WCI #7: Backdoor Roth IRAs and Why You Should Be Funding Them

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 16 February 2017

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Backdoor Roth IRAs and Why You Should Be Funding Them.

If you have no idea what a Backdoor Roth IRA is, listen to this podcast. Seriously. You need to know what it is.

Most physicians should be using a personal and spousal Backdoor Roth IRA. Not only does this provide an additional $5,500 each ($6,500 each if you and your spouse are over 50) of tax-protected and (in most states) asset protected space, but it allows for more tax diversification in retirement. That allows you to determine your own tax rate as a retiree by deciding how much to take from tax-deferred accounts and how much from Roth accounts.

No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. 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's your host, Dr. Jim Dolly.
0:14.0	No more waiting through dozens of books at the library, scrolling through
0:22.0	hundreds of blog posts on dozens of
0:23.7	blogs or checking in daily with online forums trying to gain a financial education the way the
0:28.1	hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial
0:33.8	Advisor online course will take you from feeling anxious and having no plan to having a
0:38.6	written financial plan you can follow the rest of your investing career as a professional and a retiree.
0:44.7	This course is the material that should have been taught to you in college, medical school,
0:47.8	and residency, but never was.
0:49.8	Fire your financial advisor also has a version eligible for CME credit.
0:54.0	Get your financial life in order today.
0:55.6	Go to whitecode investor.com slash courses to sign up.
0:59.4	You can do this and the white code investor can help.
1:02.2	Thank you for what you do.
1:03.0	You're probably commuting into your job or maybe commuting home after a hard day
1:07.0	and sometimes it feels like you're not really making much of a difference.
1:10.0	But I can assure you you are.
1:12.0	I had a patient last night who was pretty ill when she came in.
1:16.3	She had apparently turned down the medics when they tried to bring her in two days earlier.
1:20.5	And by the time her roommate finally drug her in she had kidney failure
	...

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