The basics of asset protection are:
1) Buy malpractice and personal liability with at least a 7 figure umbrella
2) Max out retirement accounts
3) Title your property and joint accounts as tenants by the entirety if allowed in your state
4) Learn your state asset protection laws
5) Evaluate...
Pretty general plan but I don't see why it won't work assuming you have a decent income. 25% of a typical doctor's salary invested reasonably should certainly get to $5M by career end.
I own all of those plus all the others. You can learn more about why here:
https://www.whitecoatinvestor.com/individual-stocks-dumb/
https://www.whitecoatinvestor.com/picking-individual-stocks-is-a-losers-game/
https://www.whitecoatinvestor.com/uncompensated-risk/...
I think you might enjoy this article: 9 Tax Secrets the IRS Doesn't Want You to Know | White Coat Investor
I assume you're asking about lowering your tax bill, not just decreasing the amount you have to write a check for come April. If your concern is the latter, just have your employer...
If your patient wanted to kill you why would they go to your home? Why not just wait in the parking lot after work? Or just shoot up the clinic. That seems to be the route that is typically taken.
https://www.npr.org/2022/06/02/1102813156/2-doctors-receptionist-visitor-killed-tulsa-shooting...
It's not that hard to do. I think a large percentage of doctors do this or something similar to it (sub 5% savings rate) for large chunks of their careers. How else do we get statistics like 11-12% of doctors in their 60s have a net worth < $500K and 25% are not millionaires?
Stomach of iron to handle going from $83 to $17 without flinching. Not sure why anyone would hold an investment long term whose stated investment objective is short term. If you really want to use leverage, I think I'd use leverage external to the fund.
Hope your side gig isn't tax prep. Leasing does not allow you to magically "write it all off".
Very few docs use their car more than 51% of the time for business. Most doctor miles are commuting miles, which aren't deductible. If you're not rounding at multiple hospitals a day, you're probably...
Just buy it and quit thinking there is some sort of tax loophole out there that you just don't know about. You can deduct business miles but not commuting miles. Some interesting opportunities there in locums where you could probably claim some more miles.
Might want to run the numbers on...
I've met a lot making 7 figures in just about every specialty (including Peds and FM). I've met a few that do more than $2M a year. They tend to be successful spine and plastics docs and some dental specialists. I'm sure there are few that push mid 7 figures. But the better way to get to that...
You could have it owned by a revocable trust and achieve a similar result.
Seems overkill though. Do you have a large anti-doctor, serial killer population on your panel?
Vanguard Federal MMF is awfully good. Not always the absolute highest, but seemingly always in the top 10.
https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx
Yield today is 5.04%.
The problem with muni MMFs is you have to watch them closely as the yields are much...
Well you learn something new every day. Crazy that you can't get a standard deduction or file as married. I didn't know that but it does appear to be true.
At any rate, mostly you just want to have more withheld and that's what the W-4 does.
So I'd check the single box in part 1. Skip part 2...
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