White Coat Investor Podcast

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. If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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 If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Tax loss harvesting is an important topic, especially right now. If you have been hemorrhaging money in the markets, like most of us have, you may want to do some tax loss harvesting. This a great way in which you can get Uncle Sam to share the pain of your losses in a taxable or a non-qualified or brokerage accounts. Why is tax loss harvesting useful? You can take up to $3,000 per year in capital losses and offset your ordinary income with that loss. So it lowers your tax bill. Any other losses are placed against your capital gains so you can use them in any limit, not just $3,000 a year, but hundreds of thousands of dollars a year if you want, toward any capital gains taxes you owe. If you don't use all of the losses in one year, you get to carry them forward and you can carry them forward for years and years. Thanks to the recent bear market I now have hundreds of thousands of dollars in tax losses. In this episode I talk about what I can do with those loses. In a lot of ways you are just deferring taxes when you do tax loss harvesting. But there are times when that is really helpful and we get into that in this episode. I also answer a listener question about tax loss harvesting ETFs vs. mutual funds. If you have a taxable account, this will be a useful episode for you to listen to. Even if you don't I answer other listener questions about growth stock mutual funds, Roth conversions, PSLF, backdoor Roth IRAs, investing in bonds vs stocks, charitable contributions, your asset allocation in a bear market, glide paths, and bond tents. Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

With medical school classes now having slightly more women than men, more physicians are or will be juggling the challenge of being a professional and a mother. Figuring out the work-life balance can be difficult. Fortunately women physicians have some great role models to look to. One of those is Dr. Barbara Hamilton, also known as Tired Superheroine https://tiredsuperheroine.com/ 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! Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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? The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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/ Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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/ Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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/ If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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/ At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. For starters W2 employees cannot deduct a car or business mileage. You don't own a business so you cannot own a business vehicle. A business can buy a car if it is going to use it at least 50% for business purposes. Regardless of the percentage of time you use your car for business purposes, business owners can still deduct their business miles. Deducting business miles is worth $.58/mile in 2019. That is not insignificant and can really add up. I discuss the rules of business vehicle tax deductions in this episode to help you decide what you can deduct. I also answer listener questions about how businessmen making millions avoid paying taxes, being on Tricare and using an HSA, what to do with the TSP when you retire, what to do with the whole life insurance policy your parents bought you, and how the pro-rata rule affects the mega backdoor Roth IRA. See the show notes at https://www.whitecoatinvestor.com/classic-blog/ If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. But he retired completely from medicine this summer after going part time a couple of years ago. We talk about what it is like as an early retiree in this show. We discuss how he is paying for health insurance, what he is doing to continue to find meaningful activities for his time, and how his relationships with his wife and children have changed now that he is home all day. We also talk about how he retired early including what his savings rate was, how he invested, how he decided he was financially ready to retire, and what he would change about his journey to financial independence if he could go back and do it again. If you are thinking early retirement might be for you, listen to this episode to learn how to do it and what it could be like. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/ Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Setting financial boundaries with your parents is challenging. These are the people that took care of you for the first 18 years of your life. But that doesn't mean that you are indebted to them for the rest of their lives, to provide for them regardless of their financial choices. A listener asks about helping her parents financially who have already declared bankruptcy once and are in debt again. Most people that have debt problems don't actually change their behavior. They didn't get into debt because they can't do math. It's not a math problem, it's a behavioral problem. They can't live within their means. They don't know how to manage money and that is why they are back in debt. I can understand why you would want to help them, but what you need to keep in mind is how you help them because you can certainly make things worse. We talk about how to help people financially in a way that helps them be successful and keeps your finances safe in this episode. It is possible to do with set rules and clear boundaries. See the show notes at https://www.whitecoatinvestor.com/classic-blog/ We also answer other listener questions in this episode including how long you should hold a bond fund, what an admirable nest egg for 5 years out of residency is, whether you should diversify out of fear for devaluing US Dollar, and putting together a contingency document for your spouse in case of your sudden death. Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

There are some aspects of finances that are unique to resident physicians. It is really during this time that you are putting on the training wheels and learning to manage your finances before the big money comes in. 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, disability insurance for a two resident couple, and dealing with an HSA when switching between programs after your intern year. See the full transcriptions for this episode at https://www.whitecoatinvestor.com/classic-blog/ If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. Listen to this episode to see if and how you can take advantage of this opportunity. See the full transcription and links to everything talked about in this episode at https://www.whitecoatinvestor.com/classic-blog/. If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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 and links to everything discussed in this episode at https://www.whitecoatinvestor.com. Phil is the managing director at Conservative Wealth Management, LLC, http://phildemuth.com/ where he enjoys working with "high net worth clients and saving them from the depredations of the financial services industry." He is the author of 11 books, my favorites being The Affluent Investor and The Overtaxed Investor. We really focus on taxes in this episode, especially investment-related taxes. Phil says that doctors are ducks in a shooting gallery. We are the most vulnerable people in terms of taxes and we need to learn to defend ourselves as best we can. In this episode we look at all the tax reducing tactics like maximizing the use of retirement accounts, using tax efficient investments in your taxable accounts, getting your asset location right, making sure your dividends are qualified and that your capital gains are long-term, depreciating real estate, tax loss harvesting, donating appreciated shares to charity to flush those capital gains out of your portfolio, getting a step up in basis at death, etc. Which of these tactics will make the most impact? Listen to this episode to figure it out. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. He said rather than sell from the oversized asset, and transfer the proceeds to the undersized one, he has always just invested additional funds out of pocket and purchased more of the smaller one. He wanted to know if he was making a mistake. I encourage people to look at their portfolio in its entirety and not at individual accounts when rebalancing. I think most people will find in the first half of their career at least, that it is very rare that they have to sell an appreciated asset in a taxable account in order to rebalance. Most people will find that they can rebalance with just the new contributions, especially in their first decade of saving. And especially if they have been reading the WCI blog or listening to the podcast, they probably have been maxing out some significant retirement account and can do their rebalancing inside those accounts. I recommend you do your rebalancing inside the tax deferred accounts with new contributions if possible. We get into more details on this as well as answer questions about buying a home while still having student loans, using leveraged ETFs in order to maximize tax loss harvesting and donation of appreciated shares, deducting travel expenses, how to start a taxable account, and negotiating an employment contract. Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. He blogs for advisors who are serious about their craft, the ones who actually view this profession as a calling and want to get better at it. He wants to teach them how to be a more successful advisors and how to serve their clients better with more expertise. He believes that most harm inflicted on clients by their advisors doesn't occur because of malice or greed but out of ignorance and he wants to help provide a higher standard for competency. We discuss financial advisors acting as fiduciaries and what training we should expect our advisors to receive and what services they can provide. We talk about assets under management fees and whether we will see the end to them in our lifetime or not. We discuss conflicts of interest and advisors trying to specialize in different types of clientele. But he really wanted you to take away from this discussion that you have to get pretty far down the line of investing portfolios before the growth rate of your portfolio is larger than the impact by just spending less than you make and figuring out how to grow your income. It always comes back to the basics. See the show notes at https://www.whitecoatinvestor.com/financial-advisors-the-good-the-bad-and-the-ugly-with-michael-kitces-podcast-124 Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

"Aren't all the Democratic candidates going to cancel student loan debt? I'll just wait, because if I pay them back and then they cancel them, I'm out of luck." Now for some of you this might sound crazy but this is the thought process for many people right now. Should people be changing their student loan plan based on the discussion of canceling and forgiving loans that politicians are currently having? We discuss this question in today's episode. But bear in mind presidential candidates make a lot of promises that they don't keep. We have a long history of that. Plus a lot would need to happen for this to take place like Bernie Sanders or Elizabeth Warren being elected and then getting a plan to cancel student loan debt through Congress. But even more than all that historically legislature like this does not favor the top 1% of income earners in our country. As a physician the chance that any kind of forgiveness or cancelation of student loans will really make a difference in the amount of money you owe is very low. We also discuss in this episode gender neutral disability insurance policies, VTI or VTSAX in a taxable account, what to do with a traditional IRA, disclaimers for physicians giving personal finance lectures, when to cancel your disability policy, dealing with multiple 401(k)s, and the most tax efficient investment to put in a taxable account. See show notes at https://www.whitecoatinvestor.com/will-the-politicians-cancel-your-student-loan-debt-podcast-123/ At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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 www.thefrugalphysician.com who did just that. They were stressed about money and making limit progress towards being debt free, so her and her husband made some drastic changes in their life. The result? They paid off $208,000 in student loans in 17 months. How did they do it? Focusing on the big expenses; housing, cars, and food. They tried to be intentional in their spending, ensuring that they were spending on things that brought them joy. Doctors are in the top 1- 5% when it comes to income in this country. If anyone can afford to not be frugal, it should be a doctor. But we also know that you can always out spend your income no matter how large. Listen to this episode to hear a discussion on spending tips for things that people spend a lot of money on and how you can maybe spend a little bit less. Choosing to be generally frugal and selectively extravagant will help you build wealth and live the life you want. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Dealing with self employment taxes can be a little 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. Bear in mind, what you pay in advance or what is withheld, may have little to no relationship to how much tax you actually owe. So I discuss what we do in our monthly financial plan to ensure that we have adequate money to pay our tax bill come April 15th. Spoiler - investing your money set aside for taxes is a bad idea. You really don't want to owe money to the IRS. They have a lot of rights that most lenders do not have, like being able to garnish your paychecks, take money out of your bank account, and send you to jail. We also discuss your term life insurance needs and how to invest that insurance money in the unfortunate situation that you become the beneficiary of a term life insurance payout. Other questions we answer are about paying off debt vs investing, self directed IRAs, mutual funds vs ETFs and dealing individual stocks. See the show notes at https://www.whitecoatinvestor.com Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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 episode I interview her about that trip and what effect the experiences there had on her. I also share an interview I did with an Honduran doctor where we discuss the difference between practicing medicine there versus in the United States. The audio isn't awesome from that interview conducted in the Honduras hospital but you can see the full transcription at https://www.whitecoatinvestor.com If medical missionary work interests you, you'll find this episode helpful in knowing what it can be like. I also answer some listener questions about financial advisor fees, including TIPS in your portfolio, VTSAX vs VTI, becoming an S Corp, and using Vanguard target date funds in a taxable account. Remember if you have a question record it at https://www.speakpipe.com/whitecoatinvestor and we will answer it on the podcast. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. Robert, Mr. Money Mustache, and myself started our blogs about the same time, though both of theirs are bigger than mine. His message is about getting out of student loan debt and starting to invest. Whether it's millennials or not, his goal is to help people navigate the complex world of student loan debt, so that they can build wealth as early as possible. We discuss the order of operations for paying for college. There are nine basic ways to pay for college. You should max out each of them before moving on to the next step. We discuss each of those steps as well as the repayment plans available. If you are struggling under the weight of student loans this episode will provide you information and encouragement to get rid of those student loans and begin building wealth as soon as possible. To find the best deals for refinancing your student loans go to https://www.whitecoatinvestor.com/student-loan-refinancing/ Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com . You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

If you invest in the total international stock market index you may be eligible for the foreign tax credit. As long as your foreign tax paid is less than $300 single, or $600 married, it is a rather straightforward process. However, once that threshold is breached, the more complicated form is required come income tax time. The good news is if you're doing your own taxes, you're probably using tax software, and it does this all automatically in the background. But for those with higher foreign tax form 1116 is required. We discuss this in the episode so if this applies to you, make sure you are getting your tax credit. We also talk about physician mortgage loans, sharing financial information with your surviving spouse should you die, and what the going rate for financial advice is. See the show notes at https://www.whitecoatinvestor.com The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Our guest is Collin Hart, managing director of ERE Healthcare Real Estate Advisors. His company is a real estate brokerage that specializes in representing physicians in the process of selling and leasing back their practice real estate. In this episode we talk about when a physician should buy vs rent their practice space, properly structuring a lease, and exit strategies surrounding practice real estate. For those who are interested in owning their practice real estate or particularly interested in selling it, I think this will be a pretty useful podcast episode. If you are not going for PSLF and have not refinanced your student loans, you really need to do that and save thousands of dollars. Check out the special WCI deals for refinancing. https://www.whitecoatinvestor.com/student-loan-refinancing/ If you are not aware, we have an online course called, Fire Your Financial Advisor. https://whitecoatinvestor.teachable.com/p/fire-your-financial-advisor. It's a bit provocatively titled, but the goal of the course is to distill down the most important aspects of financial literacy and help you to write your own financial plan. If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. The first one was from a soon to be resident who wanted to know if he should ship his car across the country because he wasn't sure it would survive the cross country drive. It is worth $2000 but needs some repairs to survive residency. There comes a time when you have to admit that a car is "totaled." If it costs more to repair than it is worth, it is totaled. It is time to get rid of it, getting whatever you can out of it. The second question came from someone who is expecting a baby and wants a car with a third row. But he has a lease on a car until February and wanted to know if he should buy the new car anyway and just pay out the lease. Stop leasing cars first off. If you don't have the cash to buy the car, buy a less expensive car. If you don't have the cash to buy a less expensive car, and you have to borrow for it, it ought to be a $5,000 car or less. We get more into the details of these car questions in this episode and hopefully help you make that decision on when to fix the old car or buy a new one. See the show notes for more information at https://www.whitecoatinvestor.com Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. She is missing one key element that could answer many of the questions she asks in this episode. It is a written investing plan. 95% of people out there are in the same boat. They come to me with a question of, "Should I buy this fund or this fund?" I'm like, "For what? What's the plan? What's the goal?" Without the plan it is hard to get your finances organized and on track for your goals. We talk about how you can create a written investing plan in this episode. We discuss how to set reasonable goals and what should be your next level in personal finance. Whether you are just starting out in your journey to understanding your finances or you have listened to all 114 podcast episodes before this, I think you will find something valuable you can apply to your financial life in this episode. See the show notes at https://www.whitecoatinvestor.com/ Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The https://www.whitecoatinvestor.com/scholarship/ competition is heating up again. This is an essay contest for medicine, osteopathy, podiatry, dentistry, law, pharmacy, optometry, physician assistant, nurse practitioner, CRNA, veterinarian students. Submit your essays to [email protected] The White Coat Investor Financial Bootcamp is out in audio book now. Check it out at https://www.whitecoatinvestor.com/BootcampAudible The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Should you start a retirement plan for your office? When is it worth starting? What things should you consider? A practice retirement plan can help with recruitment and retention of employees. But if your employees don't value that it may not be worth starting. Running a group practice retirement plan can be expensive for employers. But once you have employees it is no longer a do it yourself project. It is time to get a pro involved and help run the numbers and decide what plan is right for you. There are half a dozen ways you can structure a retirement plan for a practice. Sometimes the best thing to do is not have a plan and just invest in taxable. We discuss when starting a group practice retirement plan might be right thing for you in this episode and answer other listener questions about buying homes, investing vs paying off the mortgage, how to figure out what expense ratio you are actually paying on your investment fund, and more. Remember if you have questions you would like answered on the podcast, record them at https://www.speakpipe.com/whitecoatinvestor. See this episode's show notes at https://www.whitecoatinvestor.com/ If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. Check out our updated Reddit page at https://www.whitecoatinvestor.com/reddit. We received little bit of help recently from a redditor who has made our reddit page a lot more useful. There is the Wiki there now and additional links that are helpful. We have put a lot more color and organization on the page so be sure to check out the reddit page if you haven't check it out in awhile. We have also updated our recommended financial advisor page at https://www.whitecoatinvestor.com/financial-advisors/. It is a lot more standardized and useful. Every one of the advisors on that page have been vetted by me and I highly recommend any of them to you. I think you'll enjoy the update page, either for yourself if you need a financial advisor, or if you just need some place where you can send your colleagues, friends, and family members and know that they are going to get good advice at a fair price. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

"Always ask yourself, where can your portfolio go wrong? And if you can't come up with lots of different reasons, you probably are too overconfident on it. I want everyone to have an exciting, fun, and thrilling life, I just don't want you to get it from your investments. If you're getting entertainment from your investing you're probably doing something very, very wrong. 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/. We have revamped the page to make it more user friendly for you. Find one that offers the services you need. They all working with clients nationwide or you can find one close to you. Compare their fees and get good advice at a fair price. If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

A listener asked me how to prioritize loans from their parents. I am not a fan of borrowing money from family. I'd hate to owe money to my parents. Paying that off would be a major priority for me. But if you are still going to do it, remember that when you borrow money from family, you have to pay a reasonable interest rate and it is a good idea to have written terms. We get into more details about borrowing money from family in this episode but don't become debt numb just because you are offered money at a low interest rate. Check out the show notes for this episode at https://www.whitecoatinvestor.com/ If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. But in this interview I asked Dr. Draghinas about something extraordinary that he is doing. They converted one of their rental properties to a short term rental, then bought another luxury rental property, and rent both out as short term rentals through Airbnb and VRBO. These properties, managed by his wife, have done extremely well and they now consider themselves financially independent. To learn more about how to achieve FI through short term rentals listen to this episode as Dr. Draghinas shares what he has learned through this experience. Read the show notes at https://www.whitecoatinvestor.com/ Remember that the registration for the next Physician Wellness and Financial Literacy Conference, WCICON20, opens at 7pm MST on July 8th. Put the date in your calendar so you don't miss out on this opportunity. Are you a member of the WCI Facebook group? We've been doing some Facebook Live events in the group where I've been answering your questions live. That has been a lot of fun so join that group if you haven't. https://www.facebook.com/groups/whitecoatinvestors/ Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

How does the US tax foreign investment income? Foreign income is taxed as ordinary income on your US tax return. No free lunch here, sorry. 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 Remember registration for WCICon20 starts at 7:00 PM Mountain Time on Monday, July 8th. Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor . You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter