This chapter explores how the speaker overcame stage fright and developed a love for public speaking, crediting their experiences in teaching and violin recitals during their school years.
A defined benefit cash balance plan https://www.whitecoatinvestor.com/cash-balance-plans-another-retirement-plan-for-professionals/ is a somewhat unusual and surprisingly physician specific retirement account. It is a type of a defined benefit plan. On one end you have a defined contribution plan like a 401(k) and on the other a defined benefit plan or pension plan. A cash balance pension, a subtype of defined benefit plan lies as kind of a hybrid between the two. It still falls in the category as a defined benefit plan, but it's purpose is designed not so that you have an annual income distribution after you retire but that you take the lump sum. Confused? Don't worry, we have Victor Mangona, who has developed an expertise in these plans, as our guest this episode. We discuss who should consider a cash balance plan, how much money can be put into a plan, the tax savings from using this plan, how to invest these assets, what happens if there is a loss in the account, and most importantly how to get your practice to adopt a cash balance plan so you can take advantage of these great accounts.
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 for 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 channel is for you!
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