If you don't have employees, you just go get a solo 401k. You need help to put together the plan; it includes a third party administrator and an actuary. John Hancock charges 1.5% expense ratio instead of 0.05%. In the long run, it's going to cost you a whole lot more. But better to spend a few thousand dollars to get it set up, maybe a few hundred or even a few thousand a year to keep it going.
We always know when it is the beginning of the year because we get so many questions about retirement accounts and everything related to them. This episode answers more of your questions about employer and solo 401(k)s, 529s, backdoor Roths, the difference between traditional and roth and so much 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 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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