WCI #156: What to do with a Dramatically Lower Income

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 30 April 2020

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

During this pandemic many physicians have seen their income dramatically lowered. What can you do when you are faced with a severe pay cut? We have a guest on this show who is dealing with that right now, having lost 50% of his income. I walk him through what can be done in this situation. Getting on a budget and cutting out any discretionary spending is the place to start. Putting your private loans on forbearance may be necessary. Stop investing. You really need the cash at this point especially if you don't have an emergency fund. The less you spend the longer you can go. Start looking around for other work. Whether you realize it or not, you're in a negotiation right now with your employer. They are trying to decide how little can they pay you and not have you leave but also without them going out of business. Now is the time to be the team player so you are the last guy cut and the first guy hired back. If this is you situation, we get into more details in this episode. so give it a listen and hopefully it will help. We also answer listener questions about investing in real estate during the pandemic, mortgage forbearance, backdoor Roth IRAs, tax loss harvesting, and more. This episode is all about the questions you and your colleagues need answered right now.

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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 is for you!

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Transcript

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0:00.0	This is the White Coat Investor Podcast, where we help those who wear the white coat 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.
0:17.0	This is White Coat Investor Podcast Number 156. What to Do with a Dram dramatically lower income. We're recording this on
0:25.2	April 14th I think it's going to go live on April 30th and this is a very
0:29.8	exciting moment for us. This is our last podcast being recorded in the bedroom of our
0:35.4	rental house and so we're thrilled about this. We've had this podcast studio, you
0:40.3	know a table in the corner with a bunch of lights and mics set up for the last seven
0:44.3	months while we've been in our rental property while our home was being renovated and
0:48.4	it's caused a lot of funny moments for instance we had somebody come over a
0:52.3	young couple lives nearby come over and watch our kids while we went on vacation a few months ago.
0:57.0	So we cleaned everything up and moved out, or didn't move out, but left for the the trip and they came over that evening and
1:03.7	they were staying in our bedroom because there's the only place for them to stay
1:07.2	and what do they see? Well they see a camera and a bunch of lights and a bunch of
1:11.5	microphones and they're like what are these guys doing in their bedroom?
1:15.8	And so we're really looking forward
1:17.8	to getting out of this space back into our house,
1:20.3	especially with the dedicated whitecoat investor office space and a real recording studio.
1:25.0	So we're thrilled to get back over there.
1:26.7	It's going to be a lot of fun.
1:28.5	The kids are loving it.
1:29.6	You know, it's mostly done now.
	...

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