WCI #179: Financial Changes When You Make Partner
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 8 October 2020
⏱️ 44 minutes
🧾️ Download transcript
Summary
What changes when you make partner? When you become a partner, you go from being an employee to being an owner. So, there are lots of financial changes. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ I'm a big fan of ownership and think generally becoming a partner is the right move for your career. There are more risks and hassle to being a partner but more rewards and profits as well. We discuss the advantages and responsibilities to becoming a partner in a practice including getting K-1s instead of W-2s, making quarterly estimated tax payments, writing off legitimate business expenses, paying for your own benefits and understanding retirement accounts available to you. In this episode listener questions are also answered about losing faith in long term market returns, being an accredited investor, value tilting your portfolio, what to do with your cash, tax gain harvesting, and the pro-rata rule.
At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help.
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. |
| 0:15.0 | This is White Coat Investor Podcast Number 179, partnership in your finances. |
| 0:22.9 | Welcome back to the podcast. |
| 0:24.1 | I hope you've had a great week. |
| 0:25.9 | I know I did. |
| 0:26.8 | I spent the whole week canineering Glen Canyon. |
| 0:29.0 | So I'm back now and doing a whole bunch of work in the six days between that trip and my next one to go float the middle fork of the salmon river. |
| 0:37.0 | So we're trying to wedge a bunch of stuff in today actually recording a couple of podcasts today. |
| 0:41.0 | It's September 21st. We're recording this one for October 8th. I don't know about you guys, but the pandemic here is in full bore as far as Utah goes. |
| 0:51.0 | We're having as many cases we've ever had now peeking at over a thousand a day in the state which |
| 0:56.2 | well might not seem a lot to those of you on the coast is a lot here with all |
| 1:00.7 | the universities and the schools back in session. |
| 1:04.0 | There's a lot of virus being passed around out here. |
| 1:06.4 | The interesting thing though is every time our virus case counts go up, |
| 1:10.8 | it seems like our ED volumes drop. |
| 1:13.1 | I don't know if people are afraid to come in or what it is, |
| 1:15.5 | but it can sure make for some boring shifts |
| 1:17.6 | when nobody wants to come in. |
| 1:19.6 | I'm not sure what your works like, |
| 1:21.1 | but that is what we've been seeing lately. Luckily we're nowhere near overwhelmed so even |
... |
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