FPMD Thoughts on the Cryptocurrency Craze

FPMD Thoughts on the Cryptocurrency Craze

I'm going to preface this post by saying - "I'm no expert in neither cryptography nor currency." But given the recent media hype and the increasing number of people who seek me out specifically to talk about Bitcoin and other cryptocurrencies, I thought I would share my random thoughts on the cryptocurrency craze.

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GUEST POST: 3 Ways Financial Advisors Get Paid

GUEST POST: 3 Ways Financial Advisors Get Paid

[FPMD: The following guest post is authored by Dave Denniston of Capital Advisory Group Advisory Services LLC. We have no financial relationship.]

I get this question a lot - "How do financial advisors get paid?"

If you want to work with a financial professional, it may be beneficial to know how they get paid. It can be an awkward question to bring up when you're trying to decide whether or not to jump into a relationship that may last a lifetime, which is why I'm telling you this now...

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What's Your White Coat Net Worth?

What's Your White Coat Net Worth?

I track my net worth and shares it openly with FPMD readers every 3 months. Honestly it can be a bit embarrassing. Here I am a grown man in his early thirties, yet my net worth has been stuck solidly in the red for as long as I can remember. The reality is we medical trainees are faced with a very unique set of financial challenges that make the early accumulation of wealth very unlikely. Today I want to remind you to check your "White Coat Net Worth".

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Income Too High for Roth IRA? Don't Forget the Backdoor!

Income Too High for Roth IRA?  Don't Forget the Backdoor!

In my previous post ROTH IRA - the Cadillac of Retirement Vehicles I talked about why the Roth IRA is the best overall tax-advantaged retirement vehicle.  I briefly discussed the income limit required to qualify for Roth IRA contributions.  While most medical trainees are unlikely to make a high enough income to be disqualified from direct Roth IRA contributions, those residents/fellows with a lot of moonlighting income or transitioning to their first attending jobs are a different story.  Here is how you can continue contributing to a Roth IRA even after you exceed the income limit.  Hint: It's called a Backdoor Roth IRA.

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Mega Backdoor Roth IRA Without a High Income? Yes I did!

Mega Backdoor Roth IRA Without a High Income? Yes I did!

In my latest net worth update, I asked for advice on finding a better way to invest the extra cash I had from cashing out my individual stock investments. One of my attending physicians suggested that I google something called the "Mega Backdoor Roth IRA." After some research on the topic, I decided to take advantage. I'm definitely not the first person to try the Mega Backdoor Roth IRA, but I may be the first who doesn't need to use the "backdoor" since I make so little income. So I suppose it's really just a Mega Roth IRA for me.  Read on to learn more...

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Why I Opened an SEP IRA

Why I Opened an SEP IRA

As I detailed in my New Year's Resolutions post, one of the goals I had for 2017 was to open a 457 account through my employer.  Unfortunately I was recently informed by our employee benefits department that the 457 plan had been discontinued.  So there goes that resolution.  But I'm unwilling to accept the loss of such a great tax shelter, so I went looking for a substitute.  After some research, I opened a SEP IRA account.

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GUEST POST: The First Deadly Sin of Residents & Fellows

GUEST POST: The First Deadly Sin of Residents & Fellows

This guest post is provided by Dave Denniston, the voice behind the Freedom Formula for Physicians Podcast.  Dave has been a friend of the blog for as long as I can remember and was kind enough to have me on his show as a guest.  While this article is written in a different style than my usual posts, I agree with the point Dave is making.  We have no financial relationship.

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PMD: Are You Financially Future Proof?

PMD: Are You Financially Future Proof?

"Future Proofing" is the process of anticipating the future and developing products/services that will withstand the demands of that anticipated future.  We all future proof on a daily basis - we eat in anticipation of being hungry, pay the electric bill in anticipation of darkness, bring an umbrella in anticipation of rain, etc.  In fact, one of the biggest shifts in healthcare recently has been all about future proofing - "preventative care."  Here are 5 steps to answer the difficult question - are you financially future proof?

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5% Credit Card Cashback Rotating Categories: October - December 2016

5% Credit Card Cashback Rotating Categories: October - December 2016

Many credit cards offer you cashback on your purchases.  Almost all cashback cards now offer you at least 1% cashback on all your purchases, only a few offers as much as 5%.  The catch is that the categories rotate every quarter and you have to opt in online.  Below are the 5% rotating categories for October to December of 2016.

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