Discover essential strategies for protecting your assets, especially tailored for physicians. Learn about the backdoor Roth IRA and its benefits for young professionals. Dive into the complexities of student loans, including public service loan forgiveness. Explore the financial landscape of medicinal marijuana and the ins and outs of cash flow banking. Each topic provides insightful advice on risk management and informed decision-making for high-income earners.
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volunteer_activism ADVICE
Asset Protection and Risk Management
Prioritize risk management by avoiding high-risk activities and maintaining your property.
Secure sufficient liability insurance, including umbrella coverage, to protect your assets.
insights INSIGHT
Malpractice Suit Outcomes
Malpractice suits exceeding policy limits are rare due to various factors like high win rates for doctors, settlements, and appeals.
Doctors rarely lose personal assets in malpractice suits, and the average loss when it happens is in the low six figures.
volunteer_activism ADVICE
Umbrella Insurance Recommendation
Obtain umbrella insurance with coverage comparable to your malpractice insurance (seven-figure amount).
Auto insurance is crucial due to its high involvement in liability claims; consider raising its limits too.
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This episode is about asset protection. We discuss what you can do to better protect your assets like houses, taxable accounts, real estate, etc. Plus of course answer listener question about backdoor Roth IRAs, PSLF, marijuana, and cash flow banking.
Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor . 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 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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