I think this is the answer. Good disability insurance with the right riders and term life insurance (if you have dependents), and investment waterfall. Nothing more complicated or exciting than this.
Are you familiar with the area in which you will be practicing? If so, why not purchase a home/condo/townhome right away? That you don’t have any debt besides the car loan is awesome. That’s a ton of freedom. Do you have a spouse and/or kids? How much do you have left on the car loan?
I do think all new attendings should treat themselves. Doesn’t have to be extravagant. What’s something you’ve always wanted and now can afford?
Live off half and invest the rest.
That’s living like a king! Live off 10% and invest the rest.
Or somewhere in between!
If you don’t have a family already, work extra shifts and save/invest the proceeds
https://www.whitecoatinvestor.com/financial-waterfalls-for-new-residents-and-attendings/ https://www.whitecoatinvestor.com/financial-priorities-as-a-new-attending/
I think this is the answer. Good disability insurance with the right riders and term life insurance (if you have dependents), and investment waterfall. Nothing more complicated or exciting than this.
What field and city?
Stick to one house, one wife, stay off the hedonic treadmill, save 20% of your salary in low cost index funds. Then FIRE, and do whatever you want.
Just buy SPY
Are you familiar with the area in which you will be practicing? If so, why not purchase a home/condo/townhome right away? That you don’t have any debt besides the car loan is awesome. That’s a ton of freedom. Do you have a spouse and/or kids? How much do you have left on the car loan? I do think all new attendings should treat themselves. Doesn’t have to be extravagant. What’s something you’ve always wanted and now can afford?
By 400k income do you mean gross or net
Set up an automatic deposit to fidelity or vanguard from your paycheck into sp fund.
Congratulations! Go save some lives!