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Starting out: Advice on Next Steps

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  • #16
    One year update:

    - Loans: Decided to go crazy and work 150-180% time for the last 12 mos (and the next six). I'm putting that overtime + plus vacation payouts + an extra $5000 per month toward loans. I paid off 1/4 loans, have $70k saved to pay towards my Sofi loan (90% of total, 100% after next paycheck in 1 week) and am on track to pay off $225k total by year's end (additional $147k on top of scheduled $68k payments). I'm exhausted, have no life outside of work and "physician wellness" is just something I read about on EMDocs when KKMoody is advertising her wellness ranch. While EM is a marathon and not a sprint, I think 50% paydown in 1 year is a fantastic goal (if achieved) and a big gorilla off my back. (I don't want to feel like I'm an indentured servant to my group or anyone else for that matter.)

    - Investments: Decided to opt in with BrokerageLink with Fidelity and recreated PoF's portfolio using their zero-fee funds. Maxed out at $55k per year. Earning ~ 19% YTD. Not too shabby. Have another $50k in my Vanguard taxable account and received $15k in Anthem stock as an inheritance.

    - Auto: Bought a 2013 Benz E350 coupe. Solid, fun, comfortable -- and, most importantly, fits my tall-****************** frame with inches of headroom to spare. Only $13,500 net, paid in full (cash).

    - Partnership: Decided against saving up for it. Heard it's a no-brainer with TPMG. 1-2% loan over 10 years.

    Even in the Bay Area, this can be done. It may be harder, but it's possible. I'll check in and update in another 6 mos.

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    • #17
      Awesome job on the student loans.  Take care of yourself though, pace yourself.

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      • #18
        I read your thread not realizing it was a year old and I was thinking man you are way behind and not doing well. 450 in debt.. well you did exactly what Fatlittlepig would have done. I would not let up until you pay off the debt, you are single so you can work. I wouldn’t have bought a Mercedes but I guess it wasn’t too expensive. By the way you only have to buy in 40K.. if you want all the shares then the buy in is >100K. 40K is nothing, I wouldn’t borrow money for that.

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        • #19
          Click image for larger version  Name:	7698C281-942B-4A7D-ABAD-1A0275192062.jpeg Views:	0 Size:	364.6 KB ID:	166385

          Today is a big day. Net worth $2k. Paid off $250k in loans this year. Back in the black...finally. #Halfway

          And did it while maxing out retirement accounts (20% of gross), living in the Bay Area, buying a used German car in cash ($13k) and saving 50% for partnership buy-in ($60k of $120k due next August). It *CAN* be done. With discipline and a lot of hard work. (I worked 150-180% time in the ED for the last year, and I am exhausted. To the bone.)

          Very grateful to Jim and all the wonderful members who make up this community. Without your guidance, I'd be in a lot worse shape. So thank you!
          Last edited by mcdouglas; 11-21-2019, 02:44 PM.

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          • #20


            Sure hope all those investment turn positive in the next 30 minutes. It's a big rush when you hit a goal. I sincerely hope you don't close down even $1. Congrats!

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            • #21
              Amazing job OP. I would keep working your butt off and get the debt to 5 figures, then maybe slow down a bit, but still kill it by 2020-21 if possible.

              PS: My brother is also a new ER doc working in the Bay; you two might actually be working at the same place if your company begins with K and work in San Jose.
              You basically did everything that I have told him to do, but at a much quicker pace... congrats!

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              • #22
                Nice work OP!

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                • #23
                  Great job! Don't forget to treat yourself every once in a while.

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