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White Coat Investor Podcast

Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Learn more at http://whitecoatinvestor.com/
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Nov 14, 2019

Our guest this episode is an asset protection attorney. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/ A lot of readers and listeners had questions about the cost to value for asset protection. We discuss the cost of asset protection and the value of proactive asset protection planning with Brian Bradley of Bradley Legal Corp. He shares tips and questions to ask as you are identifying an asset protection attorney to work with. The first line of defense is insurance and then reducing your liability as much as possible. After that we start looking at asset protection strategies of what exemptions you can receive in your state and then jurisdictions in regards to trusts, whether that is domestic trusts, offshore trusts, or a hybrid bridge trust. This won't be for everyone but certainly as your financial life becomes more complicated, as you become more wealthy, as you take on more risks with businesses and investments, it may behoove you to find an asset protection attorney.

This episode is sponsored by Sofi https://www.whitecoatinvestor.com/sofi . Hundreds of white coat investor readers have refinanced their student loans with SoFi over the years for two reasons. One, they make it really easy with their great tech solutions online so you can find out your rates very quickly and get through the process with minimum pain. Two, they give great rates. People compare them to a lot of their competitors, and they end up going with SoFi because SoFi so often the lowest rate out there.

If you apply at https://www.whitecoatinvestor.com/sofi, not only will you get paid $300 if you close the loan, but you will get a lower interest rate as well. They also have a fantastic medical and dental resident program, with $100 monthly payments. If you’re worried that you can’t refinance your loans because you’ll end up with a huge payment, SoFi has a program to help you during your residency, that you still get those low payments just like you would get in an income-driven repayment program but save money on the interest that is accumulating.

Nov 7, 2019

Deducting your business vehicle sounds like a great way to lower your tax bill. Unfortunately it is probably not going to be a significant deduction for most doctors. For starters W2 employees cannot deduct a car or business mileage. You don't own a business so you cannot own a business vehicle. A business can buy a car if it is going to use it at least 50% for business purposes. Regardless of the percentage of time you use your car for business purposes, business owners can still deduct their business miles. Deducting business miles is worth $.58/mile in 2019. That is not insignificant and can really add up. I discuss the rules of business vehicle tax deductions in this episode to help you decide what you can deduct.

I also answer listener questions about how businessmen making millions avoid paying taxes, being on Tricare and using an HSA, what to do with the TSP when you retire, what to do with the whole life insurance policy your parents bought you, and how the pro-rata rule affects the mega backdoor Roth IRA. See the show notes at https://www.whitecoatinvestor.com/classic-blog/

This episode was sponsored by Bob Bhayani at https://drdisabilityquotes.com/ They are a truly independent provider of disability insurance planning solutions to the medical community nationwide. Bob specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. Contact Bob today by email at info@drdisabilityquotes.com, or by calling (973) 771-9100.

Oct 31, 2019

Have you ever dreamed of retiring from medicine in your 40s? In this episode we interview a doctor who actually did retire recently at the age of 43. Of course long time readers will know the Physician on Fire (https://www.physicianonfire.com/) well. But he retired completely from medicine this summer after going part time a couple of years ago. We talk about what it is like as an early retiree in this show. We discuss how he is paying for health insurance, what he is doing to continue to find meaningful activities for his time, and how his relationships with his wife and children have changed now that he is home all day. We also talk about how he retired early including what his savings rate was, how he invested, how he decided he was financially ready to retire, and what he would change about his journey to financial independence if he could go back and do it again. If you are thinking early retirement might be for you, listen to this episode to learn how to do it and what it could be like. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/

This episode is sponsored by SoFi https://www.whitecoatinvestor.com/Sofi . Hundreds of white coat investor readers have refinanced with SoFi over the years for two reasons. One, they make it really easy with their great tech solutions online so you can find out your rates very quickly and get through the process with minimum pain. Two, they give great rates. People compare them to a lot of their competitors, and they end up going with SoFi because SoFi so often the lowest rate out there. If you apply via at https://www.whitecoatinvestor.com/Sofi , not only will you get paid $300 if you close the loan, but you will get a lower interest rate as well. They also have a fantastic medical and dental resident program, with $100 monthly payments. If you're worried that you can't refinance your loans because you'll end up with a huge payment, SoFi has a program to help you during your residency, that you still get those low payments just like you would get in an income-driven repayment program but still save money on the interest that is accumulating. Check out SoFi today https://www.whitecoatinvestor.com/Sofi

Oct 24, 2019

Setting financial boundaries with your parents is challenging. These are the people that took care of you for the first 18 years of your life. But that doesn't mean that you are indebted to them for the rest of their lives, to provide for them regardless of their financial choices. A listener asks about helping her parents financially who have already declared bankruptcy once and are in debt again. Most people that have debt problems don't actually change their behavior. They didn't get into debt because they can't do math. It's not a math problem, it's a behavioral problem. They can't live within their means. They don't know how to manage money and that is why they are back in debt. I can understand why you would want to help them, but what you need to keep in mind is how you help them because you can certainly make things worse. We talk about how to help people financially in a way that helps them be successful and keeps your finances safe in this episode. It is possible to do with set rules and clear boundaries. See the show notes at https://www.whitecoatinvestor.com/classic-blog/

We also answer other listener questions in this episode including how long you should hold a bond fund, what an admirable nest egg for 5 years out of residency is, whether you should diversify out of fear for devaluing US Dollar, and putting together a contingency document for your spouse in case of your sudden death.

Sponsor
The Principals at DI4MDS https://www.di4mds.com/have collectively been advising physicians, business executives and other professionals for over 40 years, utilizing knowledge and resources to take care of their life & disability insurance needs. Experience and relationships enable them to secure specialty specific disability and practice overhead insurance policies for residents, fellows and practicing physicians with special discounts and favorable underwriting. They have established numerous guaranteed approved disability plans for residents and fellows and high earning specialists with disability benefits up to $250,000/mo. Their expertise extends to military physicians and are honored to assist those who serve our country. They have guided physicians through the claim process enabling them to collect over $1M in benefits in 2019. They can be reached at info@di4mds.com or 888-934-4637.

Oct 17, 2019

There are some aspects of finances that are unique to resident physicians. It is really during this time that you are putting on the training wheels and learning to manage your finances before the big money comes in. We interview a resident in this episode and discuss cashflow/budgeting, filling out a W-4, doing Roth or tax deferred retirement accounts when going for PSLF, seeking student loan management advice, disability insurance for a two resident couple, and dealing with an HSA when switching between programs after your intern year. See the full transcriptions for this episode at https://www.whitecoatinvestor.com/classic-blog/

Sponsor

The Principals at DI4MDS https://www.di4mds.com/have collectively been advising physicians, business executives and other professionals for over 40 years, utilizing knowledge and resources to take care of their life & disability insurance needs. Experience and relationships enable them to secure specialty specific disability and practice overhead insurance policies for residents, fellows and practicing physicians with special discounts and favorable underwriting. They have established numerous guaranteed approved disability plans for residents and fellows and high earning specialists with disability benefits up to $250,000/mo. Their expertise extends to military physicians and are honored to assist those who serve our country. They have guided physicians through the claim process enabling them to collect over $1M in benefits in 2019. They can be reached at info@di4mds.com or 888-934-4637.

Oct 10, 2019

The Mega Backdoor Roth IRA allows you to contribute an additional amount into an Roth IRA due to the fact that some employer 401k plans allow after-tax contributions. Listen to this episode to see if and how you can take advantage of this opportunity. See the full transcription and links to everything talked about in this episode at https://www.whitecoatinvestor.com/classic-blog/

Our podcast today is sponsored by one of my favorite partner companies, Earnest at https://www.whitecoatinvestor.com/refi Save money on your student loans by refinancing with Earnest. The cool thing about Earnest is that you can choose custom terms to fit your budget. You can pick your exact monthly payment. You can select fixed or variable rates. You can even choose your custom term. The shorter the term, the lower the interest rate. They are not going to pass you off to a third party servicer, nor penalize you for making any of your payments early. Your family is always protected with loan forgiveness in the event of your death. You can refinance anything from $5,000 to $500,000, a much wider range than most of these companies offer. Check out Earnest today and get $500 cash back when you refinance.

Oct 3, 2019

Every doctor and other high income earner wants to reduce their investment taxes. Our podcast guest, Phil DeMuth, is just the man to help you do that. See the full transcription and links to everything discussed in this episode at https://www.whitecoatinvestor.com/ Phil is the managing director at Conservative Wealth Management, LLC, http://phildemuth.com/ where he enjoys working with "high net worth clients and saving them from the depredations of the financial services industry." He is the author of 11 books, my favorites being The Affluent Investor and The Overtaxed Investor. We really focus on taxes in this episode, especially investment-related taxes. Phil says that doctors are ducks in a shooting gallery. We are the most vulnerable people in terms of taxes and we need to learn to defend ourselves as best we can. In this episode we look at all the tax reducing tactics like maximizing the use of retirement accounts, using tax efficient investments in your taxable accounts, getting your asset location right, making sure your dividends are qualified and that your capital gains are long-term, depreciating real estate, tax loss harvesting, donating appreciated shares to charity to flush those capital gains out of your portfolio, getting a step up in basis at death, etc. Which of these tactics will make the most impact? Listen to this episode to figure it out.
Contract Diagnostics http://contractdiagnostics.com/ is a long-term advertiser with us here at WCI. I love this company as they’ve helped hundreds of WCI get a ‘fair shake’ when it comes to reviewing and understanding their employment contracts – its 100% they do there. This is a company that specializes in physician contract reviews – specialization is something we can all appreciate here. All contracts are reviewed by an in-house attorney and presented in a simplified way back to you. Using custom documentation, compensation data, and times from 6am to 8pm they make it easy for you. All packages are flat priced so you know what you will pay upfront – residents and fellows can even make interest free payments over time. They have a new 'Compensation Review' offering coming soon for those of you happy in your positions as well. So look them up today – contractdiagnostics.com or 888-574-5526. They've have helped many of your WCI colleagues.

Sep 26, 2019

See the show notes for this episode at https://www.whitecoatinvestor.com/ One listener asked about how to rebalance his portfolio. A lot of people still get confused about this. He said rather than sell from the oversized asset, and transfer the proceeds to the undersized one, he has always just invested additional funds out of pocket and purchased more of the smaller one. He wanted to know if he was making a mistake. I encourage people to look at their portfolio in its entirety and not at individual accounts when rebalancing. I think most people will find in the first half of their career at least, that it is very rare that they have to sell an appreciated asset in a taxable account in order to rebalance. Most people will find that they can rebalance with just the new contributions, especially in their first decade of saving. And especially if they have been reading the WCI blog or listening to the podcast, they probably have been maxing out some significant retirement account and can do their rebalancing inside those accounts. I recommend you do your rebalancing inside the tax deferred accounts with new contributions if possible. We get into more details on this as well as answer questions about buying a home while still having student loans, using leveraged ETFs in order to maximize tax loss harvesting and donation of appreciated shares, deducting travel expenses, how to start a taxable account, and negotiating an employment contract.

Our sponsor today is Earnest, https://www.whitecoatinvestor.com/refi one of the student loan refinancing companies. Save money on your student loans by refinancing with Earnest. Choose custom terms to fit your budget, like pricing your exact monthly payment or selecting fixed and variable rates. Earnest precision pricing matches your custom term with a custom interest rate, saving you even more money when refinancing. You won't be passed off to a third party servicer, nor penalized for making payments early. Your family is always protected with loan forgiveness in cases of death and dismemberment. The minimum amount to refinance is five thousand dollars and the maximum is five hundred thousand dollars. So the chances of you being outside those two limits is pretty low. If you sign up to refinance your loans and complete a refinance you will get $500 cash back. So, refinance your loans today with Earnest.

Sep 19, 2019

Michael Kitces is the brains behind Nerd's Eye View, https://www.kitces.com/ which I believe is the most widely read website aimed at educating financial advisors in the world. He blogs for advisors who are serious about their craft, the ones who actually view this profession as a calling and want to get better at it. He wants to teach them how to be a more successful advisors and how to serve their clients better with more expertise. He believes that most harm inflicted on clients by their advisors doesn't occur because of malice or greed but out of ignorance and he wants to help provide a higher standard for competency. We discuss financial advisors acting as fiduciaries and what training we should expect our advisors to receive and what services they can provide. We talk about assets under management fees and whether we will see the end to them in our lifetime or not. We discuss conflicts of interest and advisors trying to specialize in different types of clientele. But he really wanted you to take away from this discussion that you have to get pretty far down the line of investing portfolios before the growth rate of your portfolio is larger than the impact by just spending less than you make and figuring out how to grow your income. It always comes back to the basics. See the show notes at https://www.whitecoatinvestor.com/financial-advisors-the-good-the-bad-and-the-ugly-with-michael-kitces-podcast-124

Sponsor
This episode is sponsored by Set for Life Insurance. https://www.setforlifeinsurance.com/ Set for Life Insurance was founded by President, Jamie K. Fleischner, CLU, ChFC, LUTCF in 1993 which she started while attending Washington University in St. Louis. They specialize in individual term life, disability and long term care insurance. They work on the client’s behalf to shop around to find the most suitable products at the most cost-effective rate. Set for Life is first and foremost a client-centric company. They listen carefully to the needs of clients. Because of the volume and exceptional reputation of Set for Life Insurance, as well as the relationships they have developed over the years, Set for Life clients have access to special services not available elsewhere in the industry. This includes special discounts, gender-neutral policies (saving women significantly), priority underwriting handling and, on some occasions, exceptions in the underwriting process. Contact Jamie at Set for Life Insurance today.

Sep 17, 2019

Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Learn more at http://whitecoatinvestor.com/

Sep 12, 2019

"Aren't all the Democratic candidates going to cancel student loan debt? I'll just wait, because if I pay them back and then they cancel them, I'm out of luck." Now for some of you this might sound crazy but this is the thought process for many people right now. Should people be changing their student loan plan based on the discussion of canceling and forgiving loans that politicians are currently having? We discuss this question in today's episode. But bear in mind presidential candidates make a lot of promises that they don't keep. We have a long history of that. Plus a lot would need to happen for this to take place like Bernie Sanders or Elizabeth Warren being elected and then getting a plan to cancel student loan debt through Congress. But even more than all that historically legislature like this does not favor the top 1% of income earners in our country. As a physician the chance that any kind of forgiveness or cancelation of student loans will really make a difference in the amount of money you owe is very low. We also discuss in this episode gender neutral disability insurance policies, VTI or VTSAX in a taxable account, what to do with a traditional IRA, disclaimers for physicians giving personal finance lectures, when to cancel your disability policy, dealing with multiple 401(k)s, and the most tax efficient investment to put in a taxable account. See show notes at https://www.whitecoatinvestor.com/will-the-politicians-cancel-your-student-loan-debt-podcast-123/

Sponsor
Our podcast today is sponsored by one of my favorite partner companies, Earnest. Save money on your student loans by refinancing with Earnest. Go to www.whitecoatinvestor.com/refi to get $500 cash back when you refinance with Earnest. The cool thing about Earnest is that you can choose custom terms to fit your budget. You can pick your exact monthly payment. You can select fixed or variable rates. You can even choose your custom term. The shorter the term, the lower the interest rate. They are not going to pass you off to a third party servicer, nor penalize you for making any of your payments early. Your family is always protected with loan forgiveness in the event of your death. You can refinance anything from $5,000 to $500,000, a much wider range than most of these companies offer.

Sep 5, 2019

If you forgot to live like a resident for your first few years as an attending physician, it isn't too late. In this podcast episode I interview Dr. Disha Spath, of the https://www.thefrugalphysician.com/ who did just that. They were stressed about money and making limit progress towards being debt free, so her and her husband made some drastic changes in their life. The result? They paid off $208,000 in student loans in 17 months. How did they do it? Focusing on the big expenses; housing, cars, and food. They tried to be intentional in their spending, ensuring that they were spending on things that brought them joy. Doctors are in the top 1- 5% when it comes to income in this country. If anyone can afford to not be frugal, it should be a doctor. But we also know that you can always out spend your income no matter how large. Listen to this episode to hear a discussion on spending tips for things that people spend a lot of money on and how you can maybe spend a little bit less. Choosing to be generally frugal and selectively extravagant will help you build wealth and live the life you want.

This episode is sponsored by https://www.setforlifeinsurance.com/ . Set for Life Insurance was founded by President, Jamie K. Fleischner, CLU, ChFC, LUTCF in 1993 which she started while attending Washington University in St. Louis. They specialize in individual term life, disability and long term care insurance. They work on the client’s behalf to shop around to find the most suitable products at the most cost-effective rate. Set for Life is first and foremost a client-centric company. They listen carefully to the needs of clients. Because of the volume and exceptional reputation of Set for Life Insurance, as well as the relationships they have developed over the years, Set for Life clients have access to special services not available elsewhere in the industry. This includes special discounts, gender-neutral policies (saving women significantly), priority underwriting handling and, on some occasions, exceptions in the underwriting process. Contact Jamie at https://www.setforlifeinsurance.com/ today.

Aug 29, 2019

Dealing with self employment taxes can be a little tricky. In this episode I discuss quarterly payments or a way to avoid making them if you have W2 income as well to avoid penalties by being in the safe harbor. Bear in mind, what you pay in advance or what is withheld, may have little to no relationship to how much tax you actually owe. So I discuss what we do in our monthly financial plan to ensure that we have adequate money to pay our tax bill come April 15th. Spoiler - investing your money set aside for taxes is a bad idea. You really don't want to owe money to the IRS. They have a lot of rights that most lenders do not have, like being able to garnish your paychecks, take money out of your bank account, and send you to jail. We also discuss your term life insurance needs and how to invest that insurance money in the unfortunate situation that you become the beneficiary of a term life insurance payout. Other questions we answer are about paying off debt vs investing, self directed IRAs, mutual funds vs ETFs and dealing individual stocks. See the show notes at https://www.whitecoatinvestor.com/

Today’s episode is sponsored by CommonBond. http://commonbond.co/wci CommonBond has worked with thousands of doctors to help them refinance their student loans, save money, and get out of debt more quickly. And since your financial needs are unique, CommonBond has flexible plans along with award-winning customer service. CommonBond also offers best-in-class borrower protections, like up to 24 months of forbearance – just in case you run into any financial difficulties and need to press pause on your monthly payments. Best of all, listeners of this podcast will receive a $550 cash bonus when refinancing with CommonBond. Head over to CommonBond http://commonbond.co/wci to see your new rate and claim your $550 bonus.

Aug 22, 2019

Ever thought about doing a medical mission trip? My 15 year old daughter and I went to Honduras this summer to spend a week assisting in a local hospital. This episode I interview her about that trip and what effect the experiences there had on her. I also share an interview I did with an Honduran doctor where we discuss the difference between practicing medicine there versus in the United States. The audio isn't awesome from that interview conducted in the Honduras hospital but you can see the full transcription at https://www.whitecoatinvestor.com/ If medical missionary work interests you, you'll find this episode helpful in knowing what it can be like. I also answer some listener questions about financial advisor fees, including TIPS in your portfolio, VTSAX vs VTI, becoming an S Corp, and using Vanguard target date funds in a taxable account. Remember if you have a question record it at https://www.speakpipe.com/whitecoatinvestor and we will answer it on the podcast.

This podcast is sponsored by Pattern Financial Consultancy. Matt Wiggins is an experienced specialist in disability and life insurance for physicians. I've sat down with Matt, face to face, and talked about doctors and insurance. He knows what he is talking about and can get you a high quality disability insurance policy that you can trust to deliver should the worst happen. Doctors get disabled all the time. Don't think it cannot happen to you. If you don't have a disability insurance policy now, or just need a second opinion on whether or not your current one is still right for you, contact Matt today at Pattern at https://whitecoatinvestor.com/pattern

Be sure to sign up for our newsletter at https://www.whitecoatinvestor.com/free-monthly-newsletter/ It has a lot of great stuff including blog posts that don't show up anywhere else, a collection of the best stuff published on the web in the previous month for docs interested in personal finance, and a market report without any BS predictions about the future. It is free and you can unsubscribe anytime if you don't like it.

Aug 15, 2019

This episode we interview Robert Farrington, the founder of thecollegeinvestor.com, https://thecollegeinvestor.com/ where he provides lots of information for young investors, for indebted people with student loans, and millennials in particular. Robert, Mr. Money Mustache, and myself started our blogs about the same time, though both of theirs are bigger than mine. His message is about getting out of student loan debt and starting to invest. Whether it's millennials or not, his goal is to help people navigate the complex world of student loan debt, so that they can build wealth as early as possible. We discuss the order of operations for paying for college. There are nine basic ways to pay for college. You should max out each of them before moving on to the next step. We discuss each of those steps as well as the repayment plans available. If you are struggling under the weight of student loans this episode will provide you information and encouragement to get rid of those student loans and begin building wealth as soon as possible. To find the best deals for refinancing your student loans go to https://www.whitecoatinvestor.com/student-loan-refinancing/

This episode is sponsored by Set for Life Insurance https://www.setforlifeinsurance.com/ Set for Life Insurance was founded by President, Jamie K. Fleischner, CLU, ChFC, LUTCF in 1993 which she started while attending Washington University in St. Louis. They specialize in individual term life, disability and long term care insurance. They work on the client’s behalf to shop around to find the most suitable products at the most cost-effective rate. Set for Life is first and foremost a client-centric company. They listen carefully to the needs of clients. Because of the volume and exceptional reputation of Set for Life Insurance, as well as the relationships they have developed over the years, Set for Life clients have access to special services not available elsewhere in the industry. This includes special discounts, gender-neutral policies (saving women significantly), priority underwriting handling and on some occasions exceptions in the underwriting process.

Aug 8, 2019

If you invest in the total international stock market index you may be eligible for the foreign tax credit. As long as your foreign tax paid is less than $300 single, or $600 married, it is a rather straightforward process. However, once that threshold is breached, the more complicated form is required come income tax time. The good news is if you're doing your own taxes, you're probably using tax software, and it does this all automatically in the background. But for those with higher foreign tax form 1116 is required. We discuss this in the episode so if this applies to you, make sure you are getting your tax credit. We also talk about physician mortgage loans, sharing financial information with your surviving spouse should you die, and what the going rate for financial advice is. See the show notes at https://www.whitecoatinvestor.com/

This episode is sponsored by Locumstory. Have you ever wondered about a different way of practicing medicine? Whether you are burned out, need to change of pace, or want to see the world, Locum Tenens might be that option for you. Locumstory.com is the place where you can get real unbiased answers to your questions. They answer basic questions like what is locum tenens and complex questions about pay ranges, taxes, various specialties, and how locum tenens works for PAs and NPs. Go to https://www.whitecoatinvestor.com/locumstory and get the answers.

Make sure you sign up for the monthly newsletter at https://www.whitecoatinvestor.com/free-monthly-newsletter/ We update you on all the cool things going on at the White Coat Investor. We give you links to all the best stuff that has come out for doctors and other high-income professionals on finances in the last month. We also have a super secret special blog post. I call it the monthly tip, but it is a blog post that isn't published anywhere else. The only way you can get it is by signing up for the free monthly newsletter.

Aug 1, 2019

Our guest is Collin Hart, managing director of ERE Healthcare Real Estate Advisors. His company is a real estate brokerage that specializes in representing physicians in the process of selling and leasing back their practice real estate. In this episode we talk about when a physician should buy vs rent their practice space, properly structuring a lease, and exit strategies surrounding practice real estate. For those who are interested in owning their practice real estate or particularly interested in selling it, I think this will be a pretty useful podcast episode.

If you are not going for PSLF and have not refinanced your student loans, you really need to do that and save thousands of dollars. Check out the special WCI deals for refinancing. https://www.whitecoatinvestor.com/student-loan-refinancing/

If you are not aware, we have an online course called, Fire Your Financial Advisor. https://whitecoatinvestor.teachable.com/p/fire-your-financial-advisor It's a bit provocatively titled, but the goal of the course is to distill down the most important aspects of financial literacy and help you to write your own financial plan.

This episode was sponsored by Alexis Gallati of Gallati Professional Services http://www.gallatitax.com/. Alexis is not your typical tax advisor. With over 15 years of experience, she has been helping physicians all over the country save money on their taxes. As the spouse of a busy physician, she understands the burden of high tax payments physicians incur during their lifetime. Not only will she create a high level strategic tax plan for you, guaranteeing money in your pocket, but Alexis will proactively work with you throughout the year to maintain your tax plan, prepare your annual tax returns, and represent you in case of an audit. The investment in her tax planning services is a fixed-price agreement and her tax maintenance packages are a flat monthly fee. If you’re tired of complex tax jargon and giving away most of your paycheck to the IRS, visit Alexis’ website at www.GallatiTax.com today to schedule your free initial consultation.

Jul 25, 2019

I received a couple of questions about cars in the Facebook group https://www.whitecoatinvestor.com/facebookgroup and thought it would be interesting to compare and contrast them. The first one was from a soon to be resident who wanted to know if he should ship his car across the country because he wasn't sure it would survive the cross country drive. It is worth $2000 but needs some repairs to survive residency. There comes a time when you have to admit that a car is "totaled." If it costs more to repair than it is worth, it is totaled. It is time to get rid of it, getting whatever you can out of it. The second question came from someone who is expecting a baby and wants a car with a third row. But he has a lease on a car until February and wanted to know if he should buy the new car anyway and just pay out the lease. Stop leasing cars first off. If you don't have the cash to buy the car, buy a less expensive car. If you don't have the cash to buy a less expensive car, and you have to borrow for it, it ought to be a $5,000 car or less. We get more into the details of these car questions in this episode and hopefully help you make that decision on when to fix the old car or buy a new one. See the show notes for more information at https://www.whitecoatinvestor.com/

This podcast is sponsored by Sofi https://www.whitecoatinvestor.com/Sofi a long time White Coat Investor partner. Hundreds of white coat investors have refinanced with SoFi over the years. If you apply via this link you'll get paid $300. SoFi also lends to medical and dental residents with $100 monthly payments, so it is a great option if you're not getting any sort of a REPAYE subsidy. Sofi has a number of other products as well. They have a personal loan product https://www.whitecoatinvestor.com/sofiloan . They have a mortgage product. It's not technically a doctor mortgage, but you can avoid PMI with less than 20 percent down, with it. There is also SoFi Money https://www.whitecoatinvestor.com/sofimoney, which is basically a high yield checking account that I've been happy with. Check out these SoFi products today, especially for student loan refinancing, which is what most of white coat investors listeners and readers have used them for. Knocking a couple of percentage points off your interest rate can save you thousands and help you get out of debt months sooner.

Jul 18, 2019

Unlike our typical shows where we answer questions people have pre-recorded, this episode will be a bit of a back and forth with a listener who had a lot of questions. She is missing one key element that could answer many of the questions she asks in this episode. It is a written investing plan. 95% of people out there are in the same boat. They come to me with a question of, "Should I buy this fund or this fund?" I'm like, "For what? What's the plan? What's the goal?" Without the plan it is hard to get your finances organized and on track for your goals. We talk about how you can create a written investing plan in this episode. We discuss how to set reasonable goals and what should be your next level in personal finance. Whether you are just starting out in your journey to understanding your finances or you have listened to all 114 podcast episodes before this, I think you will find something valuable you can apply to your financial life in this episode. See the show notes at https://www.whitecoatinvestor.com/

This episode is sponsored by Alexis Gallati of Gallati Professional Services – Alexis is not your typical tax advisor. With over 15 years of experience, she has been helping physicians all over the country save money on their taxes. As the spouse of a busy physician, she understands the burden of high tax payments physicians incur during their lifetime. Not only will she create a high level strategic tax plan for you, guaranteeing money in your pocket, but Alexis will proactively work with you throughout the year to maintain your tax plan, prepare your annual tax returns, and represent you in case of an audit. The investment in her tax planning services is a fixed-price agreement and her tax maintenance packages are a flat monthly fee. If you’re tired of complex tax jargon and giving away most of your paycheck to the IRS, visit Alexis’ website at https://www.gallatitax.com/ today to schedule your free initial consultation.

The https://www.whitecoatinvestor.com/scholarship/ competition is heating up again. This is an essay contest for medicine, osteopathy, podiatry, dentistry, law, pharmacy, optometry, physician assistant, nurse practitioner, CRNA, veterinarian students. Submit your essays to scholarship@whitecoatinvestor.com

The White Coat Investor Financial Bootcamp is out in audio book now. Check it out at https://www.whitecoatinvestor.com/BootcampAudible

Jul 11, 2019

Should you start a retirement plan for your office? When is it worth starting? What things should you consider? A practice retirement plan can help with recruitment and retention of employees. But if your employees don't value that it may not be worth starting. Running a group practice retirement plan can be expensive for employers. But once you have employees it is no longer a do it yourself project. It is time to get a pro involved and help run the numbers and decide what plan is right for you. There are half a dozen ways you can structure a retirement plan for a practice. Sometimes the best thing to do is not have a plan and just invest in taxable. We discuss when starting a group practice retirement plan might be right thing for you in this episode and answer other listener questions about buying homes, investing vs paying off the mortgage, how to figure out what expense ratio you are actually paying on your investment fund, and more. Remember if you have questions you would like answered on the podcast, record them at https://www.speakpipe.com/whitecoatinvestor. See this episode's show notes at https://www.whitecoatinvestor.com/

This episode is sponsored by Earnest. Save money on your student loans by refinancing with Earnest at https://www.whitecoatinvestor.com/earnest . Choose custom terms to fit your budget – like picking your exact monthly payment or selecting fixed and variable rates. Earnest’s Precision Pricing matches your custom term with a custom interest rate — saving you even more money when refinancing. You won’t be passed off to a third-party servicer nor penalized for making payments early. Your family is always protected with loan forgiveness in cases of death and dismemberment. Get $500 when you sign a loan with Earnest. (They can lend in DC and all states except DE, KY, NV. They can only offer fixed rates in AK, IL, MN, NH, OH, TN, and TX.)

Check out our updated Reddit page at https://www.whitecoatinvestor.com/reddit We received little bit of help recently from a redditor who has made our reddit page a lot more useful. There is the Wiki there now and additional links that are helpful. We have put a lot more color and organization on the page so be sure to check out the reddit page if you haven't check it out in awhile.

We have also updated our recommended financial advisor page at https://www.whitecoatinvestor.com/financial-advisors/ It is a lot more standardized and useful. Every one of the advisors on that page have been vetted by me and I highly recommend any of them to you. I think you'll enjoy the update page, either for yourself if you need a financial advisor, or if you just need some place where you can send your colleagues, friends, and family members and know that they are going to get good advice at a fair price.

Jul 4, 2019

"Always ask yourself, where can your portfolio go wrong? And if you can't come up with lots of different reasons, you probably are too overconfident on it. I want everyone to have an exciting, fun, and thrilling life, I just don't want you to get it from your investments. If you're getting entertainment from your investing you're probably doing something very, very wrong. Your investing should be very, very boring." Allan Roth shares lots of wisdom like this in this episode. Read the show notes at https://www.whitecoatinvestor.com/

If you are in need of financial planning or advice, check out our recommended list of financial advisors at https://www.whitecoatinvestor.com/financial-advisors/ We have revamped the page to make it more user friendly for you. Find one that offers the services you need. They all working with clients nationwide or you can find one close to you. Compare their fees and get good advice at a fair price.

This episode was sponsored by Bob Bhayani at https://drdisabilityquotes.com/. They are a truly independent provider of disability insurance planning solutions to the medical community nationwide. Bob specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. Contact Bob today by email at info@drdisabilityquotes.com or by calling (973) 771-9100.

Jun 27, 2019

A listener asked me how to prioritize loans from their parents. I am not a fan of borrowing money from family. I'd hate to owe money to my parents. Paying that off would be a major priority for me. But if you are still going to do it, remember that when you borrow money from family, you have to pay a reasonable interest rate and it is a good idea to have written terms. We get into more details about borrowing money from family in this episode but don't become debt numb just because you are offered money at a low interest rate. Check out the show notes for this episode at https://www.whitecoatinvestor.com/

This episode is sponsored by the Origin Income Plus Fund, a diversified private real estate fund targeting a total annual return of 9 to 11%. Learn more by visiting www.originincomeplus.com/wci.

If you are a member of our private Facebook group, White Coat Investors, you'll know that we have been doing some Facebook live events there. Sometimes they are by myself and other times I bring on a sponsor and we answer your questions. If you want to interact with us live, face-to-face, and ask your questions, all you have to do is type them in as a comment, we'll answer your questions. It's like this podcast, except it's live. Become a member of the Facebook group at https://www.facebook.com/groups/whitecoatinvestors/ to participate in the next Facebook Live event.

Jun 20, 2019

Dr. David Draghinas is probably best known in this community for his podcast, Doctors Unbound, https://www.doctorsunbound.com/ where he shares inspiring stories about doctors doing extraordinary things. But in this interview I asked Dr. Draghinas about something extraordinary that he is doing. They converted one of their rental properties to a short term rental, then bought another luxury rental property, and rent both out as short term rentals through Airbnb and VRBO. These properties, managed by his wife, have done extremely well and they now consider themselves financially independent. To learn more about how to achieve FI through short term rentals listen to this episode as Dr. Draghinas shares what he has learned through this experience. Read the show notes at https://www.whitecoatinvestor.com/


Remember that the registration for the next Physician Wellness and Financial Literacy Conference, WCICON20, opens at 7pm MST on July 8th. Put the date in your calendar so you don't miss out on this opportunity.


Are you a member of the WCI Facebook group? We've been doing some Facebook Live events in the group where I've been answering your questions live. That has been a lot of fun so join that group if you haven't. https://www.facebook.com/groups/whitecoatinvestors/


I'd like to thank this episode's sponsor, Origin Investments. Private real estate is known for its stability and high returns, and Origin Investments has a great new fund that delivers both. The Origin IncomePlus fund is a diversified private real estate fund targeting the total annual return of nine to 11%, inclusive of 6% in annual distributions. Learn more by visiting www.originincomeplus.com/wci.

Jun 13, 2019

How does the US tax foreign investment income? Foreign income is taxed as ordinary income on your US tax return. No free lunch here, sorry. The places that are paying higher interest rates are generally expected to depreciate against the dollar. So should you invest in foreign currency trading? Listen to this episode to learn more. Find detailed show notes and links to everything discussed in this episode at https://www.whitecoatinvestor.com/

Remember registration for WCICon20 starts at 7:00 PM Mountain Time on Monday, July 8th.

This episode was sponsored by Set for Life Insurance. Set for Life clients have access to special services not available elsewhere in the industry like special discounts, gender-neutral policies, saving women significantly, priority underwriting handling, and on some occasions, exceptions in the underwriting process. For more information visit https://www.setforlifeinsurance.com/

Jun 6, 2019

Rick Ferri is a financial advisor and an accomplished author of 7 books related to investing. I consider him the heir apparent to Jack Bogle. In this interview we discuss passive investing and why you should be investing in index funds. As well as financial advisory fees and negotiating those fees with your advisor.

This episode is sponsored by Creighton University. Creighton University believes in equipping physicians for success in the exam room, the operating room, and the boardroom. If you want to sharpen your business acumen, deepen your leadership understanding, and earn your seat at the table, Creighton’s Executive Healthcare MBA is for you Specifically tailored to busy physicians, advanced clinicians, or working healthcare executives, our program blends the richness of on campus and the flexibility of online learning. Earn a Creighton University Executive MBA 18 months, 45 credit hours, and four, four-day on campus residencies. Learn in a deeply collaborative, peer to peer cohort, and elevate your expertise. Visit www.creighton.edu/CHEE to learn more.

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