WCI #78: Cash Balance Plans
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 1 November 2018
⏱️ 26 minutes
🧾️ Download transcript
Summary
A cash balance plan is a type of defined benefit plan (pension) that acts like a defined contribution plan (401K). When private companies were trying to get rid of their expensive pension plans, many of them converted their pension plans into cash balance plans, since they cost the company less. Employees didn't like this, as their benefits were often lower, but it does provide an option for a physician or similar professional to shelter some more money from Uncle Sam. In this episode we discuss how they work.
As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. 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 | Welcome to the White Coat and Master Podcast Number 78 Cash Balance Plans. |
| 0:23.2 | As a white coat, you have valuable knowledge. |
| 0:26.0 | Various companies want that knowledge and they're willing to pay you for it. |
| 0:29.6 | That's why we put together a list of recommendations for companies that pay you to take surveys. |
| 0:34.0 | If you're looking for a profitable side gig for not too much effort, getting paid for surveys could |
| 0:38.8 | be the perfect solution for you. |
| 0:40.9 | You can make extra money, start a solo 401k, and use your medical knowledge to impact new products. |
| 0:46.0 | One of the WCI columnists makes an extra $30,000 a year just doing these surveys. |
| 0:51.0 | Sign up today and use a fraction of your downtime to make extra cash. |
| 0:54.8 | Go to whitecode investor.com slash MD surveys. You can do this and the white code investor can help. |
| 1:01.6 | Our quote of the day today comes from Morgan |
| 1:03.4 | Howzel who said good investing is about earning pretty good returns that you can |
| 1:07.2 | stick with for a long period of time. That's when compounding runs wild. |
| 1:11.0 | If you've got questions for us for the podcast you can record |
| 1:14.4 | them at speakpipe.com slash whitecoat investor. That link is also found on |
| 1:19.5 | the podcast page on the main website but it'd be awesome to get some other fresh voices on the |
| 1:24.7 | podcast. If you can leave us a message, that would be great and we'll pipe it into the |
| 1:28.5 | podcast. Our first question today comes from Steve on Twitter. |
| 1:34.4 | He says, I have a three month old son, what are the 100% legal and unlikely to trigger an |
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