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Advice for interns: request input
Old 05-21-2019, 01:30 PM   #1
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Join Date: Nov 2015
Location: Colorado
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Advice for interns: request input

Another thread reminded me that we need to update our basic advice we give to our DPT interns.
Most don't have a clue, and are deep in student loan debt. Starting salaries 60Kish. Input appreciated before we update.

Start investing early and often! Both retire at 65 years old
Age 25: $300 a month earning 8% on average for 40 years is $1,007,211

Age 35: $300 a month earning 8% on average for 30 years is $440,445

Do Roth 401k up to employer match (or regular 401k if no Roth option)
Roth IRA up to maximum $6000 per yr or $500 per month

Good options: Vanguard, Fidelity, or other low cost companies
S&P 500 index fund or Life Cycle funds (these are age appropriate funds)

If markets go down, don't worry. Buy more when it is on sale. Do not sell in down markets, the markets will come back. Best investing is to "dollar cost average" . Make it automatic each month or each pay check to your savings/investing

Do not invest in whole life insurance or variable annuities! These are sold by life insurance sales people and have very high cost!

Ask how much the sales person makes if you buy this. These have such a bad reputation and are so bad that they are now trying to market these as 1035 tax code policies, etc. instead of calling them annuities.

Ask if they are a fiduciary? If not, run the other way. Fiduciary means that they must put your best interests 1st and not just sell you what makes them the largest commission. If your "gut" is saying don't do it, don't do it!!

Student loans are forever and can't be discharged even in bankruptcy, so pay them back.

LBYM: live below your means. Stay out of credit card debt. Try to pay cash for vehicles, but if you must finance... If you need to finance for more than 3 years you can't afford that expensive of a vehicle.

Save half of each raise and put it into your 401K and IRA contributions, enjoy the rest!

If you want to be broke, do what broke people do. If you want to be wealthy, do what wealthy people do.

Happy retirement!!

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Old 05-21-2019, 02:45 PM   #2
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Join Date: Aug 2013
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AA (Stock/Bond/Cash ): 97.5/0/2.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
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