White Coat Investor Podcast

As you become more financially literate, you realize all the financial mistakes that you were making. Some of those mistakes are more challenging to fix than others. This is particularly true within your taxable accounts. In this episode we help a couple of readers solve their financial mistakes by getting out of poor investments, like expensive mutual funds and individual stocks. We talk about whether it is worth it and what it will cost you and ways to lower that cost. You can view the full show notes and transcription here https://www.whitecoatinvestor.com/classic-blog/ We play a bit of catch up with listener speakpipe questions. You can record your questions here: https://www.speakpipe.com/whitecoatinvestor. Questions in this episode include: the 199 deduction for S Corps, contract negotiation from the employer side, disability insurance from Principal, strategies to avoid exit taxes if leaving the USA, value vs growth funds, joining a private equity group, recharacterizing Roth IRA contributions, Roth IRAs for your children, and paying down your mortgage as a PSLF side fund. 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

It is possible for you to retire a millionaire. In this episode I interview 7 of your colleagues who have become millionaires before retirement. They share how they did it and what advice they have for you. See the full transcription at https://www.whitecoatinvestor.com/classic-blog/ They are dentists and physicians in varying specialties. People just like you. In 5-30 years they have built a net worth off 1 to 5.5 million dollars on incomes ranging from 80K-1 million annually. Some had six figure student loan debt upon leaving training. None received a big inheritance. Some are business owners. Most invest in real estate. All of them had a plan. You need a plan in order to become a millionaire. Listen to this episode to learn how to create your plan, how these doctors became millionaires, and how you can too. 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

There is a huge issue with student loans in our country today. I think it is currently at $1.7 trillion. That is almost half of the annual federal budget. One out of six Americans over the age of 18 have student loans. We have discussed many times on the blog and podcast the huge student loan burdens that physicians and dentists are dealing with. In this episode I interview Travis Hornsby, a student loan expert at https://www.studentloanplanner.com/wci. We have a great discussions about unique ways to manage your student loans and techniques that you have probably not heard of before. We talk about who needs to seek out formal student loan advice and who probably doesn't. Managing your student loans takes into account retirement contributions and how you file your taxes. It can be very complicated and advice from the professionals at https://www.whitecoatinvestor.com/student-loan-advice/ is just a few hundred dollars but can likely likely save you thousands of dollars in interest and other costs associated with your loan. Listen to this episode to learn techniques for managing your loans and to better understand whether you need to seek professional advice for your student loan burden. 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! 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 want to inspire you to crush your student loans. One of the worst parts of being a doctor, dentist, or attorney is this massive student loan burden that you have to build your early financial life around. When I speak to groups of residents or medical students, almost all the questions are about student loans and student loan management. In this episode we interview 6 listener who have paid off their 100K+ student loan debt burden in less than 5 years. They did it with a range of incomes and amounts of student loan debt but you will notice some similar themes throughout the interviews. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/ 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

Explore the complex world of stock options and their tax implications! Discover the differences between non-qualified and incentive stock options, and learn how to potentially mitigate tax liabilities. The discussion also touches on strategic retirement accounts, including the pros and cons of Roth versus tax-deferred contributions. Plus, dive into essential financial decisions, such as student loan refinancing and the importance of financial advisors for medical professionals. Perfect for anyone looking to navigate these intricate financial waters!

Daniel Kesten, an estate planning attorney and a speaker at the WCICon 20 in Las Vegas in March, is our guest on this episode. We have a great discussion concerning everything you need to know about getting started with your estate planning. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/. Do you need a lawyer or can you do it on your own? If you need one, how do you find the right estate planning lawyer? We talk about pros and cons of probate, wills versus revocable trusts, the five fundamental decisions to make when formulating your estate plan, and other ancillary documents you may need. We get into tax topics like gifts taxes, estate taxes, generation-skipping transfer tax, state estate taxes, and inheritance taxes. We discuss whether you need a life insurance trust, reasons to make lifetime gifts, step up in basis, and why repealing of the estate tax could be bad for doctors. Daniel really gives it to us straight. You will know the next step you need to take in your estate planning after listening to this episode. Daniel is going to be a great addition to the White Coat Investor Conference March. 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

This week is continuing financial education week. See more information and resources to get financially literate at https://www.whitecoatinvestor.com/classic-blog/. I do this week every year with book reviews on the blog and podcast to encourage you to get financially literate. I view getting financially literate as reading a handful of books and getting a financial plan in place, whether that involves taking an online course like my Fire Your Financial Advisor https://whitecoatinvestor.teachable.com/p/fire-your-financial-advisor, or meeting with a good financial advisor who gives you good advice at a fair price, or just drafting up your financial plan yourself. I consider that your initial financial education. Your continuing financial education is following a good blog or podcast and reading one good financial book a year. I'm obviously partial to mine, but there are other good physician specific podcasts and blogs out there that you can follow if you like. And I share recommended books on the blog and podcast this week. If you've never read a finance book, I would start with the ones on my recommended list. The ones I review during continuing financial education week aren't always the ideal first book that you should read. Maybe the first book you should read is either the White Coat Investor or the White Coat Investors Financial Bootcamp, but I can't just have people read that every year. We also offer some sweet deals to give you a little more encouragement to become financially literate. For this week only, if you buy our Fire Your Financial Advisor online course, we're going to give you the online version of the 2018 Physician Wellness and Financial Literacy Conference for free. That is basically an $800 value for just $499. This offer is good through Monday, December 2nd at midnight. 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

A contract is just a vehicle to set expectations. But understanding those expectations is very important. We discuss what you need to know about negotiating a contract in this episode. See the full transcription at https://www.whitecoatinvestor.com/classic-blog. A contract discusses the physician's time and job responsibilities. Along with how they will be compensated, what benefits are provided, and what happens when that employer-employee relationship is terminated. Having a solid understanding of all these things will make a difference in your efforts to build wealth. Not to mention the benefit of negotiating that compensation so you ensure you are paid what you are worth. In this episode I interview Jon Appino from Contract Diagnostics, a long time advertiser that has helped many WCI readers and listeners better understand their contracts and negotiate better compensation packages. This is not an expensive service, a few hundred dollars. Considering how much money we are talking about, especially if it becomes a long-term job, a couple of hundred bucks is money well-spent. Listen to this episode to learn more about contracts, who is qualified to review one, find out what you are really worth, what you can negotiate in a contract, and whether or not you should hire someone to help with this process. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. 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

Our guest this episode is an asset protection attorney. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/. A lot of readers and listeners had questions about the cost to value for asset protection. We discuss the cost of asset protection and the value of proactive asset protection planning with Brian Bradley of Bradley Legal Corp. He shares tips and questions to ask as you are identifying an asset protection attorney to work with. The first line of defense is insurance and then reducing your liability as much as possible. After that we start looking at asset protection strategies of what exemptions you can receive in your state and then jurisdictions in regards to trusts, whether that is domestic trusts, offshore trusts, or a hybrid bridge trust. This won't be for everyone but certainly as your financial life becomes more complicated, as you become more wealthy, as you take on more risks with businesses and investments, it may behoove you to find an asset protection attorney. 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

Deducting your business vehicle sounds like a great way to lower your tax bill. Unfortunately it is probably not going to be a significant deduction for most doctors. For starters W2 employees cannot deduct a car or business mileage. You don't own a business so you cannot own a business vehicle. A business can buy a car if it is going to use it at least 50% for business purposes. Regardless of the percentage of time you use your car for business purposes, business owners can still deduct their business miles. Deducting business miles is worth $.58/mile in 2019. That is not insignificant and can really add up. I discuss the rules of business vehicle tax deductions in this episode to help you decide what you can deduct. I also answer listener questions about how businessmen making millions avoid paying taxes, being on Tricare and using an HSA, what to do with the TSP when you retire, what to do with the whole life insurance policy your parents bought you, and how the pro-rata rule affects the mega backdoor Roth IRA. See the show notes at https://www.whitecoatinvestor.com/classic-blog/ 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