Menu

jhwkr542

Home jhwkr542 Replies Created

Avatar
Message me
You have new message! jhwkr542

Forum Replies Created

  • Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016
    Earnest refinancing bonus

    I’d be there, schedule permitting.

    in reply to: Financial CME Conference #32835 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I wouldn’t go right away. You may have to give him the benefit of the doubt and see if it evens out. I’d make sure the other partners were aware too and get their reaction. Plus, these other opportunities may be a worse situation than what you have now. The grass isn’t always greener, no matter what the other groups may tell you.

    in reply to: recourse, senior partner weaseling out of call #32834 Reply
    Liked by Craigy
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I’d do some combination of high interest savings account (Ally) and towards student loans (though you didn’t say what the rate was).  Remember, it doesn’t have to be 100% towards one thing.  First priority will be high interest debt if you have any.  Then, I’d conservatively figure out how much is needed for a 20% downpayment, throw that money into the Ally account, and then put the rest towards maxing out retirement accounts, then towards student loans.

    in reply to: What should I do with my home equity while we rent? #31995 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    We’ve always just deposited the checks in our personal checking account for our kids and then used the money for whatever from there. Never had the bank question it, even when they were in our kids’ names.

    in reply to: Savings account for new child? #31973 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    Even trying to make a 3 fund portfolio would be difficult for me and my wife as we have very different investment choices in our 401k’s. I have only a few low cost Vanguard funds in mine and her retirement accounts are through TIAA.  I’ve tried setting up a 3 fund portfolio + TIAA real estate in each account individually, but it does get complicated in the end, especially with her 3 separate accounts which yield different rates in the TIAA traditional account.

    in reply to: How Simple is Your Asset Allocation? #31937 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I think it’d be better not to return it. Your MIL probably thinks it’s a really nice gift and would be very hurt if it gets returned. We let our two girls 3.5 and 21 mos. watch our iPads for a little here and there. We monitor what they watch and do try to limit the amount of time on them, which is mostly their watching YouTube videos. They do learn quite a few things. Even the AAP has gone back on their screen time restriction, just for this alone. I think it’s important for kids to learn technology as well. There’s always been a negative stigma about kids and technology that I’ve never understood. I know some people go to extremes to limit their kids’ time with technology from the last decade, kinda like the Amish limiting their kids’ technology exposure from the last 150 years.

    in reply to: Ipad for a 2 year old? #31842 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I don’t think it’s a huge mistake to buy a second car, even at that price. Financing it was probably a mistake but it’ll just be a mistake to learn from. I wouldn’t do anything to correct it at this point. You have the income to afford it, especially with just the two of you.

    I think the one criticism you’ll get from most of us around here is your willingness to accept debt. While the maxing out retirement accounts is a good step, most of us would strongly encourage tackling that student debt. At your income, you could save for a few months and buy that car in cash and save yourself the finance charges and interest. Same with student loans, pay them off and don’t be burdened by them. While some would say you could leverage the student loans and car payment in a taxable, it doesn’t sound like you’re doing it.

    in reply to: Another "Should I have bought this car?" kind of thread #31735 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    That is an insane amount. Does he/she have a path to loan forgiveness? That may be the best choice, especially if they’ve been doing ibr already.

    in reply to: Advice for a deep-in-debt FP? #31299 Reply
    Liked by Vagabond MD
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    Always best to have options. Look around and see if you can find other openings/get other offers. Always best to negotiate from a position of strength. Especially first coming out, it’s best to see all the models and get an idea of what the salary and benefits are in your market you’re looking at, even if you really want to stay at this hospital.

    in reply to: Hospitalist position #31058 Reply
    Liked by jhawk
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I’m rather new to investing and I too have been struggling feeling good about putting more money into the market right now.  (Especially since I don’t trust our incoming administration and I’m afraid they are going to really screw things up).  HOWEVER, I hear you all loud and clear that since I’m 20-30 years away from retirement, I need to focus on the long term.  Its hard to ignore stories like this though:

    http://www.barrons.com/articles/bill-gross-stocks-are-vulnerable-raise-cash-1481058844?mod=BOL_hp_highlight_8

    And to be honest, I don’t really know what he means “raise cash.”  Does that mean sell some stocks and buy bonds?  All I own, for the most part, is index funds, 80/20 stocks and bonds.

    Curious to hear people’s thoughts.

     

    Click to expand…

    A couple of points to make:

    1. If this most recent election has taught us anything, it’s that people don’t need to have any knowledge about anything to write anything anymore.  Just throw out anything on the internet you want and people will read it.  The more fear/anger inducing, the more likely people are to both read it and worry it’s true.  You can find any stat to back up just about any argument too to make it look legit.  #hottakes

    2. I’m assuming by cash, he means what you put in savings/money market accounts/CDs, not bonds. (article blocked for me)

    3. These articles seem to come out every week, and you should always ignore them.  Anecdotal point:  If you look at the original poster from 11/28/2016 when there was hesitation to invest at that time to now, VTSMX (Vanguard total stock index) has gone from $55.39 to $56.49 as of 12/7/2016.  The original poster, by not investing on 11/28, would have lost 2.0% potential returns so far.  Are they set to lose more? Nobody knows. The market goes up, it goes down, goes up a little, down a little, up a lot, down a lot.  You just can’t predict it.  If you gamble and miss out on those 2 weeks where it goes up 2%, then that’s not an insignificant loss.  This is why the majority of studies have simply said the passive investor, by putting their money in passive index funds and leaving it, outperforms active investors, even those who are paid to manage money.

    in reply to: investing at the top of the market #30812 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I really like reading these, congrats to everyone!  Mine:

    1. Graduated fellowship and signed on with one of the last remaining private, physician-owned groups in town (very stable job as well)

    2. Found WCI website and started the long process of educating myself financially

    3. Made adjustments to my life as a result of #2

    A.  Paid off car loan because it’s stupid

    B.  Started maxing retirement accounts (educated in time to understand the implications of my wife getting access to a 457b at her academic job on top of her 403b)

    C.  Got disability insurance

    D.  Transferred savings to ally account

    in reply to: Financial goals you've achieved this year (2016)? #30363 Reply
    Liked by hatton1
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016
    Savings for next car  $                                               500
    529 College Fund  $                                           1,000
    Travel  $                                           1,000
    Auto & Transport  $                                               851 $600 loan, 2.5yrs left

    These are where I see opportunities for increasing savings for downpayment/retirement.  Kids can pay for their own college.  $12,000 for a yearly vacation sounds pricey.  You’re planning on saving $6000 a year for a new car?  When you’re stretched thin, I don’t see the point of putting that much towards a car, especially when you already have a car loan.  Pay that one down and drive it until your cars die.  One of my biggest financial regrets (and I haven’t even had that long to make too many) was my wife’s convincing me to finance a used car during residency that was out of our budget.  One of my best financial decisions was paying it off and increasing cash flow.  No more $500/mo payments.

    in reply to: Is 1.3-1.5m house crazy or doable…? #30359 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I’m not sure the needle will be moved THAT much with regards to taxes.  The Republicans don’t have a filibuster-proof majority in the senate, so that will tame down some grand plans.  Also, remember many Republican politicians didn’t like him either.  His plan to cut taxes would certainly benefit high income earners more, but that’s if he gets it enacted.  His proposal is such a massive overhaul of the current tax brackets.  It’ll be an interesting 4 years, to say the least.

    in reply to: Trump and Taxes #28988 Reply
    Liked by MochaDoc
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    My wife has had a similar experience and you probably want it withheld at the supplemental rate.  Taxes are withheld from your paycheck based on what that paycheck projects your yearly income as.  If you make $50k and are in the 25% tax bracket, you don’t actually pay 25% in taxes.  You pay 25% on every dollar over about $40k (or whatever the cutoff is).  Taxes will be withheld at whatever your tax rate is calculated at.  When these calculations are made on every paycheck, it thinks you’re making your usual $50k.  When you add $1-2k of supplemental (moonlighting) income, all of this gets taxed at the marginal rate because the other paychecks have taxes withheld thinking you’re making $50k.

    Bottom line:  Your total tax due at the end of the year will still be the same, regardless of how much is withheld.  If you find yourself getting a large return every year, adjust your W-4.

    in reply to: Tax rate for moonlighting wages #28684 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1330
    Joined: 02/15/2016

    I like the idea of when all their friends get one for the social aspects of phones. You get them a phone and teach them moderation. Even the AAP just backed off their strict screen time limits.

    in reply to: What age did /would you give your child a phone #28307 Reply
Notifications Mark all as read  |  Clear