WCI #194: The Backdoor Roth IRA Made Easy
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 21 January 2021
⏱️ 45 minutes
🧾️ 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.
Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help.
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Transcript
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| 0:00.0 | This is the Whitecode Investor Podcast, where we help those who wear the Whitecode 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 Whitecode Investor Podcast number 194, the backdoor Roth IRA made easy. |
| 0:24.0 | Love what you hear on the podcast, looking for more great Whitecode Investor content, head over to our YouTube channel, where you can watch video recordings of our podcast, short snippets of financial tips, explain succinctly by me and others, and deep dives into topics for more in-depth learning. |
| 0:39.0 | You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at youtube.com slash the Whitecode Investor. |
| 0:48.0 | You can do this, and the Whitecode Investor can help. |
| 0:51.0 | Thanks for what you do out there. I think I just read the news yesterday. We're recording this on the 13th of January. It's going to run in just a week on the 21st. |
| 1:00.0 | But I just read the news this morning that yesterday was the worst day for coronavirus deaths that we've had yet. So it's been a crazy, crazy winter. |
| 1:09.0 | I know many of you are now immunized. I'm fully immunized, and I'm excited about that. My parents even got immunized last week in Alaska. |
| 1:16.0 | 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. |
| 1:26.0 | 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. |
| 1:34.0 | So you may notice those of you watching this on YouTube, I got a Whitecode Investor t-shirt on. This is pretty sweet, right? |
| 1:40.0 | 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. |
| 1:49.0 | 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 we'll be getting the swag bag for the conference coming up in March. |
| 1:58.0 | Also, those of you who are going to be the champions for your classes for the new book, this is the t-shirt you'll be getting for that. |
| 2:07.0 | So if you want to check that out, be sure to watch this on YouTube rather than just listening to it on the podcast. |
| 2:13.0 | Speaking of the new book, I have a new book out. You may not be aware of this. It's called the Whitecode Investors Guide for Students. |
| 2:19.0 | It's subtitled how medical and dental students can secure their financial future. |
| 2:23.0 | This is a completely new book that I've been working on really the whole last year or so. |
| 2:29.0 | It's got a lot of great material in it. It's by far the best looking book I've ever published, and that's mostly due to the assistance of my staff that helped with that. |
| 2:39.0 | But this is a great book that's aimed at medical and dental students. All kinds of good stuff in it. |
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