I am new to this site and overall just new to having my own income in general . I would appreciate it if any of you insanely informed folks would assess my finances and provide feedback.
Me and My husband are both 30 yrs old.
I started as hospitalist 2 yrs ago . income about 300,000$/yr +/- depending on shifts. husband is a fellow . making about 65,000$/yr. He will be starting full time attending job next yr at about 320,000 a yr. All my savings so far, over the last 2 yrs went into buying a house worth about 200,000$ in India for investment purposes. I will be done with the payments for this house by December this yr. no med school loans .I have absolutely no savings right now other than about 70,000$ in tax deferred retirement accounts including 403 b and 457 b . no other retirement accounts . we rent a house at 1000$ a month now. plan to buy a house next year once he starts working. my budget for that is 500000-600000. car loan of about 40000$, we have another car that is paid off. no credit card debt .
we have one kid . 1.5yrs old. college saving plan with 9000$ in it so far. I contribute about 500 dollars a month into this account.
long term disability insurance provided by work place. life insurance 3 times salary provided by workplace. In the process of getting another 1,000,000$ policy for life insurance right now.
Monthly fixed payments-
car- 950$
Rent- 1000$
college fund- 500
food/purchases/utilities/- 5000 a month .
Have no financial advisor but I do plan to get 1 once we both are working full-time next year.
now for the questions, so many questions !!!!
1) what kind of investments should I be thinking of other than retirement accounts. I maximize my 403/b but not 457/b . should I do that as well or should I be thinking of putting it in another investment.
2) Is it beneficial to do a back door roth investment. we will be in high tax bracket once my husband starts working. I read that roth is beneficial if you anticipate that your retirement tax is going to be higher that what your current tax situation is . is that the case?
3) This might be a really stupid question, but how do I go about opening backdoor roth? do I open a IRA and immediately transfer out money from there to roth. I have no other retirement account currently other that 403b . should I be buying some funds in the new IRA and then sell them and then transfer the money into Roth IRA or can adjust put the money into a new traditional IRA and immediately move it over to roth.
4) is it advisable to do trading on my own through 1 of the treading web sites like E trade.
5) with 2 income family, how to set up expenses, payments and investments. is it advisable to have a joint account and individual accounts.
Please bear with me if the above questions sound very amateur, it is cause I am a novice when it comes to earning , saving and investing
Me and My husband are both 30 yrs old.
I started as hospitalist 2 yrs ago . income about 300,000$/yr +/- depending on shifts. husband is a fellow . making about 65,000$/yr. He will be starting full time attending job next yr at about 320,000 a yr. All my savings so far, over the last 2 yrs went into buying a house worth about 200,000$ in India for investment purposes. I will be done with the payments for this house by December this yr. no med school loans .I have absolutely no savings right now other than about 70,000$ in tax deferred retirement accounts including 403 b and 457 b . no other retirement accounts . we rent a house at 1000$ a month now. plan to buy a house next year once he starts working. my budget for that is 500000-600000. car loan of about 40000$, we have another car that is paid off. no credit card debt .
we have one kid . 1.5yrs old. college saving plan with 9000$ in it so far. I contribute about 500 dollars a month into this account.
long term disability insurance provided by work place. life insurance 3 times salary provided by workplace. In the process of getting another 1,000,000$ policy for life insurance right now.
Monthly fixed payments-
car- 950$
Rent- 1000$
college fund- 500
food/purchases/utilities/- 5000 a month .
Have no financial advisor but I do plan to get 1 once we both are working full-time next year.
now for the questions, so many questions !!!!
1) what kind of investments should I be thinking of other than retirement accounts. I maximize my 403/b but not 457/b . should I do that as well or should I be thinking of putting it in another investment.
2) Is it beneficial to do a back door roth investment. we will be in high tax bracket once my husband starts working. I read that roth is beneficial if you anticipate that your retirement tax is going to be higher that what your current tax situation is . is that the case?
3) This might be a really stupid question, but how do I go about opening backdoor roth? do I open a IRA and immediately transfer out money from there to roth. I have no other retirement account currently other that 403b . should I be buying some funds in the new IRA and then sell them and then transfer the money into Roth IRA or can adjust put the money into a new traditional IRA and immediately move it over to roth.
4) is it advisable to do trading on my own through 1 of the treading web sites like E trade.
5) with 2 income family, how to set up expenses, payments and investments. is it advisable to have a joint account and individual accounts.
Please bear with me if the above questions sound very amateur, it is cause I am a novice when it comes to earning , saving and investing
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