Appreciate the advice!I’m also a physician. I built my wealth in my 30s and semi retired in my 40s. Today I work 2-3 days a week because I like practicing medicine. Plus more money is better than less money.You are in fine shape. I'm not a doctor, but friends with many.
- House makes sense. You can refi in a couple of years if you want.
- Holding a year on real repayment makes sense. Then I would go after those loans, which you should be able to do with a relatively cheap house. See if you can get them done in 5 years.
- Agree with counsel on not taking car payments on. You are on the cusp of only ever buying with cash, and I would hold and do that.
- Disagree with people saying wait on 529. Value of 529 is the tax-free growth. I would open them and start putting something in for each kid monthly, even if it's a small amount. You can just grow it over the next few years and really grow it as your student loans go away.
- All the doctors I know really hit the gas (in terms of their wealth) in their 40s. Being debt-free, not over-leveraged on your house, and not burnt out by 40 seem key - get in position so that in your 40s you are really building a ton of wealth during your highest earning years.
Good luck!
The decisions OP makes today will pay big dividends over the next decade.
OP,
Don’t buy a house today. Rent. I have hired enough physicians in my career who have bought houses upon hire only to realize that the job and them were not a good fit. Rent for 1-2 years and then buy once you are confident you like the work.
I will also chime in regarding the commute. 2 hours gone from every day is brutal. It may not be at first but it will wear on you and increase your risk of burnout. Early burnout is far more expensive than figuring out a way to not commute 2 hours every day. I would seriously consider sticking to less than 30 minutes each way.
One last piece of advice. Take care of yourself. Eat well, exercise, get plenty of sleep. Your well being is key to your and your family future. Don’t forget that. Also, take care of your spouse. Schedule regular date nights and don’t take him/her for granted. Divorce is a heck of a wealth killer.
Congrats on almost being done. Play it smart and you will have a great financial future.
Statistics: Posted by RadBaw9 — Sat Feb 24, 2024 4:06 pm — Replies 31 — Views 1967
