I realized I haven't posted for a while and a lot of you don't frequent the forums.
As of this Sunday, I will be starting part time with the urgent care job and cutting back to part time in my family practice. I'll be doing 20 hrs/week at urgent care. For the first month, my family practice hours will drop to 22.5. After that, I plan to drop it to 21.5.
Doing this will boost my income for 2017 by about 20% over what I made in 2016 and in subsequent years a bit more than that since I'm making the change two months into the year.
I will still be able to pick up per diem shifts if I want to (and based on availability). I only have one extra shift scheduled for March at this point but stuff opens up pretty regularly due to people calling out sick or other things cropping up.
Right now, the plan for the extra income is twofold. First, more money will be going into the 401k. I'm keeping my contribution rate at 10% for now but 10% of a higher income is more money.
Second, we took a PLUS loan for our daughter's college costs back in August and will take another this coming August. We are already aggressively repaying it ($1,000/month) but will also use some of the additional income to pay those loans off even faster. She will graduate in May 2018 so the end of college costs is rapidly approaching. Last tuition payment will be due in January 2018.
Job Update
February 20th, 2017 at 03:29 pm
February 20th, 2017 at 05:26 pm 1487611618
February 20th, 2017 at 06:49 pm 1487616569
February 20th, 2017 at 08:25 pm 1487622300
I'm sure the practice income will drop, but on the flip side, his biggest single expense is my salary. So if he is paying me less, lower income may be okay.
I have no ownership interest in the practice - I'm an employee - so ultimately it's not my concern. I don't want to screw him over but at the end of the day, I need to do what's best for me and my family.
February 20th, 2017 at 10:12 pm 1487628753
February 20th, 2017 at 10:29 pm 1487629775