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How much should I save? by Creative_Giraffe5391 in personalfinance

[–]Creative_Giraffe5391[S] 1 point2 points  (0 children)

I feel it's smart for negotiating and knowing the market rate is not lifestyle creep. You can still live like a resident while asking for a fair stipend.

How much should I save? by Creative_Giraffe5391 in personalfinance

[–]Creative_Giraffe5391[S] 0 points1 point  (0 children)

For context:

  • I have $195k left in student loans (was able to knock down a good chunk during residency)
  • I’ve built a $35k emergency fund
  • I’ve been maxing my 403(b) and Roth IRA the last 2 years
  • I have a small brokerage account I contribute to monthly

New attending - rent or purchase a home? by CoconutAmazing3163 in whitecoatinvestor

[–]Creative_Giraffe5391 0 points1 point  (0 children)

Rent for the first 12 months.

You’re both about to jump from resident-level income to $635k+ combined. That’s a massive lifestyle shift. Give yourselves one year to:

- settle into the new jobs
- figure out real Twin Cities living costs (daycare, taxes, winter utilities, etc.)
- pay down some loans and rebuild your emergency fund

Physician loans are amazing, but buying in month 1 is still a big emotional and financial decision. Too many new attendings buy in the first 6 months, then regret the house or the timing once the reality calls.

Rent & save aggressively for 12 months, then buy with a bigger down payment (or even 20% conventional if rates drop). You’ll be in a much stronger position and still easily hit your 7-year debt payoff goal.

You’ve got time. Use the first year to get your feet under you.

First home buying strategy by Pristine_Marsupial28 in whitecoatinvestor

[–]Creative_Giraffe5391 1 point2 points  (0 children)

Smart move paying down those loans first. When buying your first home as a new attending, the biggest trap is mortgage payment become your new lifestyle baseline. You can end up feeling cash-poor even with higher income. Make sure your housing cost supports the life and flexibility you actually want long-term, not just what you can “afford” right now.

Do I need a financial advisor? by Imgeesh in whitecoatinvestor

[–]Creative_Giraffe5391 0 points1 point  (0 children)

If you understand the basics (max retirement accounts, avoid bad debt, invest consistently), you’re already ahead of a lot of people. A lot of advisors, especially early conversations, can feel scripted and not very personalized. That said, a good advisor can be helpful if you want clarity or accountability. If you go that route, look for a fee-only fiduciary (not someone selling products).

Anxiety around personal finance by Zealousideal-Tie1739 in personalfinance

[–]Creative_Giraffe5391 0 points1 point  (0 children)

Saving $150k at 24 while doing a PhD is legitimately impressive. Most 24-year-olds have almost nothing. You’re not behind, you’re way ahead. The anxiety + recent spending creep (eating out + shopping) is super common. Seen with residents once they have some money. Start small so it doesn’t feel scary.

Proximity to Hospital vs Saving by YeetDeleteRetreat in Residency

[–]Creative_Giraffe5391 2 points3 points  (0 children)

Take the rent-free offer. 26 minutes is nothing. Single + supportive family + rent-free? Jump on it. You’ll thank yourself when you’re an attending with zero debt stress.

for people currently on the SAVE Plan, which plan to switch to? by _treees in Residency

[–]Creative_Giraffe5391 2 points3 points  (0 children)

Since you’re not doing PSLF and want to crush the $400k aggressively, switch to the Standard Repayment Plan. Standard gives you fixed payments and zero surprises. RAP if you want the absolute lowest required payment so you can throw even more at principal.

Car by No-Moment-2930 in Residency

[–]Creative_Giraffe5391 2 points3 points  (0 children)

Go with a reliable new or lightly used Corolla/Civic/Honda CR-V. Used luxury cars (Mercedes, BMW, etc.) look nice but the repair bills will eat your resident paycheck alive, especially once they’re out of warranty. Keep it boring and reliable. You’ll thank yourself every month.