Investing as a new attending

[ERRES2288]

Of course above poster doesn’t need forgiveness and will likely be fine either way over a 20-30 yr career. I’m just saying that it’s a real option that above poster should consider going for if their loans qualify. The salary for his pp job is going to be similar to many academic jobs. Admittedly I don’t know if you can make 350-400k academics in California but this is attainable in other areas of country.

Now if you’re gonna make 500k + in pp then sure take that, refinance and pay it off.

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[deleted875186]

I think PSLF is great, but need to have a backup plan.

probably all the OPs loans are direct, medical school is considered graduate school so direct loans are given up to cost of attendance.

we are assuming OP made payments and was in REPAY or some other IBR during residency, hopefully he was, otherwise he will have to get an academic job and make 10 years of payments.

 

[deleted875186]

Also, not every residency is a non profit hospital. My intern year and my fellowship were are for profit hosptials.

 

[GassYous]

Put as much money in as you can up front. Time in the market beats timing the market

 

[GravelRider]

The biggest reason to be frugal has nothing to do with retirement or paying off loans, but rather to be able to say “f*@k you” if a job sucks and you decide you want to move on. Buy the Porsche after you are in the “f*@k you” zone, not before.

I am a big proponent of paying off student loans aggressively for the big reason that it teaches you financial discipline. Paying off >$300k in student loans in about 4 years was one of the few good decisions I made in life.

 

[D P356]

Invest in yourself by passing your oral and written boards.

Even if it seems like a game, you’ve got to play it to have options.

 

[ethilo]

The biggest reason to be frugal has nothing to do with retirement or paying off loans, but rather to be able to say “f*@k you” if a job sucks and you decide you want to move on. Buy the Porsche after you are in the “f*@k you” zone, not before.

I am a big proponent of paying off student loans aggressively for the big reason that it teaches you financial discipline. Paying off >$300k in student loans in about 4 years was one of the few good decisions I made in life.

I'm in year 3 of a goal 4 year payoff of 365k debt in PP. As much as I'd rather buy some very choice things, it is super hard but feels like the right thing to do to get rid of this debt like my hair is on fire. Can't wait for that taste of freedom..

 

[deleted126335]

Put as much money in as you can up front. Time in the market beats timing the market

True, but psychologically harder to stay the course. Dollar cost averaging is easier to stick to.

 

[Hork Bajir]

my wife, a teacher, recently started a new job. For the sake of argument, let’s say that she did not contribute anything to a text advantaged retirement account thus far for the calendar year. Her new job gives her access to a 403(b), unfortunately with no matching. However, even if she dumps her entire paycheck into that account for the rest of the year, because of how low her salary is it she would still not reach the 19,500 annual limit before December. My question is this: Can I contribute a lump sum into her account to reach the annual max, or does it need to be taken out of her paycheck pretax? If I transfer of lump sum into that account from my checking account, is there some way I can report that on our tax filing at the end of the year in order to be refunded any taxes that she has already had withheld from her paycheck on that money?

 

[GravelRider]

my wife, a teacher, recently started a new job. For the sake of argument, let’s say that she did not contribute anything to a text advantaged retirement account thus far for the calendar year. Her new job gives her access to a 403(b), unfortunately with no matching. However, even if she dumps her entire paycheck into that account for the rest of the year, because of how low her salary is it she would still not reach the 19,500 annual limit before December. My question is this: Can I contribute a lump sum into her account to reach the annual max, or does it need to be taken out of her paycheck pretax? If I transfer of lump sum into that account from my checking account, is there some way I can report that on our tax filing at the end of the year in order to be refunded any taxes that she has already had withheld from her paycheck on that money?

I don’t think you can. I briefly looked into this when my wife went on maternity leave.

 

[narcotics999]

my wife, a teacher, recently started a new job. For the sake of argument, let’s say that she did not contribute anything to a text advantaged retirement account thus far for the calendar year. Her new job gives her access to a 403(b), unfortunately with no matching. However, even if she dumps her entire paycheck into that account for the rest of the year, because of how low her salary is it she would still not reach the 19,500 annual limit before December. My question is this: Can I contribute a lump sum into her account to reach the annual max, or does it need to be taken out of her paycheck pretax? If I transfer of lump sum into that account from my checking account, is there some way I can report that on our tax filing at the end of the year in order to be refunded any taxes that she has already had withheld from her paycheck on that money?

I don't think you can do it. Unless you have s-corp and hire her.

 

[abolt18]

my wife, a teacher, recently started a new job. For the sake of argument, let’s say that she did not contribute anything to a text advantaged retirement account thus far for the calendar year. Her new job gives her access to a 403(b), unfortunately with no matching. However, even if she dumps her entire paycheck into that account for the rest of the year, because of how low her salary is it she would still not reach the 19,500 annual limit before December. My question is this: Can I contribute a lump sum into her account to reach the annual max, or does it need to be taken out of her paycheck pretax? If I transfer of lump sum into that account from my checking account, is there some way I can report that on our tax filing at the end of the year in order to be refunded any taxes that she has already had withheld from her paycheck on that money?

You cannot do this. Sorry.