7 Tax Deductions Doctors Miss Out On
Many doctors pay way too much in taxes. Here are some tips to lower your IRS bill with a variety of potential deductions.
Many doctors pay way too much in taxes. Here are some tips to lower your IRS bill with a variety of potential deductions.
Let's break down the disability insurance premium payment setups and show how each one could impact the tax status of disability checks.
For physicians, the conversation about 1099 income and micro-corporations is about professional autonomy and financial acceleration.
Dr. Jim Dahle and Dr. Tyler Scott answer listener questions about 529 plans and Trump Accounts and how and if you should use them for your child's education.
Does medical school still make financial sense after OBBBA? Let's run the numbers and see how it all pans out.
Medical school may not have taught you about money, but we will.
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Get ready to take control of your financial life. You can do this, and we can help.
We won't sell your information. Modify your preferences or unsubscribe at any time.
I graduated from dental school with $300,000 in student loans. Nearly two decades later, I'm financially independent. Well, sort of.
See the end from the beginning and figure out how you're going to get out of real estate investing before you get into it.
Here's what you need to know about prediction markets like Kalshi and Polymarket and whether you should risk your money with them.
Once people become aware of the benefits of passive investing, they sometimes "jump the shark" with it. You can take this concept too far.
Money scripts are the deep-seated beliefs about money you picked up without even realizing it. Here's how you can combat the negative ones.
Enroll in WCI Financial Boot Camp, a FREE 12-week email course to improve your financial life.
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An interview with podcast/author David Stein, where we talk about how experiencing burnout changed the way he thinks about work, money, and investing, and why many high-income professionals struggle with finances even with plenty of information.
When my CEO said my job might be on the line, I changed how I was living. Here's the story of our journey from huge debt to a huge life.
If you've ever asked me a financial or investment question, there's a good chance I've sent you a link to something I've written before.
Some people seem to be allergic to paying taxes. But beware of Tax Derangement Syndrome, and don't let the tax tail wag the investment dog.
When investors and their advisors don't focus on how simple investing can be, the result is investment-style chaos. Focus on what matters.
Here are 8 steps to automate your financial life and help you reach your goals of financial freedom.
Rich people don't "manage" debt. They eliminate it. Not stupidly, but reasonably and consistently. It's a behavioral thing, not a math thing.
Disability insurance is crucial insurance for the vast majority of physicians to secure. Buy it right the first time, and you may never have to do it again.
The Roth IRA is a great start for building your nest egg. There's no better vehicle for investing, tax reduction, asset protection, and estate planning.
People often tell you that you'll be super happy once you're financially independent. They might not know what they're talking about.
Medical school may not have taught you about money, but we will.
We will never sell your information. Modify your preferences or unsubscribe at any time.
Get ready to take control of your financial life. You can do this, and we can help.
We won't sell your information. Modify your preferences or unsubscribe at any time.
New residents have a big desire to buy a house. But it's a gamble of your time and money at a period of life when you have little of either.
Don’t make these seven common mistakes that cause doctors to fall short in reaching financial success.
In broad strokes, asset protection includes tax saving, estate planning, and even investment strategies, and it will help preserve your nest egg in case of a malpractice suit. See Posts
Estate planning is the process to ensure that your assets go where you want after your death, that your desires are carried out after you can no longer make decisions, and that the estate taxes you pay to the government are minimal. See Posts
Whether it's life, disability, auto, home, or malpractice, high-income professionals need insurance to make sure life's biggest costs don't substantially hurt their nest egg. See Posts
There are so many ways to invest successfully that the most important thing is to just pick something reasonable and stick with it. But it's key to know which approach to take and why you're picking that option. See Posts
Beginning your financial journey and learning about personal finance can seem awfully overwhelming. But instead of trying to solve the entire puzzle at once, it'll be easier (for your mind and for your psyche) to break it down into sections that are more easily digestible. See Posts
Ownership matters, whether it's owning profitable companies, owning your own home, or owning your job. Most of the time, medicine is better—for the docs and for the patients—when docs own their jobs. See Posts
A full, happy, comfortable retirement is where so many WCIers have been aiming since they began working. The main questions: what's the best way to get there, and once you arrive, how do you begin to live and fund your new life? See Posts
While it's entirely possible to finish an undergraduate education debt-free, it's become less likely that physicians and other high-income professionals can do the same. That's why it's so important to know how to manage student loans and the programs that provide student loan forgiveness—especially in a political world that constantly makes changes to them. See Posts
Recent studies show that more than 50% of physicians have experienced burnout, marking a notable increase in the past decade. This trend is alarming and shows why the intersection of burnout and how high earners can keep themselves healthy has never been more pertinent. See Posts