Update: After the release of this post, I received a lot of input from family and friends cautioning me not to share my personal financial information online. And these are people whose opinions I value. So after some thought, I've decided this will be the first, only and last net worth update on White Coat Money.
Since I'm giving out tips to other medical professionals, I thought I should put my money where my mouth is. Below you will find details about how I manage my money. I plan to update this quarterly so you can grow with me in this crazy world of math, medicine, and money.
Cash - my attitude towards cash is that I only need enough to cover my monthly expenses, whenever I have extra, I usually put that towards my emergency fund, paying off debt or investing for the future. Of course I make irresponsible gadget purchases on occasion to satisfy my inner geek... insert nerd joke here.
Emergency Fund - depending on where you look, people usually recommend a reserve fund of 3-6 months' worth of expenses. I'm conservative so I'm aiming for 6 months with a goal of $12,000. I hold my emergency fund in Betterment which technically is a brokerage account.
Roth IRA - best overall retirement investment vehicle. Read this post if you want to know why. I started my account in 2013 and have been contributing the max and I plan to keep contributing the max every year.
Brokerage Accounts - I invest in a mix of individual stocks, ETFs, REITs through multiple brokerages. I have a risk tolerance on the same level as the S&P 500 - which is to say "not much".
Car - I went with the Kelley Blue Book value for my 2009 Honda Fit which is a very optimistic estimate as the car has quite a few cosmetic blemishes (darn hail storm!)
Credit Cards - All of the credit card debt that I carry a balance on are at 0% interest. The others I pay off on a monthly basis. I regularly take out 0% APR balance transfer offers and apply the loan towards investments. Some may consider this a risky behavior. But for me the 2-3% balance transfer fee is is easily offset by investment earnings even if I just invest in the S&P 500.
Student Loans - By far the biggest factor accounting for my negative net worth and the bane of my existence. More than 80% of my student debt comes from the cost of medical school. I am currently on income-based repayment (IBR) with the intention of eventually qualifying for Public Service Loan Forgiveness (PSLF).