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.
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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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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/
If you’re like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
Main Website: https://www.whitecoatinvestor.com
YouTube: https://www.whitecoatinvestor.com/youtube
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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.
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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
Main Website: https://www.whitecoatinvestor.com
YouTube: https://www.whitecoatinvestor.com/youtube
Student Loan Advice: https://studentloanadvice.com
Facebook: https://www.facebook.com/thewhitecoatinvestor
Twitter: https://twitter.com/WCInvestor
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Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
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.
Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
Main Website: https://www.whitecoatinvestor.com
YouTube: https://www.whitecoatinvestor.com/youtube
Student Loan Advice: https://studentloanadvice.com
Facebook: https://www.facebook.com/thewhitecoatinvestor
Twitter: https://twitter.com/WCInvestor
Instagram: https://www.instagram.com/thewhitecoatinvestor
Subreddit: https://www.reddit.com/r/whitecoatinvestor
Online Courses: https://whitecoatinvestor.teachable.com
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
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/
Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
Main Website: https://www.whitecoatinvestor.com
YouTube: https://www.whitecoatinvestor.com/youtube
Student Loan Advice: https://studentloanadvice.com
Facebook: https://www.facebook.com/thewhitecoatinvestor
Twitter: https://twitter.com/WCInvestor
Instagram: https://www.instagram.com/thewhitecoatinvestor
Subreddit: https://www.reddit.com/r/whitecoatinvestor
Online Courses: https://whitecoatinvestor.teachable.com
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter