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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 10:11 am to CoachChappy
At this point I don't think either of us are looking to make military a career thing. More of do our required payback time and get out. That could change but I doubt it. We both have specialties we are eyeing, with all of them hovering around 250-300K per year average income for the US. But this is also likely to change.
Right now I guess my investment goal is growth. Not looking for steady income off my investing, but rather looking to have my money sitting in savings grow for the future. I'm tired of having that nice chunk of change just sitting there collecting dust.
I plan to max at the Roth until we hit the income limits, which I estimate will happen around age 30-32 after residency and military are said and done.
Right now I guess my investment goal is growth. Not looking for steady income off my investing, but rather looking to have my money sitting in savings grow for the future. I'm tired of having that nice chunk of change just sitting there collecting dust.
I plan to max at the Roth until we hit the income limits, which I estimate will happen around age 30-32 after residency and military are said and done.
This post was edited on 1/12/17 at 10:16 am
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 10:15 am to tiger rag 93
quote:
Right now I guess my investment goal is growth. Not looking for steady income off my investing, but rather looking to have my money sitting in savings grow for the future. I'm tired of having that nice chunk of change just sitting there collecting dust.
One option is a treasury note. I guarantees growth without risk.
If you are looking for more growth, you are going to have to take on more risk. For those types of investments, I have a financial adviser who manages a portfolio for me, so I am no help.
Posted on 1/12/17 at 10:15 am to Carson123987
quote:
Only mistake you made was getting married too soon
For most people I'd agree, but to find someone who would put up with my a-hole self and is going to be a doctor??? I couldn't pass that up
Posted on 1/12/17 at 10:20 am to CoachChappy
I've considered sitting down with a financial advisor, just wasn't sure if that was necessary yet.
Posted on 1/12/17 at 10:36 am to tiger rag 93
quote:
I've considered sitting down with a financial advisor, just wasn't sure if that was necessary yet.
It really depends on your knowledge and comfort level of markets and investing. My brother does everything on his own and does well. I'm as ignorant as it comes, so one of my best friends who is an adviser handles it for me. If you are in the Houston area, I can pas his information to you.
Posted on 1/12/17 at 10:38 am to CoachChappy
My investment/money knowledge is functionally zero
That's why going to sit down with someone sounds enticing.
I'm in Shreveport, but thanks for the offer.
That's why going to sit down with someone sounds enticing.
I'm in Shreveport, but thanks for the offer.
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 Cold Cous Cous
I've spent some time on WCI. It's a great site with a ton of good information but is mainly geared towards residents/physicians.
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 11:43 am to tiger rag 93
quote:
, but to find someone who would put up with my a-hole self
You would be surprised at the amount of women willing to put up with an a-hole with a good paying job.....
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 12:52 pm to TheWiz
Roth is your best option right now as your future earnings will be high but current tax bracket is very low. I'd max your Roth's in an account like Vanguard or Schwab. All you really need to do right now is be conservative and educate yourself, once you start putting away $40k a year in your 401k's, are debt free, and making $400k+ a year it will start adding up pretty quick.
The key for someone like you is to not go and buy really nice cars, huge starter homes, and live lavishly until you are maxing out retirement and debt free.
The key for someone like you is to not go and buy really nice cars, huge starter homes, and live lavishly until you are maxing out retirement and debt free.
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.
Posted on 1/12/17 at 3:17 pm to ELVIS U
I'm a few years out of residency and you are way ahead of most.
Honestly, here is my advice.
1. Both you and your wife need to try to max out as much of your Roth IRA as you can. That's it for now. Don't worry about anything else. WCI and boglehead have easy vanguard mutual fund advice or go to a low cost advisor if you have one.
2. Avoid other debt
3. Any other money you have, spend it. Enjoy you free time with your wife while you are young and before you have kids. Travel during your 4th year.
Honestly, here is my advice.
1. Both you and your wife need to try to max out as much of your Roth IRA as you can. That's it for now. Don't worry about anything else. WCI and boglehead have easy vanguard mutual fund advice or go to a low cost advisor if you have one.
2. Avoid other debt
3. Any other money you have, spend it. Enjoy you free time with your wife while you are young and before you have kids. Travel during your 4th year.
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