So, you would be able to do that. But you can leave it in there even if you're not working there anymore. I wrote a great blog post about this years ago called Multiple 401(k) Rules. And so, you can pick and choose what you want to read from. If you are purchasing a property, you can use debt by taking a mortgage out against a property. If you're in a really good situation, like I was for some time, I was able to get $57,000 into my 401(k)-profit sharing plan at my physician partnership and another $57,000 into the WCI 401(k), individual 401(k). It came about when the owner, Paula, left her 9–5 job and purchased six rental properties. Dr. Jim Dahle: It is the anti-budget course. Alex: They must have a gross income less than $4,200 for the year. If they're telling you it's free, it is because they're ripping you off with nasty high expense ratio funds or AUM fees that will accumulate over the years. Will we benefit from adding a defined benefit plan on top of the 401(k)? I'm pretty excited about that. Well, those are good places, but they don't do a lot of small practice 401(k)s. They just don't. Accessed March 9, 2020. I said, “What's preventing you from getting there? The conversation will be deep enough to provide in depth guidance on how much relevance there is to tracking error, underlying overlap and same management. Dr. James Turner: Ali: You have four types of investments in the portfolio, but you actually now have five funds. Dr. Jim Dahle: What's your biggest sticking point when it comes to personal finance and achieving your financial goals?” And I kept hearing a lot of themes, budgeting, investing versus paying down debt. You can also do what are called Roth conversions. And so anything that doesn't have beneficiary designations, you want to make sure it goes into that revocable trust – Your house, your cars, maybe some taxable accounts, maybe some bank accounts, that sort of a thing. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email [email protected] or by calling (973) 771-9100. I discuss those in this episode as well as list the states that typically make the top of that list. And if they're short term losses, against short term capital gains. Mississippi. Number two, anytime you want something done, you have to hire a professional to go do it. Dr. Jim Dahle: And I would not lay awake at night, worried that the IRS is going to audit that sort of a swap. This episode was sponsored by Bob Bhayani at drdisabilityquotes.com. This is like asking which investment is best. Number one, because you can't drive and check on it. I'll teach you how to do all of that and then you get to spend your money guilt-free. People have been offered no rent payments or decreased rent. I think I've got about half a million dollars in losses sitting around right now. You are my primary source for sound financial advice, and I recommend you to anyone that will listen. I hope all states do that. A Roth contribution, you pay taxes on it as you earn it. Click to learn more! Whereas Medical Degree to Financially Free is more of a how to step by step process that walks you through exactly how to do it. So, the medical community nationwide. If it's an S corporation is 25% of your wages to the job. Panama is by far one of the best places to buy real-estate overseas. They go, “Give me an individual 401(k)”. One of the best real estate investing websites is called affordanything.com. This is not the same as the student loan forbearance. When you have a Roth 401(k) option in your 401(k), you can choose to put that $19,500 contribution into a tax deferred or traditional account or a tax freeze or Roth account. They're the leverage behind the newly rich. Number two, how do you file your taxes? Dr. Jim Dahle: Dr. James Turner: It's more likely to stay full so you have a low vacancy rate. Then it goes in the account. There is no guidance out there where the IRS says, we want large tracking error between the two investments. And maybe you can make enough in six months that they're basically staying for free. Any payments you should have made actually still count toward public service loan forgiveness, but you don't have to make the payment. They just don't care. If you really want to, you can count the value of your cars and your boats and your clothing and your furniture and all that kind of stuff, but I generally kind of stop at the value of my residence as far as my consumption goods go just because that one's number one, a lot of money, number two generally appreciates and number three is generally relatively easy to sell at least within a few months, whereas you might find most of your stuff is difficult to sell. They're different enough that you can make a very good argument to an auditor. McElroy has over 26 years of senior-level experience in multifamily asset and property management. It used to be a lot easier when you could just say residents should use a Roth account, but things kind of started changing when repay came out. This is actually a relatively complex question. Dr. Jim Dahle: Well, there are a lot of moving parts in that question. I was looking to switch to PAYE, but if I understand this correctly, I would have to file married but separate, which would disqualify us from contributing to a Roth IRA because we make over the AGI. In the process of doing this, we've had to retitle some of our financial accounts and the title on some of our other assets, but we've run into some confusion with regards to retirement accounts and how to designate those beneficiaries and the language required of the trust to accept those contributions at the time of our death. As far as healthcare goes, you can deduct their medical expenses above 7.5% of your adjusted gross income, but that's a lot of money for a typical doctor. It is easy to check on and you can fix the small things yourself without hiring a professional. You can get that course at whitecoatinvestor.com/ppcourse. It is an active course that involves going along with community and with me throughout the process. And it's always good to get both of you on here. Then I suppose also when and whether to refinance would be a question in there as well that you may want to discuss with them. You can't swap from the Vanguard Total Stock Market ETF to the Vanguard Total Stock Market Fund. Dr. Jim Dahle: Or they might all be due in three months all at once. Because you've already used up your $19,500 employee contribution in that hospital 401(k), the only contributions you can make to your individual 401(k) are employer contributions, which are basically 20% of what you made in that job. I listened to the podcast twice. Specifically, the formation of a revocable trust to avoid probate and some other miscellaneous benefits. Have to say, this is one of the more high yield podcasts for me personally. So those are good things. Podcast #160 Show Notes: What State is Best for Real Estate Investing? If the interest is accumulating and you stop making payments, obviously your loan balance is going to be going up during that period of three months or six months or whatever it is that you have mortgage forbearance. And remember, you're only paying gains on the difference between what you paid for the practice and what it's worth now. They are not looking at the correlation between the funds. There are just two share classes at the same fund. I'm not a big fan of SEP-IRA. I asked why and was told because it allows for tax diversification. Dr. Jim Dahle: Required fields are marked *. However, that got me to thinking even if I was able to tax loss harvest my total US stock market fund, I do not know what I would have bought other than one of my other holdings. But here's how I think you ought to do it. And if you really dig into it, it could be potentially more than that, given the exercises that are provided in the course. Or they might all be due in three months all at once. Dr. Jim Dahle: We had his co-host on here a few weeks ago, Ryan Inman. By video, it's actually not that long. For example, the land around your property could become scarcer or busier, like when a major shopping center is built nearby. I also answer many listener questions in this episode about investing in a Roth or a tax deferred 401(k), what to do if your income goes up, mortgage forbearance, tax loss harvesting, multiple 401 (k) rules, small practice retirement plans, paye vs repaye, mega backdoor Roth contributions, keogh plans, and more. So, you need a plan that allows it and the cookie cutter, off-the-shelf ones at Vanguard or E-Trade are not going to allow it. Well, the way this usually pans out is you have one 401(k) at the hospital. Let's take a few questions off Reddit. Dr. Jim Dahle: Interestingly enough, you do have to take them from a Roth 401(k). And so, everyone is in a unique situation. If you're signed up for one of those and not others, just go to the bottom of any email I send you and you can turn the options on and off whatever you want any time. We didn't have to have a line by line. Well, no, you're not swapping for the other asset classes in your portfolio. All right, now we've got a special segment here. I'm still not sure I haven't totally clear. You just have to look into what it costs in your state to get with a health insurance broker and talk to them about the options. We're going to spend a little bit of time on this. And I know this is somewhat semantics when calculating your net worth, but was curious to see your thoughts on whether or not you should include your primary residence. Nolo. And even if you are not contributing to it anymore, you can still leave it in the old 401(k). Dr. Jim Dahle: You have to tread very carefully because it might have been put in place by your senior partners best friend. “What is a Keogh plan?” I don't even know how to pronounce it. And number two, they just don't care. Well, aside from the recent news on Airbnb, I like the idea. Dr. Jim Dahle: Basically, we just get to put a whole bunch of money, in our case, $57,000 a piece a year into a Roth IRA. They might be stacked onto the end of your loan. Then of course up to $3,000 of those losses a year against your ordinary income. Speaker: But you'll notice some trends if you look at all of these lists, and those probably indicates some states that may be better places to invest than others. By the time you hear this, it will have been five podcasts back. If you're in one of those nine states, look your program up so you understand how it works. If you're in a tax-free state, investing in another tax-free state or your own state is probably a good thing. Here's the first one. I'm in my second year of residency and I'm really thinking about starting to invest in real estate, after finishing residency. You could spend more, you can give more, you can save and invest more. I'm amazed how many people are actually looking for individual properties outside their state. If the interest is accumulating and you stop making payments, obviously your loan balance is going to be going up during that period of three months or six months or whatever it is that you have mortgage forbearance. And it goes through all these rules and they're fairly complex rules. 2019-11-19T22:13:39Z The letter F. An envelope. And the writer says, “You said something to the effect of wouldn't it be great if you could just pay $30 per month to cover you in the very rare case you were successfully sued for an amount of a policy limits. Is there any way they can kind of try before they buy? I can tell you my own opinion, but I could also tell you that I've had beta members take this course already and they got it at a discounted price. Cleveland, Ohio is one of the strongest real estate markets in the nation, offering investors high cash flow and future growth. Both my partner and I will be in residency programs that do not have employer sponsored retirement plans but qualify for PSLF. #3 The ABC's of Real Estate Investing. If you're in a tax-free state, investing in another tax-free state or your own state is probably a good thing. What should you do with your old 401(k)s after leaving residency? Disclaimer: This is an English podcast. So they just find someone to help them put a 401(k) in place. Well, aside from the recent news on Airbnb, Airbnb hosts are getting crushed right now. It just gets tacked onto the loan. If it's an S corporation is 25% of your wages to the job. Hey Jim. Our link to buy this, as you go to whitecoatinvestor.com/ppcourse. Variety is indeed one of the beauties of real estate investing. I also have $5,000 and they are in SEP-IRA. For a balanced real estate investment, investors can consider Toll Brothers , a leading national builder of luxury homes in the real estate market. Whatever isn't covered by beneficiary designations. But in reality, it's usually about 20% of what you make. It is not the same thing. That's 12.4%. Now I have two employee dentists who want to buy in and partner with me. You can probably convince them to actually look at making some changes there. It's really for anyone that is tired of being weighed down by their student loans or wants to know the answer to when to invest versus pay down debt need or that makes the most sense for doctors. Dr. Jim Dahle: You just have to look into what it costs in your state, so get with a health insurance broker and talk to them about the options. And so, everybody is in a unique situation. You now have a portfolio that has less US stocks and more International stocks in it than you want. My University offers a 403(b) and 457 neither with a match in both with pre- and post-tax options. Dr. Jim Dahle: Dr. Jim Dahle: Online Real Estate Platforms . No matter how much it's worth, you might only be able to charge a certain amount in rent and that's obviously not good for you as a landlord. You can really only know in retrospect and it'll depend on how things perform over in the future over the next 10-20-30 years.