You need to look for smells like bad decisions on TikTok.

C J knows this and can help you.

Know your numbers before going.

Only negotiate on the actual price of the car. Never, ever base your negotiation budget on a monthly payment.

Get a pre approval for financing before going.

There is probably other things people can add too.

They have a 4 digit code for the same reason they have a 15 digit card number. They come out to being the same as other cards.

> What’s the purpose of having a 4 and a 3 digit code?

The four digit code on the front is the cvv

> Isn’t my spending limit simply the credit limit on the card?

Charge cards have no credit limit. They have a “floating spending limit”

> Curious question: When did AMEX change from everything being due at the end of 30 days to making payment like a regular card?

They didn’t. You have to use the pay over time feature

Sorry I just turned 18 and haven’t had a chance to switch it to my name yet. I had been told it expired at the end of December so I was planning to get my own policy then

Yes, hopefully there is a “cure” period within which OP can pay the past-due premiums

Insurance companies notify lenders when your coverage expires and usually the lender will apply mandatory insurance until you get your own. I don’t know how long it takes to happen though. If you were less than 30 days late on December’s insurance payment, can you call and pay? If you were consistently covered prior to that date, they may allow it despite the current loss?

I’d call the insurance company and ask. It doesn’t hurt.

You'll need to pay for the stolen car and if the bank finds out it's been stolen the loan balance is likely due immediately.

"your" mom let "your" insurance expire.... Expensive lession.

Yes, you are stuck with two car payments.

No good news here at all, sorry.

If you are lucky, you will get to continue making two car payments. If the lender on the first car finds out the collateral is gone, they will probably call your loan due immediately.

Due respect, but my takeaway from this was 'my mom had let my insurance expire' and I was like .. whuuuuttt? The minute you get your license and are in possession of a car; only one person is responsible for insurance. Now to be fair, to make insurance cheaper you can usually opt-out of the theft insurance, which drastically reduces your monthly payment, but ... 'my mom let it expire'? Yikes. Sadly .. this is a painful painful lesson and I'd do everything I could to learn everything I could from it.

make two car payments until you pay them off or suffer the credit consequences

Max out all retirement accounts first up to the 22,500 limit). After that save an EF .

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Check out! https://www.whitecoatinvestor.com/personal-finance-for-doctors/

Here's a link to the PF Wiki for helpful guides and information.

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Doctors and dentists are known for going from being very indebted and poor to middle class and then suddenly exploding into the top 5% of salaries with no knowledge.

Don’t do anything sudden with sudden wealth. Lenders and companies know you are likely not to be expert with it and you’re an easy mark. Review the basics. If you do seek an advisor, make sure it’s a fiduciary acting in your interests and not working on commission to sell you financial stuff you don’t need. Watch out for whole life insurance hucksters!

The wiki here gives a good starting point. White Cost Investor has good advice for your position too if you resist the stuff they couldn’t resist trying to sell you.

Invest in your company's 401K especially if it has a matching contribution. That's free money you can't pass up. Invest in a fund that tracks the SP500. Just set it and forget it even during market corrections until you retire.

Then try using either the Avalanche or the Snowball method to bring down your student debt asap. There are YouTube videos that have extensive information on these two methods. Prep your own meals and refrain from going out to eat. Once you have ended your debt your options will open up immediately to save and invest more aggressively.

But to be a bit more helpful, you’re not the first resident in this boat! (Why I mentioned heading over there.) they will likely direct you to “the white coat investor.” Doctors are notorious for being terrible with money for all the reasons you’ve expressed. Step two is finding a FIDUCIARY financial advisor (they have a duty to you, not their own profit). A lot of it will be reading and trial and error for what works best for you and one step at a time. Figure out how to make and keep a budget that makes sense . Then tackle emergency fund. The rest requires some insight a fiduciary should be able to help with.

White coat investor will sell you classes for a lot of money. You can find the same, or better, services by fiduciary insurance/financial planners who work specifically with doctors… for free. They take a commission on insurance plans you should be buying.

Here's a link to the PF Wiki for helpful guides and information.

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Start with the Prime Directive in the sidebar.

>Is there an app or method people recommend to help with budgeting and managing purchases and payments?

Many love YNAB. I'll use Excel until either I or Microsoft dies.

>Is there a recommended method for paying down my loans?

Mathematically, pay off highest interest first. Psychologically, some find a boost in paying off the smallest loan to gain momentum and positive reinforcement. If they're very low interest - e.g., 4 percent or less - pay the minimum and invest the difference.

They unfortunately do not allow cross posting but I will repost there, thank you!

Might wanna cross post to r/residency.

That is so true. Thank you for pointing that out. For me that is an unbelievable amount of money. Raised 5 kids on 65k a year (my choise, well, my wife's too) I work now with ynab, youneedabudget.com, excellent program.