194: The Backdoor Roth IRA Made Easy

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 21 January 2021

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Everyone should be contributing to a Roth IRA every year. This is retirement account space that you can't get back. Many of us need to contribute to the Roth IRA through the backdoor, which can be confusing. In this episode we discuss what a backdoor Roth IRA is, steps for successfully contributing to a backdoor Roth IRA, and how to fix errors that occur in each step. See full show notes here whitecoatinvestor.com/the-backdoor-roth-ira-made-easy-podcast-194

For those who have mastered the backdoor Roth IRA we also answer listener questions about adding new asset classes to your investment plan, tax implications for inherited money, helping parents with financial advice, behavioral and math components to personal finance, legal issues concerning being recorded at work, and recharacterizing contributions you have made to your retirement accounts.

If you have not done your Roth IRA contribution yet this year, let this episode be the motivation to get it done.

If you have student loans, SoFi https://www.sofi.com/whitecoatinvestor/ practically invented student loan refinancing in 2011 and right now they have the lowest starting fixed interest rates they’ve had in years, which could help you save thousands of dollars on your student loans. Plus, they just lowered rates for physicians and dentists still in residency. If you refinance your student loans through Sofi , you’ll get a $500 cash welcome bonus just for listeners of this podcast.

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's your host, Dr. Jim Dolly.
0:18.0	This is White Code Investor Podcast number 194, the backdoor Roth IRA made easy.
0:23.0	If you have student loans, SOPAI practically invented student loan financing in 2011, and right now they have the lowest starting fixed interest rates they've had in years, which could help you save thousands of dollars on your student loans.
0:35.0	Plus they just lowered rates for physicians and dentists still in residency.
0:39.0	If you refinance your student loans through SOPAI.com slash White Code Investor, you'll get a $500 cash welcome bonus just for listeners of this podcast.
0:47.0	That's SOPAI.com slash White Code Investor.
0:50.0	Terms and conditions apply, not all products available in all states.
0:53.0	Welcome bonus not available to residents of Ohio and cannot be combined with any other offer bonus or discount.
0:56.0	SOPAI reserves are ready to change or terminate the offer at any time with or without notice, for recipients responsible for any federal, state or local taxes associated with receiving the bonus offer.
1:02.0	So SOPAI.com slash White Code Investor for more information, loans originated by SOPAI lending corp CFL 6054612 NMLS 1121636.
1:10.0	Thanks for what you do out there. I think I just read the news yesterday.
1:14.0	We're recording this on the 13th of January. It's going to run in just a week on the 21st, but I just read in the news this morning that yesterday was the worst day for coronavirus deaths that we've had yet.
1:24.0	So it's been a crazy, crazy winter. I know many of you are now immunized. I'm fully immunized and I'm excited about that.
1:32.0	My parents even got immunized last week in Alaska.
1:35.0	So hopefully we can see the light at the end of the tunnel. Maybe some of us will be out of that tunnel soon. And we can wrap up this pandemic in a few months is my hope.
1:45.0	But in the meantime, thanks for those of you who are working hard and taking those risks for you and your family out there on the front lines.
1:53.0	So you may notice those you watching this on YouTube, I got a White Code Investor t-shirt on this is pretty sweet, right?
1:59.0	And hopefully we'll soon have these available for people to purchase along with a bunch of other cool stuff in a WCI swag store that we're going to have.
2:08.0	But in the meantime, this is the t-shirt that's going to be sent out for those of you who registered for the conference and will be getting the swag bag for the conference coming up in March.
2:17.0	Also, those of you who are going to be the champions for your classes for the new book. This is a t-shirt you'll be getting for that.
	...

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