168: Retirement Accounts versus Real Estate

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 23 July 2020

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Should you pull money out of retirement accounts or skip investing in retirement accounts in order to invest in real estate? No. With this pandemic and change in physician incomes, many have been looking at other sources of income outside their medical practice. I worry when someone is being told to pull money out of their retirement accounts before they need to spend it in retirement or before required to by the government. I think you need to be a little bit worried anytime someone is recommending against something that is so beneficial to you, like retirement accounts are for doctors. But I totally understand that real estate investing is really attractive to people. It is a great asset class with a lot of benefits. I never invested in real estate, outside of retirement accounts, until I had maxed out my retirement accounts. I recommend you do the same. In this episode I discuss why with the tax benefits, estate planning benefits and asset protection benefits provided you in retirement account contributions. But I also talk about what your other options are to still invest in real estate if you choose.

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Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	This White Code Investor Podcast number 168, retirement accounts versus real estate.
0:23.0	So your business accepts credit cards from patients? Do you think you are overpaying?
0:28.0	You aren't alone.
0:29.0	Merchant and cost consulting has the ability to reduce your credit card processing fees without switching your payment processor or management software.
0:36.0	You keep everything you have in place and have the experts at merchant and cost consulting reduce your credit card processing fees to the bottom line.
0:42.0	All you have to do is send over statements, receive an audit of the potential savings, and let merchant and cost consulting reduce your fees.
0:48.0	It's that simple.
0:49.0	For more information, go to whitecodeinvestor.com slash merchant.
0:55.0	All right, a quote of the day today comes from David Swenson, who said sensible investors rely on themselves, strategy of professing ignorance, and handing assets to a trained professional invites failure.
1:05.0	I agree with that. You still got to be involved, both in your business and in your own personal finances.
1:12.0	Boy, it's been an interesting day today. It's still July 7th. Same day we were recorded last week's podcast.
1:19.0	We did that interview with Jesse Meakum of You Need a Budget last week.
1:22.0	But in between our power came back on. We have been on generator power this morning. We lost power.
1:28.0	And so we've been running power cords everywhere up from the generator to record the podcast.
1:33.0	That was the first time we did that without actually having any city power.
1:36.0	Now we're back on regular power. And so hopefully this goes just fine.
1:41.0	I actually just got back with my family from a backpacking trip.
1:46.0	We went with our three younger kids up to the Sawtooth Mountains in Idaho and went backpacking for a few days.
1:52.0	This was the first time our five year old actually had to walk the whole way.
	...

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