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[wa2106]

Get precheck - most times go through metal detector....

[wa2106]

I prefer the save 20% and spend the rest rule. Don't care if its luxury or food and shelter.

Planning on spending 1% of my NW on a luxury...

[wa2106]

This is all very odd.
What does your wife think? Do that.

[wa2106]

Refinance and pay off.

Going part time is a luxury which is fine as long as there is a plan for student loans....

[wa2106]

Consider renting small condo in new area that you can stay in for part of week to minimize commutes. Once you know you like job and area then buy in...

[wa2106]

She should consolidate to direct loans ASAP if she's actually going for PSLF (planned academic or non-profit job after residency).

PAYE vs....

[wa2106]

For your education, I've attached a screenshot of a portion of my master promissory note I signed "on the dotted line" at the beginning of medical...

[wa2106]

403b and 457 limits are separate. You can do 19,500 in each. If previous 457 is governmental you should be able to roll over to 401k or 403b.
...

[wa2106]

This was the worry in the industrial revolution as well - listened to a good podcast on planet money about the Luddites storming factory because machines...

[wa2106]

Kamban should have started his otherwise nice post with ***trigger warning*** I guess...

[wa2106]

BATNA - best alternative to a negotiated agreement. Think about from your perspective but mostly from theirs.

How valuable are you to employer...

[wa2106]

Agree - I have 18 uncertified payments. Email gave my number as 9 which basically is the number of payments I made prior to consolidating correctly and...

[wa2106]

I have a minimum number of hours for case review (4) and the call to discuss prelim case review is rolled into it. Case review money is paid before starting...

[wa2106]

Is there any information on whether the new rules apply to making payments on unconsolidated Stafford loans?...

[wa2106]

Depends on how your employer codes your time - ask them. As long as 30+ hours/week on average you should be good

[wa2106]

I would prioritize Roth over TSP for this year since you have to choose (presumably down income year, possible Roth won't be there next year) but at least...

[wa2106]

The disadvantage to this I believe is having to pay medicare taxes if not using employer option. Whether 1.45% + 0.9% outweighs fee differences is the...

[wa2106]

What if the program is cancelled?

I understand looking at it differently. Personally I don't consider it at all in net worth statement,...

[wa2106]

I would include full liability until it's actually paid off. You can make 119 payments and if you lose your PSLF job you'll still owe 100% of debt, not...

[wa2106]

That's a good point but the majority of physicians still make less than $400,000/yr and would still be allowed. I'm not sure backdoor Roth is really...

[wa2106]

Only proposes to limit Roth conversions for those making more than $400,000/yr. Who would be converting at highest bracket anyway. Goal of conversions...

[wa2106]

Pay off perkins and private loan

Look into VA loan repayment - if it seems easy go for it

I like your plan just make sure you're...

[wa2106]

That's just like, your opinion, man...

[wa2106]

Actually, a quick read of the actual data (https://transamericacenter.org/docs/...four-generatio...

[wa2106]

Even if <1x LTI it's worth it unless you're giving up significant salary by being in your current job AND you would leave if not for PSLF. Run the...

[wa2106]

Use specific forum for make and model you're looking to buy at edmunds. Valuable info - who paid what for which model.

Best advice for...

[wa2106]

The concept of "rich" is being satisfied with what you have.

Unless you're in Congress in which case it's anyone who makes more...

[wa2106]

I wouldn't pick job based on PSLF eligibility - unless you have >2x loan to income ratio. Then I would more strongly think about PSLF with 5 years...

[wa2106]

yes, but my understanding is only 20% of profit. So not sure if it's worth it or not

[wa2106]

Just search for ENTDoc's previous posts - multiple threads on this. Not worth rehashing yet again...

[wa2106]

Solidly upper middle class, great household. Never wanted for anything but also expected to have summer job by age 12 and our vacations were a week at...

[wa2106]

Probably undisclosed family support or, less likely, scholarships

Comparison is the thief of joy. Trying to remember myself not to compare...

[wa2106]

The point is these theoretical people are spending so much they CAN'T save for retirement, not that one isn't available.

However, I agree...

[wa2106]

There is no 19500 deduction in this scenario - I think that's the whole point of it....

[wa2106]

28.37% using smartasset.com income tax estimator...

[wa2106]

The difference between a 3.2% mortgage and a 4% mortgage for the home you're looking at is $1840/year. You're making $510,000/year. Worry about savings...

[wa2106]

Paying off a mortgage is the last thing you should do if you're worried about inflation....

[wa2106]

If you pay for 6 years you'll have way more than 70k forgiven, assuming 6% interest.

PSLF is always right financial decision, all else being...

[wa2106]

Average people don't max out 401k's. Wouldn't feel any pressure to save that much as a resident either. Get match (if any), fund Roth. Save anything...

[wa2106]

When I graduated I gave myself a yearly $10k "travel" fund. Now that I'm 3 years out and doing well thinking about doubling it....

[wa2106]

The math for pretax versus Roth likely favors Roth as resident but not by as large of a margin as one would assume. The main reason to do it from my standpoint...

[wa2106]

Not sure why you would use 20% LTCG rate if you're expecting to be in 25% tax bracket - that would imply 15% LTCG rate. Also, are you assuming an effective...

[wa2106]

As far as I can tell, the calculations in that thread didn't take into account the taxes owed on the Roth contribution. Any comparison between Roth and...

[wa2106]

Only if you're going for PSLF does this make any sense but I agree in this situation a resident should favor pretax over Roth to reduce payments - effectively...

[wa2106]

Interface as often as possible with referring physicians.

3 A's.

The rest will follow.

[wa2106]

Not really - I still think Roth at 12% will be more valuable longterm but agree to disagree. Most important thing is appropriate savings rate to meet...

[wa2106]

Please provide an example of why for this couple it is better to do pretax now at a 12% tax bracket and Roth later at a higher tax bracket....

[wa2106]

It's always cheaper now to do pretax. What matters is the account balance 30 years from now AFTER you pay taxes on it...

[wa2106]

Sarcastic...

[wa2106]

APD for competitive specialty - "highly recommend" vs. "highest possible recommendation" vs. "top X med student I've ever worked...

[wa2106]

Still waiting on the Amazon - JP Morgan - Berkshire partnership...Google will probably be more successful

[wa2106]

Probably not - your post said it was important to know what they have now - I gave an extreme example. You followed with a similar extreme example. ...

[wa2106]

If they're going to do 20% savings rate as resident, hard to imagine lower savings rate as attending. In which case they almost certainly will be in...

[wa2106]

$110,000 income
- $24,000 standard deduction
- $7,000 HSA
_______________
$79,000 -----> 12% bracket for MFJ. Do Roth 401...

[wa2106]

Blah blah blah. Generations are different, generally not better or worse.

Re-read Max Power post - Thesis: The majority of Millennials...

[wa2106]

Would other MaxPower have projected all of his insecurities onto an entire generation? Weird post....

[wa2106]

Amusing that the theoretical wealth tax is targeting the super-wealthy (>50M net worth) and increasing social security taxation is primarily targeting...

[wa2106]

1) 1k emergency fund
2) Employer-sponsored 401k to match (Roth 401k preferred)
3) Roth IRA

That'll take you to end of first year...

[wa2106]

Up 20% for year as of May 1, my contributions still outweigh any gains or losses in market (3rd year attending). You'd have to be a real ding dong to...

[wa2106]

Seems reasonable.

If you're saving 20% of GROSS income for retirement and have plan to get rid of any remaining student loans within 5 years...

[wa2106]

I like your plan. If your loans will be paid off in 7 years I wouldn't have a problem with contributions to taxable acct at same time (I think that's...

[wa2106]

They're making $270,000 once hitting full stride
20% retirement: $54,000
Student loans to be retired in 5 years: $71,000/yr (assuming 0% interest,...

[wa2106]

20% should be going to building net worth - loans or retirement. Housing is extra. You have >1x debt:income ratio, nice house will have to wait for...

[wa2106]

I'm not sure why anything but absolutely yes from posters above - you have $2.5M saved and are planning for $50000 yearly withdrawal (2% withdrawal)....

[wa2106]

If you're buying a million dollar house and can't cover a $10000 closing cost then would probably change plans....

[wa2106]

I would argue it is not just an academic exercise - if one is truly a supersaver (will be in a higher tax bracket in retirement than while working) than...

[wa2106]

I would reach out to them and explain exactly that - it is in both of your interests to make sure it is a good hire. The last thing they want is for...

[wa2106]

This is not advice for you.

But if it were me I would probably ignore it....

[wa2106]

I believe that deduction ended in 2017 or 2018?...

[wa2106]

26 years from now you won't be eligible for social security...

[wa2106]

Best to not ennumerate your hens before they spring forth.

- Moira Rose

[wa2106]

This will be a sympathetic case study, look forward to reading it. Probably get picked up by NY Times ("Wealthy Doctor Furthers Inequality")...

[wa2106]

Gotta agree with Turf Doc on this one. I read that article this morning and hoped it would be better but just rehashing of known issues with twist of...

[wa2106]

Priority #'s 1, 2 and 3: term life and disability insurance.

1) Start with WCI blog, book. Once you master those go to Bogleheads. Listen...

[wa2106]

I thought this was going to be a thread about filing taxes, which I personally enjoy. Oh well...

I feel the same way about paying taxes...

[wa2106]

When you consolidate any accrued interest is capitalized. That doesn't mean you paid it though - the federal government paid itself and created a new...

[wa2106]

Work hard next 2.5 years to maximize the amount of taxes you'll pay when you're an attending

[wa2106]

The fact that you put all of this together means you'll be fine.

I would keep all of your numbers in today's dollars for retirement planning....

[wa2106]

First, I don't like the use of "you." Let's keep it about issue not people.

So, from government standpoint, a borrower has $200K...

[wa2106]

News flash Tim - this thread isn't about forgiveness. It's about interest pause. Pause = 0% interest which is not far off from where other interest...

[wa2106]

No idea. But children far less likely to transmit it or have serious illness so who cares?...

[wa2106]

Not planning any international travel yet.

For sure domestic - we've taken at least 3 vacations involving flying since COVID (July, September,...

[wa2106]

Thanks Bro!

Not sure OP is a man......

[wa2106]

I or midlevel call with everything although most are pathology or imaging results, rarely labs. One phone call, if no answer then message left to call...

[wa2106]

24h post-second dose Pfizer. Sore deltoid (mild, similar to first dose). No systemic symptoms.

I do not usually get "the flu"...

[wa2106]

Not worth it unless you're already planning it

[wa2106]

It shouldn't change your refund/taxes owed. That's the point. After tax contributions converted to Roth....

[wa2106]

1) High yield savings account
2) Bonds in tax protected if you have room, which you do
3) Whenever you're out of your acceptable range (i.e....

[wa2106]

Great post to read this morning, thank you for writing it....

[wa2106]

I converted 25k, am happy about it - lots of Roth growth this year.

Most residents don't have $100k in pretax accounts.

None...

[wa2106]

Renting is smarter.

Forget about appreciation. That's what's already happened.

With that HHI you should have more down payment...

[wa2106]

Household income?
Price on house you want to buy?
Comparable rental rates?

Really don't have enough info in post which means...

[wa2106]

*some people* in this thread are so predictable

Can we stick to medical discussion of coronavirus (as title suggests) rather than...

[wa2106]

Any PSLF plans? That would add 10% to the calculation and make it a no....

[wa2106]

You last line nails it. With retrospection it will come out ahead mathematically for a few people. You just don't know who they are going in from a...

[wa2106]

Wiser advice is to take out as little loans as possible.

[wa2106]

Keurig is one of the more expensive, least tasteful, most wasteful ways to drink coffee....

[wa2106]

Do you have access to an HSA through work - if so use theirs and save on payroll taxes....

[wa2106]

We hypothesize all the time about "what may happen in the future" such as future tax rates, monetary policy, changes to tax code, etc. True...

[wa2106]

There is also some legislative risk to waiting - fat-cat doctor's husband who doesn't really need SS might get means tested in next 10 years...