Forum Replies Created
Nope don’t eat organic for the reasons you said. Local is what we are interested in for environmental reasons and to support our local community.
Strong work OP.
Just shows to go you that with enough income you can pretty much do everything (loan management, retirement savings, small lifestyle upgrades) all at once!
Watch out for the hedonic treadmill with a family of 6 and a skiing habit that might end up being your biggest challenge!Click to expand…
We have already started planning our winter vacation for when student loans are gone – a week with all the kids skiing out west is expensive it looks like! And I’m not sure I want them to know what western skiing is like since all they know now is New England skiing and they are happy with it! Haha
Thanks everyone for your input. I felt like it was right to just stay at 20% for retirement and the rest to student loans (I forgot to put in the first post that they are variable with SoFi, currently 2.7% but rising) but my husband and I both HATE our student loans and want them gone. I know that is a good thing so we will keep putting the extra money towards them each month and it won’t be much longer….. then we can really put money towards our skiing habit 😉
Sorry that was confusing. We started paying them off in 2015 when I finished residency. Actually, my husband was moonlighting a few years before that so we were paying them off probably since 2013 but we really didn’t get our financial life together until more recently so I’m not sure how much we paid each year until this last year. (Thank goodness for WCI, I’ve learned a lot and I’m glad it’s at the beginning of our careers!)
I just emailed the agent and asked if he would please add her (for my peace of mind). It will be worth the extra money to know that she will definitely be covered in the event of an accident!
Another thing about food that is important to us is trying to eat local when possible. I want to support the local farms and farmers and I think it’s good for the environment if I can reduce the amount the food has travelled before getting to me. I love being able to stop at the farmers’ market and pick up our weekly veggies. I love chatting with the people who grew our food. However, this is often a lot more expensive for the meat and fruit options and another reason for the higher grocery bill. (I’m with a lot of the people above though- our income is >600k and our yearly food expenditure is <3% of that and we save/ pay down debt with ~40% of our income so I’m not going to feel bad about spending a lot on food relative to most Americans. Rather, I feel incredibly lucky that we are able to do so since it’s important to us.)
Up by 0430 to have a cup of coffee and then workout/ run. (Also a dream here of an indoor endless pool…. or maybe even a real indoor pool?!? That might be pushing it though ?)
0545 pack lunches, backpacks, prep dinner stuff if needed
0600 quick shower , husband gets up, and by then at least one of the four kids are usually up so we cuddle or chat with them for a bit (with more coffee) and they start getting their breakfast stuff ready
0630 leave for work
Thanks for your explanation. I told the agent she lives with us for the year she is in the US but maybe I should insist she is listed. I asked more than once and they kept saying there is no need….
3 adults (we have an au pair) and four kids and we spend $1600/ month. We also host dinner for family or friends (love doing this) at least once each weekend so we are cooking for 10-20 people. We don’t eat out regularly other than weekly pizza take out. I meal plan, prep and we do meal delivery twice a week ($80). Totally worth it- we like good food and are willing to pay. Half of my weekly grocery bill is fruits/ veggies, another quarter or more dairy/ meat. Oh and we love craft beer which is not cheap (hill farmstead, sip of sunshine etc…. not good for a food budget!!!)
Wondering if this is state specific because we have had nannies and au pairs and insurance agencies have said they are completely covered as an occasional driver. I have it in writing from our agent. I check in every year (“we are getting a new au pair who will be here on a student visa, and will drive our car occasionally when required to bring our kids to school. Should I add her to our policy as a driver?” And their answer is no, she is covered….. ?♀️)
Should I be concerned still and change how we do it?
Spouse is cardiology (employed by the hospital). Region – east coast. Typically one weekend per month plus two weekday home calls. No extra pay for call, it’s all in the base salary. If there is extra call because someone goes out, no extra pay but their bonus is tied to RVUs so extra work would give some extra money at bonus time.
I’m anesthesia, employed by a PP group as a non call taking employee. Also east coast (obviously), level 2 trauma center. For me, when I pick up a call for the group or someone sells theirs, I’m paid hourly for beeper coverage and/or being in the hospital. That is all in our contract with hourly rates for different times (weeknight, weekend day, weekend night, second call beeper at home, second call called in, etc).December 30, 2018 at 3:26 am MST in reply to: For Those Employed Docs— Do you get Call Stipends? #177196
Dear WCI and family,
I am a long time lurker and first time poster here. I appreciate your time and help in advance. I would like to humbly ask for advice on my financial situation. I am a first year emergency medicine attending with approximately $510,000 in student loan debt. Public loan forgiveness is not on the table. My wife is an emergency medicine PA with $160,000 student loans. We own a house with a mortgage of $3,400/month, have 2 young kids <3 y/o. Our total student loan debt is $670,000 combined. We both drive old, modest cars. I am currently contributing to HSA, 401k, ect. We take little to no vacations. I work extra shifts 17-18 shifts/month, and we have a combined gross income of $480,000.
My questions are twofold. Should I refinance with Sofi/outside company and aggressively pay back loan? I am being quoted between 4.6-4.9% for 7,10,15 year repayment plans. If I absolutely working my butt off, I could likely pay off the full $670,000 in 6-8 years (payments of around 10k/month). That includes working multiple 24 hour shifts on top of my FT and PT gigs.
Or, should I continue to pay the PAYE program for 20 years and then be forgiven? After speaking with the fed loan servicer on phone, She indicated that I would qualify for PAYE just due to the size of my fed loan amount. I also would be able to use my wife’s fed loans into their formula to further decrease my monthly payment. She quoted me $2,200/month. Paying $2,200/month for 20 years would leave me with 600k outstanding that would be forgiven and a tax bomb payment of $150,000 (assuming 25% tax on it). This still would likely put me out ahead. It also wouldn’t require me to kill myself working over the next 7 years as I do not foresee working 17-18 shifts as sustainable longterm. With such a low payment of $2,200, I could chip away at my wife’s $160,000 loan as well.
Sorry if this is long winded. When not qualified for PSLF and facing a large debt, it becomes less clear on which option to take. I am geared up and ready to work hard and do what is necessary for my family. Luckily, I am in a position where I can still get out of this hole hopefully. If I am missing anything please let me know and thank you all for your time.
P.S. I am also a member of the facebook group WCI. I am open to posting there as well but as anonymous. Thanks!Click to expand…
I feel you. My husband and I had 600k of student loan debt when I finished residency in 2014. He still had 3 years of fellowship at that point. Our combined gross income for those 3 years was 350-400k.
We refinanced and put 6k/month toward student loans. Stayed in a rental house where our kids all shared a room (they actually still do despite being in our forever home now…. turns out they like to be together). Had an expensive nanny because that is the only realistic choice for a 2-MD family (we now have 4 kids).
I started getting interested in personal finance around the end of 2014 because I realized what a hole we were in with that amount of debt. I first calculated our net worth January 2015 (I had started my attending job, husband was still a fellow) and it was -450k. That was with the 600k of student loan debt but we were smart enough to have maximized our 403b/ 401k during residency so had some savings in that. Tracking net worth monthly since then has helped us see that our student loan payments do make a difference (not as fun as a new phone perhaps, but attainable concrete goals in increasing the net worth is fun, I swear!).
Our net worth is now +300k about 4 years later (a change of 750k!!). It can be done!
We personally do not feel an intrinsic need but do give (not at high levels) to local charities we care about and feel are helping the community. I personally feel like we should decrease our debts and start funding the 529s for our kids a bit before increasing our giving substantially (we still have about 290k of student loan debt and 335k of mortgage debt…. and 4 kids with minimal 529s since we had our first son as medical students). I don’t feel bad about not giving much right now and we are both very happy in our lives. Maybe we will be even happier once we give more – I’ll update in a few years 😉
Investments- B ….. but they are growing quickly! Only a year out from both of us becoming attendings.
Income- not really sure the rules for this one- I work only 3.5 days per week so for total compensation it’s not that high for my specialty but my hourly income is great and I have a cardiologist husband so why would I work more 😉
Literacy- B but learning more from this site and definitely more financially literate than most people I know in real life!
Questions for the group:
- Am I doing things correctly? Any reason to tinker with anything big?
- I can’t believe how much my tax bill is going to be this year. Is there any other strategies that can help to bring this down?
- Would you keep the student loan around that it is fixed at 2.25% (effectively inflation) and be more aggressive with saving for a down payment or E-Fund (see below)?
- With all of the other savings/spending this year, I have not been able to save a 3-6M E-Fund but do have about 6K for any small to medium sized emergencies that come up. Should I divert money away from loan payments to build this 3-6M E-fund sooner?
- We are starting to get the house itch but have stayed away from looking deeply into the real estate market because our goal was to pay off student debt and for me to make partner before we officially settle down in this area. How do you prevent yourself from not looking at Zillow or RedFin!!?
Thank you so much to all of you Forum contributors who make this process so much easier to navigate.Click to expand…
I think you’re doing a great job, but would personally feel more comfortable with a bigger E fund at this point. Wife stays home, what if you get injured and can’t work for 9 months? At my PP job we don’t have short term disability – maybe you do and it will cover everything but just something to think about. My husband and I are both MDs with 4 kids and both had relatively major medical misadventures in the last year (ruptured appendix and preemie in the NICU for me, cycling accident with SDH for him so I made sure we are very well covered in the event of needing to take off quite a bit of time).
Regarding the house itch- very personal decision. We are aggressively paying down our student loans (we started with 600k) but decided to take 5 years instead of a shorter time frame so we could save for our down payment and buy a house now. It is expensive and the first year in the house we of course had lots of things come up that delayed our savings/ debt reduction but we love our house and it feels good to finally be settled. We made sure that our mortgage is reasonable (it’s only about 0.6x our combined income) so we easily contribute 20% to retirement. We are looking to be FI at a reasonable age but not RE. Both of us work 4 days/ week and I don’t take call/ work nights so our jobs are great for lifestyle and we both plan to continue working for at least another 15-20 years (we are both mid 30s). Knowing your goals will make financial planning decisions easier!November 12, 2018 at 4:31 am MST in reply to: 16 months in as attending: need advice and re-assurance #164163