In today's episode, we're tackling a wide range of listener questions. We'll break down the pros and cons of reinvesting dividends automatically versus manually, explore how to balance the risk of relying on a pension and 457(b) without over saving for retirement, and discuss whether side-gig income warrants forming an LLC or carrying separate insurance. We'll also address common 1099 pitfalls and wrap up with some timely guidance on 401(k) decisions.

Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too.

For more information, go to https://www.whitecoatinvestor.com/Sofi
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891.

The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com
Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube
Student Loan Advice for all your student loan needs: https://studentloanadvice.com
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00:00 WCI Podcast #444
03:50 Reinvesting Dividends
08:39 Employer-Held Retirement Accounts
17:54 MEGA Backdoor Roth
22:55 LLC and Insurance for Side Gigs?
30:05 W-2 vs. 1099

Today we are talking to a primary care doc who has become a multimillionaire and is now essentially financially independent. Their financial success has allowed her career military spouse to retire. She said she loves her career and despite their financial situation she has no desire to quit working. They live in a high cost of living area and are a great example that if you do the right, boring, consistent thing over time - you will reach your financial goals. After the interview we are talking about financial independence for Finance 101.

Goodman Capital is a premier real estate credit investment firm specializing in senior-secured, low loan-to-value lending on Class A properties in prime markets across the greater New York metro area. Founded on a family legacy dating back to 1987, Goodman has closed more than $850 million+ across 95+ loans with a track record of zero principal loss. Their flagship private mortgage REIT, Liquid Credit Strategy Fund I, delivered a steady 9% net dividend yield since inception at a very conservative sub-50% LTV. Invest in tax-efficient, high-yield, risk-adjusted debt investment strategies with Goodman Capital at https://www.whitecoatinvestor.com/goodman

The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Have you achieved a Milestone? You can be on the Milestones to Millionaire Podcast too! Apply here: https://whitecoatinvestor.com/milestones

Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com
Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube
Student Loan Advice for all your student loan needs: https://studentloanadvice.com
Join the community on Facebook: https://www.facebook.com/thewhitecoatinvestor
Join the community on Twitter: https://twitter.com/WCInvestor
Join the community on Instagram: https://www.instagram.com/thewhitecoatinvestor
Join the community on Reddit: https://www.reddit.com/r/whitecoatinvestor
Learn faster with our Online Courses: https://whitecoatinvestor.teachable.com
Sign up for our Newsletter here: https://www.whitecoatinvestor.com/free-monthly-newsletter

00:00 MtoM Podcast #247
02:18 Primary Care Doc Becomes Multimillionaire and Retires Her Husband
11:56 Advice For Others
18:17 Financial Independence

In this episode, we tackle some of the most common, and most confusing, retirement planning questions physicians and high-income professionals face. We dig into the pros and cons of Traditional vs Roth contributions, how TSP and deferred compensation plans really work, and what to know about 401(k) match true-ups. We also walk through real-life scenarios like merging finances when a spouse has no income but owns an IRA, and how to maximize annual contributions to a solo 401(k).

Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too.

For more information, go to https://www.whitecoatinvestor.com/Sofi
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891.

The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com
Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube
Student Loan Advice for all your student loan needs: https://studentloanadvice.com
Join the community on Facebook: https://www.facebook.com/thewhitecoatinvestor
Join the community on Twitter: https://twitter.com/WCInvestor
Join the community on Instagram: https://www.instagram.com/thewhitecoatinvestor
Join the community on Reddit: https://www.reddit.com/r/whitecoatinvestor
Learn faster with our Online Courses: https://whitecoatinvestor.teachable.com
Sign up for our Newsletter here: https://www.whitecoatinvestor.com/free-monthly-newsletter

00:00 WCI Podcast #443
01:30 What to Do with Your TSP
07:44 Comparing Marginal vs. Effective Tax Rates
13:00 Deferred Compensation Distributions
19:37 Remaining Balance Issue w/ ETFs
24:19 401(k) True-Ups
28:40 What to Do with a Traditional IRA
32:27 Solo 401(k) Contributions