WCI #220: Financial Priorities as a New Resident
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 22 July 2021
⏱️ 31 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
Summary
The point of residency is to learn how to be a good doctor. It's not to try to get rich. But for new residents there are a few financial chores you need to take care of during residency. Don't drop the ball on these. Get in the habit of saving something each month from your paycheck, know where your money is going, and make sure you have critical insurance in place. We discuss these chores in more detail in this episode.
For our non resident listeners we also answer some of your questions about mega backdoor Roth IRAs, DFA ETFs vs Vanguard ETFs, getting rid of your whole life insurance policy, everyone's favorite tax form - form 8606, and cash balance plans.
This episode of The White Coat Investor is sponsored by Biohaven Pharmaceuticals. Biohaven is a commercial-stage biopharmaceutical company with innovative therapies designed to improve the lives of patients with debilitating neurological and neuropsychiatric diseases, including rare disorders. Biohaven offers a broad pipeline of late-stage product candidates across three distinct mechanistic platforms, including developing therapies for patients with Amyotrophic Lateral Sclerosis (ALS), Alzheimer’s, and obsessive compulsive disorder (OCD). The FDA also recently gave Biohaven’s Nurtec® ODT (rimegepant) its second indication. To discover more about Nurtec ODT and Biohaven’s neuroinnovative portfolio of treatments in development, visit https://www.biohavenpharma.com
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 for 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
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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 White Code Investor Podcast, number 220, financial priorities as a new resident. |
| 0:23.0 | Now, one medication is proven to treat and prevent, NERTECH ODT, RemedioPants, 75 milligrams. |
| 0:30.0 | To learn more about this exciting news, visit NERTECH-HCP.com. That's N-U-R-T-HCP.com. |
| 0:39.0 | All right, welcome back to the podcast. Last time we talked about financial priorities for new attendings. |
| 0:45.0 | This week we're going to talk about financial priorities for new residents. |
| 0:48.0 | But before we do that, I want to thank you for what you do. It's been a hard year for all of us. |
| 0:53.0 | We're still seeing lots of COVID out there. I think we're up 30% or 50% from our recent NERTECH here in Utah. |
| 1:00.0 | People took out their masks and pretending everything's normal, and apparently there are consequences for that. |
| 1:06.0 | Hopefully it doesn't go crazy and people keep getting vaccinated, but it's still a treacherous environment. It's a difficult job. |
| 1:12.0 | We all remember 18 months ago going to work, wondering if we were going to bring something potentially deadly home to our family. |
| 1:20.0 | And it's been really stressful last month. A lot of docs have retired or thought more about retirement. |
| 1:25.0 | Or when their incomes dropped last year, got real serious about passive income and trying to find other ways to earn and diversify their income. |
| 1:32.0 | And it's been a stressful year. So thanks for what you do. |
| 1:36.0 | Our quote of the day today comes from Phil Dumuth, who said, especially for young high earners, retirement accounts, or a money machine. |
| 1:42.0 | This is one of the few hiccups in the tax code that favors the high net worth. So take advantage of the opportunity. |
| 1:47.0 | And I totally agree. Hey, for those of you who aren't yet high net worth, maybe you're in medical school or dental school or whatever. |
| 1:53.0 | We have a white code investor, scholarship. |
| 1:57.0 | It's only for professional students in a world full-time and a professional school located in the United States. |
| 2:02.0 | For the 2021-2022 year, and you have to be in good academic standing. |
... |
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