Hey everyone! Graduating medical school in a few weeks and given I have literally ZERO financial literacy, I wanted to ask for financial planning advice-any input would be greatly appreciated.
The details: -My debt will be $56,564.95. I have $35,330.20 at 6.21% interest and $21,234.75 at 5.84% interest (both of which are unsubsidized). -About to start a residency in a surgical specialty. Salary first year will be $54,755 and increases about $2,000/year each year. My training might be as long as 10 years, but assuming I finish I have the potential of making >$300,000. -Apartment will be $700/month this year -For tax details, I'll be filing alone in the state of Virginia
Questions: Need help making a budget. I'm going to be in a city with relatively low cost of living. 1. I want to save as much as possible, thinking about getting food form costco and cooking most of the time. How much do you think is a reasonable attribution to food. 2. Should I focus on paying my loans ASAP or should I invest some of the money? 3. If so, what should I invest in (stocks, bonds, etc...) 4. I'm turning 30 in the fall and will possibly spend my 30's training as a surgeon with tough hours. I have no kids and thought this was the best opportunity to tour the world. Would you consider it irresponsible to spend ~$6,000 on vacations each year?
I REALLY need your advice, I literally know NOTHING about this!
Thanks in advance!
Submitted May 01, 2018 at 02:52AM by joshio85 https://ift.tt/2r9q1l2
