Starting out: Advice on Next Steps

Home Personal Finance and Budgeting Starting out: Advice on Next Steps

  • mcdouglas mcdouglas 
    Status: Physician
    Posts: 15
    Joined: 06/17/2018
    Splash Refinancing Bonus

    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-ass 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.

    #227032 Reply
    Liked by Anne
    Avatar Anne 
    Status: Physician
    Posts: 1163
    Joined: 11/07/2017

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

    #227080 Reply
    Liked by Hank
    fatlittlepig fatlittlepig 
    Status: Physician
    Posts: 1193
    Joined: 01/26/2017

    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.

    #227111 Reply

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