Submitted by sadmedstudent2022 t3_zz1pe2 in personalfinance
Hello everyone! I am 27 years old and halfway through my intern year. I am an active-duty doctor who wanted some wisdom on better managing my finances in 2023.
I have an income of about 85k after taxes and will have another $6k in income midway through 2023 as additional physician compensation plus an increase in pay throughout the Army. Earlier this year, I bought my first home and have a roommate/tenant who is helping me cover my mortgage. right now the mortgage is about $3360 (including hoa) and my roommate pays me $1850 plus splitting utilities. I've basically been putting her money into a savings account offering >3% APY and just covering the mortgage myself while trying to manage some investing into my Roth IRA, Roth TSP, as well as some digital assets (only a bit please don't judge). my only other large monthly bill is my car which totals to $520 a month between lease and insurance payments. Aside from that, I don't have any big bills or dependants. My goal is to eventually reach FIRE in my early 50s. part of that goal will include DCAing into some digital assets as well.
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as of this year, I have contributed 1500 to my roth ira and $2250 to my roth TSP. partially because I used a large chunk of my savings to pay for closing costs on my house.
My questions for the group are the following:
is it worth maxing out my Roth IRA AND my Roth TSP for 2022? Should I combine the two to max out the $6k contribution?
for 2023, is it worth maxing out both?
How much of my income should I keep in my savings account for emergencies? How much should I have in an individual brokerage account? How can I maximize my tax return for this year given I bought my first home? And of course, Am I even asking the right questions?
sidenote: I'm a first-generation American, college graduate, and Doctor, so I feel like I never learned too much about this stuff growing up, so I apologize if some of the above questions seem silly! I appreciate you taking the time to help a stranger on the internet :)
Werewolfdad t1_j28vowy wrote
Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics
Roth or traditional: https://www.reddit.com/r/personalfinance/wiki/rothortraditional and https://www.madfientist.com/traditional-ira-vs-roth-ira/
Some math: https://reddit.com/r/personalfinance/comments/z5hb8v/_/ixw89x5/?context=1