Intern00100ParticipantStatus: ResidentPosts: 1Joined: 05/09/2019
I’m just about to start intern year with $180,000 student loan debt but my spouse has a nest egg of about $140,000 with a financial advisor. Our plan is to consolidate loans and enter REPAYE, making minimum payments during residency (3 years). We recently sold about $60,000 of ONE stock and plan on investing that in a Vanguard index fund instead, and without the help of the advisor. What kind of account is best for this money, assuming we will fund our Roth IRAs with taxed income from residency?May 9, 2019 at 10:12 am MST #213442PedsParticipantStatus: PhysicianPosts: 4229Joined: 01/08/2016
Start reading the entire blog, spend time on bogleheads, get the books from the library, and figure out how bad your advisor might be.
Set up efund, pay off high interest debt, some savings for car/vacay/boards, then start thinking of investing.jacoavluModeratorStatus: Physician, Small Business OwnerPosts: 2273Joined: 03/01/2018
what’s the interest rate on the loan?
REPAYE for that amount? I don’t know, you have an opportunity to be out from those loans really really quickly, are you sure the forgiveness is worth the hassle and restrictions for that?
The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVAZZZParticipantStatus: SpousePosts: 665Joined: 06/18/2018
Why leave any of it with the financial advisor? Just move it all to a taxable account, sell anything that has a high expense ratio, take the tax hit now while you’re in a low bracket, reinvest proceeds into low cost ETFs.