Hey guys,
I'm a relative newbie here, but I've already gotten some excellent advice through one other post.
I'm a new physician (32 yrs old) and have recently paid off my high interest loans and will continue to pay my low interest loans over the long haul. My wife is also a physician of the same and we are both independent contractors in the ED. We work about 12 shifts per month. Her loans are paid off and I still have about 100K left. We have no children and plan on none. Given the fact we have two incomes we put away about 200K per year in savings (Vanguard..mostly index funds).
My questions to you seasoned financially savvy physicians out there...Do you recommend maximizing shifts to 18-20/month to increase savings now and get the benefit of further compounding?...Since we have a good income and can save easily (and hopefully long term job security) would you go to part-time (8 shifts/month...simply max out our sep's and enjoy our 30's skiing, rock climbing, triathalons etc. (all the stuff we didn't have time to do in training, as money isn't everything)? Any other financial/life advice for us would be appreciated.
I've read a few post regarding physicians who have crashed and burned financially as we are 'professionally intelligent', but 'financial catastrophe's'. I can see how that may be true. I don't want to be the 55 yr old with no retirement in sight or the 40 yr old who can't afford to practice due to malpractice premiums/law suits and wish I had taken advantage of the income while it was still available.
Thanks
Scout
I'm a relative newbie here, but I've already gotten some excellent advice through one other post.
I'm a new physician (32 yrs old) and have recently paid off my high interest loans and will continue to pay my low interest loans over the long haul. My wife is also a physician of the same and we are both independent contractors in the ED. We work about 12 shifts per month. Her loans are paid off and I still have about 100K left. We have no children and plan on none. Given the fact we have two incomes we put away about 200K per year in savings (Vanguard..mostly index funds).
My questions to you seasoned financially savvy physicians out there...Do you recommend maximizing shifts to 18-20/month to increase savings now and get the benefit of further compounding?...Since we have a good income and can save easily (and hopefully long term job security) would you go to part-time (8 shifts/month...simply max out our sep's and enjoy our 30's skiing, rock climbing, triathalons etc. (all the stuff we didn't have time to do in training, as money isn't everything)? Any other financial/life advice for us would be appreciated.
I've read a few post regarding physicians who have crashed and burned financially as we are 'professionally intelligent', but 'financial catastrophe's'. I can see how that may be true. I don't want to be the 55 yr old with no retirement in sight or the 40 yr old who can't afford to practice due to malpractice premiums/law suits and wish I had taken advantage of the income while it was still available.
Thanks
Scout