WCI #289: Is It Tacky to Talk About Money?
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 17 November 2022
⏱️ 38 minutes
🧾️ Download transcript
Summary
Today we cover a broad range of topics from employee stock purchase plans to how to move on after you make a financial mistake. We discuss the difference between a traditional workplace 401(k) and a solo 401(k). We talk about 457(b)s, tax implications of K1 form upon partnership, and answer if you can have a solo 401(k) for each 1099 contract you have. We start this episode off discussing whether it is a good idea or not to be public about how much money you make and what you do with your money. At the end of the day we believe everyone should be able to do whatever they want with their career and their income - but it is unlikely there is any good reason to be public about that unless you are trying to make money online.
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. 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 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 coat get a fair shake on Wall Street. |
| 0:05.3 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:14.9 | This White Code Investor Podcast number 289 is talking about money tacky. |
| 0:19.2 | This podcast is sponsored by Bob Bionny at drdisabilityquotes.com. |
| 0:23.4 | He's an independent provider of disability insurance planning solutions to the medical community in every state and a long time White Code Investor sponsor. |
| 0:30.6 | Specializes in working with residents and fellows early in their careers to set up sound financial insurance strategies. |
| 0:36.4 | If you need to review your disability insurance coverage, or to get this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info at drdisabilityquotes.com or by calling 973-771-9100. |
| 0:52.2 | Welcome back to the podcast. It is October 25th. We're recording this to run November 17th. Hopefully nothing crazy happens in the world between now and then makes this podcast sound totally out of date and out of touch to you. |
| 1:06.1 | But if so, at least you know the reason why. |
| 1:09.4 | Alright, you saw the title of this episode, right? It's talking about money tacky. |
| 1:16.4 | And obviously I talk about money all the time, so I don't think it's particularly tacky. But I got this email in my email box. |
| 1:23.2 | Said there's a recent New York Times article from September 24th, 2022 titled, |
| 1:27.9 | millennials want to retire at 50. How do afford it is another matter. |
| 1:32.3 | The reporter interviews a cardiothoracic anesthesiologist who then gets lambasted in the comments for wanting to retire at 50. |
| 1:39.7 | Keeping in mind, her side may not have been fairly represented. What advice do you have for physicians and high income professionals regarding public? |
| 1:46.0 | Or semi-public discussion advertisement of finances? |
| 1:49.3 | Many people, or at least New York Times readers, are unsympathetic to anything besides a lifetime of sacrificial servitude. Thank you. |
| 1:57.2 | Good question. It is an interesting article worth taking a look at. |
| 2:01.0 | I'm going to include it in my newsletter for this month. I guess you saw the newsletter a couple of weeks ago if you get that. |
| 2:07.4 | If you don't get it by the way, you should sign up for that. Go to whitecodeinvestor.com |
| 2:11.3 | under the WCI plus tab. Sign up for the newsletter. It's totally free. It has lots of cool stuff including |
| 2:17.7 | what are basically blog posts that never show up on the blog. It's like the secret blog posts. |
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