What general market trends do we see during election seasons? What usually happens if a Republican president wins a second term? What usually happens if a Republican president were to lose to a Democrat? If the office were to change hands, what is the usual market trend during the lame duck period and also just after a new president takes office? More importantly what should you do with your portfolio based on these trends? We dive into this past market data in this episode, find some interesting trends, and give some warnings on what you should do.
Spoiler: Please don't make any huge changes to your investing plan based on how the election is going, what is in the political news, even what is in the economic news.
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. 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.
Practicing evidence-based medicine is important to physicians, looking at data and changing our practice according to it. Our guest in this episode, Larry Swedroe, has been a proponent of evidence-based investing for a long-time. His teachings have affected me over the years and certainly affected my portfolio construction. In this interview we talk about the limited data set in finance in comparison to other more scientific fields and how much we can rely on that retrospective data going forward. We discuss portfolio construction, alternative asset classes, recommended strategies for spending down assets in retirement, and investment mistakes smart investors make. Are you a smart investor? Find out in today’s 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. 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.
What does it take to become a millionaire? Hear the experiences of seven millionaires in this episode talk about how they did it. You may recall we did our first episode with physician millionaires the start of 2020. People loved hearing from these successful doctors and what they did to win financially, but they wanted more women represented. So all seven guests today are female, 6 physicians and an engineer. We talk about similar stuff to what we did last episode, how they did it, their mindset, what their money is invested in, but also discuss what it is like as a woman to have a career as a higher earner and be able to build wealth. Did their gender hold them back in that pursuit or not? What were their keys to success? What advice do they have for those who are a decade or two behind them, wondering, “can I, as a woman, become a millionaire still? If you go and look at the data, it is a pretty small percentage of physicians in their 60s that have a net worth more than $5 million. It is awesome to have several all in one episode to learn from. Enjoy!
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. 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.
What changes when you make partner? When you become a partner, you go from being an employee to being an owner. So, there are lots of financial changes. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ I'm a big fan of ownership and think generally becoming a partner is the right move for your career. There are more risks and hassle to being a partner but more rewards and profits as well. We discuss the advantages and responsibilities to becoming a partner in a practice including getting K-1s instead of W-2s, making quarterly estimated tax payments, writing off legitimate business expenses, paying for your own benefits and understanding retirement accounts available to you. In this episode listener questions are also answered about losing faith in long term market returns, being an accredited investor, value tilting your portfolio, what to do with your cash, tax gain harvesting, and the pro-rata rule.
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.
What is it like to practice medicine in Australia? Our guest in this episode walks us through the training and practicing of physicians in the land down under. We talk about what the medical system is like in Australia as well as how physicians are compensated. From time to time we bring doctors on the show from other countries, we've had a British physician and a doctor who trained in Venezuela on. It is fun to dive into the medical world of another country. Sometimes in the U.S. we get these almost blinders on and think we're the only country in the world. We don't really realize that there are a lot of lessons that could be learned from other countries, that we can really apply in our own lives to simplify both our medical system and our financial system. I think you will find this interview really interesting.
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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.