- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: What percent of your Net Income goes to your mortgage?
Posted on 5/8/19 at 9:03 pm to fallguy_1978
Posted on 5/8/19 at 9:03 pm to fallguy_1978
Same here
0
Posted on 5/8/19 at 9:15 pm to East Coast Band
i have 220k in student loans from med school and am about to graduate residency and start a job making 500k.
I know nothing about money. Would it be better to pay off loans in 2-3 years and start investing after that, or would it be better to invest heavily and pay the loans off slowly.
the interest rates on the loans are 6-7%.
I know nothing about money. Would it be better to pay off loans in 2-3 years and start investing after that, or would it be better to invest heavily and pay the loans off slowly.
the interest rates on the loans are 6-7%.
Posted on 5/8/19 at 9:21 pm to LSUtwolves
Personally I'd invest as much as possible. If you're loans were in the 8-10% range I'd say pay them off.
Just invest in VTSAX or similar.
First step is to max out your 401k. I think it's up to 19k a year now. Make sure you hit the max every year. At 500k gross you have no excuses not to. Do that for 25-30 years and you'll be OT rich, and you're kids will be OT rich when you die.
Then build an emergency fund. Should be like 6 months of expenses. You'll hopefully never need it, but it's nice to have. Stick that in a high yield savings account and don't touch it unless you have to.
That's your starting advice
Just invest in VTSAX or similar.
First step is to max out your 401k. I think it's up to 19k a year now. Make sure you hit the max every year. At 500k gross you have no excuses not to. Do that for 25-30 years and you'll be OT rich, and you're kids will be OT rich when you die.
Then build an emergency fund. Should be like 6 months of expenses. You'll hopefully never need it, but it's nice to have. Stick that in a high yield savings account and don't touch it unless you have to.
That's your starting advice
This post was edited on 5/8/19 at 9:29 pm
Posted on 5/8/19 at 9:33 pm to LSUtwolves
At that rate it’s really a toss up. I’d do 50/50.
Posted on 5/8/19 at 9:35 pm to LSUtwolves
W2, k-1, or 1099 employed?
Private or public hospital job? What field pays $500k straight out of residency?
Private or public hospital job? What field pays $500k straight out of residency?
This post was edited on 5/8/19 at 9:38 pm
Posted on 5/8/19 at 9:41 pm to TheWiz
private practice interventional radiology. salary jumps to 700 after 2 years. W2
Posted on 5/8/19 at 9:43 pm to Not Cooper
0%
Posted on 5/8/19 at 9:43 pm to JohnnyKilroy
thanks man. i'm gonna get a financial counselor soon. they've been sending me emails and calling non-stop, just need to set aside the time to do it.
Posted on 5/8/19 at 9:45 pm to LSUtwolves
quote:
What percent of your Net Income goes to your mortgage?
0, but at one time, around 20%.
Posted on 5/8/19 at 9:45 pm to Not Cooper
9%
Posted on 5/8/19 at 9:50 pm to LSUtwolves
Motherfrick. Good for you.
Keep living like you're in residency for the next 3-5 years. You better refinance those loans immediately and pay them off in no later than three years. Before you throw all of your money at your loans, Max out your 401k, HSA, and backdoor a Roth IRA.
Set up a solid budget and stick to it. Slay those fricking loans as fast as you can.
You need to get on White Coat Investor. Lurk the forums for a while, read all the stickied topics, and then buy in to the philosophy. That population is more in tune with your earnings, student loan size, work load, etc...
Keep living like you're in residency for the next 3-5 years. You better refinance those loans immediately and pay them off in no later than three years. Before you throw all of your money at your loans, Max out your 401k, HSA, and backdoor a Roth IRA.
Set up a solid budget and stick to it. Slay those fricking loans as fast as you can.
You need to get on White Coat Investor. Lurk the forums for a while, read all the stickied topics, and then buy in to the philosophy. That population is more in tune with your earnings, student loan size, work load, etc...
Posted on 5/8/19 at 9:52 pm to LSUtwolves
Holy shite dude. Please invest wisely and remember us plebs when you’re doing cocaine in your mountain home in the Swiss Alps
Posted on 5/8/19 at 9:53 pm to LSUtwolves
You don't need a financial advisor yet. Read up, learn, and handle your finances until you're net worth is $1-2mm. When you've exhausted all investing avenues, MAYBE get a fee only advisor.
The website I suggested, these guys self-manage millions of their own portfolio.
You do need someone to set you up with excellent disability insurance. If married, you also need a large 20-3yr. term life policy.
The website I suggested, these guys self-manage millions of their own portfolio.
You do need someone to set you up with excellent disability insurance. If married, you also need a large 20-3yr. term life policy.
Posted on 5/8/19 at 9:54 pm to Not Cooper
Ours is 12%. My child support is double that. One day I'ma be an OT Baller. 
This post was edited on 5/8/19 at 9:55 pm
Posted on 5/8/19 at 9:54 pm to Not Cooper
8
Posted on 5/8/19 at 10:02 pm to LSUtwolves
quote:
the interest rates on the loans are 6-7%.
Pay these off, more than likely. However, I think you can still deduct student loan interest. Not sure after tax law changes last year, though.
IMO, the break point on payoff or keep paying the monthly payment is about 4-5% interest rate.
But, do note, just keeping extra money in a savings account / money market is doing much worse than to pay off virtually any loan. Interest in those accounts is virtually nil.
You have to be investing the money in mutual funds, etc. that ordinarily you'd use to pay off a loan in order to make it sensible to keep paying for the loan.
Posted on 5/8/19 at 10:10 pm to Not Cooper
About 40%, but we have zero debt other than mortgage and it's a 15 year. 401K's are maxed, too.
Posted on 5/8/19 at 10:13 pm to Not Cooper
20% here.
Net pay.
Net pay.
Posted on 5/8/19 at 10:14 pm to dragginass
25% - It's the cost of being in an expensive city and in a desirable neighborhood.
We could have paid less and dealt with either a townhome or a 35+ minute daily commute ... it just didn't seem worth it for the long term investment.
We could have paid less and dealt with either a townhome or a 35+ minute daily commute ... it just didn't seem worth it for the long term investment.
This post was edited on 5/8/19 at 10:17 pm
Page 6 of 8
Popular
Back to top
Follow TigerDroppings for LSU Football News