re: Finances for Newly Wed

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TheWiz

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Lots of good info. Ditto on Whitecoatinvestor

Congrats OP for being in this position this early in life. Your rental payment is pretty high so I would look to downsize that bill soon.

I would focus on 2 primary items at this point, debt and income. $250/yr is right near the bottom of the wealth curve. Even without debt, you're maxing retirement vehicles and paying your bills without much left over. It's easy to say, but get your income over $300k and you'll start feeling the difference. I think someone mentioned, catch the 401k match, crush those student loans (refi- when possible), and start saving money you can use now. Start having your money work for you so you can buy a house/wife open a practice. Physician loans can be great if you're going to be in the house a short term, but they often come with slightly higher interest rates or teaser terms.

As for the student loans, see if you can pay off portions at a time. My wife had around $180k and we broke them up, refi the highest interest and focused paying smallest to biggest balance (rates were all similar). Your monthly payments necessary go down over time which will come in handy as your family grows. Once we get down to 2 loans (roughly 80k) we may just pay the minimums until it's paid out. This is the flexibility we wanted we when chose this path.

$300k in debt is a bunch so paying it off will feel that much sweeter. Good luck.