White Coat Investor Podcast WCI #417: Get Rich Fast as a Millionaire with Roth Conversions
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May 1, 2025 In this engaging discussion, Roth expert Chris Davin shares his deep knowledge on Roth conversions, making complex topics accessible. He dives into strategies for high-income professionals, including the mega backdoor Roth and the advantages of choosing Roth for independent contractors. Chris also emphasizes the significance of disability insurance in medical careers and explores the best financial planning practices for physicians. Get ready for valuable insights that can enhance your wealth-building journey!
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Incorporation Often Overhyped for Docs
- Incorporating as an S-Corp may not be worth it unless you take $100k+ in distributions.
- Consider added costs and lost 199A deduction benefits when deciding to incorporate.
Roth vs Pre-tax Strategy Insights
- Roth contributions are generally best in low-income years like residency.
- Early career docs may benefit from pre-tax savings to protect against uncertain long careers.
Taxes and Retirement State Choices
- High tax state workers retiring to low tax states may see minimal pre-tax advantage.
- Small changes like IRMAA or death of a spouse can flip Roth vs pre-tax benefits.