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PGY1 budgeting and planning, Q's after reading Bootcamp

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  • PGY1 budgeting and planning, Q's after reading Bootcamp

    I'm a PGY1 in a HCOL area, making about 56k in an I-Med residency. My plans were re-routed after failing to secure OBGYN residency but still plan on doing women's health mainly (somehow). I've read the WCI Bootcamp book but still am having issues seeing the "big picture" and simultaneously wondering how other people in my position are doing 10000% better...

    -Salary: 56k
    -Other income: rental property (mortgage paid off) (bequeathed by my parents, thanks!): $1500/month
    -Savings:
    maxed Roth yearly x 3 years (18k) in Vanguard MMA
    401k (no match), currently trying to max out: $3k so far....this is in VBTLX/VINIX/VIEIX/VFWAX in 30/30/25/15 ratio. (these are my only 401k options aside from Target Date Funds)...
    HYSA Ally: 30k (personal acct), 15k (rental income)
    I try to save ~50% each paycheck

    Expenditures:
    -Rent: 1500 in HCOL area (utils included)
    -100k Student Loans on PAYE, currently paying minimum payments. Cannot refinance, have tried and my credit score is in the toilet.

    1. Where can I improve generally? I see some interns with Roths and 401ks >70k (but they dont get a match, assuming most programs dont) and i ask how sir??
    2. My 401k/roth is a mess. I'm risk adverse. We dont have great 401k options. I also cant contribute much. I know the AA should be across ALL accounts, but assuming I pick up and leave in 3 years for another 401k i'm treating it like a temp holding and paying less attention to it.
    3. Should I be contributing to Roth until the year I leave residency or including the year I leave?








  • #2
    Originally posted by oocyte_ View Post
    I've read the WCI Bootcamp book but still am having issues seeing the "big picture" and simultaneously wondering how other people in my position are doing 10000% better...
    -- welcome
    --never compare yourself to others. youll lose every time.

    -Salary: 56k
    -Other income: rental property (mortgage paid off) (bequeathed by my parents, thanks!): $1500/month
    -Savings:
    maxed Roth yearly x 3 years (18k) in Vanguard MMA
    -- money market account? this needs to not be in cash. perfect time to move into total US, total INTL, etc.
    401k (no match), currently trying to max out: $3k so far....this is in VBTLX/VINIX/VIEIX/VFWAX in 30/30/25/15 ratio. (these are my only 401k options aside from Target Date Funds)...
    -- so you are 70:30 with 20% intl
    -- make sure you adjust to include your rIRA once you convert it to stocks.


    HYSA Ally: 30k (personal acct), 15k (rental income)
    I try to save ~50% each paycheck
    -- cray. its great though. feel free to live.
    Expenditures:
    -Rent: 1500 in HCOL area (utils included)
    -100k Student Loans on PAYE, currently paying minimum payments. Cannot refinance, have tried and my credit score is in the toilet.

    1. Where can I improve generally? I see some interns with Roths and 401ks >70k (but they dont get a match, assuming most programs dont) and i ask how sir??
    -- i see some interns with rental properties paid off and cash flowing and i ask "how sir"??..........
    2. My 401k/Roth is a mess. I'm risk adverse. We dont have great 401k options.
    -- for 1) you listed some of the best options in the world......so please include a full list of your options and we can assist in choosing.
    I also cant contribute much. I know the AA should be across ALL accounts, but assuming I pick up and leave in 3 years for another 401k i'm treating it like a temp holding and paying less attention to it.
    -- your thought process makes no sense. its still your retirement account. it doesnt matter what job you have next......
    -- you are planning on 19.5K 401k and 6K rIRA.....which is 35% of your income to retirement.....thats more than many full time MDs do.....


    3. Should I be contributing to Roth until the year I leave residency or including the year I leave?
    -- yes
    honestly im reading a lot of entitlement in this post.....i know its impossible to infer but hey.....
    you are in residency, have a side gig (rental), save 35% of your income, have an efund, have loans <1x your future salary, think 1500 rent is HCOL, are starting to actually learn finance.....

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    • #3
      Hi, thanks for the reply. I am thankful (i said thanks, mom and dad!) for the property which i was living in previously to save money and which I have used my savings to fix/spruce up. NYC is considered HCOL. I posted not to whine (which i don't think i did), but i have seen many posts on WCI by residents in my position who for one reason or another have boot-strapped (or not?) their way with a large reserve in such a short time span and i'm just wondering if I could be doing more or something differently.

      Comment

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