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Provide electronic signature accepting loan documents. Fax any supporting documents requested on the application. For female attendings who want to start a family after residency, there is a high probability that they will take 3 to 6-months off within 2 years of starting their first job.
Think about all of your future commitments to determine the best decision for you and your family. High probability of 6 months off?
Do you have any statistics to support that kind of claim? While my wife is residency, we are putting a ton of money into our Roth accounts instead of paying off student loans. My thinking is that we are most likely to be classified as super savers and we should build up our Roth accounts while we can.
Once my wife is out of residency, we will fill up our Traditional retirement accounts while using extra money to payoff the student loans in years. I would pay off the student loans earlier, but the government gives us weird incentives…. All that being said, I do not agree with people investing in taxable instead of paying off loans.
When a recession hits you will want access to extra money which you cannot take from taxable without taking a cut on it. If the loans are already paid off, you can shift cash flow around. Really should not have bonds if you have large amounts of student loans. Rate differential is much when you take into account taxes and risk. Reduces insurance needs like WCI mentioned above. You do, but its more over time. Your change in net worth is the same either way but has more upside. Why would a recession cause a physician to want more money?
Are you assuming lower pay, this is not a usual issue for most physicians. This should have no part in the discussion because it isnt and either or kind of thing. One can put their money to work anywhere. Just a non sequitur. Self insurance is great, but realistically it will be a long time before most new grads are in that position.
Ok, this topic again. It was the hook that first brought to me this website when I posed the question on Bogleheads last year. Thank you, Jim, for changing our lives forever by simply inviting us to take a look here.
I was going to argue point 3 —a solid return—but I see that many people have already pounded it pretty hard. It became a behavioral choice, no longer about money but the burden. Here is what we concluded: We spend a lot of money.
We wanted the freedom to choose when we stop working. Preferably, as soon as possible in addition to doing some light locum tenens work and humanitarian service. FP in NJ, have struggled with this question for years. I finished med school with K in loans that accrued to K by the time I stop deferring and started paying it back. I consolidated everything under Sallie Mae this was back in the late 90s and we bought a cheap house in We were lucky that the real estate market appreciated so much after we bought our house because, when the Sallie Mae interest rate hit 8.
I was really late in starting to save for retirement and feel very behind my peers in this area and 3. You almost surely mean k. I have used the conventional wisdom and invested in a taxable account and have a large bond allocation in that account due to having a conservative asset allocation. This is essentially increasing my overall investment risk by using leverage.
However, I keep that bond allocation to avoid volatility, as it keeps me up at night. Why do you have bonds in your taxable account? Really tough tax wise. While you could describe that as leverage, it in no way makes the asset more risky, nor are you going to experience the usual risk of leverage and have a margin call.
The asset has an inherent risk, and by applying leverage you are increasing your exposure to that risk by the factor of your leverage, it does not make the asset any more risky. This is basically the strategy behind risk parity and such portfolio styles. Sorry I somehow missed the Muni part. You do have to sleep at night. Are you watching it to closely? Maybe check less frequently and let the long term take care of it.
I agree that it is an individual decision. I think it can be a much more fluid situation than that. Again, saying what an individual decision this is, I have decided to more or less split the difference.
I have about k at 5. I should also say that even paying a month I am maxing out my k, my backdoor Roth, my HSA, and have an emergency fund. Shockingly I actually have some money left over to have some fun too. As partner, I plan to increase my overall payments to about 4k per month all of the extra going to the k of high interest loan. This will allow me to pay off these in about 6 years.
Although I could go significantly higher and pay my loans off in 5 years, I would spend these years living as a resident and not get to enjoy have a little money to spend.
While some would say that I should do this until my loans are paid off, I disagree. I think there is a line to this and for me personally, I would be absolutely miserable continuing to live like a resident for another 7 years after residency.
I think 10 years is a more reasonable time frame, which will still give me 22 years my loans will be paid off when I am 43 to work student loan free. I can decide whether I need to ramp up my savings at that point and roll my from student loan payments into taxable investments, spend it on fun stuff like vacations and toys, or some hybrid of the two.
I should point out though that compounded annually for 30 years is close to 4mil, which many would say is plenty to retire on at age Sorry if that was long winded, just was seeing a lot of all or none posts, and wanted to point out that you can do a hybrid of these and still pay off your loans in a reasonable amount of time, save enough for retirement, and still have some money for fun while you are young.
Spend your money on what will make you the happiest, but I can tell you this- still having student loans hanging over my head 15 years out of residency would make me very unhappy. Front-loading this sort of stuff before you get used to the money seems very prudent to me. I found that I had money for retirement, debt reduction, and fun and still felt like there was more coming out of my ears when I left residency.
Hey WC, I read that book you recommended about debt in retirement and though I disagreed with the vast majority of it, I have to say it got me to look at the benefit of having a mortgage still in retirement. I used to think I wanted to pay it off asap, but with rates as low as they are i think it might make sense to keep a mortgage and save more cash when closer to retirement for all the reasons mentioned in the book.
I would like to echo that this seems to be a very individualized decision. I wrestled very much with this question…. My scientific logical mind said: If I make minimum payments on my student loans, it will truly be a long-run payoff.
The rest of my mind said: Pay it off, free up cash flow, get several of the other bonuses listed in this article and get rid of those loans!!!
Nope, not even the right piece of rock, much less the right route. As a hint, this piece of rock is near El Cap, but not as tall as El Cap. If you are throwing around a few extra thousand every month and trying to decide whether or not to save for retirement or more rapidly payoff student loans you are in a good place financially. There are a dozen variables that could push people in one direction or the other but I always point out to people struggling with this decision that this is a good problem to have!
My wife is a Family Practice doc at a large non-profit insurance slash hospital behemoth. Be careful mark in assuming the PSLF program will stay the same in the future. There have been reports of changing the program to limit the amount of debt being forgiven and just now I think we are starting to have the program start benefiting people. So just a heads up. But it is interesting dilemma to see if you should gamble on the PSLF staying the same OR pony up more money each month to pay down the debt.
Brief plan of attack: We all have a certain amount of risk we can tolerate, but I will sleep better knowing that my loans are paid off. Unfamiliar with his question or the terms of said loan, but the obvious mathematical answer is yes and where do I sign.
As usual, it depends. This is entirely different than margin and cannot be compared with a straight face. You always have to do what allows you to sleep at night, and different situations call for different approaches.
WHen I was in school I would have taken out a chunk at low rates if I could have. When I had a negative net worth, I would have done it in a heartbeat. Same thing as we get closer to retirement. I think we would agree on everything number-wise, but our emotional risk tolerance may be different. We may be on different timelines as well, as you said that changes things as well. You are definitely worth 3. It may be cumulative, but its there, dont discount yourself.
Haha, yes I guess I was talking net worth right now. Worth more than that with life insurance, but I plan on staying around a while. Likely too much for anyone to keep up with unless you somehow can invest that 3. Any of these scenarios are totally hypothetical of course as you cant get a big upfront loan like this. However, that amount would be drastically different than your current budget likely since you would never have to contribute to your retirement account ever again as you just swapped lifetime payments for a lump sum.
Since this is all a mind experiment you can think of it as either starting your final sum of payments compounding today and paying down the loan, or pay down the final sum over time. Obviously the lump sum is the better math way to go, but of course we have ridiculous assumptions. No one is going to give us a 7 figure loan at a rate that the SWR could be higher than and still grow to a huge sum, they could probably put it to better use.
If at a flat ridiculously low rate of 3. Like was said above, the 30 years is key as you always came out ahead.
Not at the expense of retirement, or even contributing to my taxable accounts, but if there is any extra, that is where it goes. Interestingly, I did get my second practice loan as a line of credit type, with a fixed rate and a balloon payment for everything at the end of the loan.
Rather than have my money sit in checking, I have it sit in there, thus decreasing the principle and interest due on it. True, no legal limit, just my limit. My wife and I are both savers, so the limit I enforce allows us to hit early retirement goals, and then use the rest to travel.
If I could I would try to keep as much principle in the market as possible and let the dividends just churn out and reinvest, and only sell some shares to make up for slower months. From a bank or the other members? Practice loan from the members, but the bank would have done the same thing,but with a small origination fee.
I personally would rather have a third party, but there were other things I wanted more so it was a small concession. El Cap on one side, Munginella on the other. Editing note is that annoying: Though is it possibe for things to be less worse. For example, which is less worse: Whole life or Universal life? Wonderful discussion BUT the pic has me intrigued.
Its not El Cap- a bit too low. I think I can see the Awahnee hotel below you so since you have not written about climbing in Yosemite before and a wonderful first climb with challenges and variety I will say this is Sunnyside bench.
This is an ultraclassic route.
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While working toward becoming debt-free, I wanted to use every trick in the book to save money, increase my income, and pay down my debt faster.. After paying off all my credit cards, my auto loan. How are payday loans different from other types of credit? Shorter loan term. Payday loans are designed to be short-term solutions to financial shortfalls. Welcome to Check `n Go Loans. Whatever your need may be for a Check `n Go loan, we're here to help. Payday loans and installment loans are available online or .
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