- 23 y.o. student: $95k in student loans from med school. Probably going to cost another 100k for the next/final two years. Interest is accruing at 6%.
- Husband brings home $5870/mo after taxes and 5% contribution to retirement (employer matches up to 5%).
- Current Plan:
- Savings
- Need to replace my car when it eventually breaks down. Would like to spend $25k on a used replacement car. How much should we budget per month since I don't know when current car will break down?
- Unexpected home repairs ($250/mo). Already have $1250.
- Emergency fund: Fully funded at $10k and in a 2.5% savings account.
- General Savings (automatic $590/mo). Already have $6k.
- Investment
- Should we open a Roth IRA and put 5% of income into there? (~$250/mo)
- TD Ameritrade Account: Bought 3 stocks a year ago just two see what happens. Should I be investing at all when I have $95k student debt? If I should invest, what should I be investing in? I have $250/mo I could invest. High risk? Low risk? Mutual funds? CDs? ETFs? Stocks? We have no plans to take this money for the next 10+ years.
- Debt
- $95k Med Student Debt: Not currently paying anything towards it. It seems very pointless to put a few hundred dollars here and there when its such a mountain. Thoughts?
- $200k Mortgage: Just bought a house. $1250/mo. Planning to pay it off early after we finish paying off student loans.
- No car loans. No credit card debt. No undergrad debt.
- Savings
- Expected changes: He will receive a raise to $6700/mo in March 2020. I will be making about $60k/yr from 2021-2028 as a resident and plan to use all of my income to pay off the $200k student debt.
- Goals: Buy and rent real estate. When we move and buy another house, we want to keep the old one and rent it out. Should we really be doing this while I still have student debt?
If this is a bad post in some way, please also give me pointers. This is my first time ever using reddit.
Submitted May 23, 2019 at 09:17AM by MilspoMD http://bit.ly/2EvKMhs
