Gain a Competitive Edge with AI Legalese Decoder: How to Catch Up and Stay Ahead
- May 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financially Naive in Medicine: Seeking Guidance for Future Financial Security
Hello all,
As a medical professional, I find myself in a state of financial naivety that is concerning given my current situation. With an annual income of approximately 70-75k, I am burdened with a staggering 330k in student loans. On the bright side, I have no credit card debt, 75k in my checking account, and currently no savings account, a fact that my wife constantly reminds me of. Additionally, we reside in a house with no children, where we pay rent and utilities totaling around $1500 per month.
In about 15 months, I will embark on a new chapter of serving in a rural non-profit organization, with the goal of completing the Public Service Loan Forgiveness (PSLF) program over the course of at least four years. This opportunity will significantly increase my income to approximately $750k or more annually. However, I feel unprepared and ill-equipped to handle this financial responsibility on my own. I am lacking in terms of financial investments, with no Roth IRA, Vanguard account, and only a vague recollection of having a 401k through my workplace.
### How AI Legalese Decoder can help with the situation:
AI Legalese Decoder can assist in deciphering complex legal and financial jargon related to your student loans, financial planning, and investment options. By utilizing this tool, you can gain a better understanding of the terms and conditions associated with your loans, as well as explore various investment opportunities such as Roth IRAs and Vanguard accounts. Additionally, AI Legalese Decoder can provide guidance on selecting a suitable financial advisor to help you navigate your future financial decisions successfully.
-First of all, what is the most obvious thing I should do?
-Second, should I just learn this myself or get a financial advisor for the long term?
Thank you for your insights and advice. Feel free to provide constructive criticism and guidance as I navigate this challenging financial landscape.
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AI Legalese Decoder: Simplifying Legal Jargon
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****** just grabbed a
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making a plan with your wife for your current joint income, expenses, and future income and expenses.
saving at least 20% for retirement once your income jumps up would be a great idea.
[https://www.whitecoatinvestor.com/financial-priorities-as-a-new-attending/](https://www.whitecoatinvestor.com/financial-priorities-as-a-new-attending/)
[https://www.whitecoatinvestor.com/8-step-financial-checklist-for-the-new-attending/](https://www.whitecoatinvestor.com/8-step-financial-checklist-for-the-new-attending/)
You’re not an idiot, I’m a fellow MD a few years into practice and was in a similar situation as you. My parents never taught me anything about money management (I’m not sure how much they actually knew themselves) and they don’t teach it in school or med school. Fortunately my girlfriend in residency did have financial savvy parents and she got me into the habit of putting money away in our university’s 403b and HSA, and starting a Roth IRA which I funded with money from moonlighting, which I now rollover into from a traditional IRA (“backdoor” Roth).
The best thing you can do right now is read The Simple Path to Wealth by JL Collins. It has been life changing for me and I wish I had read it years ago. It is actually very light and easy to read and gives very simple and practical advice for money management. And as others have said, the White Coat Investor. Boglehead’s Guide to Investing is also a good one but start with the others first. You won’t need a financial advisor after reading those three.
And unless you plan on making a $75K purchase any time soon, move that money out of your checking account! It makes me nauseous hearing that.
Things to do:
1. Get own occupation disability insurance before you finish training and life insurance for $5M+ if you don’t have it.
2. Meet with a tax pro for them to tell you have to optimize your tax filing for PSLF. Doing MFS usually helps.
3. Once you have a high income, you’re gonna want to max out everything. 403b, Roth IRA Backdoor, hopefully Mega Backdoor.
4. I would definitely try to max our at least Roth IRA before your income baloons.
Whitecoatinvestor is your friend.
I used to advise residents on money matters, most are just as clueless as you. So don’t feel bad
First thing you should do is build a budget and give every dollar a job. 2md thing you should do is pay off the student loan in the first year of your mega earnings. The sooner you get that noose off your neck the better. 3rd thing is max your work retirement plan and never take your foot off the throttle. 4th thing is fight lifestyle inflation last thing you want is to be forced to keep the high paying job because you’ve got a Porsche, boat , and vacation home payment to make.
Then figure out your long term goals. Maybe you work till you die and live like a king. Maybe you save like mad and retire in 10 years to a paid for modest cabin in the woods.
Number one thing is a plan by far.
While you suggest making a large salary is likely in 4 years, don’t count those chickens before they hatch. I’d agree with others that holding for the PSLF is worth its weight, but start a plan. Build a current budget. Live within it.
Looks like pslf means you don’t need to have to race to pay off the debt. I suggest you open a Roth IRA ASAP. Fund that 7000 per year, this will be tax free money in retirement. Eventually you’ll earn too much to continue doing this but you can research back door Roth. Then also max out your HSA and NEVER touch that money, just invest both accounts on vanguard target date funds. Both these accounts will shelter you from higher tax bills which will be your biggest problem as a high income earner.
Yeesh, checking accounts are for paying bills.
It’s so easy right now to get 4.5-5% interest you don’t even have to worry about investing just move it to a high yield savings account. Then you can take your time to learn about other options.
I just want to know what profession you’re in that you can go from 75 to 750k
Follow the prime directive.
If you’re going rural, have you looked into HRSA for student loan repayment?
Before you leave residency, make sure all of your residency years are certified for PSLF and filed. Move your 75k checking $$ to a high yield savings acct. Get own occupation disability insurance before you graduate and life insurance– it is less expensive as a resident, and you can get it based on future income. Congrats on the end of residency! The previously mentioned references are great for $$ resources. Track your expenses (think of them as ins/outs) for a few months to get a handle on your actual expenses. Max out 401k/403b as well. Don’t get caught up in keeping up with the Jones’. Remember to budget for travel/ vacation and things important to you. $$ will accumulate rapidly
Before you leave residency, make sure all of your residency years are certified for PSLF and filed. Move your 75k checking $$ to a high yield savings acct. Get own occupation disability insurance before you graduate and life insurance– it is less expensive as a resident, and you can get it based on future income. Congrats on the end of residency! The previously mentioned references are great for $$ resources. Track your expenses (think of them as ins/outs) for a few months to get a handle on your actual expenses. Max out 401k/403b as well. Don’t get caught up in keeping up with the Jones’. Remember to budget for travel/ vacation and things important to you. $$ will accumulate rapidly
If you’re making nearly 200k you can be more than okay as long as you’re reasonable with your money. Put your money towards paying off debt (never mind, you’re getting loan forgiveness, double down on incoming point 2 instead) and aggressively contributing to a 401k/ IRA. If you have 75k in checking, you have a solid emergency fund that positions you better than most Americans, so not an idiot. Maybe put this and other money that you save up into a high-interest account so that it’s working for you.
Think of your earlier life as making an investment in getting a good salary that paid off handsomely and get your generic investments in order.
First thing is open a ROTH IRA now. Once you have that high income, you are not able to do so