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White Coat Investor Podcast

MtoM #182: Pharmacist Pays Off Student Loans in Two Years and Finance 101: Mega Backdoor Roth

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.92.3K Ratings

🗓️ 5 August 2024

⏱️ 28 minutes

🧾️ Download transcript

Summary

This pharmacist tackled his student debt with extreme focus and paid off over $170,000 in only 2 years! He said he and his wife had the goal to get rid of the debt quickly and discussed it in depth before they got married. The student loan pause was a huge motivator to keep plowing as much money as possible towards the loans while they were not accruing interest. This couple is inspiring and shows what you can accomplish with a solid plan and some motivation! After the interview we will be talking about Mega Backdoor Roth IRA for Finance 101.

Unlock the power of your retirement savings with the Mega Backdoor Roth Solo 401(k) from My Solo 401k Financial! As the leading provider, My Solo 401k Financial allows you to contribute up to $76,500 annually to your Roth account, enabling tax-free growth and substantial future savings. They simplify the process by helping you open accounts at your preferred bank or brokerage and handling all compliance support. Accelerate your retirement nest egg with a Mega Backdoor Roth Solo 401(k) plan from My Solo 401k Financial! https://www.mysolo401k.net

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!

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Transcript

Click on a timestamp to play from that location

0:00.0

This is the White Coat Investor Podcasts to Millionaire,

0:04.2

celebrating stories of success along the journey to financial freedom.

0:08.3

This is Milestones to Millionaire Podcast 182.

0:16.0

Pharmacist pays off student loans in two years.

0:19.0

Unlocked the power of your

0:25.0

Roth Solo 401k for my solo 401k financial.

0:26.0

As a leading provider, my solo 401k financial allows you to contribute up to

0:30.0

76,500 annually to your Roth account, enabling tax-free growth and substantial future savings.

0:36.6

They simplify the process by helping you open accounts at your preferred bank or brokerage and

0:40.2

handling all compliance support.

0:42.2

Accelerate your retirement nest egg with a mega back door Ross solo

0:44.9

401k plan from my solo 401k financial at www. My solo 401k.

0:51.6

net. All right, you know, you guys hear ads every week on the podcast and that's obviously part of the

0:58.5

podcast, right?

0:59.5

We're a for-profit business, we've got to make payroll and all that.

1:02.2

But sometimes an ad is an accomplishment, and this is one of those cases, right? This is a sponsor, I've been trying to bring on to the podcast for like five or six years. It's a company I really like. This is where

1:14.9

Katie and I had our solo 401k before we had employees at WCI and had to change to an

1:20.8

Arisa 401k plan. This is the company we had it with. And we just think they're great,

1:25.4

we think they're the cats meow, and we've been wanting to promote them to you like crazy

1:31.2

for the last five or six years, but felt like we probably shouldn't you know give away too much free advertising but a wonderful company and if you are you know transitioning away from the Vanguard solo 401k, I think this is a great place to go.

1:47.4

If you just want to customize 401k because you want customized features like a mega back door Roth. You're not going to get that at a

1:55.2

cookie cutter 401k, solo 401k like at Schwab or Fidelity or Vanguard, which isn't available anymore, or a census. you're not going to get that feature.

...

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