Podcast

[@m7b327]

Thanks for everything you do!

[@faireisloveme]

Any reason you leave veterinary students out of the loop? They often need as much, if not more help with financial literacy.

[@thewhitecoatinvestor]

How do you mean "out of the loop?" We have a ton of veterinarians and veterinary students in our Facebook group. Nearly everything on the site applies to veterinary students, as well. If you are referring to school "champions", well, we had to make a line somewhere.

[@k.b.9716]

Good Luck with that!

[@paradiseheaven]

Thank you so much! Can you put the book link in your description section?

[@thewhitecoatinvestor]

Sure thing! You're welcome!

[@TheTartesos]

Awesome episode!thanks.

[@thewhitecoatinvestor]

Glad you enjoyed it! Thanks for listening.

[@jsupensky]

That SoFi ad was a bit... different.

[@thewhitecoatinvestor]

Yes, easier to include the legal jargon in a written format.

[@matthewrosen4747]

Dude, not a good idea to advertise for SoFi. Refinancing from a federal to a private loan can be financially disastrous for many doctors. Doctors can save tens of thousands, or even hundreds of thousands of dollars by taking advantage of Public Service Loan Forgiveness. If they refinance with SoFi, they are ineligible for PSLF and they end up paying way, way more on their loans.

[@thewhitecoatinvestor]

We always tell docs not to refinance federal loans if there is any chance they will go for PSLF.

[@elenamunroe1496]

Can I get on a list to be the champion of my incoming first year class of 2025?

[@thewhitecoatinvestor]

Keep your eye out for an announcement about the champions for the incoming class.

[@Financial_Awareness]

Easiest way to avoid Pro-Rata Rule is to move Trad IRA funds into current 401k (assuming you have a current 401k to roll it into)....or of course you could simply pay the taxes and convert IRA to Roth. Great video, Jim! Love this topic

[@jsupensky]

For high income earners, does the rolled overed traditional IRA funds become tax deferred?

[@Financial_Awareness]

@@jsupensky - I do not want to be disrespectful to Jim & his team since this is his channel/podcast/video...and they might reply as well. That said, yes, the rolled over funds will grow tax deferred if they are pre-tax funds that get rolled over into a Trad IRA...your Roth 401k will then naturally be rolled over into a Roth IRA where they will grow tax free. However, having any funds held in Trad IRA/SEP/SIMPLE will prevent the proper way to do Backdoor Roth strategy though. So be mindful of that.

[@tobeynguyen6661]

@@Financial_Awareness thanks for your usefull info. If I had a SEP account that hasn’t get funded for more than 10 years but still has money in it. Is it ok to do backdoor IRA? If not what can I do with that SEP acct? Thanks

[@Financial_Awareness]

@@tobeynguyen6661 - You’ll want to transfer those funds into a 401(k) or Solo 401(k) or convert to Roth in order to be able to initiate the backdoor strategy. Conversion to Roth would ideal if you have the cash on hand to pay the taxes out of pocket.

[@tobeynguyen6661]

@@Financial_Awareness thanks for your quick reply . I forgot to mention I have been working for the same company. It just they offer 401k instead of SEP as before. So can I still able to transfer the SEP to traditional IRA 1st then convert to Roth IRA? Or directly to Roth IRA?