Explore the differences between Roth and Traditional IRAs and how they can benefit your kids. Learn about the essential considerations when switching your business 401(k) plan administrator. Get tips on what to do if you accidentally over-contribute to your 401(k). Discover financial wisdom from basketball players on managing high incomes and the importance of living within your means. Plus, delve into how kids can become entrepreneurs and the tax responsibilities that come with it.
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volunteer_activism ADVICE
Live Like a Resident
Live like a resident even after residency.
Don't increase your lifestyle for at least a year post-residency to build wealth.
volunteer_activism ADVICE
Roth vs. Traditional
Consider Roth accounts if you have no debt and anticipate higher tax brackets in retirement.
Evaluate the trade-offs between Roth and traditional accounts based on current vs. future tax rates.
volunteer_activism ADVICE
Child Roth IRA
Kids can contribute earned income to Roth IRAs.
Treat them like real employees with proper paperwork and fair pay.
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Today we are answering more of your Roth IRA and 401(k) questions. We talk about the difference between Roth and Traditional IRAs and then answer a question about Roth IRAs for your kids. We talk about some things to think about when changing your business 401(k) plan administrator and then explain what to do if you over contribute to your 401(k).
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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!
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