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Author: Dr. Jim Dahle of the White Coat Investor

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Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Learn more at http://whitecoatinvestor.com/
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Attorneys who specialize in asset protection often use a lot of fear in their marketing materials. They want us to feel like we are going to be sued and lose everything. Is this fear appropriate? How much anxiety should a doctor really feel about asset protection? Our guest in this episode is Jay Adkisson, an expert in asset protection. We discuss a basic framework for thinking about asset protection, domestic asset protection trusts, personal liability insurance, malpractice insurance, protecting your home equity, LLCs, the California Private Retirement Plan, bankruptcies, and how many doctors he has known personally who have lost everything in a lawsuit. If worry over protecting your assets has kept you up at night, this is the episode for you. See the full show notes here https://www.whitecoatinvestor.com/asset-protection-with-jay-adkisson-podcast-199 This episode is brought to you by 37th Parallel Properties There is a substantial body of evidence supporting commercial real estate investing. The real trick is to find a trusted investment sponsor. As one of the good guys in the industry, 37th Parallel Properties is a partner we trust. Many of our readers have invested with 37th Parallel, and so have we. Check them out at https://www.whitecoatinvestor.com/37parallel
PSLF is real and can be received without major hassles. Dr. Yu is proof! He is a pediatric intensivist who owed $155K when he graduated school and had $182K forgiven ten years later. We discuss why only 2.4% of the people applying are successfully getting PSLF and what you can do to be one of them. Who should go for PSLF? See this post to know if it right for you. https://www.whitecoatinvestor.com/pslf-attending-physician/ This episode is sponsored by Larry Keller at Physician Financial Services https://www.physicianfinancialservices.com/. Larry is an independent insurance agent who works almost exclusively with physicians. If you're in the market for disability or term life insurance, contact Larry Keller today by email at lkeller@physicianfinancialservices.com or by phone at 800-481-6447
For medicine and healthcare nationally, it is not good that as physicians, we are tending to abdicate our leadership opportunities. If we refuse to do it, less qualified people are going to take on that role with consequences which we don't necessarily want. In this episode we discuss physician leadership with Dr. Brent Lacey. See the full show notes here https://www.whitecoatinvestor.com/the-value-of-physician-leadership-podcast-197 . We talk about how to overcome our reluctance to lead and be better leaders, how to run more efficient meetings, manage hiring and firing better, deal with crises, and have a vision and a mission for our practice that everyone buys into. In the day to day work as a doctor, leadership is required. Gain the leadership skills you need. Start with this episode. If you are interested in investing in real estate, make sure you are signed up for the White Coat Investor Real Estate Opportunities List https://www.whitecoatinvestor.com/free-monthly-newsletter/ You will receive emails about opportunities to invest in private real estate along with a monthly email newsletter with WCI real estate information and links to other information about real estate on the internet. Don't miss out! Sign up today.
Dr. Emily and her partner, both family doctors in a high cost of living area, paid off $400K+ in students loans in really only 4 years after deciding not to go for PSLF. Keys to their success? Refinancing to a lower rate and then budgeting together. By becoming more intentional in their spending and cost conscious in their travel they were able to pay off their loans sooner than they planned. You can still do this in a high cost of living area. Be intentional. You got this and we can help. If you still need to refinance your student loans to a lower rate visit https://www.whitecoatinvestor.com/student-loan-refinancing/ This episode was sponsored by Bob Bhayani, an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. If you need disability insurance coverage, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
For medicine and healthcare nationally, it is not good that as physicians, we are tending to abdicate our leadership opportunities. If we refuse to do it, less qualified people are going to take on that role with consequences which we don't necessarily want. In this episode we discuss physician leadership with Dr. Brent Lacey. See the full show notes here https://www.whitecoatinvestor.com/the-value-of-physician-leadership-podcast-197 . We talk about how to overcome our reluctance to lead and be better leaders, how to run more efficient meetings, manage hiring and firing better, deal with crises, and have a vision and a mission for our practice that everyone buys into. In the day to day work as a doctor, leadership is required. Gain the leadership skills you need. Start with this episode. This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. If you need disability insurance coverage contact Bob today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
Understanding how the tax brackets work will aid your tax planning and make for more informed, reasonable discussions of tax policy. People don't actually grasp how tax brackets work and they routinely overestimate how much they pay in taxes. We think there are four reasons why tax brackets are hard for people to comprehend. Listen to this episode to find out what they are and to gain a better understanding of tax brackets. See full show notes here https://www.whitecoatinvestor.com/understanding-tax-brackets-podcast-196. For those with a firm grasp of how they are taxed, we also answer listener questions about choosing stock options or restricted stock units at your next job, what are the major classes of bonds the average DIY investor should understand and consider, which bond classes are least correlated with stocks, what a reasonable overall bond allocation is, bond classes that individuals who live in high COLAs should consider, AOTC tax credits, financial book recommendations for children, and Non governmental 457s. If you have student loans, SoFi https://www.whitecoatinvestor.com/slr/i/sofi practically invented student loan refinancing in 2011 and right now they have the lowest starting fixed interest rates they’ve had in years, which could help you save thousands of dollars on your student loans. Plus, they just lowered rates for physicians and dentists still in residency. If you refinance your student loans through SoFi, you’ll get a $500 cash welcome bonus just for listeners of this podcast.
Morningstar has been around for 36 years and is by far the best place to get information about all of the mutual funds available. Our guest in this episode, Christine Benz is the director of personal finance and a senior columnist at Morningstar. She is the author or co-author of five books, including 30-minute Money Solutions, which we will be given away at the WCI Conference https://www.whitecoatinvestor.com/conference in March, where she is our keynote speaker. Christine has had a 30 year career at Morningstar so lots of investing lessons to be learned from her. See the full show notes here http://whitecoatinvestor.com/investing-lessons-from-christine-benz-of-morningstar-podcast-195 . In this interview we discuss the star rating system for mutual funds that Morningstar uses, her experience educating women investors vs men, owning individual stocks and cryptocurrency, complacency about equity risk these days, whether you should change anything about your investing plan with a new president in office, and what lessons we should take from our experience during this pandemic. If you have student loans, SoFi https://www.whitecoatinvestor.com/slr/i/sofi practically invented student loan refinancing in 2011 and right now they have the lowest starting fixed interest rates they’ve had in years, which could help you save thousands of dollars on your student loans. Plus, they just lowered rates for physicians and dentists still in residency. If you refinance your student loans through SoFi, you’ll get a $500 cash welcome bonus just for listeners of this podcast.
Everyone should be contributing to a Roth IRA every year. This is retirement account space that you can't get back. Many of us need to contribute to the Roth IRA through the backdoor, which can be confusing. In this episode we discuss what a backdoor Roth IRA is, steps for successfully contributing to a backdoor Roth IRA, and how to fix errors that occur in each step. See full show notes here whitecoatinvestor.com/the-backdoor-roth-ira-made-easy-podcast-194 For those who have mastered the backdoor Roth IRA we also answer listener questions about adding new asset classes to your investment plan, tax implications for inherited money, helping parents with financial advice, behavioral and math components to personal finance, legal issues concerning being recorded at work, and recharacterizing contributions you have made to your retirement accounts. If you have not done your Roth IRA contribution yet this year, let this episode be the motivation to get it done. If you have student loans, SoFi https://www.sofi.com/whitecoatinvestor/ practically invented student loan refinancing in 2011 and right now they have the lowest starting fixed interest rates they’ve had in years, which could help you save thousands of dollars on your student loans. Plus, they just lowered rates for physicians and dentists still in residency. If you refinance your student loans through Sofi , you’ll get a $500 cash welcome bonus just for listeners of this podcast.
Burnout is a big risk to your finances. Your fastest path to cash is as a board-certified doctor. We want you to be happily practicing medicine for as long as you would like. Our guest in this episode is Dr. Dike Drummond who we have written about before https://www.whitecoatinvestor.com/using-a-venn-diagram-to-decrease-burnout/ . He has spent the last 20 years coaching and training physicians on the prevention and recovery from burnout. In this interview we discuss the causes of physician burnout, depression vs burnout, symptoms of burnout, and how to recover from it. Recovering from and preventing burnout, and building a wonderful life is just connecting a series of baby steps. If you are feeling burned out and looking for a cure, start with this episode and it will help you identify the next steps. See the show notes here http://whitecoatinvestor.com/cure-physician-burnout-with-dr-dike-drummond-podcast-193 Gain the expertise to manage the business of medicine with the Physicians Executive MBA at Auburn University’s Harbert College of Business. Their flexible physicians-only program lets you earn your MBA without taking you away from your patients. Auburn’s unique twenty-one-month program blends innovative distance learning with five short on-campus residencies. Tailored to the practicing physician, Auburn’s Physicians Executive MBA program is currently enrolling for Fall 2021. Take control of your future during these challenging times. Learn more at http://www.auburn-pemba.com
I often tell people having a written investing plan is crucial to their financial success. That requires that the investing plan first be reasonable. There are lots of portfolios out there that simply are not reasonable. There is not just one way to invest successfully. If you pick something reasonable and fund it adequately, you are highly likely to reach your goals. In this episode we will go through 10 ways to know if your written financial plan is reasonable, answer several listener questions about their financial plans, and give you directions on how to get a written financial plan in place, if you have not done this important step yet. See the full show notes here http://whitecoatinvestor.com/is-your-financial-plan-reasonable-podcast-192 Our sponsor, Doctor Disability Insurance, Inc. is an innovative, one-stop service that makes disability insurance shopping quick, affordable, and easy to understand. Physicians and Dentists save time and money by comparing plans and prices from multiple insurance companies. The site provides free quotes from leading companies in the disability insurance industry along with friendly and knowledgeable customer support. Based in San Clemente California, President and CEO Chuck Krugh is a Certified Financial Planner with more than 20 years of experience working with professionals in the medical/dental industry. If you need disability insurance contact Chuck today at https://www.whitecoatinvestor.com/doctordisability
There are 10 big financial mistakes that doctors make. We see these made repeatedly over and over again. If you can avoid these, you're going to have a great career and financial life. We often think we have to get everything right with our finances, but you really don't. You just have to avoid the big screw ups. If you have made one of these mistakes, fix it today and get back on track for a successful financial life. See the full show notes at https://www.whitecoatinvestor.com/dont-make-these-10-financial-mistakes-podcast-191 This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob today by email info@drdisabilityquotes.com or by calling (973) 771-9100
We can learn a lot from the research examining how self-made, economically successful Americans became that way. Our guest this week is Sarah Stanley Fallaw. You may not be as familiar with her name as you are of her late father, Thomas Stanley, author of The Millionaire Next Door. See the full show notes for our interview here https://www.whitecoatinvestor.com/the-next-millionaire-next-door-podcast-190 They were involved in research examining these economically successful Americans and co-wrote The Next Millionaire Next Door. Much has changed from the first millionaire book. A new generation are hearing from self proclaimed experts in personal finance due to the proliferation of  financial blogs and podcasts, like WCI. In this episode we talk about the concept of a millionaire, though the name and image haven't changed, a million dollars is nowhere near what it used to be. We discuss the decisions, behaviors, and characteristics of the new millionaire next door and how they align with the discipline of building wealth.  The main lessons of her work seem to be that millionaires are mostly self-made, surprisingly frugal, and spend time doing things that build wealth. We talk about each of those things in this episode. This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
189: Inherited IRAs

189: Inherited IRAs

2020-12-1738:30

If you are fortunate enough to inherit an IRA there are some things you should know. Inherited IRAs, also known as stretch IRAs (https://www.whitecoatinvestor.com/new-stretch-ira/)  have changed this year. You can no longer leave it to your great grandchild and have them stretch it over the next 80 years. They have to withdraw all the money in year 10. But a listener asked how this affects the backdoor Roth IRA, when it makes sense to roll the IRA over, and whether you can roll these over in the same way as you would other accounts. We delve into these questions in this episode for those looking forward to an inherited IRA.  For the rest of you, we talk about whether you should do Roth or tax-deferred 401K contributions, rebuilding your practice during COVID, rebalancing your accounts, whether a medical student should buy disability and umbrella insurance, and what to do if you should have done your Roth IRA through the backdoor but you didn't. Check out the full show notes here https://www.whitecoatinvestor.com/inherited-iras-podcast-189 This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
The work of Dr. Rick Hodes in Ethiopia is inspiring. He is working in an international inter-religious, interfaith, inter-ethnic environment to make the world a better place. He is the doctor we wrote we wanted to be in our medical school admission essay. We talk about how he got started practicing medicine internationally, the interesting work that he has done, and the many people that he has been able to help. We discuss the finances behind work like this and the effort put into fundraising. Some people have criticized international aid programs saying they are doing more harm than good and we get into that too. Many of our profession are suffering from burnout. Dr. Hodes has some advice on that as well, 30+ years into his career. We also talk about how you can help. For not a lot of money, we can help a lot of people. Rick shows us what a true calling in medicine can look like. Take a listen and see if you find this interview as inspiring as I did. This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
Is there a recommended percentage of your portfolio that should be in Roth accounts when you retire? We are asked this question a lot. People think there must be an optimal mix. Is there? And is it worth the cost to get to it? These questions are discussed in this episode. There is a general rule of when to make pre-tax vs post-tax retirement contributions as well as when are good times to do Roth conversions. Listen to this show to better understand those as well. We also dive into listener questions about paying off the mortgage vs investing in a taxable account, understanding how to max out your 401(k), cash balance plans, investing in farmland, over contributing to your HSA, rebalancing your portfolio between accounts, investing in annuities, and the complications of sharing assets with extended family members. A wide variety of listener questions this week that will hopefully be helpful to many.  Sponsor Provider Solutions & Development is a community of experts dedicated to offering guidance and career coaching to physicians and clinicians throughout their entire job search. Whether you are looking to dive deeper into your specialty work, strive towards a healthier work-life balance, or a little bit of both, they can help find the right fit for you. Start the conversation today at www.psdrecruit.org/whitecoatinvestor.
The financial pathway of a major airline pilot is remarkably similar to that of a doctor. A lot of people don't realize they make doctor-like incomes and actually have a lot of doctor-like financial challenges. You make little to no income for a decade, then pretty good income for as long as you can go without burning out. Joining us in this episode is Jason Depew, a veteran and current captain with Delta. We discuss the parallels between the financial lives of doctors and pilots like high income, burnout, geographical arbitrage, lack of financial education, and the loss of income during this pandemic. Pilots are unionized. We talk about the benefits and drawbacks of being part of a powerful union, which may be the future of medical professionals. Pilots, especially with the major airlines, are a high income professional category that we don't  discuss a lot at the White Coat Investor, but this episode will be a great resource for our pilot listeners as well as all other high income professionals.  This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
The Canadian financial system is similar but not quite the same as the U.S. financial system. In this episode we talk about the Canadian retirement system, the programs they have similar to the U.S. social security system. We discuss their versions of our Traditional and Roth IRA accounts. Considering our close proximity to each other, it is no surprise that a couple of listeners have questions about working in one country and living in another as well as Americans married to Canadians and what to do about citizenship. We cover the pros and cons of those situations in this episode. For those with no connection to the Great White North we also answer other questions about separately managed accounts, over-contributing to the 457(b), marketing timing in the de-cumulation phase, UTMA accounts, and the CARES Act tax deductible student loan payment.  Sponsor This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
It is becoming more and more common for physician groups to be approached by a private equity firm that wants to buy the practice and make them “more efficient.” Of course the older partners think that this is a good time to sell. The younger doctors thought they just joined a partnership and were looking forward to owning their business and having control. What do you do if you are the younger doctor? We discuss some ideas in this episode that will hopefully help, if you find yourself in this situation. We also answer a lot of other listener question about challenges facing families with children with special needs, small business retirement accounts, understanding a wash sale, reporting the backdoor Roth IRA with a loss, understanding dividend stock investing, the S&P 500 vs total stock market index fund, and what recommendations I have for medical students to do early in their career to prepare themselves for entering the workforce. This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
Our guest today is Dr. Hala Sabry, the founder of the Physician Moms Group on Facebook. Who better to ask about physician moms and their finances than a physician mom managing a group with 75,000+ other physician mom members! We delve into lots of topics surrounding finances as a physician mom including infertility, child care, career changes, and gender wage gap. We talk about women in medicine.  Over 50% of medical students are now women. What implications will that have for the physician workforce? Women are often hesitant to negotiate when getting a new job. What can be done to encourage them to negotiate harder and avoid any negative consequences that could come from doing so? Not everyone has this Instagram perfect life where they're beautiful and have no struggles. Our lives are hard, layered, and dynamic. Not only is medicine your profession, but it is your identity. Your worlds kind of collide as a physician mom and it is a lot of pressure. The truth is, it is not just women who are struggling. Men have the same issues, balancing life and work and all these other things but today's episode really focuses on them from a woman's perspective.  Now is the time to start thinking about whether your current tax plan is truly tax-efficient and keeping more of your hard-earned money in your pocket.  At Cerebral Tax Advisors, https://www.cerebraltaxadvisors.com/ they focus on all year PROACTIVE tax planning, and, as the spouse of a physician, their founder, Alexis Gallati, has over 18 years of experience using court-tested, IRS approved tax strategies to lower your effective tax rate and increase your wealth.  Her services are flat rate, and she will show you your return on investment before you invest in Cerebral’s services.  With 2020 coming to a close, NOW is the time to see if you are missing vital strategies in your tax plan. 
What general market trends do we see during election seasons? What usually happens if a Republican president wins a second term? What usually happens if a Republican president were to lose to a Democrat? If the office were to change hands, what is the usual market trend during the lame duck period and also just after a new president takes office? More importantly what should you do with your portfolio based on these trends? We dive into this past market data in this episode, find some interesting trends, and give some warnings on what you should do. Spoiler: Please don't make any huge changes to your investing plan based on how the election is going, what is in the political news, even what is in the economic news. This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com.  He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor.  He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies.  If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.
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Comments (2)

Megan Akins

Great post. I have both federal and private loans. Do I refinance them separately or together? Thank you.

Mar 30th
Reply

Luke Brindamour

could you label the subjects of each podcast?

Aug 29th
Reply
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