewing has been expensive and I have a growing cc balance on a 0 apr credit card (approximately $3500; interest begins next summer). I used my savings to pay off another cc (felt amazing), and currently have ~$800 in an emergency fund. I contribute about $90/month to a Roth IRA through my job, and am paying just a bit more than interest on a $12,000 college loan. I have taken on part time work, and I also tutor to supplement my income, and I have about $450/ month in extra funds to put to savings, pay down credit, or spend.
I have 3 questions in particular:
1) Where should I allocate the $450? Building e-fund, paying down credit, spending on enjoying life before medical school, invest in retirement, etc. If I should do multiple things, how much in which?
2) I want to do more fun things (travel on weekends, have memorable experiences, improve my wardrobe), but I feel I can't afford it currently. However I also feel like I will always feel like this, since I will have a minimal income in medical school and possibly more loans, so I should live some more. Any advice on finding balance? I pretty certain I will choose a high income specialty; not sure if that matters for your answer.
3) What should I do with my Roth IRA once I begin medical school?
Extra info: I am a regular reader of this site and often read books on investing and personal finance (not enough apparently). I am also a blogger
one or two calibers below POF and WCI though.
However applying to medical school and interviewing has been expensive and I have a growing cc balance on a 0 apr credit card (approximately $3500; interest begins next summer). I used my savings to pay off another cc (felt amazing), and currently have ~$800 in an emergency fund. I contribute about $90/month to a Roth IRA through my job, and am paying just a bit more than interest on a $12,000 college loan. I have taken on part time work, and I also tutor to supplement my income, and I have about $450/ month in extra funds to put to savings, pay down credit, or spend.
I have 3 questions in particular:
1) Where should I allocate the $450? Building e-fund, paying down credit, spending on enjoying life before medical school, invest in retirement, etc. If I should do multiple things, how much in which?
2) I want to do more fun things (travel on weekends, have memorable experiences, improve my wardrobe), but I feel I can't afford it currently. However I also feel like I will always feel like this, since I will have a minimal income in medical school and possibly more loans, so I should live some more. Any advice on finding balance? I pretty certain I will choose a high income specialty; not sure if that matters for your answer.
3) What should I do with my Roth IRA once I begin medical school?
Extra info: I am a regular reader of this site and often read books on investing and personal finance (not enough apparently). I am also a blogger

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