Net Worth Update (April 2015)

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).


Future Proof, MD

Dr. Bo Liu is an aspiring radiologist-in-training and the founder and editor of the White Coat Money Blog.  He has an interest in interventional radiology and helping his medical colleagues get ahead in this mad world of medicine and money.  When he's not crushing the list at the PACS station or typing up your next favorite blog post, you can usually find him at the local badminton club, movie theater or the most recently opened restaurant.