overwhelming choices

[ESRwannabe]

Bottom line, this stuff makes my head hurt. Ideally I would love to entrust my finances to a competent planner, but I feel as though the planners I have spoken to always have ulterior motives of some kind (i.e. trying to sell me something). I know how much training it takes to be an expert in a given field, and I am worried I don't have the time or knowhow to fully manage my own investments.

I've been reading about investing for about five years, but it really doesn't need to be complicated to do well at it. You could probably do better than most financial planners with just one weekend of reading. I'd suggest you pick up a copy of the "Boglehead's Guide to Investing" and give it a read before talking to a financial planner.

If you wanted you could also just go buy the appropriate Target Retirement fund from Vanguard. You will most likely do better than most financial planners just by doing this.

It really can be that simple.

 

[travelover]

........................If you wanted you could also just go buy the appropriate Target Retirement fund from Vanguard. You will most likely do better than most financial planners just by doing this.

It really can be that simple.

I agree in a 401(k) or IRA. But with a taxable account it is worthwhile to limit bonds to tax favored accounts and use index funds in the taxable account. One could simply use the target fund as a template and buy bonds and equities proportionately in the taxable and tax sheltered accounts.

 

[plex]

Investing is simple, but after reading one of the referenced books, you may realize that fine tuning investment decisions takes time.

Strangely though, even a weekend of reading the basic investment principles (and then sticking to your plan) will leave you in better shape than using most financial advisers, especially the ones who come up to you with "special" offers. This is because, unlike many other professions, there is no fiduciary relationship between "financial advisers" (financial product salesmen) and their "clients". Trust between professionals is expected, it does not need to be earned, but with financial advisers, it is quite the opposite, because they are truly salesmen (usually).

 

[mrgreenpants]

i'm also a healthcare geek..
my significant other and i earn a similar income as the OP...
we finished training @ age 30 also (i'll be 35 this year)
we thought 10 years of working hard...holding off on the ferrari....would bring us to our goals
(i do 60+ hrs/wk...~48 wks a year)

roughly, we "save" 50% (after expenses) for uncle sam...and invest the other half in income producing real estate....
..i think we could technically do the ER thing now. (the cashflow would pay bills)

real estate isnt for everyone..but for us it was/is the most predictable.
btw, search for anything by "william nickerson" on amazon. ..his books =gold.

 

[haha]

Well the unfortunate reality for doctors coming out of training today involves lots of debt and ever-declining reimbursements. For us, medical school loans total about $300k. My wife decided to do what she loves (pediatrics), and makes less than many high paid nurses. If I were to bite the dust, that would leave her with loan debt not to mention paying our mortgage, bills etc, which would leave her with less to live on than she had during residency.

In that case, perhaps each of you, or at you alone should buy a 10 year guaranteed renewable level premium term policy.

You did not consolidate your loans together did you? I believe that if you are the sole signer on a governemnt student loan it dies with you. Things like community property status etc. may complicate this, but the whole picture should be easy to fill out.

Ha

 

[purplesagerider]

Terrific advice already. DH and I were in same situation 20 years ago. You both do need term life insurance and at least the higher paid person needs own ocupation disability. I would suggest not delaying these issues. You will hopefully not need these policies but I have had friends and colleagues develop medical problems which affected their insurability. Your peace of mind is worth the money spent!
You are in a good situation despite the debt because you have found this forum so early in your careers--wish I had found it sooner!!