For certain reasons using a throwaway account.
In around 7 months time my salary will go from 30k/yr (USD) to roughly 350k+/year. I will be finishing medical training and finally getting a 'real job' in my mid 30's.
I want to make sure I don't make any of the mistakes I know I am capable of (and have seen others make). I need ideas and strategies on how to keep my head screwed on right when this drastic transition occurs.
I currently have about $260k in low interest loans that I can stretch out, and about $40k in higher interest loans I would like to pay off as soon as possible.
We're (wife + 3 kids) looking at renting for roughly 1 year then purchasing our first home when we find the right one. Currently have a Roth IRA with ~8k, and an IRA with ~4k, both with Vanguard index funds. No other debt or assets to speak of.
Let me know what else I missed for background and I'll edit as needed.
My questions are: what's the smartest way to tackle the loans, when do I start investing again, how much should I intelligently dedicate to monthly home expense, and I'm sure there are other questions i need answered that I haven't even asked yet?
Really, thank you in this sub for the incredible advise so far, and looking forward to more. Cheers.
Submitted November 23, 2018 at 01:42AM by babagajunk https://ift.tt/2DG0x5x
