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Message
Best Personal Finance Books for Young High-Earners
Posted on 9/20/20 at 10:13 pm
Posted on 9/20/20 at 10:13 pm
(no message)
This post was edited on 7/15/21 at 8:09 am
13
Posted on 9/20/20 at 10:44 pm to blackoutdore
(no message)
This post was edited on 9/24/20 at 8:41 pm
Posted on 9/20/20 at 10:57 pm to blackoutdore
quote:
Combined Income: $330k/yr [and it will continue to grow]
Student Loans: $325K [her dental school and my MBA, yes its a lot but will be positive ROI]
This depends a lot about where you live. It seems you’re in Nashville and the COL is among the highest in the S/SE.
Buying into a dental practice can be pricey. I know of one in Baton Rouge that cost roughly two million. Starting your own dental practice will also stretch your finances. You’ll need a business loan for all the equipment and office space.
If she can’t run her own personal finances, she has absolutely no business running a clinic. Unless you plan on being the Office Manager. She’ll get ripped off blind.
Still, follow your dreams but you need to be setting aside major $$$ for that first year you start the clinic (you’ll need some runway until you become established with steady clientele. Unless you buy someone out.) You don’t want to be paying yourself a salary from your business loan.
Buying a home is also a priority but I think they want two years of income if you’re self employed. Others would know more about this.
You have a MBA. Can’t you educate her on personal finances?
Posted on 9/20/20 at 11:02 pm to blackoutdore
Money Board Sticky
There’s quite a list of resources and even list of books in the first and second post. I’d suggest starting there.
1st priority should be paying down that huge student loan debt.
There’s quite a list of resources and even list of books in the first and second post. I’d suggest starting there.
1st priority should be paying down that huge student loan debt.
Posted on 9/20/20 at 11:06 pm to LSUtigerME
quote:
1st priority should be paying down that huge student loan debt.
If he can lock in a rate under 4% at 15 years it would be better for him to pay that to garner enough cash flow the first 5 years. Get into a house, put money aside for dental practice, then once established, pay it off and/or refinance.
As someone that was paying a heavy student loan note, sometimes it’s better to stretch the note and still pay it off in a reasonable amount of time. The money during these wealth formative years could be more valuable in the startup than any interest savings would be by avoiding 4/5 years. Just depends on circumstances.
This post was edited on 9/20/20 at 11:07 pm
Posted on 9/20/20 at 11:10 pm to DiamondDog
quote:
she has absolutely no business running a clinic. Unless you plan on being the Office Manager. She’ll get ripped off blind.
OP - I own a management consulting group for physician offices. I can attest that your wife will get burned if she starts this herself, unless you manage it which will be a full time job in and of itself. I have a small staff and we manage 6 offices / 13 MD’s. My calls range from I don’t understand why my income went down (they took 2 weeks off) to I need my bank information because I bought a 3rd Tesla.
quote:
Buying a home is also a priority but I think they want two years of income if you’re self employed
OP - This is true but also check out physician home loans. I’m working on one now. Great tool but takes a while to get together.
ETA: put together an amortization schedule of her debt based on current schedule. Then add variables for increased principle payments and show her the interest savings on accelerated payoff. My wife appreciated this, she’s a physician.
This post was edited on 9/20/20 at 11:13 pm
Posted on 9/20/20 at 11:38 pm to 13SaintTiger
(no message)
This post was edited on 7/15/21 at 8:10 am
Posted on 9/20/20 at 11:43 pm to blackoutdore
You make 300k+ a year, went to MBA school and can’t teach your wife basic finance? You’re a doofus.
Posted on 9/21/20 at 12:31 am to blackoutdore
quote:
I am very proficient in finance
quote:
Student Loans: $325K
Posted on 9/21/20 at 12:36 am to blackoutdore
quote:In the money board's defense, you gave irrelevant details about your financial situation when asking for a book recommendation. And you weren't clear on what she's interested in learning about. You mentioned personal finance, then you mentioned wanting to start a business. You said she knows "enough to be dangerous", and that she isn't fully fluent, but that she has delegated all financial decision-making to you. What does she know about already, and how deeply?
Unsurprisingly, none of the responses to date address the question and are generally unhelpful.
Honestly, your whole post seems to have been crafted around announcing your age and income. Are you really surprised that people are focusing more on your "additional considerations" than on your vague book rec request? It seems like that was your intent.
Posted on 9/21/20 at 9:53 am to blackoutdore
quote:
She recently mentioned she wants to learn more and would like a personal finance book to do so.
Let her read some of your school books smart guy
quote:
I am very proficient in finance
quote:
Student Loans: $325K
quote:
Vanderbilt
Checks out
Posted on 9/21/20 at 10:07 am to blackoutdore
quote:
Unsurprisingly, none of the responses to date address the question and are generally unhelpful..... Typical money board inability to respond in a thoughtful answer- I’ll wait to someone like lynxcat to respond.
Oh look! A douche!
I suspect the fact you cannot satisfy her quest for financial knowledge, even though you are an MBA, is not the only arena where you leave her unsatisfied.
Posted on 9/21/20 at 10:09 am to blackoutdore
No need to be a dick about the responses. People were trying to help. Now they may not.
Posted on 9/21/20 at 10:12 am to blackoutdore
quote:
Typical money board inability to respond in a thoughtful answer-
It's just nobody here respects you
Posted on 9/21/20 at 10:16 am to anc
I agree with this. Particularly his first one.
Posted on 9/21/20 at 10:35 am to blackoutdore
quote:
Unsurprisingly, none of the responses to date address the question and are generally unhelpful.
I gave you a direct link to a LIST of books in a STICKY that is designed to answer your exact questions. Much to your surprise, you are not the first to ask for “Personal Finance Books”. In addition, said STICKY likely contains other useful information that would pertain to your situation.
What an entitled douche to be disappointed that a group of random people on a message board did not provide you with a personally curated list of books for your wife to review.
Posted on 9/21/20 at 10:41 am to blackoutdore
If she is an Dentist, she will be making $350,000 net minimum shortly on her own.
Hirer a good lawyer and cpa - then conduct yourself due diligence for an investment professional - pay them to take care of everything.
With your future income and assets, enjoy the time you are able to spend together rather than crunching over a spreadsheet like us commoners.
And oh, don’t buy stupid things like race horse, beach homes, boats, emus, overly expensive cars, investing in cattle, etc, etc, etc.
Hirer a good lawyer and cpa - then conduct yourself due diligence for an investment professional - pay them to take care of everything.
With your future income and assets, enjoy the time you are able to spend together rather than crunching over a spreadsheet like us commoners.
And oh, don’t buy stupid things like race horse, beach homes, boats, emus, overly expensive cars, investing in cattle, etc, etc, etc.
This post was edited on 9/21/20 at 10:43 am
Posted on 9/21/20 at 10:43 am to GeauxGutsy
quote:
I am very proficient in finance
Nice troll... So proficient he needs TDM to make him even more prof!
Posted on 9/21/20 at 10:59 am to blackoutdore
You have now officially come across as someone who hasn't yet realized that they are not as smart as they think they are. Good luck!!
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