Thank you so much for any advice! I am terrified of making a misstep in our financial future.
Life Situation:
IRS filing status Married filing jointly
Number & ages of dependents none yet but planned soon
Currently reside in Memphis Tennessee
Age Husband:38 Wife 37(me)
Gross Salary/Wages:
H: (Engineer) 76k plus bonus typically 5k (but after taxes 2,500)
W: (currently teaching Nursing at a community college on an 8 month contract pay is 53k spread over I receive 12 monthly paychecks. I can stay in this position if I renew my yearly contract. monthly $4,535.50
Total 129k
Pre-tax deductions: 401k, HSA, FSA, IRA, insurance, etc. - whatever you have
H: 401K 12% + 3% employer match (6% into 401k, 6% into 401k Roth) 100% vested
W: 401K 7% state portable retirement (9% match)
HRSA (husband employer) contributing $150 per pay check.
H insurance cost: High deductible $14 per paycheck ($3,500 deductible)
Wife: 80:20 plan $145 monthly (health vision and dental)
Other Ordinary Income: Provide sources and any relevant details, the more the better
None
Qualified Dividends & Long Term Capital Gains:
None
Rental Income, Actual Expenses, and Depreciation:
None
Adjusted Gross Income: This should equal the additions and subtractions above.
approximately 100k
Taxes: Federal, state/local, and FICA.
H: Fed withholding $308
FICA Ins $172
FICA med $40
W:Federal Income Tax $619.45
FICA Medicare $63.65
FICA Social Security $272.16
Current expenses:
Monthly current expenses
Mortgage $1660 (on biweekly payment schedule with local credit union)
Taxes and insurance $400
Utilities $ 130 summer- $350 winter
Car, Term Life insurance, $1 million umbrella policy $400
AT&T internet $40
Termite monitoring $35 (preventative) we live in the South
Gas H: $160
W: $ 400 monthly
Teaching (Nursing) position has a 40 mile commute each way (55 minutes of soul crushing drive on 2 lane country roads)
Food: $350
Eating out: $200 (this is significantly curtailed and we are planning to cut further)
Cosmetics $30 (sunscreen)
Car maintenance $100 (sometimes higher)
Student loan $860
Total: $4,985 monthly
Over the last year I have invested a significant portion of our income in interview costs in New Orleans and Denver, all paid in cash done as cheaply as possible.
Expected ER expenses: (optional, if relevant)
We really haven’t discussed this at length.
60k a year.
Strong preference for Mobile, New Orleans or Southern Louisiana
Assets: Amount & description - include current asset allocation plan if you have one
H: 401k and 401K ROTH current employer 100k
H: Roth $100 (just started)
W: Retirement at teaching job 5k
401k ROTH prior employer 11k
Vanguard Traditional IRA 37k
Vanguard ROTH 35k
Emergency Fund and Home repair fund 29k
Total 227k
Invested primarily in index funds. (Bogglehead style as much as possible)
We plan to begin purchasing renal homes to add to our assets.
Liabilities: Description, original loan amount, rate, original length, and monthly payment (which should be consistent with a spreadsheet PMT calculation). Add current balance and time remaining if close to final payment.
Mortgage Single Family home purchased 2006 (as a foreclosure on 30yr note
Current Value $305k on zillow
loan balance 127k (6 years left to pay off at 15 year note at 2.99%)
Original 30 year loan we put 57k down purchase price of 279k
if we deal with the major issues and repaint landscape (investing 20k of our cash reserves) we could likely sell for 350k
If we spend about 40k of our cash reserves to really make it sparkle we anticipate being able to sell for 400k
Student loan consolidated thru SoFI fixed rate 4.75% 10 year term
W: 77k (Ivy League of the South NOT worth the money. Huge face palm)
Total $204,00
Specific Question:
Which of these job options would be the most beneficial in the short/long term?
Job Hunt Background
I have been interviewing and finding the market for a new graduate nurse practitioner (even with 10 years of ICU & ER experience) very tight (Saturated) in Memphis, New Orleans and Denver. I have applied to over 80 positions, networked at local NP dinner meetings. I have turned down 2 job offers for positions in New Orleans that were not a good fit (minimal support for new graduate or toxic work environment)
Option 1
Keep teaching at the community college for another year and keep looking for a part time NP job on the weekends. These are even more rare than full time NP positions and the hospitals/clinics prefer NPs with experience for the part time positions.
I am concerned if I spend another year teaching that I will be classified as academic. (This has already come up in some interviews). I took the teaching position because it fell into my lap. I definitely prefer to be in the clinical setting as an NP using my degree.
Option 2
Located in Denver at an Osteoporosis Bone disease clinic 2 months of training. They are very supportive of a new graduate.
Part time position 3 days a week paying $44/hour ($67,500 yearly) for 30 hours a week.
6% retirement match and $50 a month medical benefits
Might become full time in a couple years.
There is no noncompete clause but I would likely not be able to work as an NP in another position due to needing a physician to cosign orders. So facilities prefer to hire experienced NP. I would search for an RN position probably paying $30 an hour
Option 3
Continue to apply for full time Nurse practitioner positions in New Orleans. Salary at the major hospital is 78k for new grads with a 4% retirement match. The market is very saturated with new grads.
Option 4
Move forward in the interview process for a Nephrology (dialysis) located in Denver
NP position paying 85k for 4 days a week. 6 months of training. Very supportive of new graduates.
Retirement match is “good” but the manager didn’t know the match
They recently absorbed another nephrology practice so they are the largest in town. All their staff has been there between 5-10 years
There is no guarantee that I would obtain this position.
Option 5
Continue applying for full time NP positions in Memphis. Salary is usually 80k for full time
(positions are few and far between)…dropping off resumes has not helps either
Other Factors
None of the NP positions have student loan repayment
Our plan is for me to relocate ahead of my husband while he performs the remaining sweat equity to sell our primary residence. So I would be paying for an apartment and living expenses in Denver or New Orleans. I would not be able to afford to fly home to visit so New Orleans is a more attractive 6 hour drive to Memphis until the house sells. A studio apartment in Denver runs $1100-1500, New Orleans usually $900-1200
Due to the fact that we both feel that purchasing a primary residence and future rental properties in Denver is prohibitive due to COL we would most likely relocate from Denver to a Southeastern state after the sale of our home.
As an engineer, my husband has good opportunities in both Denver or New Orleans. He can stay with his current company in Memphis. However, long term his advancement (income) opportunities would be better in New Orleans or Denver. By relocating to New Orleans or Denver his income would increase to 85-90k. He is pretty much at his income ceiling in Memphis.
We would definitely like to begin a family soon so this plays a factor in our decision process as well. We don’t have family in any major city who can help with childcare. from my research child care cost is highest in Denver. (Daycare)
Our primary residence after relocation will be a duplex to apply us to house hack.
Updated information
The job offers that I declined consisted of
#1 A posiiton working in Urology as an NP. (Bladder and Prostate)
During the interview process the current NP informed me that the majority of the docs were "a-holes" and he wanted me to be fully aware before accepting the position. This statement lined up with my impression of the majority of the docs in the practice.
#2 A position as a Transplant Surgery NP
The position would be 2 weeks on days 2 weeks on nights with no option to transfer to days with seniority. I would have been the sole provider with minimal phone back up. As a new graduate, even with ICU experience, it did not feel safe for my patients or my license
Regarding market saturation- there is a definite preference for NP's who can see all ages and have already gained experience as an NP. I obtained certification to see adults and elderly because I love that population. To treat children I would need to return to school for another semester and complete hours in a pediatric clinical setting.
Employers often don't want to take a chance on a new graduate due to the concern that they will leave in a year.
My husband is supportive of finding employment for me as an NP since it will result in a pay increase allowing us to eliminate my student loan. However, he wants to maintain quality of life (so no rotating shifts). He will likely have to travel for any position he takes as an engineer so once we have a child I could not maintain rotating shifts.
His first choice is not Denver due to distance from family but he has strong contacts to find employment in both Denver and New Orleans. He also feels it will be easier to live our more frugal lifestyle in New Orleans or another Southern city. He prefers LCOL areas in the South but he needs to be near larger metro areas for his job opportunities.