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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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Sep 17, 2020

I have been asked for several years if any doctors have received public service loan forgiveness. Public Service Loan Forgiveness first became available in 2007. Since it is a ten year program, the first eligible recipients would be in 2017 but for various reasons a lot of people aren't going to be eligible for it until 2021-2023. Mostly because the program was not very well known when it first came out, as the doctor will mention in this episode. But I am excited to bring two special guests on the podcast today. I have been waiting to have guests like this on for three years. In this episode I interview Mariko and Dan about their experience working through the PSLF program for ten years and their recent success of receiving forgiveness. We talk about their experience with the phone calls, documentation, and time they put into fixing all the mistakes made by their student loan servicers. They share tips for those following in their footsteps. If you are thinking about going for PSLF or are currently working towards it, this is a must listen to episode.

For the rest of you, we answer a couple of listener questions at the end about preferred stocks and Roth vs Traditional 401(k) contributions.

A lot of physicians have questions about locum tenens, and locumstory.com is the place for them to get real, unbiased answers to those questions, basic questions like, “What is locum tenens?” to more complex questions about pay ranges, taxes, various specialties, and how locum tenens works for PAs and NPs. And then there’s the big question: Is it right for you? Go to locumstory.com and get the answers.

Sep 10, 2020

When faced with making a decision you may find yourself with the inability to act due to overthinking the available alternatives and possible outcomes. This is commonly known as analysis paralysis. When you get analysis paralysis with finances, what often happens is you are so worried about making a mistake that you don't do anything at all. The more money you have, the worse this can be. When you don't make a choice to invest, you are making a choice. You're making a choice to invest in cash. If that is not the decision that you want to make, then you need to fix your paralysis. Leaving money sitting in an account earning close to nothing is not going to give you the same long term returns as investing in stocks, bonds, and real estate. Fixing analysis paralysis with your finances starts with having a written investment plan. We talk in more detail about that in this episode so you have a plan on what to do with your money.

Provider Solutions & Development is a community of experts dedicated to offering guidance and career coaching to physicians and clinicians throughout their entire job search. Whether you are looking to dive deeper into your specialty work, strive towards a healthier work-life balance, or a little bit of both, they can help find the right fit for you. Start the conversation today at www.psdrecruit.org/whitecoatinvestor.

Sep 3, 2020

In this episode we take a look at the financial life of a physician earning seven figures. I think it will be enlightening because you can compare and contrast your life and think about the things you can do better and the decisions and tradeoffs you've made over your career to be in a different place than our guest. I think there are a lot of lessons to learn from examining the finances of a financially successful physician. Tom and I discuss the role ownership of a practice has played in his financial success as well as employing other physicians and advance practice clinicians. We look at the decisions he has made about his payor mix and procedure mix. We talk about the role luck, talent, and hard work had on his success. Being a good negotiator has been important to his success. Of course when making this much money taxes are discussed and we can't ignore the real difference geographical arbitrage has on physician incomes.  With an income this high all of a sudden you can pay off your debts and reach most of your financial goals in just a few years. Then you face the issues of the wealthy-how much to give, identifying additional spending that will actually make you happier, worrying about estate taxes and asset protection, and trying to not ruin your kids. Though you might not be able to relate with this high of income, I think there are lessons to be learned from delving into the personal finances of a physician this successful. 

Sponsor

2020 is coming quickly to a close and, thank goodness because we could all use a silver lining. Now is the time to start thinking about whether your current tax plan is truly tax-efficient and keeping more of your hard-earned money in your pocket.  At Cerebral Tax Advisors   http://www.cerebraltaxadvisors.com/, they focus on all year PROACTIVE tax planning, and, as the spouse of a physician, their founder, Alexis Gallati, has over 18 years of experience using court-tested, IRS approved tax strategies to lower your effective tax rate and increase your wealth. She began Cerebral to help docs have a clear path to success through tax efficiency while eliminating surprises.  Her services are flat rate and she will show you your return on investment before you invest in Cerebral’s services.  With 2020 coming to a close NOW is the time to see if you are missing vital strategies in your tax plan. If you’d like to find out more or schedule a free consultation, visit their website or check out Alexis’ new book: Advanced Tax Planning for Medical Professionals.

Aug 27, 2020

Robinhood has been taking the investing world by storm the last few months. I thought it would be worth mentioning a few things about Robinhood on the podcast. Robinhood is just a brokerage account. It does have no commissions and allows you to buy fractional shares so it is convenient for people without a lot of money.  It has become a bit of a cultural phenomenon, particularly attracting young people who have never invested before. The problem is that it tends to inculcate people with a trader's mentality, making investing fun and exciting. Everything that good investing is not. There are dangers to Robinhood and this trader's mentality that I discuss in this episode to hopefully help you avoid the perils of day trading.

I also answer reader and listener questions about the finances of starting your own practice, whether it make sense to invest in bonds in a taxable account when you have a mortgage, making estimated tax payments as a W2 employee with 1099 income, what to do with a 401k when you leave your employer, and setting up an account to invest in real estate. 

 

This episode is sponsored by https://www.whitecoatinvestor.com/patternpodcast .  Shopping for disability insurance is complicated enough. Wondering if you are getting the right coverage, unbiased advice, along with the best prices and discounts can make the process even more overwhelming. Pattern   knows doctors have more important things to do than spend hours sorting through numerous insurance options. This is why thousands of White Coat Investor’s followers have trusted Pattern to help them compare and understand the disability insurance they are buying. Their online process is simple: First, request your quotes online. Second, compare your options and ask questions. And third, apply risk-free. Be confident you have the right policy at the best price. Request your disability insurance quotes with Pattern.

Aug 20, 2020

Our guest this week is one of my favorite writers. Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal.  His passion for finance and investing come through in his writing. I am intensely jealous when I look at his writing because of his talent. He is insightful and easy to read.  He takes complex and important topics and makes them simple to understand. We really dive into behavioral finance topics in this episode. My favorite piece of his was called The Psychology of Money and was the base for his new book coming out September 8th. It is filled with so many pearls that it should be required reading for humans. I pull a few of those pearls out today and discuss them. We talk about some of "the flaws, biases, and causes of bad behavior" he has seen often when people deal with money. Listen to the episode and go pre-order his book. It will almost surely be a best seller and definitely on my recommended reading list. 

Sponsor

Instead of helping 11 - 30 patients a day, what if you could affect exponentially more? In just 30 minutes, you can positively impact the patient journey, improve the development of medical devices, and influence emerging treatments. Join more than two million healthcare professionals around the world who take part in paid medical studies with M3 Global Research. You have a wealth of medical knowledge and experience that few others possess. Join M3 Global Research and help shape the future of healthcare. https://www.whitecoatinvestor.com/M3Global

Aug 13, 2020

Asset location is something that is completely missed by a lot of otherwise pretty financially sophisticated people. So I do a deep dive into this topic in today's episode before answering listener questions. Asset location is basically that process of dividing up your investments into your various accounts. Each of them have different issues and are taxed in a different way. This has some bearing on how your investments perform and which investments should be going into which of these various types of accounts.  Unfortunately it is a rather complicated discussion. There are some rules of thumb, but very few absolutes. However if you get this right, it can be worth a million dollars or more. So it is worth looking at, but perhaps not obsessing over. We go over six principles of asset location that you should be aware of in this episode as well as some basic tips that you should follow if you are trying to invest tax efficiently.

Listener questions that we discuss today include the new charitable deduction that came into being with the cares act, paying your spouse for working in your practice, SIPC insurance, how much is too much in assets, UGMA accounts, health insurance premiums, the positives and negatives of having your practice own your life insurance policy, tapping your retirement accounts to invest in real estate, and more.

 

Sponsor

A lot of physicians have questions about locum tenens, and locumstory.com http://whitecoatinvestor.com/locumstory is the place for them to get real, unbiased answers to those questions, basic questions like, “What is locum tenens?” to more complex questions about pay ranges, taxes, various specialties, and how locum tenens works for PAs and NPs. And then there’s the big question: Is it right for you? Go to locumstory.com and get the answers.

Aug 6, 2020

This is part 2 of the lively debate between Rick Ferri and Paul Merriman where we continue the discussion on the pros and cons of factor investing. See part 1 here https://www.whitecoatinvestor.com/rick-ferri-versus-paul-merriman-on-factor-investing-podcast-169/ They both are just a wealth of information and experience, plus their humility makes it all the more impressive in how much you can learn from them. It is fun to have a little bit of back and forth between them as they talk to each other about how they really feel about tilting your portfolio. We also delve into the 40 pages of questions that you sent into ask these men, talking about investing in gold, what to do about low bond returns, preferred stocks, and what they would do differently in their investing career if they could go back and do it again.

Sponsor

COVID has sent your finances into a tailspin. However there is a silver lining to the pandemic. It’s an amazing opportunity to take advantage of the change in your income or to start that new practice through PROACTIVE tax planning. As the spouse of a physician, Alexis Gallati has over 18 years of experience using the tax code to her advantage to keep more of what you earn. She began Cerebral http://www.cerebraltaxadvisors.com to help docs have a clear path to success through tax efficiency while eliminating surprises.  Her services are flat rate and she will show you the return on investment before you invest in Cerebral’s services.  If you’d like to find out more, visit Cerebral Tax Advisors or check out Alexis’ new book: “Advanced Tax Planning for Medical Professionals” on Amazon.

Jul 30, 2020

This episode we have Rick Ferri and Paul Merriman on the WCI podcast at the same time for a lively debate on the pros and cons of factor investing. These are two opinion leaders who have affected the investing views of literally millions of investors. When I told you I was bringing them on the show I received 40 pages of questions to ask them about asset classes, changing your asset allocation, small cap value and other factor investments as well as total market investing. We talk about the historical performance of these investments. We really delve into the details of factor investing and whether it is right for you. This may be an interview you need to listen to more than once, there is so much to learn from these giants in the industry. 

Sponsor

Guideline http://guideline.com/wci is a 401(k) provider on a mission to help people save as much as possible when saving for retirement. Their investment portfolios contain low-cost Vanguard funds which are automatically rebalanced to keep it diversified and on track for retirement. And the best part? No added AUM fees, which would typically take a chunk out of your retirement savings year after year after year. Check out Guideline.

Jul 23, 2020

Should you pull money out of retirement accounts or skip investing in retirement accounts in order to invest in real estate? No. With this pandemic and change in physician incomes, many have been looking at other sources of income outside their medical practice.  I worry when someone is being told to pull money out of their retirement accounts before they need to spend it in retirement or before required to by the government. I think you need to be a little bit worried anytime someone is recommending against something that is so beneficial to you, like retirement accounts are for doctors.  But I totally understand that real estate investing is really attractive to people. It is a great asset class with a lot of benefits. I never invested in real estate, outside of retirement accounts, until I had maxed out my retirement accounts. I recommend you do the same. In this episode I discuss why with the tax benefits, estate planning benefits and asset protection benefits provided you in retirement account contributions. But I also talk about what your other options are to still invest in real estate if you choose.

Does your business accept credit cards from patients? Do you think you are overpaying? You aren’t alone.. Merchant Cost Consulting https://www.whitecoatinvestor.com/merchant/ has the ability to reduce your credit card processing fees without switching your payment processor or management software. You keep everything you have in place and have the experts at Merchant Cost Consulting reduce your credit card processing fees to the bottom line. All you have to do is send over statements, receive an audit of the potential savings and let Merchant Cost Consulting reduce your fees. It's that simple.  For more information go to https://www.whitecoatinvestor.com/merchant/

Jul 16, 2020

You need a budget. Even for a high income earner a budget is a necessary tool. The higher your income, the simpler your budget might be. But the potential for positive impact is so much higher with a higher income. You want to be extremely intentional with your money because it can be really powerful. In this episode I interview Jesse Mecham, the founder of You Need a Budget, We talk about the budgeting philosophy behind the software and the four rules of budgeting. Some people might say the budgeting is just common sense, but yet so many people don't seem to be able to figure it out without some kind of help from an app like YNAB. They think that budgeting means dieting and it doesn't. It just means planning. They think budgeting means restriction, about spending less. Jesse tells us budgeting means you should spend guilt less. Enjoy this interview with a successful entrepreneur. Hopefully you will be inspired to get a budget in place!

Contract Diagnostics is a long-term advertiser with us here at WCI.  I love this company as they’ve helped thousands of WCI get a ‘fair shake’ when it comes to reviewing and understanding their employment contracts – its all they do there. All contracts are reviewed by an in-house attorney and presented in a simplified way back to you.  Their easy online signup, custom documentation, proprietary compensation data, as well as weekend and evening hours - they make it easy for your schedule.  All packages are flat priced so you know what you will pay upfront – residents and fellows can even make interest free payments over time.   So look them up – contractdiagnostics.com or 888-574-5526.  I've heard they are reviewing many 2022 agreements already.  Don't need a review?  They can just provide compensation data for your current position.

Jul 9, 2020

I love Vanguard. I think it is great to have a real mutual fund/brokerage company that is owned by the investors and run at cost. Their low costs and passive investing has done wonders for the investment industry. However, things are maybe not the same as they were years ago, as far as Vanguard and its competitors. Fidelity and Schwab are now competing with Vanguard on price by offering their index funds at a lower expense ratio. But is that a reason to move your assets away from Vanguard? I don't think so and I talk about why in this episode. But Vanguard has it's issues and I discuss those in this episode too. I think if they're not a little bit more careful, they may see that they really have serious competition for gathering assets.  

Sponsor

Guideline http://guideline.com/wci is a 401(k) provider on a mission to help people save as much as possible when saving for retirement. Their investment portfolios contain low-cost Vanguard funds which are automatically rebalanced to keep it diversified and on track for retirement. And the best part? No added AUM fees, which would typically take a chunk out of your retirement savings year after year after year. Check out Guideline.

Jul 2, 2020

Direct primary care has been described as revolutionizing primary care in medicine. Our guest in this episode is Dr. Aimee Ostick, a direct primary care physicianhttps://healthandhealingdpc.com/dr-ostick, who describes DPC as the impossible made simple. We talk about what direct primary care medicine is, how to transition a typical primary care practice into a direct primary care practice, and she shares her experience starting and running a DPC practice. I don't know if DPC is quite a revolution yet, but it certainly is the way I would be running my practice if I were a primary care doctor. We discuss the advantages of this model both for the physician and the patient as well as the potential challenges of starting and continuing a DPC practice. I think this model can work for many specialties and would love to see medicine transition to this more transparent way of practicing.

COVID has sent your finances into a tailspin. However there is a silver lining to the pandemic. It’s an amazing opportunity to take advantage of the change in your income or to start that new practice through PROACTIVE tax planning. As the spouse of a physician, Alexis Gallati has over 18 years of experience using the tax code to her advantage to keep more of what you earn. She began Cerebral http://www.cerebraltaxadvisors.com to help docs have a clear path to success through tax efficiency while eliminating surprises.  Her services are flat rate and she will show you the return on investment before you invest in Cerebral’s services.  If you’d like to find out more, visit Cerebral Tax Advisors or check out Alexis’ new book: Advanced Tax Planning for Medical Professionals on Amazon.

Jun 25, 2020

Maxing out your retirement accounts will make estate planning easier, give you better asset protection, you'll pay less in taxes, all while your investments grow. A tax protected retirement account provides all this for you, whether it is a tax deferred accounts like a 401(k)s or tax free accounts like Roth 401(k)s and Roth IRAs. Whichever one you choose to use, you are almost always better off than investing in a taxable account. We cover the downsides in this episode but they are not very big in comparison to the upsides of maxing out retirement accounts. These accounts are protected in case of bankruptcy. A 401(k) contribution gives you a tax break up front. You can rebalance within the account without a cost for buying and selling or a tax consequence.  And you will almost surely take that money out of the account at a lower tax rate than you put it in. It is important to understand that a tax deferred retirement account is your biggest tax break. I discuss the different types of retirement accounts in this episode as well as the contributions you can make to each of them. I cannot stress the importance of maxing out your retirement accounts enough.

I also answer listener questions about tax benefits of private real estate funds, why I recommended an independent agent for disability insurance, collecting on both individual and group disability policies,  how long you should continue your disability insurance policy, what to do with your money in residency, asset allocation, and adding small caps to your three fund portfolio.

Sponsor

Shopping for disability insurance is complicated enough. Wondering if you are getting the right coverage, unbiased advice, along with the best prices and discounts can make the process even more overwhelming. Pattern  https://www.whitecoatinvestor.com/patternpodcast knows doctors have more important things to do than spend hours sorting through numerous insurance options. This is why thousands of White Coat Investor’s followers have trusted Pattern to help them compare and understand the disability insurance they are buying. Their online process is simple: First, request your quotes online. Second, compare your options and ask questions. And third, apply risk-free. Be confident you have the right policy at the best price. Request your disability insurance quotes with Pattern.

Jun 18, 2020

If you are not financial independent you need to have a disability insurance policy in place. About one out of every five doctors over the course of their career uses a long-term disability policy. If you don't protect your income, what really is protected? It is really foundational to your financial plan. You need to have a policy in place that will replace a large portion of your income if you get disabled so you can continue moving forward with your plan. If you get disabled and you can't actually earn your income, then all of that effort you put into your financial plan goes out the window. I have been collecting disability questions from you for several weeks. I brought Matt Wiggins from Pattern Insurance www.whitecoatinvestor.com/pattern on this episode to help answer questions and give some additional information as an insurance agent. In this episode we talk about the three D's of disability insurance - definitions, discounts, and deadlines, pregnancy and disability insurance, the top insurance companies, how agents are paid, getting out of a bad policy, graded vs level premiums, and what riders may or may not be worth adding to your policy. If you don't have disability insurance you need to listen to this episode. If you aren't sure your policy is adequate, you need to listen. If you have a great policy in place, pass this episode on to a colleague, you probably know someone that needs the push to get this in place.

Sponsor

Where do you find room in your monthly budget for disability insurance when you also have large student loan payments due?  I recommend checking out Student Loan refinancing with Splash Financial at www.splashfinancial.com/whitecoat.  Refinancing with Splash can save you a lot of money. Their rates are at historic lows, with June fixed rates as low as 2.88%.  Splash also offers special refinancing to residents and fellows AND a cash bonus for eligible White Coat listeners.  There is no cost to refinance your student loans.  Go to splashfinancial.com/whitecoat today to see how much you can save.

Jun 11, 2020

Do doctors need a side gig? No. But it certainly can ease the stress that comes from changes in your physician income beyond your control, like with this pandemic. But living like a resident, saving and investing appropriately can also do that. I think each of us needs to find a balance and realize that if you will carve out a chunk of your income and invest it in some reasonable way, you'll be okay. Doctors make enough money that if they will just manage the money well, they don't need a side income. But it never hurts to have a little bit of side income if that is something that interests you.  Besides discussing the necessity of side gigs in this episode I also answer listener questions about where to put your PSLF side fund, what asset allocation to have in your 457 account, whether my opinion on the use of bonds has changed given recent market events, and should you be interested in a side gig, how to pay yourself from that money. 

 

Gain the expertise to manage the business of medicine with the Physicians Executive MBA at Auburn University’s Harbert College of Business. Our flexible physicians-only program lets you earn your MBA without taking you away from your patients. Tailored to the practicing physician, Auburn’s Physicians Executive MBA program is currently enrolling for Fall 2020. Auburn’s unique twenty-one-month program blends innovative distance learning with five short on-campus residencies. Take control of your future during these challenging times. Learn more at auburn-pemba.com

Jun 4, 2020

What is it like to train and practice medicine in Venezuela? Dr. Postalian emailed me a while ago saying, “if you are interested in learning about medicine in a completely crazy and destroyed economy like Venezuela, let me know." See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ We have talked about medicine and finance in other countries, but they're usually very developed countries. I thought it would be interesting to talk a little bit about growing up and training for medicine and particularly finances in a mixed economy like Venezuela. Besides discussing what it is like to train and practice medicine in Venezuela we talk about hyperinflation. Hyperinflation is devastating to live through, but academically very interesting. Most of us have never lived in a country that experienced any sort of hyperinflation. We discuss how that affected his physician parents, their incomes and savings. How does that experience affect his investing strategy now? Venezuela was doing great, best economy in Latin America, bright future and everything, but it fell apart. Dr. Postalian reminds us not to take anything for granted.

This podcast is sponsored by ERE Healthcare Real Estate Advisors http://ereadv.com/white-coat-investor/. Collin Hart, CEO of ERE, has been a guest on my show and specializes in representing leading physician groups in structuring sale and leaseback transactions on their clinical and surgical center real estate. ERE is a real estate brokerage, but takes an advisory approach, expertly positioning their clients for a real estate sale as part of succession planning surrounding their practice real estate investment.  If you're contemplating a partnership with a hospital, health system, or private equity, understanding certain real estate principles can help ensure that you maximize the value and security of your real estate.  You can learn more about ERE on their website or you can reach Collin directly at collin.hart@ereadv.com or call him at (702) 839-8737.

May 28, 2020

Which states are best for real estate investing? This is like asking which investment is best. You can really only know in retrospect and it'll depend on how things perform over the next 10-30 years. But there are a few things to know that would probably help. I discuss those in this episode as well as list the states that typically make the top of that list. But personally, if I was going to buy a rental property, I think the best place is down the street. It is easy to check on and you can fix the small things yourself without hiring a professional. If you want to invest in real estate outside of your state I think the best way to do that is through syndications or private real estate funds.

I also answer many listener questions in this episode about investing in a Roth or a tax deferred 401(k), what to do if you income goes up, mortgage forbearance, tax loss harvesting, multiple 401 (k) rules, small practice retirement plans, paye vs repaye, mega backdoor Roth contributions, keogh plans, and more. Lots of listener questions answered in this episode. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/

Sponsor

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He is very responsive to me and to readers having any sort of an issue, so it is no surprise that I get great feedback about him from our readers and listeners. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100. Just get it done!

May 21, 2020

Financial infidelity can mean many things. I have talked for a long time about the important of being on the same page financially with your spouse. It is so important to be open with each other as far as your finances go. If you are not doing this together, you are almost surely not going to be successful. For this show I have a guest that shares her story of financial infidelity, a spouse who was hiding a gambling addiction. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/. She wanted to come on the show to share her experience so that others in similar situation would not feel so isolated. A lack of support when faced with a spouse with an addiction can be a big obstacle to getting help. She shares her story along with resources where you can turn for help if you are dealing with addiction in your family. We also discussed what she did to protect herself financially, and in her recovery, so that she can thrive after a worst-case financial scenario like she experienced. I would hope that no other listeners and readers are going through something as difficult as this, but as we discussed in this episode, it is unfortunately more common than we think. Hopefully this show can reach those who could benefit from hearing this doctor's experience.

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He is very responsive to me and to readers having any sort of an issue, so it is no surprise that I get great feedback about him from our readers and listeners. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100. Just get it done!

May 14, 2020

If you want to retire early, which specialty would be best to go into? Let's get one thing straight from the beginning, medicine is not a great option for FIRE in the first place. With the long years in training, you won't even start making significant money until your mid thirties with $300-400K in student loan debt. Traditional FIRE at 30 or 35 like all these FIRE blogs talk about is not possible in that situation. So if your goal is to retire early, medicine is probably not the right place for you. Not to mention if you are a medical student with this question, there is probably an issue with the career you chose. Maybe you should be thinking about getting out of medicine into a career you’ll be happier in long term. But I do answer this question in this episode even so. Shorter residencies do get you to attending income sooner but those also tend to be on the lower end of salaries for physicians. It may not make sense to choose a specialty with a shorter residency if you will be paid significantly less each year afterwards. In this show I share which specialty I think is best for retiring early and why. I also answer listener questions about buying a home while in the military, timing the market, being over leveraged in your real estate investments, disability insurance for military doctors, tax loss harvesting, and more. I also bring on a guest for a few minutes, Ryan Inman from Financial Residency Podcast and Physician Wealth Services to answer a couple of listener questions about rebalancing and investing on the fixed income side. Lots of your questions answered in this episode!

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He is very responsive to me and to readers having any sort of an issue, so it is no surprise that I get great feedback about him from our readers and listeners. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100. Just get it done!

May 7, 2020

What should a physician or dentist who wishes to sell their practice know about the process? What mistakes do doctors make in this transaction? What strategies can doctors use at the time of sale? These are the questions we answer during this interview with Kyle Rudduck, CFA, CFP of Constellation Wealth Management. Kyle spent the early years of his career working with consulting firms that focused on the healthcare sector with buyers and sellers of medical practices.  He describes the practice valuation process in this episode and we discuss the range of multiples on EBITDA for a practice, how to minimize the tax cut when you sell, as well as what can be done in the years prior to the sale to increase the value of a practice. He talks about how a sale typically affects employees, and how a sale is different than a merger. We discuss how often doctors regret selling their practice to a hospital, private equity group, or other entity. This can be a huge transaction that you will probably only do once in your lifetime. You want it to go as successfully as possible. This episode will help you navigate the process.

This episode's sponsor, ERE Healthcare Real Estate Advisors, can also help in this transaction, if there is real estate involved. Collin Hart, CEO of ERE, has been a guest on The White Coat Investor show, and specializes in representing leading physician groups in structuring sale and leaseback transactions on their clinical and surgical center real estate. ERE is a real estate brokerage, but takes an advisory approach, expertly positioning their clients for a real estate sale as part of succession planning surrounding their practice real estate investment.  If you're contemplating a partnership with a hospital, health system, or private equity, understanding certain real estate principles can help ensure that you maximize the value and security of your real estate.  You can learn more about ERE on their website, or you can reach Collin directly at collin.hart@ereadv.com or call him at (702) 839-8737.

Apr 30, 2020

During this pandemic many physicians have seen their income dramatically lowered. What can you do when you are faced with a severe pay cut? We have a guest on this show who is dealing with that right now, having lost 50% of his income. I walk him through what can be done in this situation. Getting on a budget and cutting out any discretionary spending is the place to start. Putting your private loans on forbearance may be necessary. Stop investing. You really need the cash at this point especially if you don't have an emergency fund. The less you spend the longer you can go. Start looking around for other work. Whether you realize it or not, you're in a negotiation right now with your employer. They are trying to decide how little can they pay you and not have you leave but also without them going out of business. Now is the time to be the team player so you are the last guy cut and the first guy hired back. If this is you situation, we get into more details in this episode. so give it a listen and hopefully it will help. We also answer listener questions about investing in real estate during the pandemic, mortgage forbearance, backdoor Roth IRAs, tax loss harvesting, and more. This episode is all about the questions you and your colleagues need answered right now.

Contract Diagnostics 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 all they do there. All contracts are reviewed by an in-house attorney and presented in a simplified way back to you.  Using simple online signup, custom documentation, compensation data, as well as weekend and evening hours 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.   So look them up – contractdiagnostics.com or 888-574-5526.

Apr 23, 2020

My risk for an above policy limit malpractice judgment is one in 20,000. A listener asked me how I came up with that number as he is in a different specialty and wanted to figure out what his risk is. In this episode I share where to find the numbers to figure out your risk for being sued above the policy limits. But the truth is the vast majority of above policy limit judgments are reduced on appeal to policy limits. If you are worried about an above policy limit judgment realize that it is possible but the chances are pretty low. If this is something you worry about, listening to this episode will help calm that fear. If this isn't something that worries you, we also cover other listener questions in this episode. I address whether to investor or pay off debt during this bear market, shopping for disability insurance, what to do with a 457 from an old employer, starting a side gig, variable withdrawal rates, HSAs, and my experience owning single stocks. If you have questions you want answered on the podcast you can record them at https://www.speakpipe.com/whitecoatinvestor

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. They are an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. They specialize in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He is very responsive to me and to readers having any sort of an issue, so it is no surprise that I get great feedback about him from our readers and listeners. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100. Just get it done!

Apr 16, 2020

You are going to face many bear markets in your investing career. Having an action plan to survive a bear market is critical. I go over an important list of things to do in a bear market and things to not do in a bear market in this episode. Things like don't sell at the lows, stay the course, following your investing plan, and have a cash reserve on hand. You want to be a long term stock market investor. You don't need this money next month, next year, or even in the next decade. Don't act like you do.  All bear markets come to an end and stocks recover eventually. In some respects, this one is a little bit different from other bear markets in that it involves a pandemic. I have a little bit of advice for you specific to this bear market as well in this episode. Your mortality may be a little higher, your income a little lower, and you have more time on your hands. I address what to do for all of those things as well. I think this show will be helpful to you right now. Soon we will be out of this. Maybe it is next month, maybe it is three years from now. I don't know, but this too shall pass.

You’ve built a career on providing quality patient care where it’s needed most, and locum tenens can connect you with opportunities to help the nation’s hospitals through this crisis. Not sure where to start? Locumstory.com is the place where you can get real, unbiased answers. From basic questions like, “What is locum tenens?” to more complex questions about pay ranges, taxes, various specialties, and how locum tenens works for PAs and NPs. Go to locumstory.com and get the answers.

Apr 9, 2020

Tax loss harvesting is an important topic, especially right now. If you have been hemorrhaging money in the markets, like most of us have, you may want to do some tax loss harvesting.
This a great way in which you can get Uncle Sam to share the pain of your losses in a taxable or a non-qualified or brokerage accounts. Why is tax loss harvesting useful? You can take up to $3,000 per year in capital losses and offset your ordinary income with that loss. So it lowers your tax bill. Any other losses are placed against your capital gains so you can use them in any limit, not just $3,000 a year, but hundreds of thousands of dollars a year if you want, toward any capital gains taxes you owe. If you don't use all of the losses in one year, you get to carry them forward and you can carry them forward for years and years. Thanks to the recent bear market I now have hundreds of thousands of dollars in tax losses. In this episode I talk about what I can do with those loses. In a lot of ways you are just deferring taxes when you do tax loss harvesting. But there are times when that is really helpful and we get into that in this episode. I also answer a listener question about tax loss harvesting ETFs vs. mutual funds.  If you have a taxable account, this will be a useful episode for you to listen to. Even if you don't I answer other listener questions about growth stock mutual funds, Roth conversions, PSLF, backdoor Roth IRAs, investing in bonds vs stocks, charitable contributions, your asset allocation in a bear market, glide paths, and bond tents.

Sponsor

This episode is sponsored by Bob Bhayani at drdisabilityquotes.com. Bob is a truly independent provider of disability insurance planning solutions to the medical community nationwide and a longtime WCI sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He has been extraordinarily responsive to me anytime any reader has any sort of an issue, so it was no surprise to get this feedback about him recently from a reader.

"Bob was generous enough to come speak to us in our residency last week. Bob was knowledgeable, straightforward, and answered all of our questions. I wouldn't hesitate to recommend him to anyone and his place on your recommended page is well deserved."

If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven't gotten around to getting this critical insurance in place, contact Bob Bhayani at drdisabilityquotes.com today by email, at info@drdisabilityquotes.com, or by calling (973) 771-9100.

Apr 2, 2020

With medical school classes now having slightly more women than men, more physicians are or will be juggling the challenge of being a professional and a mother. Figuring out the work-life balance can be difficult. Fortunately women physicians have some great role models to look to. One of those is Dr. Barbara Hamilton, also known as Tired Superheroine https://tiredsuperheroine.com/  our guest in this episode. We discuss her experience in the field of interventional radiology as a female physician, a field where women still make up a small percentage. Dr. Hamilton is trying to change that by educating early career doctors on the benefits of choosing specialties currently dominated by male physicians. In this episode we discuss her mentoring work, what it is like to be in a male dominated specialty, negotiating your salary in that environment, finding life balance as a professional and mother, dealing with childcare, and financial empowerment. 6 years out of training she has crossed over into the millionaire status. I am in awe of everything she has accomplished and I think you will be as well after listening to this interview. If you need inspiration that you can do it, this episode will help! 

Sponsor

This podcast is sponsored by ERE Healthcare Real Estate Advisors.  http://ereadv.com/white-coat-investor/ Collin Hart, CEO of ERE, has been a guest on The White Coat Investor show, and specializes in representing leading physician groups, and structuring sale and leaseback transactions on their clinical and surgical center real estate. ERE is a real estate brokerage but takes an advisory approach, expertly positioning their clients for a real estate sale as part of succession planning surrounding their practice real estate investment. If you own your practice or ASC real estate and are interested in maximizing its value, or are considering partnering with private equity, retaining expert guidance on lease structuring may be a prudent financial move. You can learn more about ERE on their website or you can reach Collin directly at collin.hart@ereadv.com or call him at (702) 839-8737.

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