PA the FI Way

The Mega Backdoor Roth is a strategy that may allow you to save more money into your Roth account for the year after maxing out your 401K, allowing for tax-free growth and tax-free future withdrawals. However, it is somewhat rare that employers and 401K administrators allow this strategy. Learn the questions to ask to find out if you're eligible, and the process of utilizing the Mega Backdoor Roth strategy as a physician assistant. 

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Join us as Kristin Burton, MPAS, PA-C, CAQ-HM, shares her amazing debt payoff story. After PA school, she paid off over $161,000 over the course of 16 months! After her student loan debt was paid off, she and her husband decided to pay off their mortgage before she even turned 30yo. Amazing! 

Kristin is a critical care PA (physician assistant) on the way to FI (financial independence), and she founded Strive Coaching to try to help other PAs and healthcare professionals reach financial independence. She has created an online course called Money Boot Camp for New White Coats, which can help teach you the basics of financial literacy and investing right after graduation. The course covers job negotiation, strategies to tackle your student loan debt, how to determine if your money should be used to pay back debt or invest, and more. I wish that I would've had access to this course right after PA school!

Sign up for Kristin's Money Boot Camp for New White Coats course here: https://www.strivewithkristin.com/PAFI 

Follow Kristin on Instagram: @strivewithkristin https://www.instagram.com/strivewithkristin/

Strive Coaching Website: www.strivewithkristin.com

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Are you a physician assistant student and feel as though you can just wait until after PA school to focus on your finances? Well, you certainly could, but there are so many financial areas that you can focus on right now while you're in PA school. Alex Adkins, PA-S, shares how he knew about the concept of FI even before PA school started, which has helped him make some wise financial decisions. Once he starts practicing as a PA-C, he will be set up for success due to the habits that he has already developed and implemented! Take a listen to his story so you can hopefully find motivation to start your financial journey, no matter what stage of life you're in. 

PA-S the FI Way Blog Post: pathefiway.com/pa-s-the-fi-way-things-to-consider-during-pa-school

Interested in learning more about travel rewards that were mentioned? Take a listen to episode 22, or read more about it here: pathefiway.com/how-to-utilize-travel-rewards-for-free-travel

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Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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Inflation has been a common topic in the news the past several months. But do you know what inflation is, why it happens, and why it can be a problem? Finally, do you know what steps you can take to hedge against inflation? 

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Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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You've heard from those who invest in cryptocurrency say that their investments are going to the moon, and you have serious FOMO. Should you join the crypto craze? As with many things in finance, the answer is maybe, as it's a bit complicated... There are some benefits to consider with crypto, as well as some cons to consider. 

If you're a PA student, consider applying to the White Coat Investor scholarship:

https://www.whitecoatinvestor.com/medical-school-scholarship/

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Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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Four different types of budgeting methods are reviewed (pay yourself first method, envelope method, 50/30/20 budget, and zero-based budget). These types of budgeting systems can provide you a framework to save money to invest for your future as a physician assistant, PA student, or pre-PA. You may find that one works better for you than others at various points in your life. Sinking funds can be used as part of your budgeting system to help you pay for upcoming known expenses. 

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Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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Should you try to time the market in hopes of buying high and selling low? Or should you try to switch your money around between asset classes in hopes that one will do better because you heard it's the latest craze? If you can't time travel to have the benefit of hindsight or don't have a crystal ball, then the answer is likely no. As a current or future physician assistant, you're likely pretty bright, but did you know that most financial professionals can't time the market well enough to beat the market? In addition to market timing, this episode also reviews how you can use the concept of opportunity cost to better analyze the choice between two options. 

The topics of dividends and diversification are discussed in today's episode. Some investments pay out dividends, which can be another way for your investments to earn more over time. However, this doesn't necessarily mean that you should be chasing stocks with only high dividend yields. Diversification in your portfolio may help provide less risk over time, and can help make your wealth building over time to be less bumpy. 

Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/

Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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Compound interest, which has been dubbed the 8th wonder of the world by Albert Einstein, needs time to grow its magical gains. Which group of people likely has the most time in the world to benefit from the effects of compound interest? Children, of course! Once you start becoming financially literate, you may likely start thinking about the kiddos in your life, whether they be your own children, nieces or nephews, or even grandchildren, and think, “If only they could start investing for their futures at such a young age! They would be set for life!” Well, here’s some exciting news: both you and they could potentially start saving and investing for their futures! 

In this episode, the follow 4 accounts are reviewed to save and invest for your child: HYSA (high yield savings account), 529 plan, UGMA / UTMA, and custodial Roth IRA. 

As a current or future PA, you are likely a pretty giving and selfless person, so you are probably very excited to start investing in the future if your children. However, it is very important first put on your own oxygen mask, meaning, ensure that you are first set up to reach financial independence in the future prior to helping out your kiddos. 

If your child(ren) get one or even all 4 of these accounts set up to save and invest, then think of how much their wealth may build with time due to compound interest! 

Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/

Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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Website to read blog posts: pathefiway.com

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When it comes to saving, investing, paying off debt, and building wealth on your way to financial independence as a physician assistant, automation may be key to setting you up for success so you can reach your goals sooner. Automation may help you save your time, your money, and your sanity! 

Personal Capital link: https://pcap.rocks/katarinaastr

Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/

Join the private Facebook group created for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway 

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Website to read blog posts: pathefiway.com

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