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Started By
Message
Investment help for young med student
Posted on 1/12/17 at 9:54 am
Posted on 1/12/17 at 9:54 am
Like subject says, I'm looking to start growing my money instead of having it all just sitting in savings. I have very little financial/investment knowledge so any guidance is appreciated.
Background:
23 years old
Married
Absolutely no debt (no loans, no credit card debt)
~40K in savings (5.5K in Roth)
Usually around 3K in my checking
Wife and I are both in medical school and get paid 1K each monthly stipend through USAF
School is paid for by the Air Force
Own my vehicle outright (~25K)
Just looking for any tips on how to get the ball rolling with investments while I'm young.
Background:
23 years old
Married
Absolutely no debt (no loans, no credit card debt)
~40K in savings (5.5K in Roth)
Usually around 3K in my checking
Wife and I are both in medical school and get paid 1K each monthly stipend through USAF
School is paid for by the Air Force
Own my vehicle outright (~25K)
Just looking for any tips on how to get the ball rolling with investments while I'm young.
9
Posted on 1/12/17 at 10:02 am to tiger rag 93
Nice start, congrats
Posted on 1/12/17 at 10:05 am to tiger rag 93
Man, you are in the driver's seat of life.
What are your plans for retirement? Do you both intend to make careers out of the military? If not, what are your career plans? What are your investment goals? These answers will be the key to helping you more.
For that Roth at your age you can only contribute $5K per year. It's good that you have one.
quote:
Absolutely no debt (no loans, no credit card debt)
~40K in savings (5.5K in Roth)
Usually around 3K in my checking
Wife and I are both in medical school and get paid 1K each monthly stipend through USAF
School is paid for by the Air Force
Own my vehicle outright (~25K)
What are your plans for retirement? Do you both intend to make careers out of the military? If not, what are your career plans? What are your investment goals? These answers will be the key to helping you more.
For that Roth at your age you can only contribute $5K per year. It's good that you have one.
Posted on 1/12/17 at 10:12 am to tiger rag 93
quote:
23 years old
Married
Absolutely no debt (no loans, no credit card debt)
~40K in savings (5.5K in Roth)
Usually around 3K in my checking
Wife and I are both in medical school and get paid 1K each monthly stipend through USAF
School is paid for by the Air Force
Own my vehicle outright (~25K)
Just looking for any tips on how to get the ball rolling with investments while I'm young.
Congrats. Y'all are in a great position. Only mistake you made was getting married too soon, but I'd probably bite for a doctor too
Posted on 1/12/17 at 10:39 am to tiger rag 93
I can't personally vouch for it but whitecoatinvestor.com is considered the go-to site for doctor finance questions. Probably worth a read.
Posted on 1/12/17 at 10:41 am to tiger rag 93
Man that is a great start. I literally have nightmares about paying back my wife's med school loans. 
Posted on 1/12/17 at 10:45 am to tiger rag 93
take $11k and put it in a roth right now. I'd keep the rest in some form of cash as emergency fund.
Invest away. I'd recommend sticking to ETFs for now until you get well into the six figures. Schwab ETFs seem to be the best bargain right now, better than vanguard. Then maybe look at moving to a pro to handle it and own stocks directly.
Invest away. I'd recommend sticking to ETFs for now until you get well into the six figures. Schwab ETFs seem to be the best bargain right now, better than vanguard. Then maybe look at moving to a pro to handle it and own stocks directly.
This post was edited on 1/12/17 at 2:16 pm
Posted on 1/12/17 at 12:31 pm to tiger rag 93
As we pay down $210k of Med School, let me say I'm jealous as a M'fer.
It's probably been said already, but go read White Coat Investor. I'm pretty sure he was a military MD. I really enjoy his articles/blog.
It's probably been said already, but go read White Coat Investor. I'm pretty sure he was a military MD. I really enjoy his articles/blog.
Posted on 1/12/17 at 1:04 pm to tiger rag 93
Keep off the credit cards and do a 15 yr. home loan when you are ready to buy. Your income and financial planner should take care of the rest.
Posted on 1/12/17 at 1:59 pm to tiger rag 93
Keep funding your Roth to the max allowed and you've done well. After residency you will be swimming in income, so I wouldn't worry too much about scrimping.
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