I recently had the opportunity to speak to a large group of emergency physicians. I do this periodically and really enjoy it, especially when it can be combined with me getting some CME and getting some turns in at a world class ski resort. However, it made me a little depressed when I realized just how much more work there is to do out there as far as educating physicians about personal finance and investing. … Continue reading
Using a 401(k) (or other tax-deferred retirement account) can be a fantastic way to save for retirement. However, who gets the most benefit out of using it? It turns out that the law of diminishing returns definitely applies to 401(k)s. Let me show you what I mean. The Minimal Saver Imagine a doctor who has never saved anything for retirement. He has a 33% marginal tax rate and his employer matches the first $10K he … Continue reading
[Editor’s Note: This is part 2 of a two-part guest post about what to do when you lose your spouse, at least from a financial perspective. If you missed part 1, go back and read it first. The anonymous (to you) author and I have no financial relationship.] Banks You need to notify all banks in which your spouse maintained accounts of his/her death and provide certified death certificates. Joint accounts are not usually a … Continue reading
[Editor’s Note: This is a guest post submitted by a regular reader, a physician who wishes to remain anonymous. Although it doesn’t apply to me, and hopefully won’t for a long time, I did pick up a few pearls I didn’t know before reading it. This is one of the best written and researched guest posts I’ve ever received. However, it’s a little long, so I split it into two posts, one today and one … Continue reading
I get lots of questions by email. Sometimes by the time I’ve answered them I realize I have an exceptional blog post written. So, with their permission and with identifying details obscured, I use it as a Q&A post. This one came a few months ago and is about making the transition to attendinghood properly. Q. We are so excited to find your site. You have no idea! I am an attorney and my husband … Continue reading
I have a really exciting piece of news for you. But first, I need to get my traditional disclosure out of the way. For a number of years it was basically impossible to refinance your student loans to a lower rate. Then, a couple of years ago, a few small companies starting doing it again. The first of these I came into contact with was Darien Rowayton Bank. I was pretty excited and ran a … Continue reading
I was recently sent two review copies of Can You Trust Your Trust? by Seymour Goldberg, CPA, MBA, JD. I’ve reviewed a trust book on the blog once before, Living Trusts for Everyone, and so was expecting something similar. It turned out to be a very different book, for better and for worse. I was expecting a bit of a layman’s discussion of various trusts, their uses, and then maybe a pitch at the end … Continue reading
[Editor’s Note: This is a guest post from Lawrence B. Keller, CFP®, CLU®, ChFC®, RHU®, LUTCF, a frequent contributor and now an advertiser on the blog. This is Part 9 in his long-running series updating you on some of the intricate details of the disability insurance marketplace. This post deals with recent changes with three of the “Big Six” disability insurance companies- Principal, Metlife, and Ameritas.] Principal Principal launched several product and underwriting changes, … Continue reading
I have had a bit of time lately and have found myself pondering a number of different subjects, none of which is really long enough for a blog post on its own. So I’ve combined them all into one big post. I hope you find something here useful. Why Not Combine Investing and Transportation? Regular readers know I’m generally not a fan of combining insurance and investing using insurance based investing products like permanent life … Continue reading
Here at WCI we’re in the early stages of a site redesign. I’ve gotten lots of great suggestions over the years, some of which were easily implemented and some of which weren’t. This is your chance to really make a difference in your experience and that of new arrivals at the site. Everything design-related is fair game. In your comments, consider the following issues: What do you like/dislike about the layout? Readability issues? Organizational issues? … Continue reading
My March column in ACEP Now is all about the decision between using a Roth and a traditional 401(k), an important investing topic that can be surprisingly complicated. Here’s an excerpt: Question. My 401(k) now allows me to make Roth contributions. Should I do that or continue making the tax-deferred contributions I have been making for years? A. It turns out that this is a very complex question, and anyone who pretends the answer is … Continue reading
[Editor’s Note: This is a guest post from Eric Tait, MD, MBA, a practicing internist and a professional real estate investor. After having a few lengthy arguments with Eric on the Sermo forum, I invited him to write up his story for publication here. A few months later, I received this in my email box. I think you will find it inspiring. We have no financial relationship. Enjoy!] My story begins with a wide-eyed first … Continue reading
My March column at Physicians Money Digest is entitled Avoid Being an Investment Collector. This is a surprisingly common affliction among advisors, but especially among DIY investors. Here’s an excerpt: A frequent mistake I see physicians and even their advisors make is that they become “investment collectors.” A collector is someone who sees something they like, buys it, and places it on a shelf where it can be admired. The next time they’re at a … Continue reading
I’ve been looking at lots of syndicated real estate deals over the last year or so. I have noticed a common theme among them and it finally dawned on me the reasoning behind it. These deals are generally structured to have a down payment of around 1/3, and generally last 5-7 years. The reason for this is to maximize the cash flow that can be protected from taxes by the depreciation, while still being able … Continue reading
[Editor’s Note: This is a guest post from insurance agent Lawrence B. Keller, CLU, ChFC, CFP®, a long-time contributor and reader who now also sponsors both the blog and The WCI Scholarship (have you contributed yet?) This particular post discusses a common rider that is usually offered as part of a disability insurance policy. Enjoy!] The Cost Of Living Adjustment Rider (COLA), which is optional, is designed to help your disability insurance benefits keep pace … Continue reading