The simple solution is a high yield savings account. Open online at Ally.com or DiscoverBank.com or Capitalone360.com. I believe you can make it a joint account (though CapitalOne360 was a bit clunky for doing that.)

When the account is set up, link your existing checking account to transfer money into the new savings,account (or back out). Transfers take a couple of days but are very straight forward. (They are ACH, similar to direct deposit or online bill pay.) These are paying a little over 3% currently.

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Sadly, they are. I know that's not optimal and will eat into things long-term. But it's not high enough that I'm worried about it - my rights of accumulation makes the percentage low. This is only for ROTH/529s.

If I had to go back I'd do fee-only. But it's not enough of an impact for me to bother switching.

True, standard policy at all new/used dealerships. Maybe not policy on exclusivity used car lots.

Take a moment to appreciate what you have accomplished.

Someone hired you and decided $185k is what they need to pay you. It doesn’t mean you will do more or less work necessarily.

I would focus on this job for the next 2-4 years but eventually explore other options.

There is always room for growth unless you are comfortable.

Also, now you need to figure out how to invest $100k a year!

sounds reasonable. hope they're not taking a percentage of your investments though!

Are you talking about a Health Savings Account? I’m a bit green when it comes to Acronyms in finance.

Wow, congratulations!

No, I'm a freelancer atm so I don't even have a specific "work"

Yes I do have an eligible plan (or at least I think I do) it says "HSA" on the card and has a pretty high deductible (something like 7k, was purchased through a state exchange)

Hello everyone,

I have read through the rules and I don't believe this goes against any of them. Overall the question is about personal finance, income, and investing in financial future.

I am finishing my procedural subspecialty fellowship in a few months and looking at jobs. I am between two jobs currently.

Job 1:

• Private Practice
• Salary 450k years 1 + 2, sign on/relocation 30k, decent benefits, matching 5%
• If at any point I "collect" more than practice overhead (roughly 50% for 1MM collections, should remain relatively stable or go up slightly if collections are ramped up), I keep 100% of remainder. New doc currently taking home 600k/yr after 1.5 yrs
• Opportunity to buy into practice for 300k after breaking even (generally +100k for practice expenses bringing me on) to share practice profits, usually around 100k per doc/yr, could grow after expansion
• Lucrative opportunity to sell practice in the future, unclear potential valuation
• 0% state income tax
• Downside- rural location, no student loan repayment (350k federal loans for me, 150k federal loans for wife)

Job 2:

• Hospital employed
• Salary 500k years 1 + 2 guaranteed, sign on/relocation 50k, decent benefits, matching 5%
• After I make back salary (no overhead considered), high end potential to make 175k additional productivity, low end likely 70k
• No option for partnership
• Likely no option for vertical growth other than being more productive
• After 5 years, my current 350k in student debt will be forgiven through public service loan forgiveness w/o needing to pay taxes. For five years would need to pay 10% of discretionary income (48k per year, 240k after five years). After five years of compounding 6.8% interest and paying 4k per month, the remainder is 211k which would be forgiven.
• Roughly 5.5% state income tax for highest bracket
• Location is more suburban than rural

From a strictly financial viewpoint, which is the better option to choose?

Thank you very much

Pump that 529 for the kid, they just changed the rules allowing them to roll unused funds into a Roth IRA when they are older. Could create generational wealth for your kids if properly funded/managed.

Mine is part of workplace plan through optum Bank for NY wife and associated bank for me.

Do you have an eligible plan to participate in HSA?

I’m wondering … have you calculated how much it costs you to work? How much does your employment contribute to the taxes you pay? If you didn’t work, would you still be in need of childcare? (I ask because, with your spouse working from home, you might have to have a quieter environment than 3 young kids will provide, especially in a small house). BTW, childcare doesn’t completely disappear once kids are in school. There are lots of days when kids aren’t in school and those breaks and summer can be very expensive.

I ask these questions because, if I were in your situation, I’d lean toward working less, not more. I wouldn’t take the OT given the bonus package. I’d lean toward straight salary plus profit sharing. That way, if you work less than 40-hours but get your job done, it doesn’t matter to your cash flow. You can take your reduced stress level and put that toward household money management and quality of life issues.

As for the house, keep in mind I’ve raised 5 kids to adulthood, your 3 bd, 1.5 ba, 1700 sq ft is fine until the kids are around age 12. Before then, I’d predict you might move to a more suitable house rather than remodel.

So, priorities:

• Emergency fund. Aim for 6 months of regular monthly expenses (including daycare).

• Debt pay-off except the mortgage. Reduce unnecessary expenses.

• Save for another used vehicle.

• Fund retirement.

• Aim to have one stay-at-home parent by the time the oldest child is 12. At that point, childcare ends and the middle school / teenagers truly need their parents around. If you can only choose one time in childhood when you don’t work, the time between 12 and 18 is the most critical.

Thank you for contributing to education! You chose a great time to break into cybersecurity.

I’ve done this and I’m now maxed out on 401k. Highly recommend!

It never hurts to LOOK for a higher paying job. I try to interview at 3 different places per year, even when I'm not actually wanting a new job. It does a couple things for me:

1. Keeps me and my resume fresh on interviewing. I don't want to be in a situation where I lose my job, and haven't interviewed or updated my resume in 15 years.
2. Gives me an insight into what the market is looking to get from someone in my position. What can I change about what I do to be more effective/desirable?
3. If I receive an offer, it lets me know what the market rate is for what I do. I can then use that information to request a raise at review season, if it's reasonable.
4. It leaves me open to amazing opportunities that come my way. I got a a 28% pay raise to do an almost identical job, because I was open to the opportunity.

Polish your resume/CV and start looking for another job.

We go over all of my accounts, set up backdoor ROTH, look at the balances of my investments and re-adjust if needed.

This year we spent a bit more time running the numbers on 529s as kids are approaching college and decided to put some into bonds vs funds for the older kids since the risk of loss is too high given the short time before they start up college.

He then runs various scenarios on retirement given our yearly planned contributions, retirement goals/budgets, and different market scenarios. We're in the high-confidence threshold for retiring at 65 and moderate confidence for retiring at 60.

Honestly, I can do much of this myself (my estimated net worth at retirement was pretty close to the tools he uses). But I value the independent check and more sophisticated analysis (e.g., I don't run different market scenarios).

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Congrats! Take a look at the wiki for guidance.

I agree with the recommendation of continuing to live like you’re making $60K because lifestyle creep is very real.

I've been a college educator for almost 13 years. Never did it for the money. Now that I have a baby, I actually responded to all the head hunting for cybersecurity experts.

Thanks for the input!

Or one of you buy the house and the other pay rent until you are married.

It is also really common for couples who are breaking up to come here and ask how to get out of the house. They don't have enough equity to pay any seller fees, they don't have cash to pay to sell, neither qualifies for a big enough mortgage to refinance etc. So they either end up being roommates or one decides to torpedo everyone's credit by leaving the other holding the bag.

Tripling your salary is insane, well done! Max out your retirement accounts and don’t really change your spending habits. How did you manage to triple your salary?