New Corp needed to moonlight? California

[ifonlyFI]

This moonlighting will likely turn into a private practice, ie hiring health care extenders, staff, etc

Does that scenario require a Corp...

[ifonlyFI]

I currently have an S Corp x years. I created it for pharma talks, surveys, ad boards, etc. I’m going to moonlight and potentially create a new medical...

[ifonlyFI]

Interesting. I never looked at the perception that experience doesn’t result in higher premium. But it makes sense. My knowledge doesn’t result in...

[ifonlyFI]

Hi I’m looking at a new W2 position which I found by directly connecting with the group. They are also using a recruiter for a national search. I n...

[ifonlyFI]

G wrote: awesome to find $55!  (but how do you have an IRA with only $55???) Click to expand... between fellowship and attending job, I transferred the td ameritrade to my grou...

[ifonlyFI]

I found an 2007 old traditional IRA from TD Ameritrade with $55.  I want to do backdoor roth later this year, likely through Fidelity where some of my...

[ifonlyFI]

1. I have $ in fidelity sep ira. Deposited before 4/2019 So 2018 $ 2. I opened s401k fidelity for my S Corp 3. I have not setup payroll in my solo 401k...

[ifonlyFI]

too many experiences of "is there a doctor on board?"  thankfully, never anything serious.  I, like the above, usually plan on numerous beverages and...

[ifonlyFI]

ENT Doc wrote: I’ve updated my spreadsheet (see attached).  Adjust for your federal and state/local marginal tax rates.  I favor the Vanguard funds, but it appears that bette...

[ifonlyFI]

SerrateAndDominate wrote:   I noticed they mentioned their goal is to train academic physicians. Click to expand... yes, I trained there.  Academic medicine was ingrained into us.  It took a fellowship for me to get turned off...

[ifonlyFI]

My loans are paid off, but received this email today.  I assume the younger graduates are aware, but here you go:   https://www.phcdocs.org/Programs/CalHealthCares potential $300k for 5 yea...

[ifonlyFI]

thanks!

[ifonlyFI]

as I read my post, I realize I don't know what I'm talking about. Probably the best action would be to fund sep ira for 2018 which would reduce my 2...

[ifonlyFI]

I apologize about posting another topic about the same repeated question, but I literally can't wrap my head around it:   mid career;  W-2 50...

[ifonlyFI]

I'm going to differ a little in my opinion although I recognize that the sage advice from prior posters carry much more weight than mine.  I live in...

[ifonlyFI]

I would love the day that boards end

[ifonlyFI]

My specific question which I didn’t state clearly was whether our clinical expertise opens doors. Thus, I used the above nursing home, hospice , etc...

[ifonlyFI]

I’m finally comfortable enough in my finances to focus on real estate investing I spend a lot of time on biggerpockets. The MD is really not represe...

[ifonlyFI]

My favorites: 1. Personal trainer or nice gym. $10/ mos gym or treadmill in garage don’t cut it 2. Tesla 3. International business class flights 4. 5 star h...

[ifonlyFI]

I love my labcoat.  I wear it everyday.  It covers up my lack of fashion and keeps me warm

[ifonlyFI]

wake up 4:15.  group training/HIIT 5-6:00.  round at 6:45.  first outpatient 7:45.  lots of caffeine in the morning:  preworkout powder 4:30.  coffee...

[ifonlyFI]

I so miss the days of meeting my wife for happy hour after work in fellowship in NYC.  We couldn't afford eating out so would fill up on 1/2 price appetizers...

[ifonlyFI]

gotta throw my expensive, gas guzzler out there.  2008 Range Rover sport 148,000 miles.  2 months ago, I bought a third car so not driving the RR as...

[ifonlyFI]

One of the docs I with just did this.  He was burned out and needed any possible exit.  His kids are grown, and I assume he and his wife are FI.  He...

[ifonlyFI]

I don’t understand, Star Trek . Are you saying that depositing money on a local bank will create a relationship so you can use their mortgage product...

[ifonlyFI]

You see this model in oncology practices.  For my particular practice, the numbers, management and staffing didn't pan out.  Also, certain insurance...

[ifonlyFI]

I need new banks for both personal and business. 1.  For my personal, I joined citibank ~ 20 years ago and hate it.  They randomly charge me fees bas...

[ifonlyFI]

13 years after fellowship. $170k student loans. Paid off. With this crowd, it is embarrassing that it took me this long. But, feels good. I probably ...

[ifonlyFI]

I got my job and all interviews by cold calling.  I was nervous as all heck but I only got polite responses.  I simply called and said "Hi, I'm Dr.xxx...

[ifonlyFI]

No way.  Do both.  How often are you going to take the kids to Europe?  Traveling is so easy with the train.  My kids (similar age group) loved both...

[ifonlyFI]

I really think such a proposition is a young millennial thing. As much as I would like to, I couldn’t stomach renting out space in my livable hou...

[ifonlyFI]

ENT Doc wrote: but dear lord the work seems mind-numbingly painful. Click to expand... the "mind-numbing" part is a good point.  Patient diagnosis and management is stimulating.  So...

[ifonlyFI]

I am in private practice so different than you.  I sometimes contemplate moving to a small company and keeping a 1/2-full day clinic.  I like the...

[ifonlyFI]

I’ve had experience with four different realtors. 1. The family member who was inexperienced 2. The local expert who promised the highest sales price...

[ifonlyFI]

I had this same discussion with a colleague yesterday.  I'm nowhere close to being FI, so I too would take a paycut.  My partner said he would quit...

[ifonlyFI]

For many of us in HCOL, 850k is cheap. In addition, buying at a discount from 1.1 million is great. If that house was available near me, yes I would...

[ifonlyFI]

High school blow off course. I also played instruments so was really good and enjoyed typing. I actually learned in a typewriter. Pre-keyboard days...

[ifonlyFI]

30 min am. 45-60 min pm. I don’t like driving. However, I don’t want to live in the same community as my patients and staff. Whenever I go to the...

[ifonlyFI]

I'm a big fan of public schools.  went to public school in the midwest and lived a chill stress-free childhood.  My cousins went to private schools...

[ifonlyFI]

There's nothing wrong with enjoying your time with CME.  It's almost foolish for a doctor who has a family to travel for 4-5 days and sit through a national...

[ifonlyFI]

We used to give >$100 bottle of scotch or wine. We stopped when our office party started costing a few grand each. Now with new leadership, no party no...

[ifonlyFI]

I do a case ~q2yrs. I was referred by existing expert witness doc. I’ve heard some senior Orthos make a living , but never met one. I’m not convinc...

[ifonlyFI]

I'm not surprised by the negative opinion regarding passive income doc, especially when it comes to the multi level marketing.  I trust WCI and PoF did...

[ifonlyFI]

Maybe there is more credibility to MLM.  I had similar doubts.  I heard a podcast on Doc outside the Box with Passive Income's Wife (can't remember...

[ifonlyFI]

True, not a HCOL article.  But, we do pay a hefty "sunshine tax" out here.  By the way, it was 50 degrees on my drive into work.  I had my heater on...

[ifonlyFI]

I can’t figure out how to post the apple news article here. Any guidance?

[ifonlyFI]

Our personalities are shaped by the climate we grew up in, new study says - The Washington Post I read this article on apple news. Researchers studied peo...

[ifonlyFI]

Use one of the travel come groups. I just used travel medical seminars for a trip to Hawaii. My cme certificate lists Hawaii as location

[ifonlyFI]

I need sage advice and maybe someone with a calculator who can show be the pros/cons of my situation.  Should I put extra 30k in pretax retirement or...

[ifonlyFI]

I didn’t read the article. In general, I’m against most sensational doctor articles. They are generally negative. “Doctors are greedy, unethical,...

[ifonlyFI]

jfoxcpacfp wrote: Concur with @dmfa. The calculations are all wrong. If the CPA gave you this info, s/he d/n understand some of the basics. And, unless you fail to set up the corp by 12/31, ...

[ifonlyFI]

okay, my head is now spinning.  I talked to a CPA.  He agrees on closing S corporation.  He advised the following for tax year 2017.  However, I admit...

[ifonlyFI]

llessac15 wrote: Great points. I’m a Med Onc in a small town. So my choosing to retire early would be a major blow to my community. It would be very difficult for me to...

[ifonlyFI]

I have no personal experience but would be curious to hear others.  I know two people who ran a clinic   The first was a FP who opened a boxtox/inj...

[ifonlyFI]

if you are into the credit card thing, accumulate points for bz class or first class to bali. amazing place

[ifonlyFI]

digitalcascade wrote: Kamban wrote: I see about contributions to 529 plan in many threads, and sometimes people state their monthly contribution but most don’t post how much their expected amount to b...

[ifonlyFI]

In my culture, big $$$, multiday celebration, paid mostly by the bride's family

[ifonlyFI]

I typically advise students to become a MD and pick a subspecialty worthwhile to you and your interests.  I sadly don't recommend becoming a pcp or a...

[ifonlyFI]

wake up 3:45-4:00;  gym 5-6;  round or chart 6:45-7:45;  clinic 7:45 - 3:30.  afternoon coffee ~2:00 to have energy to drive;  home ~5:00 pm, exhausted. ...

[ifonlyFI]

My kids now regularly help me with the IT and management of my side business corporation.  they are young but much more tech savvy.  I want to pay them...

[ifonlyFI]

I love to teach and am always open to training premeds, nursing students, Med students, residents etc. However, I noticed recently my interest has been...

[ifonlyFI]

Subpoenas get directly delivered to our administration as opposed to the MD. Our risk management is immediately contacted as well as our chief medical...

[ifonlyFI]

actuaryonfire wrote: Millenial Doc wrote: One non-medical field that I am intrigued with for my kids is that of an actuary  Click to expand… C’mon guys! Did nobody think to ask...

[ifonlyFI]

1.  doctor, but entrepreneur 2.  In concept, i agree with everyone saying the kids should be happy and just be kids.  However, I think they should...

[ifonlyFI]

I can't even touch any of the arguments above.  The expertise of the posters far exceed mine.  What I read into the corporate tax is that a lot of corporations...

[ifonlyFI]

MPMD wrote: 3. Administrators in suits ruining everything: I’ve been on staff at 5 different hospitals in my career thus far and this statement has never been accurate...

[ifonlyFI]

I signed with laurel road.  2.58% variable x 5 years;  $300 sign on bonus to be mailed in 2 mos   Since there is no prepayment penalty, can you refina...

[ifonlyFI]

jfoxcpacfp wrote: You can contribute as an employer to your 401k for 2017 in 2018, up to the extended due date of filing your income tax return. If by “pre-tax contribution”, you are talking a...

[ifonlyFI]

I want these funds to apply for tax year 2017.  What are the deadline dates to fund the following:   individual 401k backdoor IRA   Do you fund by ...

[ifonlyFI]

I have seen similar sales.  It is not illegal.  One company buying property from another company.  For you, it is an early payout.  What was your...

[ifonlyFI]

I grew up in lcol midwest.  My goal was always to move out of there  to experience greater culture.  I've moved around to northeast, southeast, upper...

[ifonlyFI]

Many big corporations pay for exercise classes/gym membership/wellness activities. Couldn't a physician who is a self proprietor or corporation pay for his...

[ifonlyFI]

I'm looking forward to this thread.  WCI emphasizes the 40 yo financially independent physician when in reality, there are so few.  I want to see this...

[ifonlyFI]

Any experience with travel cme programs?  Which is the best? I have used travel medical seminars in the past.  I'm not sure if any new groups have popped...

[ifonlyFI]

I just clicked on all the links for WCI student loan recs on WCI.  At this point, I don't have too much student loans anymore, 5 digits, as opposed to...

[ifonlyFI]

IMHO, you can include any extra student loan payments as savings because you are paying off debt quicke I agree with the above statement. Also, keep ...

[ifonlyFI]

Biggerpockets founders
Academic clinicians/deans who can talk about educating Med students/residents...

[ifonlyFI]

I would rotate gigs. Few hours at either dog shelter or doggy daycare. An afternoon teaching fellows clinic. Take kids to school and pickup. Volunteer...

[ifonlyFI]

how does the commission to my accountant work when he sells these American funds to me? Does he get a one time payout or does he get a continuous cut...

[ifonlyFI]

I currently have 529 for each kid.  2 kids, middle school.  ~50k/each.  I only started it a few years prior and my accountant told me he would "take...

[ifonlyFI]

Consider taking a 1-2 week trip to Java with a Pottery Barn catalogue in hand and custom order some furniture. It’s 20% of the price and you can furnish...

[ifonlyFI]

Thanks everyone. I'm going to try personal capital. They advertise that investment advice is offered. I assume their business model is to gain clients....

[ifonlyFI]

does the vehicle outside of commuting constitute hauling of heavy material/farming/etc.  Or, is it for any business usage?

[ifonlyFI]

Is the heavy vehicle depreciation/deduction a feasible option for physicians?  If so, how is it done?

[ifonlyFI]

2017 goals: 1.  buy a multifamily:  fail 2.  increase side hustle by 25%:  success 3.  pay off student loan:  fail (I'm a lot older than most of ...

[ifonlyFI]

I want to create or preferably download a user friendly google doc template for my monthly budgeting.   On the template, I want the ability to p...

[ifonlyFI]

Vagabond MD wrote:   3) Radio DJ   Click to expand... Multiple girlfriends in different area codes as a DJ?  expensive....

[ifonlyFI]

jfoxcpacfp wrote: ifonlyFI wrote: My S-corp is not for patient care/moonlighting. It is purely for health care consulting to start up pharma and for big pharma speaker’s bureau. C...

[ifonlyFI]

My S-corp is not for patient care/moonlighting. It is purely for health care consulting to start up pharma and for big pharma speaker's bureau.

[ifonlyFI]

What do you mean by "relationship?"  I assume you do not mean familial relationship.   I own my S-corp, health care consulting business. I am the only...

[ifonlyFI]

I couldn't figure out the exact answer to my question, although I think it has been asked before.   Current W-2.  401k + profit sharing = 54k/...

[ifonlyFI]

My goals are to greatly increase my real estate portion of my portfolio. I have 15-20 years until retirement. I'd like to have 10mm in real estate by...

[ifonlyFI]

Buy the multi family. You wrote that both you and your family have experience. Thus, you should take advantage of that experience. You will be bush as...

[ifonlyFI]

Google biggerpockets.com. Good site to learn about real estate investing. Yes, LLC Secondly, definitely invest in real estate with like minded physic...

[ifonlyFI]

I was going to post the same question. Legalzoom vs live attorney for trust What goes under a trust name? Meaning once the trust is form, do you swit...

[ifonlyFI]

1. Not buying property in NYC in early 2000s 2. Buying full price house at too high of interest rate when real estate market was obviously crashing. Still...

[ifonlyFI]

Residential real estate market is a very nonscientific and biased field. If an agent doesn't like another agent, I'm willing to bet those clients won't...

[ifonlyFI]

I keep a HELOC open for post tax investments. Im going to guess many on this forum will disagree with my use. Instead of keeping a checking account with...

[ifonlyFI]

try travel seminars.  location agnostic

[ifonlyFI]

I see nothing wrong with spending a ton of money on your kid with hopes of he or she being successful.  Many of us got to medical school due to the sacrifices...