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The White Coat Investor - Helping those who wear the white coat get a "fair shake"
[Editor’s Note: This is a guest blog post written by Ramsey Tate, MD. She is currently a fellow and shares tools on personal finance and productivity for women in medicine at Call Me Dr. We have no financial relationship.] Residency and fellowship are a long slog through penury. The light at the end of the tunnel seems awfully far away when you look at the mismatch between your student loan debt and your resident paycheck. … Continue reading →
Sometimes I wonder if I write too often about the Backdoor Roth IRA. Then I see the results of my recent poll where I asked how many of my readers were actually doing a Backdoor Roth IRA. The results were very encouraging, but there is still room for improvement among physicians in general, especially when you realize these are the numbers for those who are really tuned in to personal finance and investing (i.e. those … Continue reading →
My October submission to Physicians Money Digest is all about Qualified Personal Residence Trusts (QPRT). Most of you won’t need one of these, but some of you might find it useful, especially if you live in an expensive part of the country. Some high-net-worth physicians may end up with what I call an “estate tax problem,” although the percentage of physicians likely to have this issue is dramatically lower than it used to be. The … Continue reading →
[Editor’s Note: This is a guest post from a physician and regular reader named Alex, who wanted to share some of his insights regarding the deduction of vehicle expenses. At any rate, it’s a good post and we don’t have any financial relationship.] Have you ever wondered what is the most tax-efficient way to deduct your vehicle for business purposes? Is it more profitable to deduct mileage or actual expenses? The Mileage Method When using … Continue reading →
Doctors hate to pay taxes. Insurance agents love to sell insurance. Combine the two with a tax deduction the IRS offers to encourage employers to offer some life insurance to their employees and you end up with situations like Section 79 plans. The Pitch The basic pitch behind section 79 plans is the opportunity to buy cash value life insurance using pre-tax dollars. The returns on cash value life insurance tend to be low, but … Continue reading →
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