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/
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/
This podcast sponsored by Bob Bhayani at drdisabilityquotes.com.
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.
This podcast was sponsored by Pattern Financial Consultancy https://whitecoatinvestor.com/pattern
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/
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. Go to locumstory.com and get the answers.
Our guest this episode is an asset protection attorney. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/
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.
Deducting your business vehicle sounds like a great way to lower your tax bill. Unfortunately it is probably not going to be a significant deduction for most doctors. See the show notes at https://www.whitecoatinvestor.com/classic-blog/
This episode was sponsored by Bob Bhayani at https://drdisabilityquotes.com/
Contact Bob today by email at firstname.lastname@example.org, or by calling (973) 771-9100.
Have you ever dreamed of retiring from medicine in your 40s? In this episode we interview a doctor who actually did retire recently at the age of 43. Of course long time readers will know the Physician on Fire (https://www.physicianonfire.com/) well. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/
This episode is sponsored by SoFi https://www.whitecoatinvestor.com/Sofi
Setting financial boundaries with your parents is challenging. See the show notes at https://www.whitecoatinvestor.com/classic-blog/
The Principals at DI4MDS https://www.di4mds.com/have collectively been advising physicians, business executives and other professionals for over 40 years. They can be reached at email@example.com or 888-934-4637.
We interview a resident in this episode and discuss cashflow/budgeting, filling out a W-4, doing Roth or tax deferred retirement accounts when going for PSLF, seeking student loan management advice. See the full transcriptions for this episode at https://www.whitecoatinvestor.com/classic-blog/
The Principals at DI4MDS https://www.di4mds.com/have collectively been advising physicians, business executives and other professionals for over 40 years. They can be reached at firstname.lastname@example.org or 888-934-4637.
The Mega Backdoor Roth IRA allows you to contribute an additional amount into an Roth IRA due to the fact that some employer 401k plans allow after-tax contributions. See the full transcription at https://www.whitecoatinvestor.com/classic-blog/
Our podcast today is sponsored by one of my favorite partner companies, Earnest at https://www.whitecoatinvestor.com/refi Save money on your student loans by refinancing with Earnest. Check out Earnest today and get $500 cash back when you refinance.
Every doctor and other high income earner wants to reduce their investment taxes. Our podcast guest, Phil DeMuth, is just the man to help you do that. See the full transcription at https://www.whitecoatinvestor.com/
Contract Diagnostics http://contractdiagnostics.com/ is a long-term advertiser with us here at WCI. I love this company as they’ve helped hundreds of WCI get a ‘fair shake’ when it comes to reviewing and understanding their employment contracts – its 100% they do there. 888-574-5526.
See the show notes for this episode at https://www.whitecoatinvestor.com/ One listener asked about how to rebalance his portfolio. A lot of people still get confused about this.
Our sponsor today is Earnest, https://www.whitecoatinvestor.com/refi one of the student loan refinancing companies. Save money on your student loans by refinancing with Earnest.
Michael Kitces is the brains behind Nerd's Eye View, https://www.kitces.com/ which I believe is the most widely read website aimed at educating financial advisors in the world. See the show notes at https://www.whitecoatinvestor.com/financial-advisors-the-good-the-bad-and-the-ugly-with-michael-kitces-podcast-124
This episode is sponsored by Set for Life Insurance. https://www.setforlifeinsurance.com/ Contact Jamie at Set for Life Insurance today.
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! Learn more at http://whitecoatinvestor.com/
Should people be changing their student loan plan based on the discussion of canceling and forgiving loans that politicians are currently having? See show notes at https://www.whitecoatinvestor.com/will-the-politicians-cancel-your-student-loan-debt-podcast-123/
Our podcast today is sponsored by one of my favorite partner companies, Earnest. Save money on your student loans by refinancing with Earnest. Go to www.whitecoatinvestor.com/refi to get $500 cash back when you refinance with Earnest.
If you forgot to live like a resident for your first few years as an attending physician, it isn't too late. In this podcast episode I interview Dr. Disha Spath, of the https://www.thefrugalphysician.com/ who did just that. Choosing to be generally frugal and selectively extravagant will help you build wealth and live the life you want
This episode is sponsored by https://www.setforlifeinsurance.com/ Set for Life Insurance was founded by President, Jamie K. Fleischner, CLU, ChFC, LUTCF Contact Jamie today
Dealing with self employment taxes can be tricky. In this episode I discuss quarterly payments or a way to avoid making them if you have W2 income as well to avoid penalties by being in the safe harbor. See the show notes at https://www.whitecoatinvestor.com/
Today’s episode is sponsored by CommonBond. http://commonbond.co/wci CommonBond has worked with thousands of doctors to help them refinance their student loans, save money, and get out of debt more quickly. Head over to claim your $550 bonus.
Ever thought about doing a medical mission trip? My 15 year old daughter and I went to Honduras this summer to spend a week assisting in a local hospital.
This podcast is sponsored by Pattern Financial Consultancy. Contact Matt today at Pattern at https://whitecoatinvestor.com/pattern
Be sure to sign up for our newsletter at https://www.whitecoatinvestor.com/free-monthly-newsletter/
This episode we interview Robert Farrington, the founder of thecollegeinvestor.com, https://thecollegeinvestor.com/ where he provides lots of information for young investors, for indebted people with student loans, and millennials in particular.To find the best deals for refinancing your student loans go to https://www.whitecoatinvestor.com/student-loan-refinancing/
This episode is sponsored by Set for Life Insurance https://www.setforlifeinsurance.com/
If you invest in the total international stock market index you may be eligible for the foreign tax credit. See the show notes at https://www.whitecoatinvestor.com/
This episode is sponsored by Locumstory. Have you ever wondered about a different way of practicing medicine? Go to https://www.whitecoatinvestor.com/locumstory and get the answers.
Make sure you sign up for the monthly newsletter at https://www.whitecoatinvestor.com/free-monthly-newsletter/
Our guest is Collin Hart, managing director of ERE Healthcare Real Estate Advisors. In this episode we talk about when a physician should buy vs rent their practice space.
Check out the special WCI deals for refinancing.
This episode was sponsored by Alexis Gallati of Gallati Professional Services http://www.gallatitax.com/.
I received a couple of questions about cars in the Facebook group https://www.whitecoatinvestor.com/facebookgroup and thought it would be interesting to compare and contrast them. See the show notes for more information at https://www.whitecoatinvestor.com/
This podcast is sponsored by Sofi https://www.whitecoatinvestor.com/Sofi a long time White Coat Investor partner.
Unlike our typical shows where we answer questions people have pre-recorded, this episode will be a bit of a back and forth with a listener who had a lot of questions. Show notes at https://www.whitecoatinvestor.com/
This episode is sponsored by Alexis Gallati of Gallati Professional Services. Visit Alexis’ website at https://www.gallatitax.com/ today.
Submit essays to email@example.com
Should you start a retirement plan for your office? When is it worth starting? What things should you consider?
See this episode's show notes at https://www.whitecoatinvestor.com/
This episode is sponsored by Earnest. Save money on your student loans by refinancing with Earnest at https://www.whitecoatinvestor.com/earnest.
Check out our updated Reddit page at https://www.whitecoatinvestor.com/reddit
"Your investing should be very, very boring." Allan Roth shares lots of wisdom like this in this episode. Read the show notes at https://www.whitecoatinvestor.com/
If you are in need of financial planning or advice, check out our recommended list of financial advisors at https://www.whitecoatinvestor.com/financial-advisors/
This episode was sponsored by Bob Bhayani at https://drdisabilityquotes.com/. Contact Bob today by email at firstname.lastname@example.org or by calling (973) 771-9100.
A listener asked me how to prioritize loans from their parents. We get into more details about borrowing money from family in this episode. Check out the show notes for this episode at https://www.whitecoatinvestor.com/
This episode is sponsored by the Origin Income Plus Fund, a diversified private real estate fund targeting a total annual return of 9 to 11%. Learn more by visiting www.originincomeplus.com/wci.
Become a member of the Facebook group at https://www.facebook.com/groups/whitecoatinvestors/
Dr. David Draghinas is probably best known in this community for his podcast, Doctors Unbound, https://www.doctorsunbound.com/ where he shares inspiring stories about doctors doing extraordinary things. https://www.whitecoatinvestor.com/
Registration for WCICON20 opens at 7pm MST on July 8th.
I'd like to thank this episode's sponsor, Origin Investments. Learn more by visiting www.originincomeplus.com/wci.
How does the US tax foreign investment income? Foreign income is taxed as ordinary income on your US tax return. The places that are paying higher interest rates are generally expected to depreciate against the dollar. So should you invest in foreign currency trading? Listen to this episode to learn more. Find detailed show notes and links to everything discussed in this episode at https://www.whitecoatinvestor.com/
Registration for WCICon20 starts at 7:00 PM Mountain Time on Monday, July 8th.
Rick Ferri is a financial advisor and an accomplished author of 7 books related to investing. I consider him the heir apparent to Jack Bogle. In this interview we discuss passive investing and why you should be investing in index funds. As well as financial advisory fees and negotiating those fees with your advisor.
What is Value Averaging and How Does it Work? It is an investing strategy that works like dollar cost averaging in terms of steady contributions, but differs in its approach to the amount of each contribution. My problem with it is mainly the side fund, the complexity and the extra work. I realized pretty early on I didn’t need to do that to reach my goals but I discuss how to do it in this episode if that is something you want to try.
Episode #107 I first met Bill Bernstein at the Bogleheads Conference in 2008. I was a Bernsteinhead before I was ever a Boglehead. The Four Pillars of Investing was certainly one of the first good books on investing I ever read and had a huge influence on my financial outlook. This interview with Dr. Bernstein is chalk full of so much financial wisdom that every investor should know.
We talk about tips for physicians starting a family in this episode. You have to realize it has dramatic changes on retirement dates - pretty easy to FIRE without kids. Kids not only introduce additional expenses but can also change your lifestyle. It is a big decision. What do you want out of your life?
Episode #105 Our guest this episode is Jonathan Clements, a previous WSJ columnist and an author. From Jonathan, "There are those who think the goal of investing is to beat the market and amass as much wealth as possible, that street smarts and hard work ensure investment success, and that the road to happiness is paved with more of everything. And then there are those who get it. Want a more prosperous, less stressful financial life?" Listen to this episode.
Episode #104. Many financial advisors are salesmen masquerading as financial advisors. You need to learn how to differentiate between the two so you make sure you are getting good advice at a fair price. In this episode you can learn how to to do that as well as how to move away from your salesman financial advisor if you find yourself working with one.
#103: Reduce Burnout with the Physician Philosopher
Our guest this episode is Jimmy of The Physician Philosopher blog. Despite his youth, he already has some impressive personal finance experience; he increased his net worth by 1/4 of a million dollars in his first year out of training and paid off $200,000 in student loans in 19 months. He clearly knows how to Live Like a Resident. But it is his focus on balance, contentment, burnout, life design, and living intentionally that we focus on today.
Episode #102. There are lots of ways to pay for a home, 15 year mortgages, 30 year mortgages, fixed, ARMS, paying all cash. What is right for you? I answer listener questions in this episode about buying a house and the right way to pay for it.
Episode #101 When should you hire a financial planner? You don’t have to know everything about finance to take care of your own finances. You only have to know the parts that apply to you. The amount of knowledge you have to assemble in order to do your own financial planning and investing can be surprisingly minimal. But there are a lot of ways a financial planner can help you. We discuss these ways and when it would be smart to hire professional help with your finances in this episode.
Episode #100 Let’s talk about How to Get Rich. First thing is to avoid getting poor. That means minimizing the cost of your education, making sure you match. Making sure you get through your training. That doctor income is going to fuel your wealth creation. Even if you end up with a great side gig or become a real estate mogul, the doctor income is going to kick that off. It’s the cash cow. So make sure you get it. In this episode we discuss the other steps to becoming rich as a doctor.
Episode #99. Two readers are on this week's episode, a dentist and an attending physician. Both are in the process of taking control of their money and moving on from their financial advisors. I have no problem whatsoever with using an advisor, so long as the advisor charges a fair price for good advice. If the advisor charges too much, or gives bad advice you should fire them. You can then either hire a good advisor, or become your own financial advisor.
Episode #97: Interview with Dr. Peter Kim, founder of Curbside Real Estate, addressing physician-specific issues encountered during the home buying process. We talk about how to avoid the most common mistakes doctors make when buying a home and how Curbside can save you time, money and stress.
96: In this episode I interview Dr. Finkel , a former Harvard Medical School faculty member with admissions experience and a board certified emergency physician. She started Insider Medical Admissions to use her experience to guide clients through the medical admissions process successfully. She has helped well over a thousand clients from the strongly competitive to the sink or swim candidate successfully gain access to medical school. If you are looking at medical school this episode is for you.
Lots of listener's voices on this episode. The speakpipe to record your questions is working well! I answer your colleagues questions about contributing to a Roth IRA for those married filing separately, taking out a 401(k) loan, funding HSAs, when it makes sense to file as an S Corp, exchanging an annuity, and more.
I'm often asked questions about investing in a surgery center but it is something that I have no experience with. So I brought on someone who does have experience as well as a doctor that is just at the beginning of the surgery center investment in his career to discuss this type of opportunity, the pros and cons, and what you should be looking for when given the opportunity to invest.
Dr. Schofer is board certified in EM and currently serves in the U.S. Navy. Whenever I write anything inaccurate about being a military doctor he is gracious enough to set me straight. He has been a valuable resource to the WCI community and anyone who has ever thought about doing military medicine would do well to listen to this interview. There are a lot of unique aspects of practicing medicine in the military and we cover them in this episode.
Over the years, I’ve invested across the entire spectrum of real estate investments, from owning and managing an individual property and its tenant to buying and holding a REIT index fund. This has included investments with half a dozen crowdfunding sites, some individual syndicated investments bought directly from the syndicator and private real estate funds. Over time, I’ve gravitated more and more toward the real estate funds. In this episode I discuss the reasons why.
"As a young attending who has put into effect the many themes presented by the WCI, how would you recommend I go about helping my parents get into a better financial situation?" This is the main listener question I answer in this week's episode. Tread lightly if you are thinking about taking on the role of financial advisor to your parents. I explain many things you should think about before doing this.
Your three favorite physician finance bloggers all in one podcast again! WCI, PIMD, and PoF answer listener questions in this episode ranging from who is the funniest and is curling a real sport? To backdoor Roth IRAs, investing in real estate vs index funds, and what are the most important financial topics to teach new physicians. Plus lots more questions. You will find it informative and entertaining.
It is a tradition at WCI to update the members of our community on the progress made in the last year. Thanks to all of you who have even the tiniest amount of responsibility for the success. If you told even one person about the site or book or podcast, answered one question on the forum or Facebook group, or used the site to find a financial service provider you needed, THANK YOU. In this episode I talk about the state of the podcast in terms of the three missions of The White Coat Investor:
In this episode I speak with Crispy Doc, a financially independent emergency physician in his mid-40s, married with kids, living in coastal California. We discuss his mid-career burnout and how it was transformed by financial literacy. He learned to manage his investments. He saved aggressively using smart strategies tailored to high-income professionals. As financial independence came he found that instead of wanting out of medicine he became more satisfied in his career.
I’m often asked “where should I start with the podcasts.” I thought for our first podcast of 2019 that I’d lay out the WCI philosophy, so if someone asks “what podcast should I start with?” you can confidently say #87. In this episode I discuss the 12 Steps of the WCI philosophy. Listening to this episode will help people to understand the basics of personal finance and investing for high income earners.
A listener emailed me who is lucky enough to get a generous gift every year from their grandparents of $14,000 in stocks. He wanted to know what I thought they should do with it. I address what to do with individual stocks in your taxable account, the pros and cons of selling them vs keeping them as a legacy holding in your portfolio in this episode.
This is an interview with a young periodontist about his finances. Like many of the WCI listeners he started out with a financial advisor that tried to sell him insurance that wasn't right for him. He is saving for a house down payment, upgrading a beater car from dental school, saving to buy a practice, and of course, saving for retirement. Lots of competing uses for his money. He has all the same challenges his young physician counterpart has and there is something for most to learn in this episode.
I was asked for some good strategies for investing in bonds in a rising interest rate environment. This episode I discuss short term, money market funds, inflation adjusted, and stable value funds. But don’t extrapolate the past into the future. Interest rates may go up, down, or stay flat. I don't have a working crystal ball. So I prefer a fixed asset allocation strategy.
Dr. Jason Mizell has been teaching a personal finance and investing course at his academic institution for medical students and residents for several years. It is inspiring to see what he has created and the difference he is making in the lives of these trainees.
A common misconception is that someone nearing retirement should do something dramatically different than a 25 year old. Bear in mind a typical 55 year old still has a 30 year investing career. The right investments for a 55 year old are exactly the same as the ones for a 25 year old. But perhaps the mix will be a little different. Learn more in this podcast episode.
Ever wondered what is was like to practice medicine in the UK? It is fascinating to see the differences in medicine and physicians' finances between the States and those practicing in England. Dr. Ramskill walks us through the training, practicing, and finances of British physicians.
This episode I interview an academic doctor about her finances. She is in the process of firing her financial advisor and becoming a do-it-yourselfer. We talk about what accounts she has, asset allocation, 529s, dealing with capitol gains in her taxable accounts, and more. If you have ever thought of becoming a do-it-yourselfer this episode is for you. It isn't that hard and we will help you successfully manage your finances.
A cash balance plan is a type of defined benefit plan (pension) that acts like a defined contribution plan (401K). When private companies were trying to get rid of their expensive pension plans, many of them converted their pension plans into cash balance plans, since they cost the company less. It provides an option for a physician or similar professional to shelter some more money from Uncle Sam. In this episode we discuss how they work.
Investing in online businesses is a relatively new asset class for most investors. But can be a great place to invest some of your portfolio. If you ever wondered how do you invest in websites this episode is for you. Gregory Elfrink from Empire Flippers walks us through the process of buying an online business and gives us the ins and outs of this asset class.
Is there such thing as good debt and bad debt? Is it good to carry some form of debt for your credit score? Is buying things on a credit card and then paying it off each month accumulating good debt/credit? Listen to this episode if you have ever had questions like that. But I will give you a hint. Debt is debt. And it costs you money.
Doc G of DiverseFI.com shares with us how he increased his primary care income to almost 7 figures. I have always been impressed that the intraspecialty income differences are so dramatic compared to the interspecialty income differences. Even if you are in one of the lower paying specialties, there are things you can do to increase your income.
It has been ten years since the Public Service Loan Forgiveness Program was created. The first people are up for loan forgiveness. So what happened? Did they get loan forgiveness? How will this affect your quest for loan forgiveness? Listen to this episode and all your questions will be answered and your fears calmed.
I interview Dr. Champeaux in this episode about her experience raising an exceptionally talented son, a tennis player. But we also really delve into being a military doctor and how to publish about and promote financial literacy as an academic physician.
In this episode I talk with Nii Darko from Docs Outside the Box. Docs Outside the Box podcast brings stories of ordinary doctors doing extraordinary things to inspire other docs to think outside the box. We discuss some of these stories but also delve into his finances and how he and his wife paid off $600,000+ in student loan debt and are building the life they want.
In this episode I discuss all the things I don't invest in like precious metals, individual stocks, actively managed mutual funds, currencies, bitcoin, start-ups/angel investing, commodities, options, or insurance.
I interview Carrie Reynolds today from The Hippocratic Hustle Podcast. She developed The Hippocratic Hustle Podcast to create a space where women doctors can come together and share their stories of their business, project or side-hustle, to explore ways to stretch your hard earned dollars and be more efficient with your time and money.
Your three favorite physician finance bloggers all in one podcast! WCI, PIMD, and PoF answer listener questions in this episode ranging from how they prefer their chicken wings to how to help your colleagues learn to manage their money better. They discuss REITs vs buying rental property, getting on the same financial page with your spouse, and whether they would encourage their children to go into medicine. Plus lots more questions. You will find it informative and entertaining.
This episode is an interview with Coach Carson who provides practical and approachable education and empowerment concerning investing in real estate. He wants to help listeners win financially so that you can do what matters in your life.
Do you take inflation into consideration when you create your "retirement day financial goal"? This and more listener questions about military medicine, paying AUM fees, buying health insurance, and student loan management are addressed in this episode.
Dr. Dahle shares some hate mail he received as well as a disclosure about what he is licensed to do. More importantly, he answers many listeners questions about student loans, delaying tax filing, annuities, and how much disability insurance you need.
Dr. Dahle and Vagabond MD, an active participant in the WCI forum, providing many readers with needed financial information, discuss what he teaches new doctors about personal finance and investing, what mistakes he sees his peers making, and whether he thinks becoming a doctor is still worth it or at what level of debt should they change their minds, if any.
Dr. Dahle talks about everything that a resident needs to know in this episode, from managing student loans, to housing, to retirement accounts, etc. If you are a resident, or will be a resident in the future, make sure you listen to this episode.
Dr. Dahle and Dr. Gray discuss relevant premed topics in this episode to help those thinking medical school is for them to receive the information they need. Dr. Gray desire is to guide medical school applicants through the admissions process and simplify the process.
In this episode Dr. Dahle talks about Dr. Mike Meru and his student loan balance of over $1 million dollars. Is he crazy? Or crazy like a fox? Listen to get Dr. Dahle's take on the situation and how best to manage large student loan debts.
Dr. Dahle interviews Sarah Catherine Gutierrez from Aptus Financial in this episode. They talked about how she got into the financial advising world, the mistakes she sees doctors making in their financial plan, even the DIY guys, and where she sees the financial advising business going in the future. They discuss the different ways that advisors are paid and the conflicts of interests with each type.
Dr. Dahle answers listeners' questions in this episode about disability insurance, lending money to family, student loan management, backdoor Roth IRAs, mortgage rates, and whole life insurance. If you have questions make sure you send them to him.
In this episode Dr. Dahle interviews Mike Piper, CPA, who gave the two highest ranked talks at the entire WCI conference in March. In this episode they discuss the new 199A deduction for physicians, when to take social security, the LLC vs S Corp vs C Corp decision,and frequent tax issues that high income professionals face.
Bonus Episode! Physicians, dentists, and other high income professionals met in Park City, Utah for the first-ever Physician Wellness and Financial Literacy Conference. It was a wonderful time with 12 hours of lectures, a panel of physician financial bloggers, and a book signing event. The lectures and blogger panel were recorded and compiled with slides into this online course, which is now made available to you to watch on any device at any time convenient to you.
Sometimes investing hobbyists like myself, especially after a decade or more of investing, assume everybody knows the basics of investing. Occasionally, I am starkly reminded that is not the case. Today, I’d like to just go on record about what I think everyone should have learned in Investing 101. Learn it from me or learn it in the school of hard knocks, but you will learn it.
This episode is about asset protection. We discuss what you can do to better protect your assets like houses, taxable accounts, real estate, etc. Plus of course answer listener question about backdoor Roth IRAs, PSLF, marijuana, and cash flow banking.
There is a new deduction for pass-through businesses such as sole proprietorships, LLCs, and S corporations. However, this deduction is specifically limited for physicians and similar professionals who have a taxable income of more than $157,500 ($315,000 if married). This episode we talk about the Tax Cut and Jobs Act pass through deduction as well as answer a whole bunch of questions from readers.
In this episode I interview Lara McElderry from the Married to Doctors podcast. Some might find that being married to a doctor isn’t as glamorous as society assumes. Having a physician spouse and having a strong relationship can be difficult. It is common to feel resentment, friction, and stress in your relationship despite how much you love each other. Lara's mission statement is simple, "Making Successful Homes Happier." We talk about how to do that in this episode.
I would like to say “don’t ever buy whole life insurance” and leave it at that but that just isn't the case. In this episode we revisit whole life insurance and discuss some situations in which you may want to buy or keep the policy you were already sold.
In this episode I interview Paul Merriman. He is best known for his work, a large percentage of which is done on a volunteer basis, educating the individual investor. I told him when we were lining this up that he was a controversial figure in the Bogleheads community, not only for his advocacy of a tilted portfolio, but also the trend following bit, so we focus heavily on that today.
This episode is full of listeners' and readers' questions. Dr. Dahle talks about lifetime limits on retirement accounts and 529 plans, Backdoor Roth IRAs, SEP IRAs, saving for short term large purchases, and a cautionary tale about student loan debt and why you should make a plan early concerning how you will deal with it.
I am continually fascinated by the burning desire among graduating medical students and even residents to purchase a home as soon as is humanly possible. I try to talk them out of it but I know many will do it anyway. I'm often asked for referrals for realtors that work frequently with physicians. I want you to buy the right house at the right time. This episode introduces a new WCI partner, Curbside Real Estate, that can help you buy your home when the time is right.
WCI and Dr. Steinberg discuss merger arbitrage. Now, this is a technique that hedge fund managers have done for some time, with varying amounts of success. Dr. Steinberg shares his experience with us. Critics say merger arbitrage has a limited upside and a huge downside. Listen to learn more.
In this episode I discuss the concept of buying one property a year as a path to wealth and financial independence. Remember this isn’t required for a high income professional. But it is an alternate path and quite likely a little faster, but more risky, path to financial independence.
In the medical world, it is routine to get a second opinion. However, in the world of financial advisors, a second opinion is rare and some advisors are personally offended by it. It shouldn’t be any big deal to have one of your clients go pay for an hour or two of someone’s time to make sure you’re not doing anything too crazy with their money. If you’ve never had a second opinion, I highly recommend it and will discuss ways to get that second opinion on your financial plan.