Greetings all, I am beginning medical school in the following weeks and it is time to take a serious look at my long term finances. For starters I have 0 dollars in outstanding debt (parent worked for institution and I received free tuition). Additionally, I am in a military scholarship program so I am not responsible for paying associated tuition/fees. Along with this program I will be receiving a one time bonus of roughly 15k along with a monthly stipend of 2k per month post taxes. I’ve estimated my monthly breakdown to be as such 495 - rent / utilities (fixed) 300 - Car payment and insurance (fixed) 50 - phone bill (fixed) 100- gas (variable) 300 - groceries (variable) 200 - entertainment (variable)
Assuming the above breakdown is relatively reasonable, this will leave me with roughly 500 a month in extra income. I currently have a 4000 dollar emergency fund, and I was curious what amount of this extra income those more well versed in finances would advise. Additionally I was mainly looking at investing all of this income (bonus included) in some sort of index fund such as some vanguard fund or the S&P 500. Any advice on differentiating between these types of funds and ultimately choosing one? Appreciate anyone who takes the time to lend their expertise! Thanks!
Submitted July 15, 2021 at 09:01AM by mrflipphonebaby66252 https://ift.tt/3wNxWn6
