Will my plan be ok to be on the path to semi retired in 10 years post graduation? Semi retired for me means working 2 days/wk at most.
My expected net worth to accomplish that should be 2.5+ mil
I am PGY3 IM resident; will graduate June 2021.
Expected salary: 250-300k/yr
Expected spouse salary: 50k/yr
Current net worth breakdown:
Student loan: 340k
Credit card debt: 30k
Primary residence: 280-290k equity... (home is worth 340-360k with an outstanding balance of 54k)
Rental property: Generate ~$500/month cash flow. 80-90k equity... (home is worth 210-220k with an outstanding balance of 130k)
401k from prior employment before med school: 130k
Other investment (e.g. index fund etc...): 12k
Net worth: ~130-150k
Plan:
1) Pay off all loans in ~7 years (Mortgages, student loan and credit card)
2) Max out 401k/yr (combined employer/employe contribution 57k/yr).
3) Max out back door Roth IRA
4) Max out HSA every year
5) Invest 30k+/yr in index fund (VTSAX or VYM)
Is there anything else I should do? Will I reach that $2.5 mil mark if market return averages 7-10% in the next 10 years?
My expected net worth to accomplish that should be 2.5+ mil
I am PGY3 IM resident; will graduate June 2021.
Expected salary: 250-300k/yr
Expected spouse salary: 50k/yr
Current net worth breakdown:
Student loan: 340k
Credit card debt: 30k
Primary residence: 280-290k equity... (home is worth 340-360k with an outstanding balance of 54k)
Rental property: Generate ~$500/month cash flow. 80-90k equity... (home is worth 210-220k with an outstanding balance of 130k)
401k from prior employment before med school: 130k
Other investment (e.g. index fund etc...): 12k
Net worth: ~130-150k
Plan:
1) Pay off all loans in ~7 years (Mortgages, student loan and credit card)
2) Max out 401k/yr (combined employer/employe contribution 57k/yr).
3) Max out back door Roth IRA
4) Max out HSA every year
5) Invest 30k+/yr in index fund (VTSAX or VYM)
Is there anything else I should do? Will I reach that $2.5 mil mark if market return averages 7-10% in the next 10 years?