Osme02 wrote:OP, we graduated the same year with the same salary. I would like to be financial independent at 55. I dont spend a lot of money but if I want to go a bar or restaurant I dont even think twice. If I want to go to Vegas for a guys trip I just go. You can walk the middle road. Being a doc is a great job. Who gets paid like this to help people! Anyways heres my info so you have something to compare.
Credit Card Debt: None
School Loans: $200,000 Federal Debt, 3.25% fixed (pay $1500/month, 15 yrs left!)
Car Loans: none, I own my 07 civic
Tax Filing Status: Single
Tax Rate: 33% Federal, 10% State
Income: ~$300k also in a very stable job. +5-20k bonus
vanguard asset class: 60% large caps, 20% mid caps, 10% small caps, 5% REITs, 5% bonds
Taxable account: 125k
Cash: 85k (saving for a condo/house and or a car, 370Z?)
New annual Contributions
$17,500 401k (plus 5% corp contribution, goes up to 10% in another year)
$5,500 Roth IRA
I save 5k/month for the taxable retirement account plus any bonus
Hopefully this gives you a different perspective.
Definitely gives a different perspective.
So I take it you're paying your federal loans at the minimum every month? I'm going to focus on paying down the real estate and private loans, and probably leave the federal debt (matures in 2041!!) as it's borrowed at a rate ~inflation (2.62%). Congrats on saving so much, good job.
My first two years out I didn't really live on a budget, even though I was maxing out tax-advantaged accounts, paid off $30k in credit card debt, saved a $65k emergency fund and put away $40k in a taxable account. - always lived far below my income. Of course I "splurged" on a couple of items - one being the new car, the other being a piece of land which will ultimately build a dream home to hopefully retire in one day in a picturesque midwest resort town. Three months ago I really started to gain some perspective and I feel like I got it out of my system. Now definitely budgeting a bit more and cutting back on things like eating out. Have about $6k/month over and above my monthly payments to save and pay down debt.
I don't agree at all that you should live your life in paper like some of the folks in this forum. It is clear that some are obsessed with their financial accounts in a dysfunctional way (probably some DSM 5 diagnoses).
cheers ... -Mark |
"Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau |
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