White Coat Investor Podcast

Dive into the world of retirement accounts, exploring the ins and outs of rolling over 401(k)s into IRAs and navigating 403(b) transitions. Discover strategies for rebalancing portfolios while addressing the nuances of non-discrimination testing for business owners. The discussion brings to light effective withdrawal strategies, emphasizing risk tolerance and the pitfalls of overly conservative approaches. Political factors and their impacts on financial planning take center stage, while listeners receive practical advice on managing taxable accounts and student loans.

Today we are talking with a 4th year med student who is graduating medical school with a positive net worth. He and his spouse are financially educated and have worked hard to prepare, save money, and use what they have wisely. His spouse has a great job and they had a windfall that both helped make a big difference in their financial life. He shared the wise words that lucky circumstances won't do much for you if you are not prepared to act. For finance 101 we are talking about buying a house during residency. With Weatherby Healthcare, you choose your own healthcare career path. Our locums experts then support you every step of the way, helping you find the right opportunities at the right times. We understand your professional and personal goals, and are experts at helping you achieve them. Let’s keep your career interesting with new locations and settings, and diverse patients and cases. And, just as importantly, let’s make sure you get more free time for your hobbies… or to just relax. We’ll help you find that balance. With more jobs in more locations, Weatherby gets you where you want to go. www.whitecoatinvestor.com/weatherby 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 channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones  Main Website: https://www.whitecoatinvestor.com  Student Loan Advice: https://studentloanadvice.com  YouTube: https://www.whitecoatinvestor.com/youtube  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Dive into the world of tax strategies for retirement! Discover how to forecast tax liabilities and the impact on retirement accounts. Learn about tax gain harvesting in UGMA accounts and its advantages. Explore the dynamics of investing in New York City's real estate market, along with self-directed IRAs for private investments. Finally, unravel the benefits of estate planning, including avoiding probate through revocable trusts, ensuring you protect your wealth effectively.

A second-year resident shares their impressive journey to building a six-month emergency fund while saving 35%. They discuss effective financial strategies tailored for medical training, including smart student loan management. The podcast also delves into the unique financial dynamics of dual-physician households, covering debt repayment and tax implications. Listeners can gain valuable insights into retirement planning and mindful spending. With a focus on achieving financial stability, this episode offers a roadmap for healthcare professionals seeking to balance career and finances.

Dive into the complex world of insurance, where tail coverage, whole life, and the pitfalls of annuities are dissected. A physician shares insights from their journey into the insurance sector. Learn about the strategic benefits of specialized tax advisors and how they can maximize your returns. Explore the nuances of property taxes and home insurance in the mortgage landscape. The discussion stresses the need for critical evaluation of financial products and the importance of seeking independent financial advice.

An Engineer and Surgeon couple shares their inspiring journey to millionaire status, achieved even before beginning their professional careers. They discuss their impressive savings strategy and the importance of communication and planning in their financial life. Insights into the complexities of estate taxes across different states highlight the importance of tax planning. Opportunities in locum tenens work are also explored, revealing how flexibility and higher pay can enhance financial independence for healthcare professionals.

Dive into retirement account intricacies, like Roth IRAs and the pro rata rule. Learn strategies for self-directing your solo 401(k) and the differences between 457(f) and 457(b) plans. Discover when to make Roth contributions while grappling with contribution limits. Financial guidance for transitioning from residency to fellowship is also covered, focusing on tax-efficient strategies and real estate investments. Patience and education are emphasized for long-term financial success in the medical profession.

A psychiatrist shares his remarkable journey from being deeply in debt to achieving financial stability, all thanks to his supportive wife and friends. He emphasizes the importance of teamwork in reaching financial goals. The discussion also delves into the dangers of chasing recent investment performance, highlighting the need for long-term planning. Listeners learn about the risks of impulsively investing in high-performing stocks and the value of maintaining a diversified portfolio to withstand market fluctuations.

Lisha Taylor, a friend of the show and finance enthusiast, teams up with credit card hacking expert Devon Gimbel, host of the Point Me to First Class podcast. They delve into the art of credit card hacking for travel, particularly for high-income professionals like physicians. Discover strategies to maximize rewards using existing expenses, the importance of understanding financial behaviors, and how to enjoy luxurious travel experiences without accumulating debt. Their personal anecdotes highlight the thrill and accessibility of travel hacking.

An automotive engineer shares their journey to building a six-figure Health Savings Account and attaining a net worth of over $2 million. They emphasize that financial success doesn't require a massive salary but rather a disciplined saving mindset. The discussion dives into optimizing Health Savings Accounts for tax and investment benefits. Listeners learn about the importance of financial independence and working on their own terms, with practical advice for aspiring professionals looking to achieve similar financial milestones.