WCI Podcast
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- čas přidán 8. 06. 2024
- Today Dr. Dahle gives his opinion on the bad advice Dave Ramsey gave to an unmatched doc in a mountain of debt. We are also answering you questions about taxes. We talk about how investing can impact taxes, how to manage estimated payments for your taxes and qualified dividends and even answer a question about tax breaks from investing in oil and gas. We also answer a few questions about asset allocation. Listen to the Dave Ramsey call here: reelCx3Bnt...
Today’s episode is brought to us by SoFi, the folks who help you get your money right. They’ve got exclusive rates and offers to help medical professionals like you when it comes to refinancing your student loans-and that could end up saving you thousands of dollars. Still in residency? SoFi offers competitive rates and the ability to whittle down your payments to just $100 a month* while you’re still in residency. Already out of residency? SoFi’s got you covered there too, with great rates that could help you save money and get on the road to financial freedom. Check out their payment plans and interest rates at SoFi.com/WhiteCoatInvestor
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions may apply. NMLS 696891.
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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00:00 WCI Podcast #339
02:15 Update On Dr. Shteynshlyuger Episode
06:11 Dave Ramsey Gives Poor Advice to Unmatched Doc
09:57 Taxes On Interest From A Sweep Account
13:03 Berkshire Hathaway
15:36 Quarterly Estimated Tax Payments
23:06 Social Security Wage Base (Cap)
24:45 Oil & Gas Drilling Partnerships
30:33 Dividends & Tax Loss Harvesting
34:21 Asset Allocation
38:42 Asset Allocation For Medium-Term Money - Zábava
Another fantastic podcast Jim… a little bit of everything…. I’d say your biggest strength is your unwavering authenticity…. It’s rare and refreshing… thanks again for the on-going education.
Yep, never apologize for having sponsors and making some money. Nothing seems to be covert, as with our project, so viewers can make their own judgements. Thanks for the great information.
I don't wear a "white coat," but the docs who keep me locked in my padded cell DO!
Appreciate your knowledge and work!
Wow - personal finance and one of the OG guntubers. This is the crossover I never thought I would see😂 I love you videos Hickok and have been following for about as long as anyone.
Thanks. I'm a neurosurgeon-wannabe, so I follow this channel.
Actually, I've learned a lot here, even though I'm a fraud. No white coat here. 😊
I love your podcast! I’m the non-medical spouse of a resident heading into fellowship but am learning a ton about how to think about our future together from your content. Would be cool to do an episode that focuses on how the partners of docs should approach the planning process as a financial team and tips that can apply to households that have a mix of professions.
He should take the PSLF. No matter what, this guy would never be able to pay back his student loans.
Dave lives in his own little world.
This guy interest in just going to be 25k-30k a year.
In response to my neighbor Dave, all I have to say is…
Beans and rice. Rice and beans.
Not a physician but my spouse is a provider. AMA not doing anything and doing something but being highly ineffective are basically the same thing.
At some point, some one is going to have to stand up to the bully insurance cartel.
You are making the assumption that this individual has Federal student loans. I went to a Caribbean medical school and Federal loans were not available. Fortunately for me, I passed the boards - all of them - and was able to pay off $270k of student loans in 40 months. Otherwise, if they are federal student loans, PSLF is a great option whether this person wants to remain a teacher or take on a little more debt and become a PA.
Thanks for pointing that out. Also, congratulations on your achievements! If you'd like to use your story to inspire others on the Milestones to Millionaire Podcast, you can apply here: WhiteCoatInvestor.com/Milestones
Dave Ramsey is promoting independence but youre promoting entitlement. I wouldnt say his advice is wrong. If he can get into medical school, I believe he is smart to learn a skill that can pay off his loan. Dave just doesnt like the victim mentality. There are many jobs out there that pay well. A PA can make 300k$ if they work extra shifts. Even nurses bringing in 200k$ nowadays if they hustle and work 2 jobs. I don't see why you don't promote hard work. Don't you want your listeners to build wealth. Entitlement mentality definitely won't. If someone were to pursue pslf, the best advice is to work the minimum so the IDR payment is as low as possible. How is this promoting wealth building?
If you were a new grad today with 300k$ student loan, I don't think you'd pursue pslf since you would want to pay the minimum. I don't think your WCI blog website would exist today bringing millions of dollars. You're a hardworking guy and I appreciate this effort that you have. So why not promote hard work?
PSLF for doctors obviously works better for those who have a long training period, like a 3-4 year residency + fellowship, where your income is relatively low and you are generally taking a lower-paying academic/non profit attending position for the remainder. However, it is a great option for other public servants like teachers who will work their tails off but still not crack 6 figures. The person referred to in this episode is not a PA or a nurse and can't work as either unless he goes back to school, accruing even more student loan debt. That's why it's such a terrible thing to not finish medical school or match into residency, because you have already taken on a huge debt and have no prospect of a big income with which to pay it back. He's NOT a new grad. He has no prospect of ever working as a doctor. If he is working as a substitute teacher already, getting a teaching certification and working full time while pursuing PSLF is a good option for him. He may never build the wealth he would have as a physician, but at least he will have a chance to get out from under his mountain of debt in a decade rather than in 20 or 25 years under IDR forgiveness.
Because they system is broke and rigged for the wealthy. The little guy should take any break he can get.