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It's Continuing Financial Education Week!
[Editor’s Note: If you missed the special Facebook Live event with The Peak Group, where we talked all about its private REIT and why single-family homes are a great investment, the conversation lives on the WCI YouTube page! Remember, WCI readers can get in with Peak for a relatively small minimum investment ($25,000), and this fund, which is already performing far above expectations, could be a great way for you to add diversity to your real estate portfolio.
Here's What Physicians Are Thankful for This Year
By Josh Katzowitz, WCI Content Director The scene is a little cliché. It’s a family gathered around a table, everybody wearing their best sweaters for the occasion, with an uncut yet deliciously cooked turkey resting on the table next to the stuffing, the cranberry sauce, and the yams.
Investment Portfolio: How to Build & Manage [Complete Guide]
By Dr. James M. Dahle, WCI Founder Many beginning investors feel overwhelmed and don’t know where to start when trying to design and implement their investment portfolio. They feel so helpless with this task that, in retrospect, always seems so easy, that they run to a financial advisor for assistance. Unfortunately, some writers suggest as many as 93% of financial advisors are simply salesmen, and so many of these naive investors don't get started off on the right foot.
Is Wall Street Coming for Your House?
By Josh Katzowitz, WCI Content Director As a former newspaper guy, I know that the effects of Wall Street swooping in to buy media chains can be a disaster. The thinking goes: a hedge fund, like Alden Global Capital for instance, will buy a newspaper chain like Tribune Publishing. Then, Alden will gut the staff, thereby destroying the quality (and credibility) of the newspapers just so the hedge fund can make bigger profits.
Do You Pay Taxes on Investments?
[Editors Note: “It is my favorite conference of the year.” It’s one thing for us to tell you why you should join us in Phoenix on Feb. 9-12, 2022. It’s another thing to hear why other physicians, dentists, and clinicians have decided to attend The Physician Wellness and Financial Literacy Hybrid Conference. “You have changed the way I think about my financial goals, and I am now actively engaged in learning what more I can do to be financially independent sooner.
Q&A - Investing In Roth Accounts
Today we are answering all of your questions about Roth accounts. We talk a lot about retirement accounts and answer questions about Roth 401(k)s, the Mega Backdoor Roth, Roth conversions, Backdoor Roth IRAs, 457 plans, and lump-sum investing. We also take a few minutes to discuss inflation and what to do in times like these when inflation is on the rise. Listen to today's podcast here. Should I Keep Roth 401(k) and Roth IRA Separate? Our first question comes from Ryan.
Is Disability Insurance Worth It? Here’s When It’s Not
By Dr. James M. Dahle, WCI Founder There are situations where it does not make sense to purchase disability insurance. However, it is pretty unlikely that a resident or young attending is in one of those situations. Today, we’ll walk through what you need to consider about this type of insurance policy and define the situations where buying disability insurance doesn't make sense. Disability Insurance IS Expensive, But It IS Worth It Disability insurance is expensive.
The Ethics of Asset Protection
By Dr. James M. Dahle, WCI Founder When I first started blogging at The White Coat Investor, I thought I'd be writing frequently about asset protection. It was one of the five or six main topics on the blog. Then I discovered the truth about asset protection that most doctors don't know: it's incredibly rare to lose personal assets in a malpractice lawsuit.
How to Divide Financial Responsibilities in a Marriage
By Alaina Trivax, WCI Columnist Just a few weeks after my husband, Brandon, and I were married in 2018, we met with a financial advisor who was recommended by several of the attendings in his PM&R residency program. For this meeting, we shared the details of our income, assets, and debts, and the financial advisor then prepared a written plan for us.
I'm a Sports Writer with a Passion for Finance—Let's Go on a WCI Journey Together - White Coat Investor
[Founder's Note: Surprise! You might not have been expecting a post today, as Sunday posts have been almost non-existent here over the last decade. There are a lot of people here at The White Coat Investor working behind the scenes. Just a few of us have been “on the frontlines” where we are seen and heard by the WCI community. Katie (my wife and Chief Product Officer) has done a couple of posts and a podcast over the years, and will be speaking at WCICON22.
5 Things the White Coat Investor Gets Wrong
By Dr. Erik Hofmeister, DVM, DACVAA, DECBAA, MA, MS, Guest Writer I have been reading this blog for several years. I read all of the blog posts and comments (except the whole life comment threads, because I don’t actually have infinite time) and just finished my second read-through. I am a veterinary academic and my wife is a pharmacy academic, and we are financially independent in our early 40s, largely thanks to Mr. Money Mustache and The White Coat Investor.
The WCI Champions Program (aka Medical/Dental Student Book Giveaway)
[Editor's Note: Want to add diversity to your real estate portfolio? Want to get in early with a company that's already making big waves? If so, WCI is excited to introduce the Peak Housing REIT. The investment is relatively new, but it's already performing far above expectations at 24% YTD. This fund invests almost entirely in single-family homes, and it could potentially lower your tax rate on the income by 20%! For more info, make sure to visit The Peak Group.] By Dr. James M.
Insurance Q&A [LTC, HSA, Life, & Umbrella]
Today we are answering all of your questions about insurance. We discuss group universal life insurance and go over the reasons that it is very likely you don't need or want it. We cover long-term care insurance, specifically as it relates to some new laws in Washington state. We also touch on umbrella insurance and one of our favorite topics here at WCI—whole life insurance.
When Should You Fly First Class?
By Dr. James M. Dahle, WCI Founder You have probably heard the phrase: “Fly first class or your heirs will!” Well, when should you fly first class? It's useful to encourage those who have a hard time spending their money to consider spending it on things that would make their life easier or more enjoyable.
6 Tips for the New Active Real Estate Investor
[Editor's Note: Medical professionals like you have endured more than most in the past year and a half. Maybe you feel like you are burning out and wonder how long you can continue. Perhaps you worry your finances aren’t creating reliable lasting wealth. Or maybe you just need a break from the day-to-day. As a physician, I know first hand being in the medical field is challenging enough without having to worry about finances.
Don't Let Medical Debt Lead to Anxiety, Depression, and Burnout
By Splash Financial, A 2021 Platinum WCI Medical School Scholarship Sponsor Have you ever experienced burnout? If so, you’re not alone. In fact, 42% of physicians surveyed said burnout had a strong or severe impact on their life, according to the Medscape National Physician Burnout & Suicide Report 2021. Being a physician is a noble—but often—stressful profession. When you add hundreds of thousands of dollars in student debt to that work-life balance, the situation may become intolerable.
Investing Questions and Answers
We have had a lot of questions about investing coming in lately, so today we have put all of those questions into one big Q&A podcast. We talk about the value of investing in a 457(b) vs. a taxable account, we discuss 403(b) accounts, 401(k) accounts and what investing limits are for each of these. We even cover more unusual portfolios such as the Dragon Portfolio. We talk about passive real estate investing vs. active real estate investing.
Should I Quit Medicine? Financial Implications & Alternatives
[Editor's note: Invest in yourself today to create a renewed passion for tomorrow! Join us for the 2022 Physician Wellness and Financial Literacy Conference from Feb. 9-12.] By Dr. Charles Patterson, WCI Columnist On a frigid day in late fall, my wife came home after her shift at our local hospital and announced plainly that she intended to resign.
Six Principles of Asset Location
Asset location is determining which of your assets to place into tax-free (Roth), triple tax-free (HSA), tax-deferred, and taxable accounts. It has been estimated that doing this properly can boost returns by as much as 0.75% per year. 0.75% a year can make a big difference over many years, enough so that many investors prefer to manage their investments themselves rather than paying an amount less than that to an advisor. Discussions of asset location are all over the place.
2021 WCI Scholarship Winners — Financial - White Coat Investor
By Dr. James M. Dahle, Emergency Physician, WCI Founder Yesterday we announced the first five winners of the 2021 WCI Scholarship, the ones from the Inspiring Stories category. Today, we will announce the final five winners, the ones from the Financial category.
White Coat Investor Scholarship Winners 2021- White Coat Investor
By Dr. James M. Dahle, Emergency Physician, WCI Founder The time has come once more to announce the winners of the annual WCI Scholarship Award. We apologize for being a week late with the announcement, but we had nearly 800 applicants, 59 judges, and some new staff members managing the process, so it took us a week longer than expected to select the winners and verify their enrollment. My sincerest apologies to those who have been waiting anxiously to hear about whether they won.
Homeowners Insurance Coverage & Cost
The White Coat Investors Homeowners Insurance Policy After we went through my auto insurance policy on this podcast, I had a bunch of people request that I do the same thing for my homeowners policy. After renovating our home, we had to significantly alter the homeowners insurance policy. My policy is through USAA and was originally issued in 2010 when we bought the house. For dwelling protection, it was a $422,000 house at that point.
My Children's Inheritance - White Coat Investor
A lot of blog readers asked me questions a few months ago in the “Windfall Post” where I made an off-hand comment about the “20s Fund” I'm saving up for my children. I thought this would be a good opportunity to talk a little bit about the inheritance I am saving up for my kids. Now, I expect there will be quite a bit left when we're dead. I'll probably keel over in my 80s but I fully expect my wife to be a centenarian.
10 Things You Should Know About the 20% QBI Deduction (Section 199A)
By Dr. Leif Dahleen of Physician on Fire, Anesthesiologist, WCI Network Partner 2021 is the fourth year in which I’ll be eligible to receive a QBI deduction, that is, a tax deduction equal to 20% of Qualified Business Income based on IRS Section 199A. This fairly new deduction was passed as part of the Tax Cuts and Jobs Act in 2017 as an attempt to give small business owners a break comparable to the substantial corporate tax cuts on C Corporations in the same legislation.
Fast F.I.R.E [How to Retire Extremely Early]
By Dr. James M. Dahle, Emergency Physician, WCI Founder We do a lot of FIRE around here. Our flagship course is called Fire Your Financial Advisor. Our WCI Network partner Physician on FIRE has dedicated countless pages to the concept of FIRE and retired from medicine at the tender age of 43. We've discussed the FIRE Movement, Lean FIRE, Fat FIRE, Morbidly Obese FIRE, Coast FIRE, and Barista FIRE. Today, we're going to talk about Fast FIRE.
Debt: Benefits, Dangers and Guidelines to Follow
By Dr. James M. Dahle, WCI Founder Debt—there may be no more loaded word in personal finance and its endless debates. It is sometimes (generally inappropriately) equated with slavery. It is also sometimes equated (also inappropriately) with “financial freedom” and “other people's money”. Debt is an important part of our financial system and a useful tool, but it can also serve up financial ruin and it can maintain poverty. In this article, we're going to talk about all things debt.
From Primary Care to COVID Expert: A Q&A with Dr. Laura Blaisdell - White Coat Investor
By Dr. Margaret Curtis, WCI Columnist Many physicians want to augment or move away from their clinical careers, but not many can—and even fewer can do so in a way that marries their interests and the public good in the way Dr. Laura Blaisdell, MD MPH FAAP, has. I was so happy to get to interview Blaisdell, a friend and fellow pediatrician here in Maine who has parlayed her public health experience into a successful COVID consulting firm.
Proposed Retirement Plan & Tax Rules for the Wealthy
new tax bill is working its way through Congress. While there are sure to be many changes to the proposed bill before it becomes law, we wanted to dive into how this bill will affect the WCI community. One of the biggest impacts is that Backdoor Roth IRA and Mega Backdoor Roth IRA accounts could be gone for good. There are proposed changes to income tax brackets and required minimum distribution rules. We look into these changes and many others that could be coming our way.
Why You Should Ignore the Financial Media
By Dr. James M. Dahle, Emergency Physician, WCI Founder In June 2021, I received an email from a doc. I'll paraphrase it here: “I subscribe to the idea of an investment plan using index mutual funds rather than individual stocks, but it's always nice to see some proof. To prove it to myself, I read a Forbes article called, Here Are 20 Stocks to Buy in the Coronavirus Economy According to Market Experts, and then bought one share of each recommended stock in the depths of the bear market.
Student Loans & Taxes: Deductions, Filing, Returns, and Retirement
By Dr. James M. Dahle, WCI Founder Managing your student loans properly and minimizing your tax bill are both critical parts of a solid financial plan. However, the two are not completely separate—they affect each other. How you file your taxes can affect your student loan bill, and your student loan management strategy can affect your tax bill. In this post, we'll discuss how they interact. Is Student Loan Interest Deductible?
Life and Disability Insurance: What Is the Difference?
By Dr. James M. Dahle, Emergency Physician, WCI Founder Disability insurance is more complicated than life insurance. Buying life insurance isn't particularly complicated and won't require more than an hour or two of your time. Unfortunately, disability insurance is FAR more complicated, and while it may not require a ton of time to understand and purchase a policy, it will require more self-education and a lot more decisions to be made.
What Are Meme Stocks and Why You Should Avoid Them
By Dr. James M. Dahle, Emergency Physician, WCI Founder Over the last year, “meme stocks” have been featured repeatedly in the popular press and social media. This trend has been particularly dangerous for people who should be serious, long-term investors, but lack the financial literacy to properly build a diversified portfolio and follow a written investing plan. What Is a Meme Stock?
Late Start Retirement Savings
By Dr. James M. Dahle, Emergency Physician, WCI Founder The first thing to realize is that you are not alone. Due to inadequate financial education, poor discipline, a late start, a divorce, and/or bad investment advice, many physicians arrive at retirement age with far less than they need to continue their current standard of living. While starting early obviously makes everything much easier, it is never too late to improve your financial position.
Congress Proposed Legislation on IRA Accounts
By Dr. James M. Dahle, Emergency Physician, WCI Founder I went away to go canyoneering for a week, and I returned to find that Congress has been thinking about messing around with the Backdoor Roth IRA and Mega Backdoor Roth IRA. To make matters worse, that was only the beginning. Today we're going to talk about what's happening in Congress. While we're at it, why don't you send a message to your Congressperson expressing your thoughts about the proposed changes?
Retirement Accounts - Q&A
457(b) accounts and what the maximum contributions for those are. We cover defined benefit plans vs. a Mega Backdoor Roth and when to pick which or both options. We answer questions about taxable accounts and catch-up contributions, as well as differences in employer contributions and solo 401(k) accounts and when you can make contributions for a spouse. If you have questions about retirement accounts, you will find some answers here. Traditional 403(b) or Roth 403(b)?
5 Big Mistakes When Investing in Syndications
By Dr. Peter Kim of Passive Income MD, Anesthesiologist, WCI Network Partner Investing in real estate syndications is a fantastic way of creating passive income without having to deal with the day-to-day operations of being a landlord. It does require time and effort up front to figure out what to invest in, but the rest is as passive as can be.
Ins and Outs of Disability Insurance
By Bob Bhayani, MBA, LUTCF, Managing Partner of DrDisabilityQuotes.com; A 2021 Platinum WCI Medical School Scholarship Sponsor Becoming a physician is rewarding in time but is an ultimate investment that takes years of training and an abundance of student loan debt. If you develop an unexpected medical condition preventing you from working within your specialty, you will lose your income but not your financial responsibilities.
Paying Off Spouse's Student Loans Together
By Alaina Trivax, Spouse of PM&R Attending, WCI Columnist If you’ve read any of my columns on the WCI website, you know that I am not a physician myself. Rather, I am a middle school teacher and married to a Physical Medicine and Rehabilitation attending. If you’re in a partnership in which you’re paying down debt originally acquired by one person, like what my family is currently doing, this post is for you.
Annuities 101: What You Need to Know
By Dr. James M. Dahle, Emergency Physician, WCI Founder Lots of white coat investors wonder about annuities and whether they should own one, so today I'm going to tell you everything you need to know about annuities. What Is an Annuity? Annuities come in many different flavors. However, all of them are an insurance product with some sort of investment characteristic. At its most basic level, an annuity is a pension purchased from an insurance company.
Charitable Giving: DAFs vs CRTs vs Private Family Foundation - Podcast #228
In this episode we discuss charitable giving and dive into donor-advised funds (DAFs) vs. Charitable Remainder Trusts (CRTs) and private family foundations. We break down what each of these are and discuss the merits and drawbacks of each option. We also answer listener questions regarding whether to sell or rent your home when moving to a new city. We discuss if it is wise to allocate the bond portion of your asset allocation within your financial plan toward your primary home mortgage.
How to Refinance Your Medical Student Loans
By Andrew Dunn, Freelance Writer for Credible, A 2021 Platinum WCI Medical School Scholarship Sponsor If you’re paying down a stack of student loans from your time in medical school, it might make sense to refinance your debt. Refinancing your medical student loans could replace your federal and private loans with a single loan at a lower interest rate, saving you money on your monthly payments and dramatically reducing the amount of interest you’ll pay over the life of your loan.
Impacts of Economic Outpatient Care
By Francis Bayes, Medical Student In The Millionaire Next Door, William Danko and Thomas Stanley define economic outpatient care (EOC) as “substantial economic gifts and ‘acts of kindness' some parents give their adult children and grandchildren.” If you heed the advice of the White Coat Investor or like-minded resources, you, as a physician or other high-income earner, will be in a position to provide economic outpatient care. The WCI has written articles on his plans for his children.
WCICON22 Announcement!
By Dr. James M. Dahle, Emergency Physician, WCI Founder We are super excited to announce the opening of registration for the 2022 Physician Wellness and Financial Literacy Conference (WCICON22). Registration opens tonight (Sept. 14th) at 7pm MDT. We don't know how quickly (or even whether) it will sell out, but I can tell you the last one of similar size two years ago was one-third sold out after 7 minutes and completely sold out after 23 hours.
5 Options for Legacy Holdings in Your Taxable Account
[Editor's Note: Don't forget to set your clock for tomorrow, Sept. 14, at 7pm MST when registration for the Physician Wellness and Financial Literacy Conference (WCICON22) opens. This CME eligible event will be held February 9-12, 2022 at the JW Marriott in Phoenix, AZ, and there will be both in-person and virtual packages. Click here for more details and remember to be ready to sign up tomorrow!] By Dr. James M.
The Case for Mutual Funds
By Dr. James M. Dahle, Emergency Physician, WCI Founder Once a generation or so, investors go bonkers for a couple of years over a select few well-known stocks. They get bid up to ridiculously high prices at which point their earnings can no longer justify their price. That doesn't mean the price will crash, of course. Sometimes it just means their returns will be lower than other stocks for a prolonged period of time. There are a few examples of this, which I list below.
Medical School and the HPSP
By Dr. Charles Patterson, PCP and Military Medicine Physician, WCI Columnist Medical school is expensive. If this comes as a newsflash, then you are either new to your journey in medicine or are financially illiterate. In either case, you need to develop a plan for how you are going to pay for it. Scholarships abound, but in this article, I am going to focus on one in particular: The Health Professions Scholarship Program, or HPSP. What Is the Health Professions Scholarship Program (HPSP)?
Starting a Medical Practice
When you own your practice, you're able to give better care and have more control and less burnout over your professional life. In general, you make more money, too. So, it is mostly all positive, although it does take some work upfront. Will and Juli Albright have been sharing their knowledge of practice startups on the blog for a couple of years, since they started their practice, Alamo Plastic Surgery. Will is the surgeon and Juli is the chief financial officer.
Finding the Right Disability Insurance Policy Is as Easy as 1, 2, 3
Lawrence B. Keller, CFP®, CLU®, ChFC®, RHU®, LUFCF, Founder of Physician Financial Services, A 2021 Platinum WCI Medical School Scholarship Sponsor Finding the right disability policy is easy. Other than cost, there are only a few contractual provisions that differ much from one policy to another. So why is it that so many physicians get it wrong? After all, physicians are among the most intelligent people on the planet.
With Variable Rate Refinancing, It's Possible to Pay 0%-1% Interest on Private Student Loans
[Editor's Note: If you're interested in attending the 2022 Physician Wellness and Financial Literacy Conference (WCICON22), registration opens Tuesday, Sept. 14 at 7pm MST. This CME eligible event will take place February 9-12, 2022 at the JW Marriott in Phoenix, AZ. This hybrid conference will contain both in-person and virtual packages.
2022 Retirement Plan Contribution Limits
By Dr. James M. Dahle, Emergency Physician, WCI Founder Contribution limits for 401(k)s, 403(b)s, 457(b)s, IRAs, Roth IRAs, HSAs, FSAs, SIMPLE IRAs, and SEP IRAs are all indexed to inflation. While the contribution limits do not go up every year and while every account does not use the same formula for when there will be an increase, you will generally see an increased contribution every year or two.
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