White Coat Investor Podcast

Understanding how the tax brackets work will aid your tax planning and make for more informed, reasonable discussions of tax policy. People don't actually grasp how tax brackets work and they routinely overestimate how much they pay in taxes. We think there are four reasons why tax brackets are hard for people to comprehend. Listen to this episode to find out what they are and to gain a better understanding of tax brackets. See full show notes here https://www.whitecoatinvestor.com/understanding-tax-brackets-podcast-196. For those with a firm grasp of how they are taxed, we also answer listener questions about choosing stock options or restricted stock units at your next job, what are the major classes of bonds the average DIY investor should understand and consider, which bond classes are least correlated with stocks, what a reasonable overall bond allocation is, bond classes that individuals who live in high COLAs should consider, AOTC tax credits, financial book recommendations for children, and Non governmental 457s. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

Morningstar has been around for 36 years and is by far the best place to get information about all of the mutual funds available. Our guest in this episode, Christine Benz is the director of personal finance and a senior columnist at Morningstar. She is the author or co-author of five books, including 30-minute Money Solutions, which we will be given away at the WCI Conference https://www.whitecoatinvestor.com/conference in March, where she is our keynote speaker. Christine has had a 30 year career at Morningstar so lots of investing lessons to be learned from her. See the full show notes here http://whitecoatinvestor.com/investing-lessons-from-christine-benz-of-morningstar-podcast-195 . In this interview we discuss the star rating system for mutual funds that Morningstar uses, her experience educating women investors vs men, owning individual stocks and cryptocurrency, complacency about equity risk these days, whether you should change anything about your investing plan with a new president in office, and what lessons we should take from our experience during this pandemic. Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

Discover the ins and outs of the backdoor Roth IRA, a crucial strategy for high earners to secure their retirement savings. Learn how to successfully navigate the process and rectify common errors. The discussion expands to asset class diversification and the tax implications of inherited money. Strategies for financial literacy aimed at medical and dental students are highlighted, along with tips on managing loans and investment planning. Dive into the emotional and financial factors of homeownership versus renting, and explore smart financial moves after residency.

Burnout is a big risk to your finances. Your fastest path to cash is as a board-certified doctor. We want you to be happily practicing medicine for as long as you would like. Our guest in this episode is Dr. Dike Drummond who we have written about before https://www.whitecoatinvestor.com/using-a-venn-diagram-to-decrease-burnout/ . He has spent the last 20 years coaching and training physicians on the prevention and recovery from burnout. In this interview we discuss the causes of physician burnout, depression vs burnout, symptoms of burnout, and how to recover from it. Recovering from and preventing burnout, and building a wonderful life is just connecting a series of baby steps. If you are feeling burned out and looking for a cure, start with this episode and it will help you identify the next steps. See the show notes here http://whitecoatinvestor.com/cure-physician-burnout-with-dr-dike-drummond-podcast-193 At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

I often tell people having a written investing plan is crucial to their financial success. That requires that the investing plan first be reasonable. There are lots of portfolios out there that simply are not reasonable. There is not just one way to invest successfully. If you pick something reasonable and fund it adequately, you are highly likely to reach your goals. In this episode we will go through 10 ways to know if your written financial plan is reasonable, answer several listener questions about their financial plans, and give you directions on how to get a written financial plan in place, if you have not done this important step yet. See the full show notes here http://whitecoatinvestor.com/is-your-financial-plan-reasonable-podcast-192 I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

There are 10 big financial mistakes that doctors make. We see these made repeatedly over and over again. If you can avoid these, you're going to have a great career and financial life. We often think we have to get everything right with our finances, but you really don't. You just have to avoid the big screw ups. If you have made one of these mistakes, fix it today and get back on track for a successful financial life. See the full show notes at https://www.whitecoatinvestor.com/dont-make-these-10-financial-mistakes-podcast-191 Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

We can learn a lot from the research examining how self-made, economically successful Americans became that way. Our guest this week is Sarah Stanley Fallaw. You may not be as familiar with her name as you are of her late father, Thomas Stanley, author of The Millionaire Next Door. See the full show notes for our interview here https://www.whitecoatinvestor.com/the-next-millionaire-next-door-podcast-190.They were involved in research examining these economically successful Americans and co-wrote The Next Millionaire Next Door. Much has changed from the first millionaire book. A new generation are hearing from self proclaimed experts in personal finance due to the proliferation of  financial blogs and podcasts, like WCI. In this episode we talk about the concept of a millionaire, though the name and image haven't changed, a million dollars is nowhere near what it used to be. We discuss the decisions, behaviors, and characteristics of the new millionaire next door and how they align with the discipline of building wealth.  The main lessons of her work seem to be that millionaires are mostly self-made, surprisingly frugal, and spend time doing things that build wealth. We talk about each of those things in this episode. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they’re willing to pay you for it! That’s why we’ve put together a list of recommendations for companies that pay you to take surveys. If you’re looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

Explore the recent changes to inherited IRAs and what they mean for your financial planning. Learn how tax implications affect backdoor Roth IRA contributions and rollovers. Discover strategies for optimizing your retirement accounts, particularly for high-income medical professionals. Dive into real estate investment opportunities and hear success stories about improving work-life balance. Plus, get insights on insurance needs for medical students and how to avoid common financial mistakes.

The work of Dr. Rick Hodes in Ethiopia is inspiring. He is working in an international inter-religious, interfaith, inter-ethnic environment to make the world a better place. He is the doctor we wrote we wanted to be in our medical school admission essay. We talk about how he got started practicing medicine internationally, the interesting work that he has done, and the many people that he has been able to help. We discuss the finances behind work like this and the effort put into fundraising. Some people have criticized international aid programs saying they are doing more harm than good and we get into that too. Many of our profession are suffering from burnout. Dr. Hodes has some advice on that as well, 30+ years into his career. We also talk about how you can help. For not a lot of money, we can help a lot of people. Rick shows us what a true calling in medicine can look like. Take a listen and see if you find this interview as inspiring as I did. The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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 

Is there a recommended percentage of your portfolio that should be in Roth accounts when you retire? We are asked this question a lot. People think there must be an optimal mix. Is there? And is it worth the cost to get to it? These questions are discussed in this episode. There is a general rule of when to make pre-tax vs post-tax retirement contributions as well as when are good times to do Roth conversions. Listen to this show to better understand those as well. We also dive into listener questions about paying off the mortgage vs investing in a taxable account, understanding how to max out your 401(k), cash balance plans, investing in farmland, over contributing to your HSA, rebalancing your portfolio between accounts, investing in annuities, and the complications of sharing assets with extended family members. A wide variety of listener questions this week that will hopefully be helpful to many.  If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  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