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Another first year attending financial plan

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  • #16
    Originally posted by Tim View Post

    Travel light. As a two physician couple that twin engine jet is hasn’t quite reached cruising altitude.
    One kid and one job. Another year, another kid, a fellowship in another city and another job are still on the runway. You may have a good flight plan, but some chance you end up with a different flight plan. Don’t refi if you are selling in a year.
    Not really clear where you both plan to live and work. That makes your employer DI potentially temporary. Two comps, two jobs, one location, a lot of moving pieces coming into play.
    I would goose the EFund, you may have some moves coming.
    That’s quite the analogy! Thanks for the advice, everyone. It’s truly an exciting and nerve-wracking time for our family. We’re certainly hoping for the best in the coming years and I’m grateful I’ve found this community to help us get to where we want to be.

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    • #17
      Originally posted by CordMcNally View Post
      1.) I think paying off student loans as fast as possible is a great idea. I've yet to ever hear of anyone (in person or on the internets) that has regretted it.

      2.) What are your ultimate goals for investing and saving? Are you a 'set it and forget it' couple or do you eventually want more control? You could certainly have some more efficiency with regards to putting different investments in different accounts but your current plan is better than most and will easily get you to your financial goals.

      3.) Buy umbrella insurance.
      I agree with paying off the student loans as fast as possible. I'd start paying to down this
      120K at 6.5%
      , but the
      250K at 2.3% variable rate is scary. How much does it vary? How high can it go? I'm not a fan of variable rates, so I might try to pay that one off first.

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      • #18
        Originally posted by Practice View Post
        but the 250K at 2.3% variable rate is scary. How much does it vary? How high can it go? I'm not a fan of variable rates, so I might try to pay that one off first.
        that makes no sense.
        to understand why: how much would it have to rise and in what time frame to make it worse than the 6.5% loan?

        hint: at what point would you refinance into a fixed term.....?

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        • #19
          Originally posted by Practice View Post

          I agree with paying off the student loans as fast as possible. I'd start paying to down this
          120K at 6.5%
          , but the
          250K at 2.3% variable rate is scary. How much does it vary? How high can it go? I'm not a fan of variable rates, so I might try to pay that one off first.
          Thanks for the advice! I’m going to re-finance the 6.5% loan soon. I’m hopeful the variable loan will likely remain low with how the economy is (with a goal to pay it off in 2024-2025, once my wife is out of training.
          Last edited by noggin82; 05-16-2020, 01:37 PM.

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          • #20
            Why no umbrella policy?

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            • #21
              Originally posted by Kennyt7 View Post
              Why no umbrella policy?
              We have to increase our auto policies...

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              • #22
                Originally posted by noggin82 View Post

                We have to increase our auto policies...
                You have $400K in annual income. That’s plenty to garnish.

                Bite the bullet, increase your automobile policies to get minimum required for an umbrella policy, and get $2M+ in umbrella insurance.

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                • #23
                  Umbrellas are cheap buy one today. Do you plan to sell your current house when the wife moves for fellowship?

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                  • #24
                    Originally posted by Hank View Post

                    You have $400K in annual income. That’s plenty to garnish.

                    Bite the bullet, increase your automobile policies to get minimum required for an umbrella policy, and get $2M+ in umbrella insurance.
                    That's the plan in the next month. I was thinking 250/500K liability, 100K property, 100K uninsured, no collision or rental (two old cars), which will hopefully make us eligible for ~$2mill in umbrella coverage

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                    • #25
                      Originally posted by Hatton View Post
                      Umbrellas are cheap buy one today. Do you plan to sell your current house when the wife moves for fellowship?
                      This is truly the toughest question for us as we may stay in our current area after she finishes. I think our plan is to stay the course with our current mortgage and interest rate and re-finance if we do end up staying. The current plan is to keep the house during her fellowship and rent.

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