Power to the Patients?

[Hank]

Florida. The only state in the Union where the further North you drive, the further South it gets....

[Hank]

Here’s how your last thread about your HOA ended. This thread ends the same way. https://forum.whitecoatinvestor.com/...321#post308321

Hire...

[Hank]

It’s entirely possible that these aren’t terrible people, they just might not be a good fit for your office. Let’s find out if they’d be happier...

[Hank]

You need an associate. Far better to practice one or 1.5 days less per week and be able to work five to ten years longer at a more reasonable pace. Also,...

[Hank]

An Hermès purse and some Hermès scarves is reasonable. Several Hermès purses is an expensive habit. Likewise, it’s OK to have some different shoes...

[Hank]

But you didn’t put the money into the stock market. Your wife spent $10K to $15K per month on “stuff”. Even on the lower end of $10K per month,...

[Hank]

You don’t necessarily need to pay off a 0.9% car loan early. But with $1 million in annual income, you should be able to cash flow a $74K car instead...

[Hank]

A young dentist or physician straight out of training needs to set aside at least 20% of gross income towards retirement. This presumes a typical age...

[Hank]

Since the poster on Reddit is full of it, this isn’t really a valid discussion about someone’s actionable financial problem or concern. Thread lo...

[Hank]

Pick a strategy you can stick with long term. Rebalance roughly annually. Don’t change your asset allocation willy nilly based on recent underperformance...

[Hank]

What’s your after tax, inflation-adjusted return? Yeah, that’s just losing a little less money than stashing cash in the mattress....

[Hank]

Nikola all the way!...

[Hank]

But cash can’t lose value, right?...

[Hank]

And yet you can't blackball the patient, the "expert", and the attorneys as far as ever seeing them or providing medical treatment in the f...

[Hank]

No kidding, it sounds like offering this 60 year old friend a copy of If, Only Investment Guide You'll Ever Need, Bogle, Bernstein, might be the better...

[Hank]

There's still proposition 13 for property tax increases, but not much else left. Weather, sunsets, hobos, and poop & needles on the sidewalks....

[Hank]

I’m going to buy an apartment building in my self directed IRA. That way my heirs inherit…. a giant mess....

[Hank]

How often does the dog pee on the rug?

I’m in the “no cabin” crowd. Maybe at less than $200K, but you still have maintenance, insurance,...

[Hank]

Turtles all the way down....

[Hank]

Respectfully disagree. Money for the kids’ (or grandkids’) education is not money for your own living expenses in retirement. While you “own”...

[Hank]

No, this article certainly did not appear first on Passive Income MD. The reason that this is a well written article is that Jonathan Clements wrote a...

[Hank]

How did this person make it to age 60 and "not need the money any time soon" yet have an irrational fear of capital markets? Surely there must...

[Hank]

Pack of overpriced potato chips at the airport? No tip.

You set an automatic tip of 15% to 20%? Fine, that's exactly what you get unless...

[Hank]

OK, so there's a snazzy website, ads during the Oscars, and celebrity appearance by Susan Sarandon and Shepard Fairey for something called "Power...

[Hank]

Waiter, bring me your oldest bottle of Beaujolais Nouveau!

[Hank]

JBME ’s reply is textbook. 20% of gross towards retirement. Student loan payments, 529s, savings towards a down payment. None of these count as retirement...

[Hank]

Frankly, it’s ridiculous that the Democrats have the White House and both houses of Congress and they can’t get marijuana off of Schedule 1.
...

[Hank]

I don’t bother with valets if at all possible. Just not my cup of tea.

But I’ve gotten looser with tipping in the last six months or...

[Hank]

Hey there little troll, you aren’t allowed to have more than one account (WCI Rule 7) and you shouldn’t post in bad faith and waste people’s time....

[Hank]

Harry, great to see you posting here!!

[Hank]

Our school district has a recommended “wait ‘til 8” policy where they recommend no personal cell phones until 8th grade. I let my eldest know that...

[Hank]

Plus that whole matter of maintaining insurability, preexisting conditions, exclusions, etc....

[Hank]

People? No.
Me? Definitely.

(I’m reminded of those demotivational posters that were popular a few years back. “Perhaps the purpose...

[Hank]

Is the RCT in your username short for root canal therapy? If you’re an endodontist, you shouldn’t have to do too many root canals between now and...

[Hank]

Do you want to keep working during this two year period overseas? If it’s a military PCS, possibly a GS or contractor position overseas. Otherwise perhaps...

[Hank]

Gotta admit, I'd probably watch Dr. Oz more frequently, if only in a watching NASCAR or Running Man sort of way....

[Hank]

One more reason to dislike and avoid HOAs....

[Hank]

Frankly, I’d have more respect for a doctor who started a tobacco company, assuming that doctor was forthright about what it does and what the harms...

[Hank]

Soooo….

evidence based medicine?

[Hank]

Waiting period, cap on total payments, cost of insurance, fire, flood, riots, force majure clause. Read the fine print and see what coverage you need...

[Hank]

It’s a college town with a good med school. I wouldn’t be terribly surprised if the South Bend, Boulder, or Ann Arbor real estate market acted like...

[Hank]

Welp, I hit 90% of MGMA already. See you guys in a month and a half when 2023 starts.

[Hank]

I feel like there might be a Rihanna song that addresses this sort of situation...

[Hank]

No harm. Certainly not trying to “dox” you or provide more details than you offer. Most posters here are anonymous or semi-anonymous.

...

[Hank]

Goodness, how well has the hospital performed financially these past few years?

It seems far more likely that the administrators and C-suite...

[Hank]

It looks like your situation has taken quite a turn for the worse over the last month. You’ve aged four years and lost over half your qualified funds....

[Hank]

It looks like it’s been a pretty rough month. You’ve aged four years and your net worth is down by over half! (Roughly $526,000 from your first post...

[Hank]

Hmm, I heard about this incident before it became a blog post on WCI. At the time, I thought the conspicuous use of pronouns on a name tag was performative...

[Hank]

$5,000 or $10,000 or $20,000 can get you a good to great house for anywhere from a week to a month on AirBnB. On the beach in San Diego, overlooking the...

[Hank]

Where on earth do you think the money comes from to pay your wife? From production. (Really from collections, after staff expenses, supplies, rent, and...

[Hank]

Can we all at least agree that split level houses were a terrible idea?

[Hank]

But it's velour. It's very snazzy!

Do you know how many naugas had to die to make this full length coat?...

[Hank]

Total stock market funds get you market capitalization weighted exposure to mid cap and small cap companies. You potentially can add an additional small...

[Hank]

Read a bit more, develop a written investment policy statement, then invest in accordance with your written plan. See: https://www.whitecoatinvestor....

[Hank]

Who currently is the custodian of your IRA?

Most folks consider Vanguard mutual funds and ETFs to be excellent funds, but Vanguard (the company)...

[Hank]

Will you be an attending this full year, or is it half a year as a resident and half a year as an attending?

No income years as a med student...

[Hank]

You’re both young. You’re only talking about $7,600. FZROX and call it a day.

[Hank]

$500 per person to upgrade to Delta One lie flats for an overnight flight to Buenos Aires was well worth it.

$8K+ per person per ticket?...

[Hank]

This wasn’t perhaps a FirstCommand guy suggesting that you invest more money that would be subject to asset under management fees rather than using...

[Hank]

Long term capital gains with highest basis.

You could look into a pledged asset line, margin loan, physician loan, or loan from a bank affiliated...

[Hank]

Risk-adjusted return, but otherwise I agree with you.

There’s a reason you don’t chase yield in the bond markets. If this private placement...

[Hank]

Potentially yes. While there are anti-SLAPP laws in a number of states, if you posted something potentially defamatory and someone was so bothered that...

[Hank]

I think the diversification advantages are largely overstated. While this asset class may perform differently than the total domestic stock market, you...

[Hank]

Nope. Your total income might prevent you from contributing directly to a Roth IRA, but it shouldn’t keep you from making a back door Roth IRA cont...

[Hank]

I can bench 315lbs in sets too but, well, I'm 6'5" and 275lbs so that's just slightly more than bodyweight and so not all that impressive. I haven't...

[Hank]

Your taxes are unlikely to be this low again at any point after residency. Roth all the way. Might want to get into the practice of doing a back door...

[Hank]

To the original poster: if your kids are bright enough to get into Rice, they're bright enough to get into UT Austin. You'd have far smaller class sizes...

[Hank]

Socks plus steps equals danger. Wood floors are slippery with socks, carpet is slippery with socks, brick or tile is slightly less slippery with socks,...

[Hank]

No worries. A big part of this forum is to impart and transfer financial wisdom. Spiritrider does an outsized job of accomplishing that mission....

[Hank]

How much gross income does she make and where does she work? If she's making $120K at the VA and on track for a federal pension, then maximizing TSP with...

[Hank]

It's early April, but "yup"....

[Hank]

Texas is both hot and sunny. Any reason not to buy solar panels outright and knock down your AC / electric bill while collecting a federal tax credit...

[Hank]

There certainly were problems with Vanguard target date funds in taxable in 2021. See https://www.cnbc.com/2022/03/15/vang...big-tax-bills-...

[Hank]

Just caught up with the rest of this thread. We have Hunter Biden's laptop, Elon Musk, vaccine mandates, twitter, and the SEC. Pretty sure that's enough...

[Hank]

This is a personal finance forum focused on high income individuals, especially doctors. This is not an unlimited free for all "free speech zone"....

[Hank]

Folex....

[Hank]

Who is your patient and who is not your patient? What do you need to do to obtain your medical license and what must you do to retain your medical license?...

[Hank]

The title of this topic is inaccurate. First, this person isn't your patient. Second, it's the parent of someone else's patient who is asking (cursing...

[Hank]

Ladies and gentlemen, it looks like I might have to eat my hat after all. The original poster plans to live in a fairly small town. Within city limits,...

[Hank]

Careful about the non-governmental 457. It’s an asset of the employer, not your asset, when it comes to creditors’ rights. I’d be hesitant to put...

[Hank]

Extremely unlikely. If you can say what city you’re planning to move to after finishing residency, I bet I can find a half dozen decent single family...

[Hank]

Yep, if the economy takes a downturn we might do more domestic travel instead of foreign travel. (Or look for real bargains for foreign travel.) More...

[Hank]

Check Zillow. Rent a $250K to $500K house for a year or two. See if you make partner and see if you want to live here long term.

I all but...

[Hank]

Also the 2022 employee compensation eligible for a match is $305,000. If your husband is productive enough to hit $305K this year, his 4% match would...

[Hank]

JBME is right about rolling the IRA into a 401(k) instead of con erring it. The balance is small enough to bite the bullet now if you need to, but better...

[Hank]

1. Do you have sufficient term life insurance and own occupation disability insurance in place for both of you?
2. You make roughly $600K per year combined.

...

[Hank]

Better for the buyer to purchase those after the house closes so the buyer can get the tax credits. Same with energy efficient windows....

[Hank]

Depending on your religious beliefs and what your house of worship expects, consider putting two or three years’ worth of tithing into a donor advised...

[Hank]

Original poster, I'm not trying to pile on, but please make sure that the sources you read actually cite and comply with the Internal Revenue Code (IRC)...

[Hank]

Let's get a little more specific with your particular numbers.

To save 20% of gross compensation towards retirement, you're looking at $70K...

[Hank]

Set aside at least 20% of gross compensation towards retirement. Have a game plan to pay off student loans within five years maximum. Pay your taxes,...

[Hank]

A two week cruise is hardly a lengthy cruise. That's just a decent vacation when you're still working full time.

Agree with the favorable...

[Hank]

Consider working for the VA. You won't get half this screwed over and you'll be on track for a pension. Plenty of bureaucracy to deal with, occasionally...

[Hank]

What’s your specialty / area of practice?
Did you take a pay cut to 70% of your previous compensation, or did you really take a 70% pay cut down...

[Hank]

You undertook a masters degree after med school instead of a residency? Why?

[Hank]

Personally, I thought the Roth Horserace approach was overkill. I preferred to over-convert by $20K to $30K, then recharacterize to top out a given tax...

[Hank]

Have you read this yet? https://www.whitecoatinvestor.com/pr...ments-in-iras/

[Hank]

There’s very little argument that $100 million net worth isn’t wealthy. But calling this a “billionaires’ tax” is dishonest when it starts at...

[Hank]

Geez, gonna be hard to mark to market for small closely held businesses. Pay unrealized gains every year on an ambulatory surgical center or imaging center?...

[Hank]

At least a year, preferably two years, with a warm and fuzzy feeling from both employee and employer that this is a good fit. No need to give your employer...