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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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Now displaying: Page 6
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.

Mar 26, 2020

Choosing which charities to give to is important. It takes just as much effort to give well as it does to earn, save, invest and spend well. We all know that some charities are better than others so how do you choose a charity to give to? What should you look for in that charity? For me, the most important thing is to to begin with choosing a cause that you want to support. Once you know the cause you want to to support, there are resources to identify the best charities for that cause. See the show notes at https://www.whitecoatinvestor.com/classic-blog/ for links to the resources.  In this episode we discuss how to pick a charity to donate your money to as well as using a donor advised fund and donating shares to charity. Besides charitable giving, we answer listener questions about getting disability and life insurance outside of the United States, asset location, how to balance Roth conversions against ACA subsidies, PLLC vs LLC, resources to use for budgeting, and more.

This episode is sponsored by Laurel Road https://www.whitecoatinvestor.com/laurelroad has helped thousands of medical professionals across the country refinance federal and private school loans. In addition to offering a $300 bonus for WCI readers and listeners who refinance student loans with Laurel Road, Laurel Road also offers those in residency or fellowship the ability to make reduced payments throughout their training and up to six months after. Terms and conditions apply. For more information and to submit an application, simply visit Laurel Roadhttps://www.whitecoatinvestor.com/laurelroad

Mar 19, 2020

Medical school classes now have slightly more women than men. In today's episode we talk a little bit about what that means, both for male and female doctors, for employers, and for patients. We cover some controversial topics that typically I only talk about with this week's guest privately, but Dr. Nisha Mehta of Physician Side Gigs and I delve into the demographic changes that we are seeing in medicine and the issues women physicians are facing. Whether you are a male or female physician you will finish this episode with the confidence to be an advocate for yourself and your family. You can have a life in medicine that works for you. Nothing is impossible. We talk about how to make that happen in this episode.

Have you ever considered a different way of practicing medicine? Whether you are burned out, need a change of pace, or want to see the world, locum tenens might be that option for you. Not sure where to start? Locumstory.com is the place where you can get real, unbiased answers to your questions. They answer 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.

Mar 12, 2020

Should you try to time the market? No! Why? Because it is very hard to do well over the long term and it introduces significant transaction costs to the equation. Beginner investors have trouble staying the course in market downturns but I've noticed that what I call intermediate investors, people who have learned a thing or two about investing, become fearful at market highs and want to sell when the market is at new highs. What they don't realize is that the market is usually at new highs because it is usually going up. You are much better off setting a static asset allocation of a reasonable mix of stocks, bonds and or real estate and rebalancing back to it each year. That way you hold your risk constant, and when the inevitable downturn comes, because it's going to come, you can simply rebalance back to your percentages. That forces you to sell high and buy low because you're selling what did well in the recent past and buying what did poorly in the recent past to get back to your plan percentages, your planned asset allocation.  If you look back at market history, you will see that on average, we see a market correction, a drop of 10% or more in the stock market about once a year. So if you're investing career is 60 years, 30 years while you're working, 30 years in retirement, you're going to see about 60 10% drops in the market. So this is not something that's unusual or something that's rare. This is something you should be planning for. 

Sponsor

This episode is brought to you by 37th Parallel Properties https://www.whitecoatinvestor.com/37parallel There is a substantial body of evidence supporting commercial real estate investing. Through the years, as I gained a deeper understanding of the asset class, I added more and more to my portfolio. But, unless you want to manage it yourself, the real trick is to find a trusted investment sponsor. As one of the good guys in the industry, 37th Parallel Properties is a partner I trust. They’ve been around for more than ten years and still maintain a 100% profitable track record with clear reporting, and excellent educational content. Many of my readers have invested with 37th Parallel, and so have I. I’ve been happy with my investment and they now have a diversified multifamily fund available. So if you’d like to check them out, hop on over to 37th Parallel Properties.

Mar 5, 2020

Life balance is an important topic as we address physician wellness in the medical community. Why is it so hard for high-income professionals to find balance in their lives? Most of us are striving to do so as we juggle busy careers, family responsibilities, and personal pursuits but it is challenging. Our guest this episode is Dr. Dawn Baker who blogs at PracticeBalance https://practicebalance.com/ . She became interested in writing about wellness when she experienced a major health crisis during residency training. In this episode we discuss what doctors, that feel their lives are unbalanced, can do to change that. Many of us want to do it all but will we be happy trying to do it all or would it be better if we figured out what is most important to us? After interviewing Dr. Baker I feel like I want to hire her as my life coach! Dawn will be a speaker at the WCI Conference next week speaking about how self-knowledge is the key to managing physical and financial health. If you'll be at the conference you don't want to miss her talk. If you are not attending, you will be able to buy the video version of the conference in the next couple of weeks. Her blog name, Practice Balance, is a good reminder that finding balance is a continuous practice that everyone can be engaged in to live a healthy, happy life. You'll find lots of helpful suggestions for practicing balance in your life listening to this episode. 

Sponsor

This episode is sponsored by Set for Life Insurancehttps://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.

Feb 27, 2020

All of us can become a finance buffs if we are willing to put in the time to learn. Our guest in this episode is proof of that and is a bit of an of an idol of mine. Harry Sit has been blogging at The Finance Buff https://thefinancebuff.com/ for 13 years. When I was considering getting into blogging, I decided to reach out to the only two people I knew who had financial blogs, Mike Piper, who blogs at The Oblivious Investor and Harry Sit. I asked them what they thought about me getting into blogging as a business in the niche of reaching doctors. They were both very encouraging and gave me a couple of quick tips that really got me off the ground and running which I am very grateful. 

Harry Sit and his wife are immigrants who came to the US in their 20s with just a few hundred dollars in their pockets. Now they are financially independent in their 40s. When they first came they didn't know how the financial system worked in this country and had to learn everything from how a checking account worked to doing a tax return. His first job after graduate school was in an employee benefits department for a large company. Part of his job was to present the company benefits to the new hires. He had to learn how a pension worked, how 401(k) worked, how the mutual funds in the 401(k) worked, and even what are mutual funds. Since that time he has developed an uncommonly in-depth understanding of the tax code and particularly retirement accounts. His message is really that all of us can become a finance buffs if we are willing to put in the time to learn.  He will be a key note speaker at the WCI Conference in a couple of weeks, speaking about how to legally lower your taxes. If you aren't attending the conference you will be able to buy the videos and watch that talk. In this episode we discuss retirement accounts, getting financial advice, mistakes investors make, and more.

 

Laurel Road  https://www.whitecoatinvestor.com/a/laurelroad has helped thousands of medical professionals across the country refinance federal and private school loans. In addition to offering a $300 bonus for WCI readers and listeners who refinance student loans with Laurel Road, Laurel Road also offers those in residency or fellowship the ability to make reduced payments throughout their training and up to six months after. Terms and conditions apply. For more information and to submit an application, simply visit Laurel Road.

Feb 20, 2020

The 5-year rule for Roth IRA Conversions can be confusing because there are two 5-year rules regarding Roth IRAs. We discuss the difference between them in this episode. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ . The first five year rule applies to Roth IRA contributions and determines whether the earnings will be tax free. The second rule applies to Roth conversions and applies to whether or not the principal that was converted will be penalty free when it comes out. In the case of conversions each conversion amount actually has its own five year time period. With multiple conversions, there may be multiple different five year periods underway at once. When withdrawals occur from the conversion amounts, they're deemed to come out on a first in first out basis, so that means that the oldest conversions, the ones most likely to have finished their five year requirement, come out first, and the most recent conversions come out last. We discuss in this episode why the rule is set up this way and how it will affect your retirement planning. We also answer listener questions about Roth vs Traditional 401(k) contributions, employers contributing to a different HSA for you, buying into a practice and losing your solo 401(k), defined benefit plans, how much cash to keep on hand, NNN properties, and why every solo 401k or SEP IRA isn't self-directed?


Have you ever considered a different way of practicing medicine? Whether you are burned out, need a change of pace, or want to see the world, locum tenens might be that option for you. Not sure where to start? Locumstory.com https://www.whitecoatinvestor.com/locumstory is the place where you can get real, unbiased answers to your questions. They answer 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.

Feb 13, 2020

In this episode we are looking at faith, family, and finances through the lens of medicine. Fahd Ahmad, also know as Rogue Dad, M.D. is our guest. See the full show notes and transcription at https://www.whitecoatinvestor.com/classic-blog/. Three years ago the concept of Rogue Dad, M.D. originated as an anonymous, creative outlet born out a desire Dr. Ahmad had to express himself when he was frustrated and dismayed by the presidential election of 2016. We don't delve into politics too much in this episode but as a Muslim son of immigrants, he felt very frustrated, worried, and upset, and wanted an outlet to talk about that. I first met Fahd at the WCI Conference in March 2018 in Park City where he was on a blogger panel. I was so impressed with his presence on stage that I thought he would make for a great keynote speakermat the next White Coat Investor conference. I'm excited about the topic he will speak on at our conference. I think it is an important one, a really significant contributor to burnout. He will be discussing second victim syndrome. We talk about second victim syndrome in this episode a bit but for those of you who are coming to the conference, make sure you catch his talk and for those of you who aren't coming to the conference, you will be able to buy the conference videos afterward and watch the talk in it's entirety.

Mortgages, college planning, owning an independent practice...financial planning is tricky. Luckily, you don’t have to do it alone. Zoe Financial Certified Advisors http://zoefin.com/white-coat are independent, commission-free financial advisors who have been vetted and will work holistically with you. A Zoe advisor makes sure you have a financial plan that perfectly suits your unique situation. Ready to learn more? Visit Zoefin.com. One client said, "I met my wonderful wife of 10-years through an online matching service, so when I heard about, Zoe, a service that could connect me with a great independent, commission-free financial advisors in my neighborhood, with the click of a button- I was in! Zoe Financial’s due diligence and matching process helped me find an advisor with the right plan for our family’s financial future. Visit Zoefin.com to learn more.

Feb 6, 2020

The question often comes up about sending money to or receiving money from India. It turns out international gifts of money are not that complicated but there are a couple of issues to pay attention to like gift taxes, which is directly connected to estate taxes, and expatriation issues. We talk in more specifics about making international monetary gifts in this episode as well as how to invest large sums of money gifted to you. This situation won't apply to everyone I know so we answer many listener questions in this episode as well. We address questions on captive insurance, asset protection, using tax deferred 401k vs a Roth 401k, several questions on 529 accounts, buying disability insurance when also growing your family, non qualified compensation plans, backdoor Roth IRAs with an inherited traditional IRA, and a couple questions about REPAYE and being married. See the show notes and full transcription at https://www.whitecoatinvestor.com/classic-blog/

Sponsor
This podcast is sponsored by ERE Healthcare Real Estate Advisors. http://ereadv.com/ . 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 http://ereadv.com/ or you can reach Collin directly at collin.hart@ereadv.com or call him at (702) 839-8737

Jan 30, 2020

Managing your medical school loans is one of the most important first financial steps that a medical school student or resident needs to take care of. You need to have a student loan plan of action. Our guest today, Ben White, from https://www.benwhite.com/, wrote what I consider to be THE book on student loan management, called Medical Student Loans: A Comprehensive Guide, (get it for free at https://www.benwhite.com/studentloans/. When he started thinking and writing all about medical school loans there just was not that much information out there. He understands some of the history behind medical school loans, how things have changed, and has suggestions for how to handle the changes that could come in the future. He considers student loans to be a "gateway drug for personal finance education." For a lot of students, the moment that the monopoly money becomes real is the first time they have really been forced to confront these issues. We talk all about medical school loans in this episode. If you still have loans or work with students or residents that do, this is a an episode you don't want to miss. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/

This episode is brought to you by 37th Parallel Properties. https://www.whitecoatinvestor.com/37parallel There is a substantial body of evidence supporting commercial real estate investing. Through the years, as I gained a deeper understanding of the asset class, I added more and more to my portfolio. But, unless you want to manage it yourself, the real trick is to find a trusted investment sponsor. As one of the good guys in the industry, 37th Parallel Properties is a partner I trust. They’ve been around for more than ten years and still maintain a 100% profitable track record with clear reporting, and excellent educational content. Many of my readers have invested with 37th Parallel, and so have I. I’ve been happy with my investment and they now have a diversified multifamily fund available. So if you’d like to check them out, hop on over to 37th Parallel Properties.

Jan 23, 2020

Should you raid your Roth IRA to pay off your student loans? No, I think raiding your Roth IRA for any reason is a bad decision. You only get so much Roth space in your life. Raiding the Roth IRA for anything except retirement is not a good idea because that money is compounding tax-free for years, and the longer you let it do that, the more valuable that benefit becomes. But the Roth IRA has other benefits too. It is great for estate planning. Even with the recent changes in the estate tax laws, you can still stretch a Roth IRA for 10 years after you die. So basically it can double in value before anyone has to take anything out of it. Plus you can name a beneficiary for it, so rather than having to wait for it to go through a will and go through probate and become public, it just goes straight to the beneficiary. It is also very good in almost every state for asset protection. Money in retirement accounts is generally not touchable in the event of an above policy limits judgment that isn't reduced on appeal. That is another great reason not to raid your Roth IRA, especially to pay off a loan that goes away when you die. We discuss this question of raiding your Roth IRA in more depth in this episode as well as discuss the state of this podcast in the last year including the best and worst episodes we've put out and a long rant on podcast guests and questions. Leave your comments about this episode at https://www.whitecoatinvestor.com/classic-blog/ 

This podcast is sponsored by one of my favorite partner companies, Earnest https://www.whitecoatinvestor.com/earnest  You can 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. Now, obviously, the shorter your term, the lower your interest rate. They're not going to pass you off to a third party servicer. They're not going to penalize you for making any of your payments early. Plus, your family's protected with loan forgiveness in the event of your death. Similar to the federal student loan programs, but obviously with a much better interest rate. You can refinance anything from $5,000 to $500,000 which is a much wider range than most of these companies offer. So check out earnest today at www.whitecoatinvestor.com/earnest You get 500$ cash back when you refinance.

Jan 16, 2020

This episode we discuss advantages and disadvantages of investing in private real estate access funds. What are the advantages of access funds over syndicated real estate deals? How much of your portfolio should be invested in private real estate funds? These are the types of questions that we discuss in this episode with Alan Donenfeld, founder of CityVest. https://www.whitecoatinvestor.com/cityvestarixa

Regular readers and listeners will know that I have been investing more and more in real estate the last few years. I am not a big fan of owning direct real estate and all the hassle that goes with that. But real estate can be a great addition to your portfolio. Most of the private real estate funds require an initial investment of $250K+. That is not feasible for most physicians, not to mention people typically want to dip their foot into real estate funds with a smaller amount of money. The big value of access funds is they provide you an opportunity to invest in private real estate by providing access at a decreased minimum amount. For those interested in investing in real estate this can be a great oppoortunity.

If you want to hear more about these types of investments that are discussed in this podcast, make sure you are signed up for the White Coat Investor newsletter https://www.whitecoatinvestor.com/free-monthly-newsletter/. You may already be part of our newsletter, but you may not be signed up for this Special Real Estate Opportunities list. It is totally free. You can opt out at any time. I'm not going to spam you. If you notice in any email I send you there is a real estate opportunities newsletter at the bottom that you can add. If you want to hear about these sorts of investments, I'll send you details as soon as I hear about them, so you can be one of the first to know.

Sponsor
This podcast is sponsored by Bob Bhayani at https://drdisabilityquotes.com/ 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!

Jan 9, 2020

As you become more financially literate, you realize all the financial mistakes that you were making. Some of those mistakes are more challenging to fix than others. This is particularly true within your taxable accounts. In this episode we help a couple of readers solve their financial mistakes by getting out of poor investments, like expensive mutual funds and individual stocks. We talk about whether it is worth it and what it will cost you and ways to lower that cost. You can view the full show notes and transcription here https://www.whitecoatinvestor.com/classic-blog/ We play a bit of catch up with listener speakpipe questions (you can record your questions here https://www.speakpipe.com/whitecoatinvestor). Questions in this episode include: the 199 deduction for S Corps, contract negotiation from the employer side, disability insurance from Principal, strategies to avoid exit taxes if leaving the USA, value vs growth funds, joining a private equity group, recharacterizing Roth IRA contributions, Roth IRAs for your children, and paying down your mortgage as a PSLF side fund.

This podcast sponsor is Earnest, https://www.whitecoatinvestor.com/earnest , 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 or 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 will always be protected with loan forgiveness in cases of death or dismemberment. The minimum amount to refinance is $5,000 and the maximum is $500,000. 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. I would encourage you to take that $500, put it towards your loans, and pay them down a little bit faster.

Jan 2, 2020

It is possible for you to retire a millionaire. In this episode I interview 7 of your colleagues who have become millionaires before retirement. They share how they did it and what advice they have for you. See the full transcription at https://www.whitecoatinvestor.com/classic-blog/ They are dentists and physicians in varying specialties. People just like you. In 5-30 years they have built a net worth off 1 to 5.5 million dollars on incomes ranging from 80K-1 million annually. Some had six figure student loan debt upon leaving training. None received a big inheritance. Some are business owners. Most invest in real estate. All of them had a plan. You need a plan in order to become a millionaire. Listen to this episode to learn how to create your plan, how these doctors became millionaires, and how you can too.

This podcast was sponsored by Pattern Financial Consultancy https://whitecoatinvestor.com/pattern. Pattern is the company behind Matt Wiggins. 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's talking about and he 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 can't 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.

Dec 26, 2019

There is a huge issue with student loans in our country today. I think it is currently at $1.7 trillion. That is almost half of the annual federal budget. One out of six Americans over the age of 18 have student loans. We have discussed many times on the blog and podcast the huge student loan burdens that physicians and dentists are dealing with. In this episode I interview Travis Hornsby, a student loan expert at https://www.studentloanplanner.com/wci. We have a great discussions about unique ways to manage your student loans and techniques that you have probably not heard of before. We talk about who needs to seek out formal student loan advice and who probably doesn't. Managing your student loans takes into account retirement contributions and how you file your taxes. It can be very complicated and advice from the professionals at https://www.whitecoatinvestor.com/student-loan-advice/ is just a few hundred dollars but can likely likely save you thousands of dollars in interest and other costs associated with your loan. Listen to this episode to learn techniques for managing your loans and to better understand whether you need to seek professional advice for your student loan burden.

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!

Dec 19, 2019

We want to inspire you to crush your student loans. One of the worst parts of being a doctor, dentist, or attorney is this massive student loan burden that you have to build your early financial life around. When I speak to groups of residents or medical students, almost all the questions are about student loans and student loan management. In this episode we interview 6 listener who have paid off their 100K+ student loan debt burden in less than 5 years. They did it with a range of incomes and amounts of student loan debt but you will notice some similar themes throughout the interviews. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/

This podcast 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!

Dec 12, 2019

There are non-qualified stock options and incentive stock options. They are each taxed very differently. A listener joined a startup and was offered shares of stock in the company. If his company is acquired by a larger company he wanted to know who those stock options are taxed. Are all the taxes paid at the time of acquisition? Is it in the capital tax bracket? Is there a way to mitigate these taxes in any special way? In this episode we talk about the two different stock options and how they are taxed. You can see the full show notes and transcription here https://www.whitecoatinvestor.com/classic-blog/. It gets complicated. In non-qualified stock options you have to pay your full ordinary income tax rate on the difference between the two prices and pay payroll taxes. For the incentive stock option it depends on whether you are subject to the alternative minimum tax. Most doctors don't deal with stock options very often but if this situation applies to you, you will find the answers to how you are tax on those stocks in this episode.

For everyone else I still answer lots of listener and reader questions in this episode too. If you are considering medical school I discuss the choice of where to go to school. If you are trying to understand the mega backdoor Roth IRA better, we address that in this episode, as well as deferred compensation, paying tithing, and refinancing student loans in residency.

Sponsor
This podcast 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!

Dec 5, 2019

Daniel Kesten, an estate planning attorney and a speaker at the WCICon 20 in Las Vegas in March, is our guest on this episode. We have a great discussion concerning everything you need to know about getting started with your estate planning. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/ . Do you need a lawyer or can you do it on your own? If you need one, how do you find the right estate planning lawyer? We talk about pros and cons of probate, wills versus revocable trusts, the five fundamental decisions to make when formulating your estate plan, and other ancillary documents you may need. We get into tax topics like gifts taxes, estate taxes, generation-skipping transfer tax, state estate taxes, and inheritance taxes. We discuss whether you need a life insurance trust, reasons to make lifetime gifts, step up in basis, and why repealing of the estate tax could be bad for doctors. Daniel really gives it to us straight. You will know the next step you need to take in your estate planning after listening to this episode. Daniel is going to be a great addition to the White Coat Investor Conference March.

Sponsor
This podcast 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!

Nov 28, 2019

This week is continuing financial education week. See more information and resources to get financially literate at https://www.whitecoatinvestor.com/classic-blog/. I do this week every year with book reviews on the blog and podcast to encourage you to get financially literate. I view getting financially literate as reading a handful of books and getting a financial plan in place, whether that involves taking an online course like my Fire Your Financial Advisor https://whitecoatinvestor.teachable.com/p/fire-your-financial-advisor, or meeting with a good financial advisor who gives you good advice at a fair price, or just drafting up your financial plan yourself. I consider that your initial financial education. Your continuing financial education is following a good blog or podcast and reading one good financial book a year. I'm obviously partial to mine, but there are other good physician specific podcasts and blogs out there that you can follow if you like. And I share recommended books on the blog and podcast this week. If you've never read a finance book, I would start with the ones on my recommended list. The ones I review during continuing financial education week aren't always the ideal first book that you should read. Maybe the first book you should read is either the White Coat Investor or the White Coat Investors Financial Bootcamp, but I can't just have people read that every year.

We also offer some sweet deals to give you a little more encouragement to become financially literate. For this week only, if you buy our Fire Your Financial Advisor online course, we're going to give you the online version of the 2018 Physician Wellness and Financial Literacy Conference for free. That is basically an $800 value for just $499. This offer is good through Monday, December 2nd at midnight.

Sponsor
This podcast was sponsored by Pattern Financial Consultancy https://whitecoatinvestor.com/pattern . 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 https://whitecoatinvestor.com/pattern.

Nov 21, 2019

A contract is just a vehicle to set expectations. But understanding those expectations is very important. We discuss what you need to know about negotiating a contract in this episode. See the full transcription at https://www.whitecoatinvestor.com/classic-blog/ A contract discusses the physician's time and job responsibilities. Along with how they will be compensated, what benefits are provided, and what happens when that employer-employee relationship is terminated. Having a solid understanding of all these things will make a difference in your efforts to build wealth. Not to mention the benefit of negotiating that compensation so you ensure you are paid what you are worth. In this episode I interview Jon Appino from Contract Diagnostics, a long time advertiser that has helped many WCI readers and listeners better understand their contracts and negotiate better compensation packages. This is not an expensive service, a few hundred dollars. Considering how much money we are talking about, especially if it becomes a long-term job, a couple of hundred bucks is money well-spent. Listen to this episode to learn more about contracts, who is qualified to review one, find out what you are really worth, what you can negotiate in a contract, and whether or not you should hire someone to help with this process.

This episode is sponsored by Locumstory.com. 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.

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.

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