A backdoor Roth IRA is a great additional retirement savings plan for high earning professionals. Since I get many questions on how to make a backdoor Roth IRA contribution, I thought it would be good to help set the record straight and explain the Backdoor Roth IRA rules and answer the common questions that confuse … Read more
Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did. This week’s favorites include three apps for single doctors looking for the perfect mate, defining assets and liabilities and why your home is not an asset, debunking … Read more
Today’s guest post comes to us from Arsalan Ashraf, CPA. Arsalan is the owner of Ashraf Advisory, providing tax preparation, tax planning, payroll and bookkeeping services to physicians all over the United States. You will find Ashraf Advisory on my recommended list of Tax Services. If you are looking for top notch tax advice, contact … Read more
Unfortunately, in recent years physicians have been migrating towards being employees rather than owning their practices. A few decades ago this would have sounded silly. Today’s residents are being advised by their teaching staff that being an employed physician is preferred. What is driving this movement? Are physicians getting lazy? To many teaching staff who … Read more
(Don’t forget to get your tickets to the PIMD Real Estate Conference coming in September. I hope to meet many of you in person, or you can stay home and enjoy the conference virtually.) It’s no secret that I believe investment real estate is the single best investment anyone can make. The second best is … Read more
With the latest market dip many questions have been raised regarding 401(k) accounts. These questions make it as clear as a neon sign that people do not understand how their 401(k) works. Here are two recent examples that indicate this lack of understanding: -I’m considering moving my money from my 401k to an annuity due … Read more
Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did. This week’s favorites include eleven tips for getting through the stock market downturn, eight things to negotiate besides salary, living on a cruise ship is cheaper than … Read more
The Backdoor Roth IRA has become all the rage in the last few years. Almost every physician financial blogger is writing about how to get around the income limits imposed by the Roth IRA rules. This clever work around is called the Backdoor Roth IRA. But congress is contemplating ending the rules that make this … Read more
(Today’s guest post comes to you from Fiona Smith, the founder of The Millennial Money Woman. She would like to share the following disclaimer: This article reflects my own views, ideas, and opinions. I am not an investment advisor and I always recommend you communicate with your accountant and financial advisor before investing.) If you’re … Read more
Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did. This week’s favorites include tips on internet safety for your kids, the top scams of 2022 and how to avoid them, the effect of maxing out your … Read more
