Milestone reached ! My Net Worth is Zero

The White Coat Investor recently wrote an article about the financial milestones one should celebrate. Reaching net worth zero is milestone #1 on his list of 14 worth celebrating. So yep, you read that right and I’m proud of it! I no longer have a negative net worth. It took me about 2 years out of residency to reach this: I finished residency in June 2015 with a net worth of negative $207K which included about $210K in student loans. I finished 2016 with a NW of – $92K. Now I am at $0! I still have student loans but my retirement accounts + cash savings now equal my student loans. I made a conscious decision to not delay retirement savings due to my extra late start to attending hood at age 38. I could not afford not to start building up my nest egg to pay off my student loan debt quickly. Here are some of the other milestones I have reached: # 5 – Retirement Portfolio of $100K I reached this earlier this year. It does feel good to see 6 figures in them. Especially when your student loan debt is still 6 figures. # 7 – Buy Your First New Car With Cash Sort of. When I moved back to NYC from California, my parents let me take over a lease which had 1.5 years left. That lease ended last December. M happened to have a car that he no longer needed for his work commute. He still owed about $10,000 on it. I paid it off and now I drive it to work. Win/win. To complicate things even further, M & I have just recently considered our finances combined. We work with a financial planner and we plan (and she guides us) as if we are married. So, from now on, I will discuss our combined finances. In that case, we have achieved: # 6 – $500K Net Worth Our combined NW just passed $500K earlier this year. This is largely due to equity in his condo. M likes to joke he is the one keeping our NW positive. True for now ;). Although we aren’t married, we have signed paperwork (wills, etc) that essentially bind us together. We also operate as a family now with Eggy due soon. What milestones have you reached this year? Make sure you celebrate them!]]>

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  1. Hatton1 on September 25, 2017 at 8:24 am

    Congrats on your milestones. I am sure you will achieve more soon!

  2. Solitary Diner on September 25, 2017 at 9:07 am

    Congratulations! Hitting a positive net worth after medical training is a huge accomplishment. It’s all up from here.

    Interestingly, I also finished medical training two years ago at the age of 38. It is daunting to be starting saving for retiring so late, especially when some bloggers like Physician on Fire are already financially independent at a similar age, but the good income helps. We’ll get there someday….right?

    • Miss Bonnie MD on September 25, 2017 at 9:44 am

      I try to think in “years post residency” vs. my age. These days, graduates are all over the place age wise. Is PoF 10 years out? I don’t recall. But I’m not exactly in the “FIRE” crowd, maybe the semi-FIRE crowd..

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