Economic Status: This 29-year-old postdoc has saved only $2,000 in a checking account and makes about $37,000 a year from his National institutes of Health postdoctoral fellowship. He also carries tens of thousands of dollars in debt for undergraduate school loans.
Financial Considerations: Starting a family, thinking about buying a home, planning for retirement, paying off school loans, on a very tight budget.
Goals: Secure health coverage and maintain a balance of at least $3,700 in the checking account after monthly bills are paid, says Kenneth Robinson, the head of his own financial planning company in Cleveland. "And then, I would like to see a fund for true emergencies of $7,000," he adds. Once these savings goals are reached, says Robinson, plan to start a retirement account and build up additional savings. Robinson suggests a 403(b) plan, the non-profit version of a 401(k), common at many universities. If his NIH ...
