We have continued to get a lot of your questions about all things Roth so we are dedicating another episode to your Roth questions. We answer questions about SEP IRA conversions, Roth IRA contributions, Roth contributions in a 401(k) vs. a backdoor Roth, Mega Backdoor Roth questions, how taxes affect Roth conversions and more! Today’s episode is brought to us by SoFi. Right now, qualifying medical professionals can refinance their private student loans with an up to one percent rate discount. Still a resident? With SoFi Student Loan Refinancing, you could pay just a hundred dollars a month during your residency. And as a SoFi member, you’ll have access to a powerful set of tools, education, even financial planners, to help you not only save money, but help you get on the road to financial freedom. Check out their payment plans and interest rates at https://SOFI.com/WhiteCoatInvestor SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions may apply. NMLS 696891. 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 for 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! 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 

WCI #316: Roth Contributions and Conversions

Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Learn more at http://whitecoatinvestor.com/

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Today our friend Dr. Tyler Scott is joining Dr. Dahle to talk about disability insurance as well as to help answer your questions. Dr. Scott is a licensed dentist turned financial planner as well as a columnist here at WCI. Dr. Scott is here to preach the message that all docs need disability insurance and shares his story of going on disability. Later they talk about HSAs, saving for future home expenses, capital gains taxes, and how to clean up a disaster of an investment account and more. Kitces HSA Article:  https://www.kitces.com/blog/health-savings-accounts-hsa-dependents-children-age-26-hdhp-taxes-contribution-limits  Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi   *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply. 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 

WCI #365: Disability Insurance with a Friend of WCI

This anesthesiologist has become a millionaire only 3 1/2 years out of training. She has a high income and is saving a massive portion of it. Not only is she building wealth for herself but she also sends money home to help take care of her mother and grandmother. She teaches us about the impact of negotiating hard for yourself when it comes time to sign an employment contract. After the episode we will be talking about WCI's 12 financial principles for doctors for Finance 101. At PKA Insurance Group Inc – Pradeep Audho, and Matthew Pedersen are independent brokers focusing on Disability and Life insurance. They excel in securing coverage for physicians, including those on visas like J1, H1B, etc. Protecting your family in the event of a disability or death is important. There is now an A+ rated carrier offering up to $10Million of Life insurance without labs. If you are very healthy with limited or no medical issues, approval is likely in 5 minutes. Reach out to PKA Insurance to discuss your Disability or Life insurance needs at https://www.whitecoatinvestor.com/pka 1-800-258-1018 - OR – emailing info@pkainsurance.com 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 

MtoM #168: Anesthesiologist Becomes a Millionaire and Finance 101: White Coat Investor Philosophy - 12 Financial Principles for Doctors

Today we are answering your questions about high yield savings accounts, why you actually need to write down your financial plan instead of just having it in your head, wether or not you should start a 529 if you are going to be an older parent when your kid goes to college, and if you should take out a mortgage when buying a house or raid your taxable account to pay cash and avoid a high interest rate. Dr. Dahle also responds to some criticism directed at WCI. Finally, we have our friends from MLG Capital on to tell us about their current real estate offerings. Healthcare is changing, and so are you. Your current career goals are probably different than they were five years ago, and you probably have questions about how to achieve them. Consider locum tenens as a solution. Locumstory.com has all the information you need to learn more about the benefits of locums and how it can work for you. On the Locumstory podcast you can find expert interviews with physicians who’ve worked locum tenens firsthand and share what their experience was like along with advice for others looking to do the same. Tune in to The Locumstory Podcast on Spotify, Apple, or Google podcasts. 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 

WCI #364: High Yield Savings Accounts

Today we are talking with a general surgeon who paid off his student loans only 7 months out of training. He then dove into growing his wealth and became a millionaire in 3 years. He said he and his wife have always been fairly frugal and good savers but they have also splurged on what they care about. This doc is a car lover and happily bought himself a corvette. He is a great example of building wealth while allowing your spending to reflect your values. After the interview we are gong to talk about cars for Finance 101. Resolve is the #1 rated physician contract team, reviewing 1000+ physician contracts every year. They empower physicians with location specific compensation data which leads to unparalleled leverage during the physician contract negotiation process. A physician contract lawyer is included and can negotiate on your behalf – alleviating the stress that can go along with reviewing complex legal terms. Flat-rate pricing and flexible schedules are designed for a physician’s schedules. Use code WHITECOAT10 for 10% off! 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 

MtoM #167: General Surgeon Becomes a Millionaire 3 Years Out of Training and Finance 101: Cars

Today we are talking with Britt Williams Baker, co-founder of Dow Janes. We explore the question of if there is a difference in finances for women vs. men. We discuss value aligned investing, what some financial stereotypes might be, how to get a less financially interested spouse involved to name just a few of the many topics. Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply. 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 

WCI #316: Roth Contributions and Conversions

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