The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of financial literacy topics from medical school debt and 401(k) investing to saving on taxes and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover financial strategies that will lead you to a better life. 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!
I wasn't sure if you monitored comments on older videos, but I think since my question is related to the health insurance I figured I would ask here. In a video of yours from a year ago, "If I Want To Retire Early, Should I Use Taxable Accounts Or Retirement Accounts?", you discussed being able to pay health insurance premiums using retirement accounts without paying the 10% penalty in early retirement. I thought that was only true if you are unemployed versus voluntarily retired. Can you confirm?
What happens to my FXAIX shares vs my VOO shares in my Fidelity IRA if Fidelity folds? Should a retail investor at Fidelity avoid FXAIX ? I hope that question is clear
She's awesome! I think it is so valuable to have another physician discuss their experience becoming an attending or inheriting money. It really separates WCI from other financial channels.
I have a 401(k) with $6300 in it after one year working with an employer. Is it worth rolling it into a Roth IRA while attending medical school or liquidate and take the 20% so I have about $5000 in my pocket to pay down a credit card?
So if target date funds are not ideal for taxable brokerage accounts, what would be a good investment ment fund on such account? Index fund ETFs? …Mutual funds…?
Target Date funds can pass through some unwanted tax liability, like happened at Vanguard. More on that can be found here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ackwK3gbfWs.html We can't dispense direct, personalized financial advice, but most other non-target date Index Funds (Total US, Total International, etc.) won't have this problem.
Thanks Jim for interviewing Andrew (Andy). I always enjoy listening/seeing authors of books I have read. I read his book about 2 years ago and plan to read it again soon. This is the first time I have heard him speak or seen him (other than pictures). Andrew appears to be a great guy. I enjoyed the interview!
Yep. Once you donate to a DAV the gift is complet 0:15 ely IRREVOCABLE when the broker jd it. broker has it. The funds must be disbursed to a 501 c 3 charity of my choosing. It is theirs to distribute to the charities via grants. I like them.
Yep. Once you donate to a DAV the gift is completely IRREVOCABLE the broker has it. The funds must be disbursed to a 501C 3carity, of my choosing. It is theirs to distribute to the charities via grants. the assets been sold and you’re on their list.
Appreciate the detailed breakdown! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
A lot of it comes down to the knowledge of the agent offering the products & structure they properly. Point of an IUL is to be a investment vehicle but primarily a LIFE INSURANCE policy. If you pass away tomorrow, you get paid out the coverage you got. Stock market doesn’t care & do that. Each has their pros & cons end of the day
Wait a second it says that this interview was seven hours ago at least when it was posted but they’re talking about interest rates that were super low inflation when it was back at 8% so this is not a new video Again, it’s just a Clickbait
The squirrel fund is way too complex man. It’s a nice idea, but that style of savings really is for people who have problems spending money. You’re better off just keeping 6-12 months of expenses in cash and investing everything else.
I think the cool thing is that people who are charitable are using this as an easy way to give, like you said, it's a 100% charitable deduction. I haven't received any donations through a DAF, but it's good to know what is a turn off. Thank you for this information! On the 10th of October is the first USA Daf Day that uses Daffy and it's actually really exciting to be part of the beginning of this
Thanks for the great video. I contributed $7000 in Roth and had to get out ~$9500, which I think it is a little too much to pay tax for the $2500 gains when do the conversions. Are there any other options? Like converting $6000 to Roth, and the rest of $2500 to 401k? And what if later I found that I am actually eligible for the Roth IRA, can I retract such recharacterization? Thank you!
“Instead of giving it to the tax man it goes into your retirement account”??? With that strategy you now get to pay taxes on your contributions PLUS all the growth! 🤦♂️ Let me guess, you think taxes are going to be lower or you will be in a lower tax bracket??
Or have a volatility buffer asset to draw from following a down year. 🙄 You know who LOVES this 4% rule? Traditional advisors! Why? They get paid all those 30 years.
Thanks for filling in, Josh! When you're reading ad copy, try to keep your head still - the side-to-side drift makes it more obvious that you're reading
Congratulations! Moral of the story, make a lot of money. You can be frugal and all, but nothing accelerates your net worth like high earnings (excluding equity in a business, that is)).
Wait a minute, this dentist isn't pediatric... He's an adult 😂😂. Seriously, though that is spectacular! This guy did it right: Work hard, save money, then enjoy life.
HSAs are awesome. You did forget one important fact that I thin should be mentioned. There are two states that do not recognize HSAs which are New Jersey and California. That means that at the state level, it functions similarly to a taxable account, you need to pay income tax, capital gains taxes, dividend taxes, etc. and you need to do it on your own accord because the HSA servicers will not send you any documents. It is however still a tax protected vehicle at the federal level of course.
Excellent video! Just wondering though, you pointed out to consider compound interest 20 years from now, but how do you account for economic unpredictability - especially inflation, which punishes people to save their money?
Short term volatility and long term unpredictability are not the same thing, but admittedly any type of investing comes with risk. Investing in a low cost, broadly diversified way over long time periods gives the best probability of growing your money faster than inflation.
I'm continually shocked at how many docs don't take advantage of HDHP/HSA's. There's literally no other investment account like it! If it were called a "Tax-Saving Healthcare Retiremement Plan that truly benefits High Income Earners" people would be all over these things! Maybe due for a rebrand?
