For an audio version of this post, please click on the speaker icon (top left).
Welcome to this episode of The Doctor’s Bill (Can You Afford It?).
Wonder if you should buy that big ticket item or not?
Well here’s your chance to have a wealth management expert, Johanna Fox Turner, of Fox & Company Wealth Management analyze your overall finances and make a final verdict on whether or not you can indeed swing for the fences and splurge on yourself or whether you should just walk away.
[Johanna and I have no current financial relationship]
Disclaimer: This is not meant to be a substitute for paid professional advice but only meant to serve as a suggestion/guideline.
The following are the details from our submission form:
What is your timeframe?
How do you plan on paying for this item/experience?
On A Happiness Scale of 1-10 (10 Being Happiest), rate what this item/experience will do for you A) Short Term and B) Long Term:
7 (We are home a lot).
MD & Marketing.
Any Children (If so please provide ages)?
3 (10 year old, twins age 5).
How Many Years Till Planned Retirement?
What is your total household income?
State Income Tax (if Any)
What is your % Annual Savings Rate? (savings/gross income)
20% (we are trying to push higher each year.)
Estimated Annual Living Expenses (Current):
Estimated/Desired Annual Living Expenses (In Retirement):
$100k. (This is a best guess. Will need more analysis but plan on downsizing house in retirement.)
Market Value of Primary Home [For Renter =$ 0]
Additional Real Estate Holdings Equity (Market Value-Debt):
Current Liquid Asset Value (Savings, Checking, Etc.):
$80k (Emergency fund CD & Checking.)
Retirement Assets (401k/IRA/HSA):
Brokerage Account (Taxable):
$65k (This is also earmarked for retirement.)
Miscellaneous Asset Value (Please elaborate):
Student Loan Balance:
$10k (0% interest rate loan.)
Unfunded Future College Costs & Years Left Till Needed:
Currently, our savings rate will have $60k per child which was goal in expense number above.
Retirement savings and mortgage paid by retirement are higher priorities, however.
Other Unfunded Goals and Years Remaining (Today’s Dollars):
- Working Less when #1 is funded more.
Other goals are paid from current expenses.
Any other pertinent information not addressed?
I am a Kaiser doctor.
Retirement plan covers healthcare (assuming nothing changes).
Will inherit portion of Bay Area rental properties (my portion estimated property value is $500k, mortgage free).
So does this doctor get her dream kitchen?
Or will her plan for retirement become half-baked because of it?
Click on the Doctor’s Bill Image and find out the verdict:
After you see the verdict please come back to this page and comment whether you agree or not with the decision (and no cheating by looking at comments first!)
If you would like to submit your own Doctor’s Bill request please fill out the submission form.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN