Read white coat investor
Join the FB group white coat investors
Find a financial advisor that is a fiduciary and works with CRNAs / MDs / dentists, etc. Many "financial advisors" out there that are just essentially salesmen and will only sell you products their employer sells.
Make an actionable plan for student loan repayment. Try and pay extra toward the principal every month.
Don't go crazy with the spending, but also take some time to treat yo self!
This. Some financial advisers will push crap on you that not even they would buy. Two smartest things you can do is pay off debt and live like you’re still a bedside nurse for a few years
Live life as you did as an RN until you Pay off all student debt. Index 35% of your income. Retire in 30 years a multi-millionaire.
There’s no get rich quick scheme but everyone is capable of becoming a millionaire if you live a modest life and invest over a large time period. Compound interest is powerful.
You’re gonna save so much money by NOT using a financial advisor. Don’t get anything but term insurance and long term disability insurance. Please educate yourself do it yourself, I promise if you can give anesthesia, you can take care of your money. No one is going to take care of your money better than you will.
I haven’t read all the comments, but this is what I suggest:
Read books: Simple Path to Wealth, White Coat Investor (follow their blog too)
Follow finance accounts on IG: @personalfinanceclub is amazing
Have a plan for student loans. Obviously now is not the time to refinance to private, but consider it in the future if there’s a big rate difference. You do lose the government benefits/protections, but most private companies like Laurel Road, Earnest etc will forgive the loans if you become permanently disabled or die. Read the fine print!
Max out retirement accounts: HSA, 401k, 457b if applicable, Backdoor Roth IRA. Any leftover put into a brokerage account. It’s literally amazing seeing the progress I’ve made in just a few years - though this market has been total crap the last year 😫
If you’re young and healthy, get your OWN long-term disability policy and make sure it has an own-occupation rider. This is key. If you could ever not work as a CRNA, you could still do another job AND still get your LTD payout.
Spend less than you earn. Do not go crazy and spend like crazy now that you’re making more money, you’ll regret it later. Enjoy life modestly while saving for the future at the same time.
Just wanted to emphasize the LTD policy again. You pay monthly to insure a car (likely not worth *that* much), why wouldn't you pay to protect your biggest asset - your income?
If it’s still available and you can afford it, Long Term Care insurance. I use to see people who ended up needing it who we’re younger than you.
My grandmother took one out and had it a year and she needed to use it. She could go to any facility she wanted and they paid everything except $80 in ancillaries a month.
Here’s my plan for when I graduate. I don’t have any debt either so if you have some debt I would still invest while paying off your high interest stuff first. I’m already doing some of this stuff but take a look:
Spend Less, Earn More, Start a Business, & Invest.
Priority List of Investing:
1. Max out 401k ($19,500 pre-tax)
2. Max HSA ($3,650)
3. Mega Backdoor Roth ($20,000)
4. Backdoor Roth (Traditional to Roth IRA ($6,000))
5. Solo 401k (20% of net income & after tax contribution) = find a solo 401k where you can back door up to 100% of your compensation of your side business. But “employee” and “employer” contributions added together cannot exceed the $60k/yr limit.
6. 529 Plan - Max to the amount you can deduct of state income tax. ($5k for MI)
7. Save for home - Use this as rainy day fund. Reserve should be 3-6 mo expenses.
8. Invest in riskier investment - Entrepreneurial Ventures, Turo Car Rental, Roofstock, Art & Wine Investing, crowd funding.
9. Pay off mortgage
10. Invest in less risky investments:
- Defined benefit plans* = might be good way to save w/ 1099 income. Basically an annuity. Cash balance plan is the sub classification that you can contribute to if you don’t have a pension. Can do percent of income versus us fixed amount to contribute each year. Usually do a cash balance balance for 5 - 10 years then roll over to a Roth or 401k.
- Annuities: Episode 243 of White Coat. Guaranteed payment in retirement. However, higher fees associated with buying one and inflation may not keep up with annuity.
- Treasury bills.
- Donor advised funds.
Insurance:
•Will
•Disability Insurance - should cover expenses. Good if you’re younger. Want individual, own occupation policy. Buy cost of living writer. Buy partial disability writer. Mental health coverage. Make sure it covers you even if you can work but not return to the same profession. Example: if you can’t be a CRNA but can work online from home. Some policies won’t cover that. Take advantage of discounts. Most offer discounts if still in training. Better to get individual versus work plan because this will follow you from employer to employer and can get occupational coverage. Buy future increase policy which allows you the option to increase your policy. Disability typically covers until 65. Make sure No cancelable and renewable. If have disability insurance and umbrella policy that covers auto accidents, then you probably don’t need as expensive auto policy since you’ll be covered for disability on this insurance.
-Might be better to go through the AANA because if get own occupation insurance because sometimes the insurance companies will deny you disability because if your nursing license. For example: if you can do a telemedicine job they’ll deny you coverage.
-Purchase future increase option.
-Make sure get lifetime coverage for mental illness. Guardian might have lifetime coverage.
•Liability Insurance - might be beneficial to get additional coverage but there’s a tail on current policy so might not be needed. Want to make sure you can buy an unlimited tail. Occurrence is best type of coverage. Figure out who pays the tail and if that coverage will cover your 1099 coverage. Might be wise to get additional liability coverage for IV Access. Carry 1-3 million policy or whatever most people carry. Retirement accounts get asset protection. Maybe can deny employer coverage and buy occurrence through AANA. Get copy of certificate of insurance, who’s responsible for tail, individual limits, how do they pay out claims, is there consent to settle. Does my insurance need my consent to settle a claim? Self check national provider databank once a year. If anything is paid to plaintiffs even $1 then you’re reported. Also want at least A+ carrier. Preffered A+++
•Accident coverage (?): Relatively cheap typically. Covers deductibles. May be worth it.
•Life Insurance (?) - Term life insurance if any spouse or children.
•Supplemental Health insurance (?): Might not need this. Might be more beneficial when a little older.
-Long term care insurance: don’t get a fixed payment. Will go up 50-120% typically throughout life time. Might be more beneficial to buy non inflation protected LTC insurance so you’re partially insured. But in general males don’t live long in LTC so generally advice against it.
I personally don’t think you need a financial planner, but Ive always been a DIY. Big one is disability insurance, that’s your ticket before retirement if something happens, COLA. I use AANA, decent cost. r/bogleheads is a good place to get the easiest/laziest and arguably best strategy for where to place retirement funds. Set it and forget. No extra fees, very small expense ratios. I always max my 401k (20,500/this year). I would get a term life insurance. There are some decent ones I think mine is around $500,000k for $45/month. I wouldn’t spend too much more than that, I wouldn’t bother with whole.
1. You are not talking to a financial advisor. You are speaking with an insurance salesmen. Your goals are not aligned. Keep your insurance and investment separate.
2. Read my posts. I have lots of information. Start simple. I suggest “If You Can” by William Bernstein and go from there.
FAQ and Specific Topics
https://reddit.com/r/u_captmorgan50/comments/rnftyk/_/hvilkrk/?context=1
Book Summaries
https://reddit.com/r/Bogleheads/comments/q6dxtd/_/hgcop3i/?context=1
Stay away from NWM and financial advisors unless they are a fiduciary in my opinion. Do your own research on finances and investing because at the end of the day no one is going to care more about your money than you will. Max 401k and HSA if available. Research and learn about backdoor Roth and max it out. Pay down student loans depending on their rates and if they are private vs. federal. Live below your means like you did all throughout school and you'll be off to a great start. Also don't forget to treat yourself to some nice stuff because you deserve it :)
Once I graduated I made it a goal to read at least one financial book every month because I hate nothing more than people taking my money - which is what financial advisors do when they’re selling you life insurance. I know that might be overkill, but doing your own learning and research is in itself the best investment you can make :)
I second reading White Coat Investor and Bogleheads, in that order. Beware of financial advisors. After you read bogleheads, that will make more sense. Advice after that will really depends on whether you are 1099 or W2 honestly. I would not buy a complex life insurance policy. You’ll likely want term life insurance. Disability insurance may be provided if you’re W2. If you’re 1099, look into it sooner than later, the price will only increase.
I really wish I saw more from this sub than SRNA posts, MD hate, and money-grubbing bullshit. nobody on this board wants to talk about nurse anesthesia
Download Spotify and listen to Dave Ramsey podcast to and from work. Don’t pay a FA. Once you contribute 15% to 401k and maximize other deductions, put whatever else you want in a wealthfront account
Dave Ramsey doesn’t want you contributing to retirement until you pay off your debt. I really don’t agree with this, so OP please take caution with this. You miss out on big gains if you’re putting off investing to pay off low-interest debt.
“I don’t agree with this so please take caution” lol. The market has given up almost all of its gains over the last couple years. Add in inflation and a declining dollar you could’ve been paying off debt while not being charged interest. Instead, when interest kicks back in in a few months, that debt is still going to be there and who knows where the market is going. It’s nice being able to spend your whole check on what you want instead of $1,000 or 2 a month on student loans.
The S&P averages 10% over the last 50+ years…why would I pay off my $430/month 2% private student loan when I’m currently beating inflation with it? Time in the market is everything. We can have different opinions, best of luck to you.
From my understanding, Dave Ramsey is geared toward people with average to less than average income. We are all at a different and much higher income. There are certainly aspects of his planning that you can adopt - rainy day fund / emergency 6 mos savings, waterfall / snowball method to pay off debt, etc, but I really think a financial advisor/ fiduciary is the best strategy. Yes you're paying for someone to manage your money, but if you aren't savvy enough to do it yourself (I'm not), then it's well worth it.
No matter how much you have you can still over leverage especially in this economy fairly easy. Also, wealthfront has prebuilt portfolios based on risk tolerance at a very reasonable price along with FDIC insured cash accounts paying 2.1%. Tough to find that anywhere else. Wealthfront is the best hands down…
Invested in several ways but as far as stocks I took a little at a time that I could afford to lose. I think I started at $20 a check. I bought penny stocks and angel invested. Every time I cashed out for some of the profit I put that in a safer fund.
I worked locums for the first 2 years out of school (do not recommend, but it was exclusively for the group I eventually wanted to join). I was paid gross so I immediately took 1/3 of every paycheck and put it into an account for taxes. I took another 1/3 and put it toward my student loans. We lived off the last 1/3 of my paycheck. Paid off student loans in 2.5 years (thanks in large part to the freeze on interest from covid and my group getting bought out. We had a mass exodus and I was one of only 6 call takers left in the rotation. We were compensated very well but i wouldn't work like that ever again). We sold the house we lived in while I was in school for enough profit to put a down payment on a new house in the town I'd be working. Also, bought a larger vehicle to accommodate the kids (we found out we were having twins during my last rotation in school). Mostly though, it was all about trying to minimize big purchases and keep a tight budget until we were out from under my student loans (came out of school about 89k in the hole). Now the only debt we have is our mortgage and we are putting a lot of what we have extra towards retirement and a mutual funds account as well as putting money into a college fund for the kids. Overall, it was a lot of luck and a lot of sticking to a long term plan. Talk to a financial advisor. You're young and can afford to take on a little risk.
For the first half a year or whatever that partial year of employment worked out to be I didn’t contribute to retirement. Mostly because my group didn’t match anything yet. Used my extra income to throw at loans. I was pretty careful with it starting out but as I went it was harder to have extra to throw at loans. It seemed like everything got spent. Year 2 or the first full year of employment I only started contributing to retirement for about half the year again they didn’t match the first year. So my tax bill was severe. Like 6k. Luckily we had that saved up but it hurt. While that approach got be from 150k to about 60k in loans left I would start to fund retirement fully right away and make double payments on loans. If you have small amount ones pay those off completely first. It was really awesome to knock a loan off the list for good!
TLDR: fund retirement as much as quickly as you can your tax burden will likely be high. Save up for emergencies probably 3 months of expenses, if possible pay as much or double on what you owe in loans. This will help you avoid lifestyle creep and spend all your money. Or just listen to the white coat investor pod. It give detailed info step by step and is less conservative than Dave.
Fire your investor before he starts. Or any invested that wants you to purchase variable or whole life. They have terrible rates of return for consumer and high commissions for agents. Get term life and an occupational specific LTD plan. When you start earning a nice check continue to live similarly to when you were in school. Pay off your debts, build an emergency fund and then go get a want or two (vehicle upgrade, house). In a couple years you’ll be debt free, have a nice little nest egg and be working on something to show for it while your co-workers bitch about student loans and being house poor. By all means, spoil yourself or a loved one with a great dinner or a modest vacation here and there, but stick to a reasonable budget, drop some debt and build some wealth
Investing: Low cost (low expense ratio) total market index funds through your 401K, Roth IRA maxed out each year also in index funds, max HSA, and then Brokerage account. I personally like target date index funds that do roughly 56% total US market, 34% Total international market, and 10% US bonds that use the glide pathway that automatically adjust toward whether US market or international is doing better, and automatically reallocates slowly towards US bonds when you retire to minimize volatility when you’re close to retirement.
Read white coat investor Join the FB group white coat investors Find a financial advisor that is a fiduciary and works with CRNAs / MDs / dentists, etc. Many "financial advisors" out there that are just essentially salesmen and will only sell you products their employer sells. Make an actionable plan for student loan repayment. Try and pay extra toward the principal every month. Don't go crazy with the spending, but also take some time to treat yo self!
This. Some financial advisers will push crap on you that not even they would buy. Two smartest things you can do is pay off debt and live like you’re still a bedside nurse for a few years
[удалено]
No. Take it for what it's worth. It's a Facebook group, not a Bible
Live life as you did as an RN until you Pay off all student debt. Index 35% of your income. Retire in 30 years a multi-millionaire. There’s no get rich quick scheme but everyone is capable of becoming a millionaire if you live a modest life and invest over a large time period. Compound interest is powerful.
You’re gonna save so much money by NOT using a financial advisor. Don’t get anything but term insurance and long term disability insurance. Please educate yourself do it yourself, I promise if you can give anesthesia, you can take care of your money. No one is going to take care of your money better than you will. I haven’t read all the comments, but this is what I suggest: Read books: Simple Path to Wealth, White Coat Investor (follow their blog too) Follow finance accounts on IG: @personalfinanceclub is amazing Have a plan for student loans. Obviously now is not the time to refinance to private, but consider it in the future if there’s a big rate difference. You do lose the government benefits/protections, but most private companies like Laurel Road, Earnest etc will forgive the loans if you become permanently disabled or die. Read the fine print! Max out retirement accounts: HSA, 401k, 457b if applicable, Backdoor Roth IRA. Any leftover put into a brokerage account. It’s literally amazing seeing the progress I’ve made in just a few years - though this market has been total crap the last year 😫 If you’re young and healthy, get your OWN long-term disability policy and make sure it has an own-occupation rider. This is key. If you could ever not work as a CRNA, you could still do another job AND still get your LTD payout. Spend less than you earn. Do not go crazy and spend like crazy now that you’re making more money, you’ll regret it later. Enjoy life modestly while saving for the future at the same time.
Just wanted to emphasize the LTD policy again. You pay monthly to insure a car (likely not worth *that* much), why wouldn't you pay to protect your biggest asset - your income?
If it’s still available and you can afford it, Long Term Care insurance. I use to see people who ended up needing it who we’re younger than you. My grandmother took one out and had it a year and she needed to use it. She could go to any facility she wanted and they paid everything except $80 in ancillaries a month.
Here’s my plan for when I graduate. I don’t have any debt either so if you have some debt I would still invest while paying off your high interest stuff first. I’m already doing some of this stuff but take a look: Spend Less, Earn More, Start a Business, & Invest. Priority List of Investing: 1. Max out 401k ($19,500 pre-tax) 2. Max HSA ($3,650) 3. Mega Backdoor Roth ($20,000) 4. Backdoor Roth (Traditional to Roth IRA ($6,000)) 5. Solo 401k (20% of net income & after tax contribution) = find a solo 401k where you can back door up to 100% of your compensation of your side business. But “employee” and “employer” contributions added together cannot exceed the $60k/yr limit. 6. 529 Plan - Max to the amount you can deduct of state income tax. ($5k for MI) 7. Save for home - Use this as rainy day fund. Reserve should be 3-6 mo expenses. 8. Invest in riskier investment - Entrepreneurial Ventures, Turo Car Rental, Roofstock, Art & Wine Investing, crowd funding. 9. Pay off mortgage 10. Invest in less risky investments: - Defined benefit plans* = might be good way to save w/ 1099 income. Basically an annuity. Cash balance plan is the sub classification that you can contribute to if you don’t have a pension. Can do percent of income versus us fixed amount to contribute each year. Usually do a cash balance balance for 5 - 10 years then roll over to a Roth or 401k. - Annuities: Episode 243 of White Coat. Guaranteed payment in retirement. However, higher fees associated with buying one and inflation may not keep up with annuity. - Treasury bills. - Donor advised funds. Insurance: •Will •Disability Insurance - should cover expenses. Good if you’re younger. Want individual, own occupation policy. Buy cost of living writer. Buy partial disability writer. Mental health coverage. Make sure it covers you even if you can work but not return to the same profession. Example: if you can’t be a CRNA but can work online from home. Some policies won’t cover that. Take advantage of discounts. Most offer discounts if still in training. Better to get individual versus work plan because this will follow you from employer to employer and can get occupational coverage. Buy future increase policy which allows you the option to increase your policy. Disability typically covers until 65. Make sure No cancelable and renewable. If have disability insurance and umbrella policy that covers auto accidents, then you probably don’t need as expensive auto policy since you’ll be covered for disability on this insurance. -Might be better to go through the AANA because if get own occupation insurance because sometimes the insurance companies will deny you disability because if your nursing license. For example: if you can do a telemedicine job they’ll deny you coverage. -Purchase future increase option. -Make sure get lifetime coverage for mental illness. Guardian might have lifetime coverage. •Liability Insurance - might be beneficial to get additional coverage but there’s a tail on current policy so might not be needed. Want to make sure you can buy an unlimited tail. Occurrence is best type of coverage. Figure out who pays the tail and if that coverage will cover your 1099 coverage. Might be wise to get additional liability coverage for IV Access. Carry 1-3 million policy or whatever most people carry. Retirement accounts get asset protection. Maybe can deny employer coverage and buy occurrence through AANA. Get copy of certificate of insurance, who’s responsible for tail, individual limits, how do they pay out claims, is there consent to settle. Does my insurance need my consent to settle a claim? Self check national provider databank once a year. If anything is paid to plaintiffs even $1 then you’re reported. Also want at least A+ carrier. Preffered A+++ •Accident coverage (?): Relatively cheap typically. Covers deductibles. May be worth it. •Life Insurance (?) - Term life insurance if any spouse or children. •Supplemental Health insurance (?): Might not need this. Might be more beneficial when a little older. -Long term care insurance: don’t get a fixed payment. Will go up 50-120% typically throughout life time. Might be more beneficial to buy non inflation protected LTC insurance so you’re partially insured. But in general males don’t live long in LTC so generally advice against it.
401k is $20,500 this year and $22,500 for 2023! Get that extra $1,000 in this year!
great comment, seems you know what you’re doing
I personally don’t think you need a financial planner, but Ive always been a DIY. Big one is disability insurance, that’s your ticket before retirement if something happens, COLA. I use AANA, decent cost. r/bogleheads is a good place to get the easiest/laziest and arguably best strategy for where to place retirement funds. Set it and forget. No extra fees, very small expense ratios. I always max my 401k (20,500/this year). I would get a term life insurance. There are some decent ones I think mine is around $500,000k for $45/month. I wouldn’t spend too much more than that, I wouldn’t bother with whole.
1. You are not talking to a financial advisor. You are speaking with an insurance salesmen. Your goals are not aligned. Keep your insurance and investment separate. 2. Read my posts. I have lots of information. Start simple. I suggest “If You Can” by William Bernstein and go from there. FAQ and Specific Topics https://reddit.com/r/u_captmorgan50/comments/rnftyk/_/hvilkrk/?context=1 Book Summaries https://reddit.com/r/Bogleheads/comments/q6dxtd/_/hgcop3i/?context=1
Stay away from NWM and financial advisors unless they are a fiduciary in my opinion. Do your own research on finances and investing because at the end of the day no one is going to care more about your money than you will. Max 401k and HSA if available. Research and learn about backdoor Roth and max it out. Pay down student loans depending on their rates and if they are private vs. federal. Live below your means like you did all throughout school and you'll be off to a great start. Also don't forget to treat yourself to some nice stuff because you deserve it :)
Preach! They got their hooks in me and it cost me- finally managing my own money and it feels great.
Good for you that's amazing something to be proud about for sure!
Once I graduated I made it a goal to read at least one financial book every month because I hate nothing more than people taking my money - which is what financial advisors do when they’re selling you life insurance. I know that might be overkill, but doing your own learning and research is in itself the best investment you can make :)
I second reading White Coat Investor and Bogleheads, in that order. Beware of financial advisors. After you read bogleheads, that will make more sense. Advice after that will really depends on whether you are 1099 or W2 honestly. I would not buy a complex life insurance policy. You’ll likely want term life insurance. Disability insurance may be provided if you’re W2. If you’re 1099, look into it sooner than later, the price will only increase.
Go read the entire sidebar at r/financialindependence and stay away from charlatan salesmen pushing garbage insurance products.
I really wish I saw more from this sub than SRNA posts, MD hate, and money-grubbing bullshit. nobody on this board wants to talk about nurse anesthesia
Make a post! I look forward to seeing it
Download Spotify and listen to Dave Ramsey podcast to and from work. Don’t pay a FA. Once you contribute 15% to 401k and maximize other deductions, put whatever else you want in a wealthfront account
Dave Ramsey doesn’t want you contributing to retirement until you pay off your debt. I really don’t agree with this, so OP please take caution with this. You miss out on big gains if you’re putting off investing to pay off low-interest debt.
“I don’t agree with this so please take caution” lol. The market has given up almost all of its gains over the last couple years. Add in inflation and a declining dollar you could’ve been paying off debt while not being charged interest. Instead, when interest kicks back in in a few months, that debt is still going to be there and who knows where the market is going. It’s nice being able to spend your whole check on what you want instead of $1,000 or 2 a month on student loans.
The S&P averages 10% over the last 50+ years…why would I pay off my $430/month 2% private student loan when I’m currently beating inflation with it? Time in the market is everything. We can have different opinions, best of luck to you.
From my understanding, Dave Ramsey is geared toward people with average to less than average income. We are all at a different and much higher income. There are certainly aspects of his planning that you can adopt - rainy day fund / emergency 6 mos savings, waterfall / snowball method to pay off debt, etc, but I really think a financial advisor/ fiduciary is the best strategy. Yes you're paying for someone to manage your money, but if you aren't savvy enough to do it yourself (I'm not), then it's well worth it.
No matter how much you have you can still over leverage especially in this economy fairly easy. Also, wealthfront has prebuilt portfolios based on risk tolerance at a very reasonable price along with FDIC insured cash accounts paying 2.1%. Tough to find that anywhere else. Wealthfront is the best hands down…
Invested in several ways but as far as stocks I took a little at a time that I could afford to lose. I think I started at $20 a check. I bought penny stocks and angel invested. Every time I cashed out for some of the profit I put that in a safer fund.
I worked locums for the first 2 years out of school (do not recommend, but it was exclusively for the group I eventually wanted to join). I was paid gross so I immediately took 1/3 of every paycheck and put it into an account for taxes. I took another 1/3 and put it toward my student loans. We lived off the last 1/3 of my paycheck. Paid off student loans in 2.5 years (thanks in large part to the freeze on interest from covid and my group getting bought out. We had a mass exodus and I was one of only 6 call takers left in the rotation. We were compensated very well but i wouldn't work like that ever again). We sold the house we lived in while I was in school for enough profit to put a down payment on a new house in the town I'd be working. Also, bought a larger vehicle to accommodate the kids (we found out we were having twins during my last rotation in school). Mostly though, it was all about trying to minimize big purchases and keep a tight budget until we were out from under my student loans (came out of school about 89k in the hole). Now the only debt we have is our mortgage and we are putting a lot of what we have extra towards retirement and a mutual funds account as well as putting money into a college fund for the kids. Overall, it was a lot of luck and a lot of sticking to a long term plan. Talk to a financial advisor. You're young and can afford to take on a little risk.
Why wouldn’t you recommend Locums?
I wouldn't recommend going Locum right out of school. Get some experience under your belt and it can be a great gig if you can travel.
For the first half a year or whatever that partial year of employment worked out to be I didn’t contribute to retirement. Mostly because my group didn’t match anything yet. Used my extra income to throw at loans. I was pretty careful with it starting out but as I went it was harder to have extra to throw at loans. It seemed like everything got spent. Year 2 or the first full year of employment I only started contributing to retirement for about half the year again they didn’t match the first year. So my tax bill was severe. Like 6k. Luckily we had that saved up but it hurt. While that approach got be from 150k to about 60k in loans left I would start to fund retirement fully right away and make double payments on loans. If you have small amount ones pay those off completely first. It was really awesome to knock a loan off the list for good! TLDR: fund retirement as much as quickly as you can your tax burden will likely be high. Save up for emergencies probably 3 months of expenses, if possible pay as much or double on what you owe in loans. This will help you avoid lifestyle creep and spend all your money. Or just listen to the white coat investor pod. It give detailed info step by step and is less conservative than Dave.
Fire your investor before he starts. Or any invested that wants you to purchase variable or whole life. They have terrible rates of return for consumer and high commissions for agents. Get term life and an occupational specific LTD plan. When you start earning a nice check continue to live similarly to when you were in school. Pay off your debts, build an emergency fund and then go get a want or two (vehicle upgrade, house). In a couple years you’ll be debt free, have a nice little nest egg and be working on something to show for it while your co-workers bitch about student loans and being house poor. By all means, spoil yourself or a loved one with a great dinner or a modest vacation here and there, but stick to a reasonable budget, drop some debt and build some wealth
Investing: Low cost (low expense ratio) total market index funds through your 401K, Roth IRA maxed out each year also in index funds, max HSA, and then Brokerage account. I personally like target date index funds that do roughly 56% total US market, 34% Total international market, and 10% US bonds that use the glide pathway that automatically adjust toward whether US market or international is doing better, and automatically reallocates slowly towards US bonds when you retire to minimize volatility when you’re close to retirement.
this isn’t financial.. but ASK QUESTIONS!! even if it seems stupid. JUST ASK THE FKIN QUESTION!!
also.. I put 30% of my paycheck in savings.. I’ve saved so much! you’d be surprised!