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Old 06-27-2016, 11:23 AM  
DaFace DaFace is offline
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Personal finance and investing megathread extravaganza

I know lewdog (and maybe others) have mentioned the desire to have a place to chat about personal finance stuff. We'll see if there's enough interest to keep this going in the long-term, but at least for now, here's a place to chat about whatever personal finance topics come up.



If you're just getting started thinking about saving and don't know where to begin, this flow chart can help. Ask for advice in the thread for more help!

Last edited by DaFace; 01-24-2018 at 03:49 PM..
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Old 01-28-2018, 03:08 PM   #1621
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Itís not fun. I love what I do but if I had to do it over again, Iím not sure itís worth it. Itís crazy.

Luckily for us the wife does pretty well but itís still notcool
Is the 7% fixed?

If so, I'd invest and let the guards thing get rolling. If not, I'd be trying to knock a chunk of it off in case of an increase.

I wanted to know how you talked yourself into accepting that debt. Wasn't dentistry, but I bowed out and settled for bach because I wasn't willing to accept the huge debt load of continuing eduction and then the cost of buying into an established practice on top of it. Over a decade later and I still don't know if I made the right decision.
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Old 01-28-2018, 03:12 PM   #1622
Buehler445 Buehler445 is offline
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Is the 7% fixed?

If so, I'd invest and let the guards thing get rolling. If not, I'd be trying to knock a chunk of it off in case of an increase.

I wanted to know how you talked yourself into accepting that debt. Wasn't dentistry, but I bowed out and settled for bach because I wasn't willing to accept the huge debt load of continuing eduction and then the cost of buying into an established practice on top of it. Over a decade later and I still don't know if I made the right decision.
Very good point.
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Old 01-28-2018, 03:15 PM   #1623
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It is fixed on some of the loans and not on some.

If I wanted to be a dentist, I didn’t really have much other options s than take the loans. I graduated and bought a practice right out of school which was scary but I’m a year away from having the practice paid off.

Once I can pay off the student loans and the office, it should free up about 6500 per month to really start doing some things with
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Old 01-28-2018, 03:17 PM   #1624
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It is fixed on some of the loans and not on some.

If I wanted to be a dentist, I didnít really have much other options s than take the loans. I graduated and bought a practice right out of school which was scary but Iím a year away from having the practice paid off.

Once I can pay off the student loans and the office, it should free up about 6500 per month to really start doing some things with
I'd plow pretty hard into the variable rate loans.
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Old 01-28-2018, 03:17 PM   #1625
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Dentistry is a great field, don’t get me wrong. It has its faults And isn’t the ideal job as it was for the older dentists here who got out 30 years ago, but still a good gig.

If all goes well, I should be debt free (outside of a mortgage for the house) at 34.

So I’m hopeful. It hasn’t and won’t be easy but it is what it is
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Old 01-28-2018, 03:20 PM   #1626
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I'd plow pretty hard into the variable rate loans.
Absolutely.

I'd be attacking the potential interest risk as much as possible.
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Old 01-28-2018, 04:42 PM   #1627
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I can make the payment Iím just curious if I should not put into retirement until I get the loan payed off
Can you deduct the loan interest costs on your taxes?

Assuming you can't get your loan interest down, your loan payments are the equivalent of a guaranteed 7% return. If you can deduct the payment, then they're kind of a guaranteed 10% return.

Paying into an IRA has the same tax benefit, so if the loan interest is deductible then you have to beat a 7%return, recognizing that it's a guaranteed return. That's probably a breakeven proposition to do over a period of years, and I'd rather eliminate debt. If the loan interest is not deductible, then you just need to beat roughly a 4% guaranteed return on the IRA (7% - tax deduction), which is easy to do in the long term.

Did I do the math right there? Someone double check.
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Old 01-28-2018, 04:50 PM   #1628
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Can you deduct the loan interest costs on your taxes?

Assuming you can't get your loan interest down, your loan payments are the equivalent of a guaranteed 7% return. If you can deduct the payment, then they're kind of a guaranteed 10% return.

Paying into an IRA has the same tax benefit, so if the loan interest is deductible then you have to beat a 7%return, recognizing that it's a guaranteed return. That's probably a breakeven proposition to do over a period of years, and I'd rather eliminate debt. If the loan interest is not deductible, then you just need to beat roughly a 4% guaranteed return on the IRA (7% - tax deduction), which is easy to do in the long term.

Did I do the math right there? Someone double check.
The Deduction didnít go away in the new tax bill but Iíd have to look up what the phaseout rules are. He may make too much money.
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Old 01-28-2018, 04:58 PM   #1629
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I could deduct the interest but I’m not sure on the new tax bill
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Old 01-28-2018, 08:34 PM   #1630
Buehler445 Buehler445 is offline
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I could deduct the interest but Iím not sure on the new tax bill
I donít think it changed.
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Old 01-28-2018, 08:46 PM   #1631
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I donít think it changed.
Psychologically, I just hate having that over my head. I work my ass off and itís just a mental drain to think Iím set up to pay that shit until Iím 46.

I just wanna get out from under it. Iíll deal with retirement later. It may not be the best way to go about it but it just wears on me
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Old 01-28-2018, 09:09 PM   #1632
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Psychologically, I just hate having that over my head. I work my ass off and itís just a mental drain to think Iím set up to pay that shit until Iím 46.

I just wanna get out from under it. Iíll deal with retirement later. It may not be the best way to go about it but it just wears on me
That was my philosophy on various debts. I just wanted them off the books as fast as possible. At my phase in life, I'm no longer paying any debt and instead I'm on the receiving end. There's a huge mental benefit to that.
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Old 01-28-2018, 09:18 PM   #1633
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That was my philosophy on various debts. I just wanted them off the books as fast as possible. At my phase in life, I'm no longer paying any debt and instead I'm on the receiving end. There's a huge mental benefit to that.
Right there with ya.

I know I may miss out on some retirement or some investing, but for my mental stability, I just have to get this done ASAP. It wears on me daily.
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Old 01-28-2018, 09:36 PM   #1634
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Right there with ya.

I know I may miss out on some retirement or some investing, but for my mental stability, I just have to get this done ASAP. It wears on me daily.
If thatís where you are do it now.

My personal philosophy is theyíre not collateralized so I work harder on the collateralized loans first.

But mine is $240 a month and as cheap interest as my mortgage.
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Old 01-28-2018, 09:39 PM   #1635
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Well guys, could use a little help or advice here.

The wife and I are doing well, bought some land getting ready to build a home. I max out an ira for both of us each year. But Iím not sure if I should be doing more or putting as much as I can towards my student loans. I started with 300k at about 7 % 4 years ago and Iíve taken down 50k or so of it total but the interest is killer. Iím getting ready to join the national guard as a dentist and get some help there with the loans so I think that plus what I pay, I can get the student loans done in about 3.5 years.

So, question is would you max out and get out from under those first or try and put more into a brokerage account?
To echo a lot of what's been said, it's all about weighing the opportunity cost of investing vs the fixed cost of 7% interest. You can improve that through deductions, so say paying that down is effectively a 10% return for doing so.

In the coming 12-18 months I foresee market returns exceeding 10%, so it would be economically smarter to be investing over that period, and revisit your strategy afterwards.

Obviously, the emotional aspect of paying off debt is difficult to quantify. But from a numbers perspective it makes more sense to invest right now.

But ultimately, it's whatever helps you sleep at night.
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