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You have nothing to lose and everything to gain. Here are some posts for further reading on cash balance plans. They dont come cheap either. Many courses that dont offer anywhere near as much information sell for $3,000, $5,000, or even $10,000. However, it is investment money that is contributed pre-tax. Seriously though, this online course is one of our premium products. I'll add another $45k, spouse, business, trust and tax refund. After the interview Dr. Dahle talks about index funds for Finance 101. Your email address will not be published. You may notice the main image for todays post. Too good to be true? Needless to say I was able to retire slightly early with more than enough invested to allow my wife and I to spend our time the way we want. If you only have an hour to learn about real estate investing, this isnt for you. While we dont want you watching videos while driving, if you have an IPhone or Ipad, you can use the Teachable app to listen to the course like you would a podcast. However, we don't think any of these really explains the phenomenon. The issue is, they are currently legal, yet the details are still being worked out by congress. One of the best options for staying updated is to take our annual Continuing Financial Education online course. Be inspired by Stacy Taniguchi as you consider who or what you would cross the ladder for. Knowledge is power, but without action, it won't get you any closer to your goals. Interest in real estate investing among physicians and other high-income professionals seems to be at an all time high. You can enroll at any time. I will probably decide in April. You can also make less. Adding real estate to your portfolio can speed your arrival to financial independence, where you can dictate how you spend your time. ESA) to the limit ($2,000 per kid). Real estate offers high returns and low correlation with stocks and bonds. Whether this is all brand new to you or whether youve been involved in real estate for years, this course can help you to reliably build wealth and accelerate your path to financial freedom. SoFi offers competitive rates and the ability to whittle down your payments to just $100 a month* while youre still in residency. I would personally put the cash balance plan under the HSA and backdoor Roth IRA. Readers will know that I am an avid-believer in paying off debt. If they go to zero in 6 months I'm ok with the 3.44% for a year and then will likely pull out. To actually educating yourself. Required fields are marked *. This includes 401(k)s, 403(b)s, Individual 401(k)s, profit-sharing plans, SEP-IRAs, SIMPLE IRAs, Backdoor Roth IRAs etc. Our regular price is already a huge discount. No. The course does not currently qualify for Continuing Medical Education or dental CE. On the left side, you can see the more active side of investing. But we'll show you not one, but many viable pathways to real estate wealth. However, if you are one of the few who doesn't, we don't want you to be unhappy. If you have many other high financial priorities (like paying off high-interest debt), start with a smaller emergency fund, and grow it later over time, as those other priorities are satisfied. Yes, I know, it is not ideal! The No Hype Real Estate Investing Course will take you through the entire continuum, with a module about every style of real estate investing on the spectrum. The restaurant offers a handful of main dishes, each of which comes with a certain salad, two sides, and protein for $34.99. My initial take is that Im 10 years I could probably double my money 2 or 3 times with value add real estate estate and wipe out most capital gains through conservation easements and captives. We'll show you the ropes. I would argue that you should prefer to place your money into a governmental 457 before your 401K/403B if the 401K does not offer a match. They develop unrealistic expectations of how much work is involved, how long they will have to stick with the program, and how much risk is appropriate to take. Wealthfront 5.48% yield Automated Bond Portfolio. We call it an introductory course because there is always more to learn. My wife and I have several accounts each across Merrill Lynch, Vanguard and Fidelity. Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. I'm mostly retired so I keep some cash. The only question left is how much more to save in taxable vs throwing at the mortgage? Blog, podcast, videocast, email newsletters, social media etc. For example, you should max out both of your 401Ks before proceeding to the next step. How Real Estate Investing Changed My Life, Choosing the Right Level of Involvement for You, Strategies: Core, Core-Plus, Value-Add, Ground-Up, Opportunistic, Accredited Investor vs. The White Coat Investor has been helping doctors with their money since 2011. While we dont answer those emails 24/7/365, well get back with you in a timely manner. Financial Wellness and Burnout Prevention for Medical Professionals, Continuing Financial Education online course, Purchase Continuing Financial Education 2023. We've developed an introductory course to real estate investing that we think everybody should take before they start real estate investing in any form. We will show you how to earn an illiquidity bonus using private equity funds and how to get large amounts of passive income using private debt funds. My wife and I have several accounts each across Merrill Lynch, Vanguard and Fidelity. This risk-free investment provides a guaranteed return that you will need to take significant risk to beat.3 - Fund a Health Savings Account (HSA) if a High Deductible Health Plan is right for you.4 - Fund all available retirement accounts. 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! Do you have a recommendation on what is the best/easiest way to track our investments portfolios? Whenever your snowmobile runs out of gas would be fine. Stacy's Choose to Thrive talk was amazing and inspirational, and we need more talks like this!, I have been following WCI for a long time and have built my portfolio with the assistance of the information I have received. Some plans have the choice to invest pre-tax or Roth. Besides, there is a truism in life that we value something more when we have to pay for it. No Hype Real Estate Investing is the premier real estate investing course for high income professionals, whether or not you own a rental property already or dont even want to own property directly. The main problem with hype is that it confuses people and gives them misinformation. This episode is sponsor by InCrowd. The No Hype Real Estate Investing course will help you to decide how much risk to take to get that level of return that you need to reach your goals. He said you might be surprised how little money you need to be happy and live a life you love. However, we don't think any of these really explains the phenomenon. 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://whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. -food truck guy. I have looked at these mostly from a real estate perspective. What do you think about the order of investing for your retirement? This course is not going to teach you the basics of budgeting, saving, personal finance, portfolio construction, insurance, and estate planning. personal capital does a great job when it works but sometimes I have issues with the aggregator not being able to access accounts, its probably due to multi-factor authentication but you'd have that issue with any aggregator. What exactly is the asset invested in? I will not pretend to be an expert on this kind of plan. Samantha Stokes. I can't say it any better than that. The course is self-paced, completely open, and evergreen. You place pre-tax money into the account. After the interview Dr. Dahle talks about Dave Ramsey's Baby Steps for Finance 101. Sometimes this is done in just a few years and even within five years of residency completion. James M. Dahle, MD, Founder of the White Coat Investor, Leif Dahleen, MD, Founder of Physician on FIRE, Cory Fawcett, MD, Founder of Financial Success MD, Larry Hickernell, Senior Director of DLP Capital, Michael Episcope, CEO of Origin Investments, Sabitha Setty MD, Founder of The Unorthodox Doc, Param Baladapani, MD, Founder of Generational Wealth MD. At the same time that physicians are feeling a need for another source of income and financial security beyond their earned paychecks, they are seeing peersboth online and in real lifehaving massive success with real estate investing. Copyright 2023 - The White Coat Investor, LLC. I continue to drain my 457(b), which is 100% Vanguard Total Bond Fund, so I'll most likely make up for some of that decreasing bond allocation with $20,000 worth of I Bonds in 2023. Treasury direct is a bit clunky to use and funds are not as readily accessible as a MM but for me the benefits outweigh this. This calculation will tell you what that $40,000 tuition bill will be in 15 years. Member FDIC. Get tough with Nisha Mehta as you learn to negotiate and with Bonnie Koo as you set boundaries. Disability insurance is complicated. 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. How much do you have to invest? Thanks so much. Are you really diversifying when you buy the S&P 500, Cash bucket short term vanguard bond funds, What should Medical Residents do with Wedding Gift. From what I understand, most plans do not last a long time, and it is more advantageous to have one when you are older in your career than younger. Todays episode is brought to us by SoFi, the folks who help you get your money right. Navin Goyal of LOUD Capital, Alex Morgan of Khosla Ventures, Alice Zheng of RH Capital, and Fiona Pathiraja of Crista Galli Ventures. Cheers! No. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. Lets tweak your example a little. In your peak earnings years, it is traditionally recommended to take advantage of the pre-tax offering in order to decrease your tax burden. I don't have the fancy version but it takes about 1 minute to update everything when I want. The course provides a framework for developing further knowledge and experience as you progress in your real estate investing career. Its going to take a lot more of a commitment than that, not only to take the course, but to be successful with real estate. 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.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Funding Order For Investment Accounts00:07 Do These First00:36 Additional Accounts The assumption being that most people reading this post will be in their peak earning years during the accumulation phase. Ill check it out thanks! Loud Capital, Khosla Ventures, RH Capital . Any questions about the course? Adding real estate to your portfolio can speed your arrival to financial independence, where you can dictate how you spend your time. I also use Excel. It is still going to take years to be successful. WCInvestor 1 yr. ago. This post does not include conversations on when you should pay off your student loans or invest for your kids college. I purchased during the hype of high rates last year but as they start to come down I wonder if my money would be better spent elsewhere Tags: None Diversification improves and the hassle dramatically drops, but there is a cost. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! And we did that without any perceived sacrifice during our earning years. As for the IBKR account. I figure Roth is the best way to approach this). It is still going to take years to be successful. The middlemen will have a 2FA secure connection to relay broker data to the software on my desktop. There used to be a bunch of programs you could buy to track this, but many are gone. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. This is the big pool at the bottom of the investment savings ladder. We spend a big chunk of time talking about when the right time to invest in real estate is. It compiles the most high-yield real estate information out there into one place to efficiently use the time of high-income professionals. And we'll do all this without blowing smoke or promising outcomes that are too good to be true. I am interested enough to go in and buy a dinner. That risk is at least three times higher than becoming disabled, but you cannot buy burnout insurance like you can disability insurance. To your need for control. Qualified Client vs. Plenty of unemployed IT guys right now if you need their help. One caveat to this is that if you are planning to FIRE (Financial Independence Retire Early) well before the age of 59.5, then you wont be able to easily access many of your tax-advantaged retirement accounts. Theyve got exclusive rates and offers to help medical professionals like you when it comes to refinancing your student loansand that could end up saving you thousands of dollars. Individuals who are over the age of 50 can contribute more money (usually $6,500 more for 401K/403B/457 plans). I only update the value of our accounts once a year (less if I think we've lost a lot of money). Contact Us. 27K Followers, 135 Following, 3,178 Posts - See Instagram photos and videos from The White Coat Investor | Finance & Investing (@thewhitecoatinvestor) 11-50 employees Headquarters Salt Lake City Type Privately Held Founded 2011 Specialties Financial Education, Student Loan Advice, Personal Finance , and Financial Literacy Products No Hype Real. #1 tracking investments 06-01-2022, 04:37 PM I would like to consolidate all of my investment information in one place in order to track the metrics more easily. All times are GMT-7. It's a little longer than the original, but instead of one chapter aimed at students, the whole book is aimed at students. Well show you where the risks are in real estate investing and help you to decide which ones are worth running. This podcast informations should be given to any medical professional and high earners , as early as possible before they are in a big hole of debts . This course will give you confidence to look beyond the hype, evaluate and select the right deals for you, and know you have the foundational education you need to succeed in this endeavor. I spent today snowmobiling in the Uintas with the kids instead of making a $200 online course for you. No. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); A Doctor's Guide To Personal Finance And Investing, 2023 - The White Coat Investor Investing & Personal Finance for Doctors, than the more pure medical type conference. I can sell you a whole meal for $36 or I can sell you just the steak for $33. Lafayette, CO. We have no plans to break up this course and sell it off piecemeal. Roth money is also the best way to give money to your heirs because of the Stretch Roth IRA. Disability insurance is crucial insurance for the vast majority of physicians to secure. You can enroll at any time. Back door Roth in January for both of us (maximum contribution). But well show you not one, but many viable pathways to real estate wealth. Four quick comments before we get to the list: First, all of the information below ignores your debt. Doctors shouldnt have to take time to sort through a bunch of disability insurance quotes to find the best own occupation policy. 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! This page was generated at 12:19 PM. Multiple brokerage accounts when >$500k SIPC coverage? Its not an end in itself. The White Coat Investor has been helping doctors with their money since 2011. What if I told you that there is a way to budget that you wont hate, and it will accomplish all of your goals automatically? This post is meant to help you determine the order in which you should fill up your investment accounts. The books are practically free at $10-30. Both of these can be accessed in early retirement and/or when you separate from your employer. They are co-instructors in the course, sharing their expertise in their specialized areas. Helping those who wear the white coat get a fair shake on Wall Street since 2011. To actually moving forward and becoming a real estate investor. Attorneys Ike Devji and RobRoy Platt will help you protect what's yours. Over 20,000 Doctors have trusted Pattern to help them find the best coverage at the most affordable price. Sage advice, I was able to max out my 401K and Roth or IRA and still able to invest a good bit in taxable brokerage accounts every year of my career. You go in, sit down, and say I just want the steak, I dont want the potatoes, corn, or salad. The waiter says, Thatll be $35.99. Youre like, but I dont want the potatoes, I just want the steak. If you have the fancy Excel version then you can make the tickers update automatically. We want you to value this course and actually take it because we know it will help you. Come back for this one after youve mastered that. There are options that run the whole gamut of the real estate spectrum. Income from high yield interest rates vs pay off more of mortgage. Wondering who is planning to purchase I bonds in 2023? Investing really doesn't have to be complicated. Not really, just trying to explain why it doesnt work to do what you would like to see. You pay more in fees and you lose control, tax benefits, and possibly even some of your returns. Given the timeframe of the 7 year hold to hit the second hurdle with the tax breaks scheduled to expire in 2026, many people are expecting these to become more mainstream in late 2018/early 2019. Note this is a governmental 457 plan we are talking about. Comment * document.getElementById("comment").setAttribute( "id", "a83c3c2ad4fea99aa3b626748688960d" );document.getElementById("d42535e6ae").setAttribute( "id", "comment" ); Lets be real. In addition, the course will teach you the vocabulary of real estate and how to do all the necessary real estate calculations. We call it an introductory course because there is always more to learn. 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. I think in this day and age, mental health and time management is. Unfortunately, it may or may not be linked to the best insurance plan. It can receive matching or contribution money from the employer up to $58,000. There's a reason people don't invest in these places, and it isn't necessarily racism or some other ism. And, it may never get taxed again! This page was generated at 12:19 PM. Forums - The White Coat Investor Forum - Investing & Personal Finance for Doctors Get the free WCI monthly email newsletter (with free email Financial Boot Camp course) and take control of your finances today! The White Coat Investor has been helping doctors with their money since 2011. But the truth is that taking the course is only the beginning of the hard work required to succeed in real estate investing. Our situation is that we have some student loans but at a pretty favorable rate. All because of decisions they made in their early adulthood. For example if your 401k doesnt have great investing choices, it might be smart just to contribute to meet the full match criteria by the employee, then put money into my next favorite vehicle, the HSA for the triple tax benefits you mentioned. Investors can roll existing capital gains into Opportunity Funds with no up-front tax bill. Backdoor Roth (done, but wish I would have procrastinated a week in 2016!). It also helps that at least private real estate seems to have weathered the 2022 stock bear market and inflation crisis relatively well so far. That means there is no risk to you. Thanks all. You can take this course on your own timetable and from the comfort of your own home or anywhere you can carry your phone or laptop. It is your employers until you get paid the money back after you separate employment or retire. Browse every blog post ever created on The Physician Philosopher. Its something Ill keep on my radar. I also think theres a big push for side gigs, and the presentations given during this course opened up my eyes to various possibilities outside of medicine., This fills the knowledge gaps that are omitted in medical training. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! I enjoy my job. Started by Special Delivery, 05-28-2023, 07:11 AM. Many opportunities exist for moonlighting, and the pay usually ranges from $60/hour to $150/hour depending on the nature of the call. I dont have a ton of highly appreciated assets but if I hold some stocks without selling in the next 10-20 years (hopefully) by then I will. It is also one of the few areas of investing where your additional work and expertise has the potential to increase your returns. I don't mean this to be political, but if he does make a push towards president with a 2020 campaign, there is a chance these get extended, leading to the potential of a 10yr hold and crossing the third hurdle. The maximum that can be placed by the employee into a 401K is $19,500. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. Thanks in advance! The trick is figuring out the right place on the spectrum for you to invest. This course will provide the education required to understand real estate, all the way from fix-and-flips and short-term rentals to publicly traded REIT mutual funds. It will decrease your overall tax burden. The HSA plan is the only triple-tax free plan that exists (some call it the Stealth IRA). The Merrill account has an AUM fee as does an account with Interactive Brokers. If you're shopping for a home mortgage, know the latest financing options for doctors, dentists, and other healthcare professionals. We think were offering this course at a fair price considering everything it contains. We are planning to add another $30,000 self, spouse and business. This is hugely helpful. I feel like a more well rounded person who can be a better physician, spouse, and parent because of the knowledge passed on through the WCI community and conference., I learned a ton and am substantially more motivated to get my financial plan in place and have more confidence now that I can manage my finances on my own and effectively plan for retirement.. I have not decided. You can be next. Is this an accurate retirement calculator? They are catching fire now that the treasury has made the rules more clear. The personal finance topics you wish you had learned in medical school. We offer a no-questions-asked, 100% money-back guarantee for seven days after purchase as long as you have watched less than 20% of the course. I dont yet understand what role the location plays. Once they are reaching that goal, it becomes very reasonable to put extra money towards the mortgage as well. Done properly, it carries substantial tax advantages. and let us know. As a new attending physician, I had so many conflicting opinions about student loan debt, retirement contributions and what I should and shouldnt do with my money and time. There's no doubt that some of this interest has come from the exceptional returns that real estate, like stocks, has had over the last decade. 0 likes. Even if you dont want to own a property and only have a few thousand dollars to invest, you can still invest in real estate and there is still a style of investing that is right 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, WCI #322: Questions from Students and Residents, Today we are answering a variety of questions from medical students and residents.