White Coat Investor Podcast

WCI #339: Dave Ramsey Gives Poor Advice to Unmatched Doc

10 snips
Nov 2, 2023
Explore essential tax strategies for medical professionals, including the impact of investments on taxes and tips for managing estimated payments. Gain insights into the complexities of oil and gas investment, with a focus on tax benefits. Critique Dave Ramsey’s financial advice for student debt relief while discussing loan forgiveness options. Learn tailored investment strategies for young physicians, emphasizing disciplined savings and asset allocation. Finally, understand the vital role of disability and life insurance for doctors.
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ADVICE

Advocate PSLF for Medical Debt

  • The best debt solution for an unmatched medical student with $430,000 debt is Public Service Loan Forgiveness (PSLF).
  • PSLF requires 10 years of qualifying government work and payments, after which remaining debt is forgiven tax-free.
ADVICE

Use Tax-Efficient Stock Funds

  • Investing taxable savings in stock index funds is more tax efficient than money market funds paying 5% interest.
  • Qualified dividends in stock funds are taxed at lower rates than ordinary income from money market interest.
ADVICE

Make Proper Quarterly Tax Payments

  • Make quarterly estimated tax payments on all income, including interest and qualified dividends, to avoid IRS penalties.
  • Use safe harbor rules by paying 100% (or 110% if high earner) of last year's tax or estimated current year taxes.
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