dentjusay

Lagavulin to the moon

After being overweight for most of my adult life I don’t offend easily and have a thick skin. (Pun intended).  I’m not sure if you even read my post, but that’s just what I am doing, having gone from 477 to 250 lbs in three years.  My health is better than it has ever been the past ten years and my doctor tells me I’ve added years to my life.
The point of the post was to get feedback on what I should expect from providers at this size. 
I can assure you that any overweight person does not need to be told to get to a gym, we live in these bodies and whether or not we show it, we know deep down the effect excess weight has on our health.  Unsolicited advice like this is neither helpful or supportive.  

You're new here, so we'll cut you a tiny bit of slack. Don't get too used to it
 
These forums have always been diverse. The Lounge is for anything and everything.

I wish I had put more money into my Roth IRA when I was younger and had a lower income. Now that I’m retired my income is higher than it was when I made a lot of that money. Taxes are likely to go up in the future and all that Roth money grows tax free.
 
Interest rates are at all time lows and there has never been a better time to finance things like houses and education. If medicine is your calling then go for it.
 
Don’t beat yourself up trying to maximize return on every dollar- diversify your risk by trying lots of different things. Some will be winners and some will be losers...that’s life. Worry more about your happiness than your bank account

Hey y'all I just want to ask if there are any suggestions you have for how to wisely use/invest/save money. I'm applying to med school this year and looking at some future medical school debt, but hoping to learn things I could potentially do even now or in the future too. Any books you found useful or tips from your own experiences would be mighty helpful!
 
Some things I've started so far have been opening a high-interest savings account, light investing with Robinhood, and just tracking income/expenses with a monthly budget excel sheet I made.

I have lots of relatives who are are docs/dentists/vets. Medical School debts are usually huge and normal - don't get overwhelmed - banks love ya cause you're a good risk b/c med students are normally pretty stable and not spendthrifts. On the other side of graduation I would suggest asking other docs/residents for a referral to a fiduciary financial advisor who can set you up on a long-term plan for savings/investment so that you can live a life of hard work and above-average social-economic status (i.e. you and your family will be comfortable for the rest of your life). Normally, I would suggest Vanguard/Fidelity for investment strategies, but the income of docs are so spectacular that you probably need a personal financial advisor.
 
Just remember: the hardest part of medical school is getting in - and don't get upset if it doesn't happen on the first attempt - and there are other options such of Schools of Osteopathic Medicine and medical schools in the Caribbean and elsewhere. And, don't feel less of a doc if your degree comes from one of those schools - cause it's more than smarts that determine which school you get in.

Great start, you're well on your way.
 
If I could give any advice/ what worked for me:
 
Investing:
 
Treat investing for your future as a monthly expense item.. (pay the rent, pay yourself)
 
Keep it simple- unless you really want to spend the time and have a really active hands on approach... try something like the couch potato portfolio which is so easy and very low cost
 

The couch-potato portfolio is an indexing strategy that requires only annual monitoring and rebalancing but offers significant returns in the long run.
Couch potato portfolios invest equally in two assets, common stocks, and bonds (via index funds or ETFs), and maintain this 50/50 split year in and year out.
In the couch potato portfolio, the equities allow for growth, while the debt instruments provide protection against market volatility.
Couch potato portfolios decline less than the market in down periods but also appreciate less in up markets.

Diversify if you are going to pick individual stocks instead of picking low cost index funds.
 
 
Savings:
Keep 3-6 months cash on hand in an online savings bank or credit union that pays higher interest than the traditional bank.
Always participate in your employers 401K plans at least up to the $ level they match. Always fund your Roth IRA to the allowable level.
Consider using a "bucket" approach (for example).
 
Spending:
Don't rack up credit card debt. I use credit but don't carry over monthly balances.
Do you really need a new car every 2 years? Consider a Honda before buying that BMW. Can you be happy in that nice $1500 a month apartment, or do you really need to rent that $3000 a month condo? Do you really need to eat out every night or will 2-3 times a week suffice?

Keep in mind that if your interest rate is less than the rate of inflation (and these days, it probably is), you're losing money.

This is great - make sure that your monthly budget includes a line item for savings with a regular contribution to your savings. Every time your baseline income increases, increase your savings contribution by that amount.
 

 
Yes, Yes, Yes - - I personally have split my savings dollars between savings for emergency and bigger items (cars, trips, residence) and retirement funds for years.

Increase your financial literacy BEFORE giving money to a financial adviser.

Rising interest rates over the next several years (and yes, I'm willing to make that prediction) will be rough on equities and bonds. In short: "return-free risk" is quite possibly what those markets will offer in the near term.
I'd advise getting in the habit of saving, buy short-term CD's (and yes, the rates are nearly non-existent, but at least they're positive, and it's unlikely you'll experience as sizable a loss as equities and bonds may experience), and bide your time. As rates go up, put your money in intermediate term bonds, corporate preferred stocks, or other equities that pay a reasonable (and secure) dividend. At your young age, slow and steady wins the race.

Actually DO use CC but pay them off in order to get good credit.

These 2 pieces of advice combined:
Use Credit Cards with a Cash budget in mind.
Pay what you CAN afford, and immediately pay the Credit Card.

Also, invest in low-cost Index Funds.
Diversify investments in 2 or 3 financial institutions that offer attractive packages.
Some people are making big gains with cryptocurrencies but to me, it seems too artificial. Proceed with caution.

Hey y'all I just want to ask if there are any suggestions you have for how to wisely use/invest/save money. I'm applying to med school this year and looking at some future medical school debt, but hoping to learn things I could potentially do even now or in the future too. Any books you found useful or tips from your own experiences would be mighty helpful!
 
Some things I've started so far have been opening a high-interest savings account, light investing with Robinhood, and just tracking income/expenses with a monthly budget excel sheet I made.

Hey y'all I just want to ask if there are any suggestions you have for how to wisely use/invest/save money. I'm applying to med school this year and looking at some future medical school debt, but hoping to learn things I could potentially do even now or in the future too. Any books you found useful or tips from your own experiences would be mighty helpful!
 
Some things I've started so far have been opening a high-interest savings account, light investing with Robinhood, and just tracking income/expenses with a monthly budget excel sheet I made.

Lots of great advice here.
 
I can only add that, yes, credit cards can be a slippery slope, but if you can pay them off monthly (or carry a balance using cards with 0% APR), they can serve well to utilize points systems, cashback and perks.
 
It's a game, but one that can pay off greatly if you play it well.

A few years ago a friend recommended I read JL Collins's book "Simple Path to Wealth" and I wish it was published years ago when I started working at age 17. It's the 'lazy' way of investing and something you may be interested in so you may put your energy/focus more on your studies in med school and residency. If you don't have time to read his book, go to his blog or watch some of his interviews on youtube.
 
Also listen to Dave Ramsey from time to time on youtube as a way to help avoid getting yourself into credit card debt.

I have been reading Suze Orman and listening to her bi weekly podcast for about a year and a half now and it's put me on a great track. I'm saving money and investing it well. I finally feel like I got a handle on it and feeling secure financially.

In my experience, most people don’t pay attention to their personal finance - they just coast through life basically paycheck to paycheck. So in that regard you are ahead in the game!
 
1) Make the time, every two weeks to punch some numbers into a spreadsheet -one side of the sheet is what money you have coming in, the other side of the sheet is where your money is going. Know your spending.
2) Do keep your expenses down as much as possible.
3) Do keep a reasonable emergency fund for unexpected expenses - a high yield savings account is great for this purpose.
4) Dont invest money you will need in the next few years - keep it in a high yield savings account instead as a market crash would require some recovery time you may not have in the short term.
5) Do go to med school - but apply for scholarships and try to stay out of debt. Study hard and keep your grades up as high as you possibly can. This will help you gain more scholarships and support.
6) Do find a mentor - preferable an old rich guy/gal that has some wisdom to share
7) Get Dave Ramsey’s “The Total Money Makeover” from your local library and read it. It is great for budgeting and savings goals (I dont like his investing approach - see next item)
8) Listen to the “moneyguy” podcast or youtube channel - great advice for investing
 
Good luck to you!

Dentjusay, you're off to a fine start. Getting yourself into the mode of weekly/monthly savings is a big step.Congrats. Having school debt does NOT preclude you from starting to save. Open a IRA account to start your retirement saving plan. Yes, this may seem like a long, long way off, but that's the point: time is on your side. Whomever invented that wonderful concept called "compound interest" should have a statue erected in his/her honor.

Do NOT run up credit cards. If you can't pay cash, you can't afford it.

One simple, easy to read book to cover the basics is The Elements of Investing. http://www.amazon.com/The-Elements-Investing-Burton-Malkiel/dp/0470528494
 
Kevin Slater

Hey y'all I just want to ask if there are any suggestions you have for how to wisely use/invest/save money. I'm applying to med school this year and looking at some future medical school debt, but hoping to learn things I could potentially do even now or in the future too. Any books you found useful or tips from your own experiences would be mighty helpful!
 
Some things I've started so far have been opening a high-interest savings account, light investing with Robinhood, and just tracking income/expenses with a monthly budget excel sheet I made.