Nothing like getting a padparadscha sapphire ring in Kauai [/caption] 2017 was amazing year – personally and financially. In 2016, I ended with a negative net worth of -$92,000. Pretty typical for about a year after residency. “I” became “We” in 2017 – We got engaged and had a baby. We also signed wills, power of attorneys, and health care proxies. We ended 2017 with a positive net worth of > $500,000. This includes equity in a home. I still have those darn student loans – for now. Our savings rate towards FI in 2017: 27% of gross income in the form of maxing out our retirement accounts, additional cash savings, extra payments towards my student loans and we paid off our car loan. I did not include employer match and contributions. Not too shabby! What were my goals in 2016 and how did I do?
- Cross over into positive net worth – check!
- Knock out 50K of student loans (this is in addition to the min. payments) – close! I paid about $42,000 towards student loans in 2017.
- Max out all available tax advantaged accounts ($47K, not including employer contributions) – check!
- Start a taxable account – This didn’t happen. Although I did contribute about $8,000 as after-tax non-Roth contributions towards a Mega Backdoor Roth IRA – even better than a taxable account!
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Wow that’s amazing! Are you planning to document exactly how you increased your net worth by over $600K? This would be super inspirational for me as a soon-to-be-finished resident looking to eliminate debt and build net worth as soon as possible!
Short answer – marry rich. I will be discussing it in a future post.
Congratulations on a very productive and fruitful year. Marry rich? Darn, too late for me.
Haha. Marry rich is the punchline. More like marry someone like-(financially) minded.
Congrats! I finally got to a positive net worth this year!
Thank you! And congrats on the positive net worth!
Love the montage. The picture with those sweet bright baby eyes looking out below the knit cap is my favorite. Right next to Mr. Bonnie MD cheesing in the photo booth. Asian babies have the prettiest eyes!
Thanks! Ha, Mr Bonnie MD, I’ll let him know that’s his new name.