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Greetings from the NW (USA)
Old 05-20-2007, 05:24 AM   #1
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Greetings from the NW (USA)

Hello all from lovely Oregon!

Great to be here. I'm sure I'm very far away from being done but I'm inspired by the stories.

My main problem has been a lot of education and student loan debt. (down from 170 to 100) fixed at 8%. I'm almost at the point where I can take care of it with a lower interest (and deductible) second mortgage.

My first 5 years out of residency I worked for a large corporate hospital. I had a lowly 401k at Fido I duitifully maxed out. The company contributed to a second retirement that I had to cash out when I left (457f). All in all I was left with 100k for my efforts.

The turning point was starting my own company. I ve seen the saving, but the most beautiful thing I bought was my freedom. I don't work nights, weekends, or see 40 patients a day anymore. I love long bike rides and maintaining my one extravegance (my garden, below). I rediscovered a passion for life that had seemed a drudge before.

This year, my third I discovered a funny thing. Because my company was contributing all the retirement money (avg 3k/mo SEP IRA at Vanguard) I was grossing less but taking home almost 2,000 more!

I have a net worth of 300k and would like to grow that to somewhere around 800. I've lived overseas and enjoy it (a year studying in W. Germany and part of my residency was in an Coronary Care unit in Northern Thailand). I speak the languages of the countries I'm interested in and hope to become fluent wherever I land.

Anyways, I'm rambling. Either too much coffee or not enough. I appreciate all the thoughts here. I'm going to enjoy going through them.
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Re: Greetings from the NW (USA)
Old 05-20-2007, 05:39 AM   #2
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Re: Greetings from the NW (USA)

Welcome to the board, Doc.

8% is a pretty nasty interest rate for a student loan. It might even make sense to pay that off before you save more in your SEP IRA. Or is there some way to have the company wash that debt through its books?

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on "The Military Guide to Financial Independence and Retirement."

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Re: Greetings from the NW (USA)
Old 05-20-2007, 11:26 AM   #3
Confused about dryer sheets
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Re: Greetings from the NW (USA)

8% is a pretty nasty interest rate for a student loan. It might even make sense to pay that off before you save more in your SEP IRA. Or is there some way to have the company wash that debt through its books?
Consolidation is such a crummy deal. You can't refinance! Terrible deal for students, great deal for banks getting federally guaranteed funds. I asked my accountant regarding the company taking care of it, but he said no. My plan is to refinance my home and pay the loan off when it's at 80k (which I plan to be at w/in the next 12 months).

I think I can drop the interest almost 2 points. Right now I make too much to deduct any interest on my student loan. Changing that would be nice.

My plan over the next five is to pump a ton of money into retirement, both from my company and then after tax.

I am also working on 'partly retiring' and doing locums work in areas I'd like to see. I could literally pay my year's expenses overseas (budget around 30k) and not touch anything.

I have been reading the site and looking at the calculators. The asset allocation is very interesting. Much to learn!

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Re: Greetings from the NW (USA)
Old 05-20-2007, 04:42 PM   #4
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Re: Greetings from the NW (USA)

Dr K, welcome aboard.

I don't have any words of wisdom for your financial situation. However, I want to compliment you on your beautiful garden. It's always nice to hear when someone else has finally seen the light and realised that living your life is more important than accumulating more "things".

I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
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Old 05-22-2007, 10:50 AM   #5
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Beautiful garden. Congratulations on getting a life and keeping it.
Life is short and getting shorter.
If not now, when?
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Old 05-22-2007, 12:10 PM   #6
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Welcome to a fellow Oregonian.

I dig the garden!
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Old 05-22-2007, 12:37 PM   #7
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Welcome from a former Oregonion who intends to return.
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Old 05-22-2007, 02:18 PM   #8
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Welcome to the forums.

My years in med school, residency, student loans, and surviving the inflationary early 80s put me in debt which was finally paid off when I was over 40 years old. Just in time to start saving for kids' tuition.

Biggest gaffes by my fellow doctors re: FIRE: over-doing the house and car thing, splurge spending, lack of disciplined saving. Some also under-estimated how much it takes to retire. Finally, some just can't break away (sounds like you've already addressed that one) -- age 70 and still working full time, almost afraid to retire. When they finally do, they are vulnerable to the infirmities of their age group.

I've managed to close the gap and look forward to semi-FIRE soon.
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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