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Re: 403(b)/general advice for first post-residency job

Yeah despite paying 1/3 plus of my take home pay for four years of residency, pay off now is still higher than when I went in... ugh. But I signed up for it so I shouldn't moan too much... Plus maybe I'll invest in some debt later on to make myself feel better! If you have been able to save that mu...
by Kircheis
Fri Jul 18, 2014 5:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2105

Re: 403(b)/general advice for first post-residency job

And Kircheis: I don't even have a single private loan, never have... but still interest rate 6.8... Assuming you graduated before me you probably got out before the rate went up? I was kind of on the cusp, the wrong side of the cusp I guess :) That's great that you don't have any private loans. I d...
by Kircheis
Fri Jul 18, 2014 4:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2105

Re: 403(b)/general advice for first post-residency job

I want to... Here's the issue: I haven't received a paycheck yet, and so not sure how much I will actually be getting after taxes, etc. I want to see real numbers on that, then calculate and adopt a fairly aggressive debt pay-down strategy. After settling on a debt pay-down strategy, and saving a m...
by Kircheis
Fri Jul 18, 2014 12:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2105

Re: 403(b)/general advice for first post-residency job

Just out of curiosity, do you have any other retirement vehicles available? DCP, TSA, and/or ARP? Yes, TSA and DCP available. Why do you ask? Were you going to participate in those too? You can have all of those accounts at Fidelity. Also, the ORP may have an income limit above which you can no lon...
by Kircheis
Thu Jul 17, 2014 11:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2105

Re: 403(b)/general advice for first post-residency job

Just out of curiosity, do you have any other retirement vehicles available? DCP, TSA, and/or ARP?
by Kircheis
Thu Jul 17, 2014 10:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2105

Re: 403(b)/general advice for first post-residency job

I suspect that you work for the UT system like me. I also went with the ORP option and currently have an account at Fidelity. I have been very happy with their mutual funds. You may also have the option of having more fund choices through the BrokerageLink program, but you may not need to (as there ...
by Kircheis
Wed Jul 16, 2014 9:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2105

Re: New Attending Physician Tomorrow Advice?

First of all, congratulations! I definitely agree with "Be nice to everybody (especially to your staff)." I would also advise to do what is best for the patient, even if it means admitting that you are wrong... Also, if you can, try to increase your lifestyle/spending gradually (even thoug...
by Kircheis
Mon Jun 30, 2014 11:39 am
 
Forum: Investing - Help with Personal Investments
Topic: New Attending Physician Tomorrow Advice?
Replies: 17
Views: 2011

Re: Suggestions for teaching new MDs about finance?

I am a doctor myself and have learned the hard and expensive way over many years to avoid those who claim to be adept at taking care of my financial needs. Doctors, especially young ones, are often naive and tend to believe what people, including financial salesmen, tell them. It is important for M...
by Kircheis
Sun Jun 29, 2014 10:50 am
 
Forum: Investing - Theory, News & General
Topic: Suggestions for teaching new MDs about finance?
Replies: 39
Views: 2722

Re: Who do you talk with about your financial goals?

When I tried to talk to my best friend about it, all she said was "you need to manage my money." I politely refused. I definitely don't have that conversation anymore...
by Kircheis
Sun Jun 29, 2014 6:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Who do you talk with about your financial goals?
Replies: 158
Views: 9160

Re: Cost of car compared to Gross Income

Is % of income the best indicator for the price of the car you could buy? I have heard of using % of net worth as well...
by Kircheis
Thu Jun 26, 2014 12:53 am
 
Forum: Personal Consumer Issues
Topic: Cost of car compared to Gross Income
Replies: 82
Views: 4659

Re: What is the risk of having too much house

The other option would be to make a larger downpayment by selling some of the stock that you have. This should lower your monthly payment and give you more of a cushion.
by Kircheis
Thu Jun 26, 2014 12:17 am
 
Forum: Personal Finance (Not Investing)
Topic: What is the risk of having too much house
Replies: 51
Views: 4525

Re: Is Medical School Worth it Financially?

Doesn't this question also depend on the student loan (if any) that will be needed and the interest rate of that loan? I hear about medical students coming out of school with loans of >500k at 6.8%. I am not sure if it is worth it financially in that case unless one can go into one of the surgical s...
by Kircheis
Tue Jun 24, 2014 7:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is Medical School Worth it Financially?
Replies: 66
Views: 5221

Re: Best CC for (new) purchases

I use the fidelity Am Ex for purchases like these. 2% cashback on every purchase.
by Kircheis
Mon Jun 23, 2014 1:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Best CC for (new) purchases
Replies: 43
Views: 3177

Re: Int'l wire: Service providers? How fast?

I just wired money to South Korea, so this post is pretty timely... I used Bank of America (as I have an account with them). The wire cost $45 and took one business day to get there. I wired the money at 9 AM CST on Monday and the money was there by Tuesday afternoon Korea time. The money was sent i...
by Kircheis
Wed May 14, 2014 6:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Int'l wire: Service providers? How fast?
Replies: 16
Views: 968

Re: CNBC - [Among millionaires, 4% are doctors]

That's pretty pathetic when you think about it - only 4% of millionaires are doctors. They have the cash flow, the time from leaving residency on+, access to the latest information on cutting-edge technology and drugs (anyone who invested in healthcare companies over the last 30 years has made out ...
by Kircheis
Sat May 10, 2014 12:47 am
 
Forum: Personal Finance (Not Investing)
Topic: CNBC - [Among millionaires, 4% are doctors]
Replies: 100
Views: 10958

Re: Should I be worried about my girlfriend's debt?

I think that level of debt should be manageable on your income (although I realize that you are guessing about the total amount of debt and income). If you really think that she's the "one", I would talk to her about how to maximize her loan payments after she graduates to knock out the lo...
by Kircheis
Tue May 06, 2014 12:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I be worried about my girlfriend's debt?
Replies: 57
Views: 4842

Re: practicing medicine in Texas...

I practice in Houston. I have been here 9 years from now (I grew up in Orange County, CA) and I really like it here. The summers and the heat are bearable. After all, I go to from my air conditioned apartment to my AC'ed car to the AC'ed hospital. Houston has gotten a lot more cosmopolitan since I h...
by Kircheis
Thu May 01, 2014 9:51 am
 
Forum: Personal Finance (Not Investing)
Topic: practicing medicine in Texas...
Replies: 56
Views: 14061

Re: mailed US tax check 4/13 - not cashed yet

They are probably swamped with last minute mail. I did send my check in on 4/1/2014. It arrived at 6:40 AM on 4/4/2014 (according to the USPS); the check was cashed the same day.
by Kircheis
Sat Apr 26, 2014 8:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: mailed US tax check 4/13 - not cashed yet
Replies: 43
Views: 7331

Re: How to start tracking finances

I use an app on my iPhone called Homebudget with Sync (which I have been using for several years). I also tried Quicken and YNAB and found Homebudget easier to use as I can enter transactions on my iPhone real time (instead of waiting until I got home). I think Quicken and YNAB both now have apps fo...
by Kircheis
Fri Apr 25, 2014 4:47 am
 
Forum: Personal Finance (Not Investing)
Topic: How to start tracking finances
Replies: 25
Views: 2771

Re: Graduation books gift for a 24 year old

How about "The Millionaire Next Door" by Stanley and Danko? My cousin gave it to me when I graduated from medical school and it's really helped to put my financial goals into perspective ever since.
by Kircheis
Mon Apr 21, 2014 6:22 pm
 
Forum: Investing - Theory, News & General
Topic: Graduation books gift for a 24 year old
Replies: 22
Views: 1658

Re: Did not have fun this year doing my taxes- TT

My taxes were the most complicated it has been (had capital gains in taxable account, backdoor Roth, consultant income in addition to my usual salary), but TT handled it all fine. I used the premier desktop edition (which is what I have used in the past).
by Kircheis
Wed Apr 16, 2014 11:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Did not have fun this year doing my taxes- TT
Replies: 42
Views: 4646

Re: How long does it take to do your taxes?

It took me about 2 hours last year (about an hour to organize the information and an hour to fill up the form in Turbotax). I was able to download my W-2 and 1099's.
by Kircheis
Sun Feb 09, 2014 10:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: How long does it take to do your taxes?
Replies: 53
Views: 3092

Re: Merrill Edge anyone?

I have a Merrill Edge account and I have had no problems so far. I got a few phone calls (which ended up going to voicemail) at the beginning asking if wanted to have an advisor, but I think they got the hint when I didn't call back. I haven't had a call from them in some time. I think another poste...
by Kircheis
Sat Feb 08, 2014 12:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Merrill Edge anyone?
Replies: 63
Views: 8913

Re: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?

I use this card for gas and groceries. Another nice thing about this card is that there are sometimes deals (called BankAmeriDeals) which give more cashback than the usual (for instance, there was a recent deal for 10% cashback at Starbuck's). I know that people complain about B of A's customer serv...
by Kircheis
Sat Feb 08, 2014 11:49 am
 
Forum: Personal Finance (Not Investing)
Topic: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?
Replies: 14
Views: 1422

Re: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?

I actually have this card and I find it very useful. I think that the annual fee is waived if you have a certain minimum balance in your accounts (as I have yet been charged an annual fee).
by Kircheis
Wed Feb 05, 2014 1:07 am
 
Forum: Personal Finance (Not Investing)
Topic: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?
Replies: 14
Views: 1422

Re: Hedge fund titan to pocket $3B for 2013

So, after the usual 2 and 20 fee, the investor would have had the same return as investing in a low cost S&P 500 index fund? um, no. How are hedge fund returns reported? If this is before fees, and the investor earned (38% - 2%)x80% then the investor earned 29% and matched the S&P 500. If t...
by Kircheis
Mon Dec 30, 2013 12:46 pm
 
Forum: Investing - Theory, News & General
Topic: Hedge fund titan to pocket $3B for 2013
Replies: 16
Views: 1262

Re: Hedge fund titan to pocket $3B for 2013

So, after the usual 2 and 20 fee, the investor would have had the same return as investing in a low cost S&P 500 index fund?
by Kircheis
Mon Dec 30, 2013 11:25 am
 
Forum: Investing - Theory, News & General
Topic: Hedge fund titan to pocket $3B for 2013
Replies: 16
Views: 1262

Re: What you wish you had known entering your late 20's

I wish I had known about the Roth IRA in my 20's when I had a resident's income.
by Kircheis
Fri Dec 27, 2013 2:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: What you wish you had known entering your late 20's
Replies: 100
Views: 10071

Re: What Was Your Best Portfolio move in 2013

I left my financial advisor and started managing my portfolio myself. I went from having 20+ mutual funds to 4 in my retirement account (I don't have a total stock market fund available, so I had went with a combination of an SP500 fund and a small cap fund).
by Kircheis
Fri Dec 27, 2013 11:59 am
 
Forum: Investing - Help with Personal Investments
Topic: What Was Your Best Portfolio move in 2013
Replies: 125
Views: 7627

Re: What percentage of your income are you saving?

If someone has before-tax income of $250K, they will generally have to pay some taxes like income tax and social security/medicare. Let's say they pay $30K in taxes, spend $40K including health care, and save/invest the rest. That's a saving/invest rate of 72%. On what planet do working $250k house...
by Kircheis
Sat Dec 14, 2013 11:45 am
 
Forum: Investing - Help with Personal Investments
Topic: What percentage of your income are you saving?
Replies: 208
Views: 12598

Re: Just hit the million mark net worth today

yogesh wrote:Read Bogle saying "celebrate when you reach goal" ...
Thanks to America - the land of opportunity
Planning to:
- Take family out to Disneyland
- Gift to charity
- Sponsor Europe Trip for Parents


Congratulations on your accomplishment!
by Kircheis
Sat Oct 19, 2013 8:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Just hit the million mark net worth today
Replies: 98
Views: 9435

Re: more than one credit card?

I rotate among 4 credit cards: Amazon Visa - 3% cashback on Amazon purchases B of A Platinum Privileges Visa - 3% on gas, 2% on groceries, with 50% bonus if cashback is deposited into a B of A account (so it's really 4.5% for gas, 3% for groceries) Chase United Airlines Mastercard - 2X miles for hot...
by Kircheis
Sat Jul 27, 2013 11:38 am
 
Forum: Personal Finance (Not Investing)
Topic: more than one credit card?
Replies: 51
Views: 3785

Re: How should i start to save?

I would recommend reading "All Your Worth" by Elizabeth Warren. I think it gives a really good step-by-step instruction on saving.
by Kircheis
Wed Jul 03, 2013 8:56 am
 
Forum: Personal Finance (Not Investing)
Topic: How should i start to save?
Replies: 14
Views: 1858

Re: Should I switch to Ally checking?

>Do any banks charge less than 1% on international ATM withdrawals? >Do any banks reimburse ATM fees outside of the US? I use B of A and they charged me 1% on a international ATM withdrawal. However, they waived the ATM fee as I used a bank that is in their network (Deutchebank when I was in Germany...
by Kircheis
Sat Jun 29, 2013 9:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Should I switch to Ally checking?
Replies: 15
Views: 2662

Re: Company switching to Fidelity for 401k

You should ask if you have the option of using BrokerageLink with Fidelity, which then lets you buy any of the mutual funds available at Fidelity (including the Spartan funds).
by Kircheis
Thu Jun 13, 2013 7:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company switching to Fidelity for 401k
Replies: 14
Views: 1212

Re: Medical specialty, longer residencies worth it?

I think financially, going into a highly compensated subspecialty is worth it. The extra time that you spend in training is quickly offset by the increased earnings after the training. However, as others have mentioned, I think you should NOT use future compensation as the main reason for picking a ...
by Kircheis
Mon May 27, 2013 12:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medical specialty, longer residencies worth it?
Replies: 55
Views: 5976

Re: Does Roth make sense in my situation?

Thank you very much for the suggestions! I will definitely open a nondeductible IRA and then convert it to a Roth. Just be sure to familiarize yourself with the exact procedure before you do it. For instance, you cannot have any other non-Roth IRA's, as the taxable portion of any conversation that ...
by Kircheis
Mon May 06, 2013 3:18 pm
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1436

Re: Does Roth make sense in my situation?

Thank you very much for the suggestions! I will definitely open a nondeductible IRA and then convert it to a Roth. With that, I will change back some of the contribution from the Roth to the traditional for the 403b. In response to a previous question, I have been using a mixture of Spartan 500 Inde...
by Kircheis
Mon May 06, 2013 12:20 pm
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1436

Re: Does Roth make sense in my situation?

In that tax bracket I would max out the pretax employer savings and then do a backdoor Roth IRA (note: chances are this would probably take no more money than what you are doing now-- it's just using the pre-tax savings to fund the Roth) +1 Second this. Plus a Vanguard account Roth IRA is almost ce...
by Kircheis
Fri May 03, 2013 1:07 pm
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1436

Re: Does Roth make sense in my situation?

In that tax bracket I would max out the pretax employer savings and then do a backdoor Roth IRA (note: chances are this would probably take no more money than what you are doing now-- it's just using the pre-tax savings to fund the Roth) +1 Second this. Plus a Vanguard account Roth IRA is almost ce...
by Kircheis
Fri May 03, 2013 9:41 am
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1436

Re: Does Roth make sense in my situation?

To clarify some of the points, the account that I am talking about is actually a 457b that allows either traditional pretax or Roth (or a split between each). I have been contributing 100% of the allowed amount to the Roth since that option became available several years ago. The amount that gets pu...
by Kircheis
Fri May 03, 2013 8:55 am
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1436

Does Roth make sense in my situation?

Hi, I will be in the 39.6% tax bracket this year. My workplace allows me to contribute to several different retirement accounts, including one that has a Roth option. I had been putting the maximum amount into the Roth (around $11k) for diversification purposes (since I figured it would be good to h...
by Kircheis
Thu May 02, 2013 11:12 pm
 
Forum: Investing - Theory, News & General
Topic: Does Roth make sense in my situation?
Replies: 20
Views: 1436

Re: Surtax of 3.8% on Net Investment Income

It looks those whose salaries significantly exceed the thresholds, say $500K a year for married couples filing jointly, should invest somewhere to realize some investment income, say 1K a year, to minimize the effect of ACA surtax. Could you expand on this? Useful discussion. In my example, a marri...
by Kircheis
Thu Mar 21, 2013 2:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Surtax of 3.8% on Net Investment Income
Replies: 29
Views: 3151

Houston Chapter

Hi,

I recently joined the forum. Is the Houston Chapter still meeting on a regular basis?
by Kircheis
Mon Mar 18, 2013 1:15 am
 
Forum: Local Chapters and Bogleheads Community
Topic: Houston Chapter
Replies: 27
Views: 4820

Re: What % of gross income do you spend on rent/mortgage?

I pay 5% of my gross on rent. Trying to save for a down payment on a house...
by Kircheis
Fri Mar 15, 2013 12:38 am
 
Forum: Personal Consumer Issues
Topic: What % of gross income do you spend on rent/mortgage?
Replies: 132
Views: 6926

Re: What's your process for reconciling checking transaction

I use a budgeting app for my iPhone which allows me to record my transactions against my current accounts. The app allows for reconciliation, which then shows me 2 balances for each account (one with the reconciliated transactions, the other if all transactions have gone through). This way, there is...
by Kircheis
Wed Jan 16, 2013 11:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: What's your process for reconciling checking transactions?
Replies: 57
Views: 2840

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