Debt to Dreams

June is behind us now and we are half way through July so it is about time for an update. For those not in the medical field, July is a special month in an academic hospital because on July 1st all the Residents advance a year. For that reason you sometimes will hear someone say: “don’t get hurt, injured, sick, etc.. in July”.

Here is how we did in June

Some thoughts on our Progress:

• Our savings rate has remained surprisingly constant for the first half of this year. It could be better, but we have been able to save the equivalent of one salary each month.
• My wife and I had a discussion about contributing more to her 401K or opening a Roth IRA for 2007.
  • She would prefer to keep her savings secure in a savings account since we are anticipating some major expenses once I am finished with residency.
  • I am in favor of maxing out our Roth IRA’s in anticipation of one day having a combined salary that would prohibit us from contributing to a Roth.
• My Educational Debt continues to hang like a dark cloud in the horizon. I can continue to defer the majority of this debt until I am finished with residency, however my residency and relocation loan begins repayment this November.
• The remainder of my credit card debt will be paid in full in November. It continues to sit with 0% financing until that time.

The majority of my time has been spent at work but I will continue to post about once a week(hopefully more!) until things begin to settle in. Thanks for following along.

This entry was posted on Tuesday, July 10th, 2007 at 11:22 am and is filed under Goals and Monthly Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.