WCI #315: 529's, Inheritance and Roth IRAs For Kids

This is the White Coat Investor Podcast where we help those who wear the white coat get a fair shake on Wall Street. We've been helping doctors and other high income professionals stop doing dumb things with their money since 2011.

White Coat Investor Podcast 315 do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels. Facebook, Twitter, Inst, Instagram, Reddit and our WCI forum. We've been discussing solutions to your money problems since 2011. Join the Conversation with thousands of other White Coat investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for the White Coat Investor. You can do this and the White Coat Investor can help. All right, let's get right into your questions today. Our first one comes from Bob.

Hi, my name is Brian from the East Coast. My question pertains to the new secured 2.0 changes to 529 plans. Specifically, I understand that now $35,000 of unused education expenses can be rolled into the beneficiary's Roth ira. I also understand that the account needs to be open for 15 years. And another premise here is that my state allows $10,000 per year to be deducted from state income tax. So my question is, can I open a 529 in my own name with myself as the beneficiary, fund it up to 35,000 in a way that maximizes the tax deduction and then 15 years later roll that into a Roth IRA? And a follow up question would be whether there's any meaningful benefit here, whether this is worth my time at all. Thank you.

All right, your name might be Brian, but we're going to call you Bob today.

Actually, I'm not sure why that happened. Megan and I are trying to figure.

Out how we got the wrong name assigned to that. But Brian, great question. It's a question I've been getting ever since The Secure Act 2.0 came out. And it's exciting to hear about this new way to take advantage of 529s and Roth IRAs. But the truth is we don't have any more details today about this and how it's going to work and how the IRS is going to implement it and how Roth IRA and 529 providers are going to implement it than we had back in December.

Nothing's changed yet.

And so my recommendation is that you don't do anything about this yet. Just considered another option for an overfunded 529. If you put too much in there for your kids, this is another way you can get some money out of.

It without having to pay any penalties or having to pay any taxes on it.

So I would not make a 15 year scheme based on this by getting.

A bunch of money in your own 529 and then trying to roll it into your Roth IRA.

I mean, essential. If this works out and when more details are available, I'll do a blog post, probably talk about on the podcast.

Too, about how to do this.

But there's a lot of years that this has to work out just right.

For this to be a good plan for you.

And a little tiny tweak in the.

Rules could torpedo your whole plan.

So I would not do this. What we do know about this is that these contributions are going to take the place of your regular contributions, but presumably you're still going to have to have some earned income to justify those contributions. So this is not an extra $35,000.

You can put in a Roth IRA.

It's a different $35,000 that you can put in a Roth IRA. You know, like $6,500 at a time.

Or whatever your contribution limit is for that year.

So it's like five or six or seven years of contributions that you can.

Take from the 529 and make your Roth IRA contribution.

We don't know that this is going to work for high earners though.

Maybe it won't be allowed. You'll still have to do it via.

The backdoor Roth ira. So there's a lot we just don't.

Know about this, I wouldn't recommend you do it.

While there's the potential to get tax free growth for an extra 15 years on $35,000, whether that's really worth it.

When there's potential for this to not work for you, I wouldn't advise anybody to do it yet. But it wouldn't surprise me if by this fall we know more about this and we can start recommending this as a a strategy.

It's not going to make a huge difference.

This isn't going to be the difference between a comfortable retirement and eating Alpo or anything. But it might make a little bit of a difference at the margins.

By the way, if you're in need of a mortgage this spring and you're considering a physician mortgage, that is a mortgage that you don't have to put down 20% or pay PMI, consider getting a physician mortgage. If you go to whitecoatinvestor.com mortgage, that'll take you directly there to the list.

Of recommended physician mortgage providers. So check that out if you are in the market for a new house, new mortgage, etc.

We even have resources if you don't.

Want to use a financial or if.

You don't want to use a physician mortgage, or if you just want to refinance a mortgage.

We've got those resources on the website as well.

Next question is a great one. Also about 529s from Sarah.

Take a listen.

I'm a primary care physician in my 30s and my partner is from a European country. We may decide to move to that country at some point in the nearest future and we have a young child. Do you have any advice about whether we should save for our child's education in a 529 or in some other sort of investment account instead? We don't know what country a child will choose to go to college in and are nervous about the restrictions on use of 529 funds overseas. But it otherwise seems like the clear best way to save for college. Thank you so much.

Okay, the devil's in the details here. Good question. Can a 529 be used to study in an international school? Yes it can, but it has to be on the list. So there's a list out there of which schools qualify and which ones don't. So if you have no idea what country you're going to be in, maybe you just want to save in a.

Taxable account for college.

If you have a pretty good idea where you're going. And even better, if you know what.

Schools may be going, you should look at it and see if your school is on the list.

If it's on the list, go ahead and use a 529. If not, just invest in a UTMA.

Or your own taxable account to take care of that. But we will include the link to.

This list in the show notes. It's basically on studentaid.gov is where it's.

At, but it includes all kinds of things like American University of the Caribbean.

McGill University up in Canada, Medical University of Lublin, University of Leicester, University of Queensland. So there's lots of schools that are.

On the list, but it's not that long of a list. I think it only looks like there's about 30 schools on it. So there's plenty of international schools that aren't going to qualify.

So devil's in the details.

You got to do a little more research or give me a little more information to give you. Good advice on that. Great question though.

All right, let's take another one from Casey about.

I think this one's about that 529,000 to Roth IRA rollover we talked about earlier.

Hi Jim, this is Casey with a question about Secure Act 2.0's new 529 to Roth rollover capability. We currently have 529s for our four young children invested through Utah's plan. Each kid having their own sub account in which I can transfer between them as needed. I've done that once or twice. My question is, if I were to open two new 529 sub accounts in my and my wife's names, could I A, invest dollars that we otherwise would have put into say our taxable brokerage account and then B, use those dollars if needed for our children's college. But then C, if our kids don't need that money for college, can we then D roll over that money into our own Roth IRAs at a later date since after all those two 529 accounts were in our names? If this is doable, it seems it would add some nice flexibility allowing us to eventually either use those dollars for our kids college or for our own Roth iras, but without having to lock in that choice right now before we really know how much our kids college will actually cost. I do realize the limitations of the eventual rollover. That is the rollovers can't exceed the annual max Roth IRA limits and that the annual earned income must equal or exceed the rollover amount.

I got that part.

Thank you for the help, Jim.

All right. It's very similar to our first question.

With the caveat of an additional use of changing the beneficiary to your kids.

This isn't that valuable, right? It's only $35,000. It's only 15 years. It's only the difference between investing tax efficiently in a taxable account and investing in a tax free environment. Is that worth. Yes, that's worth some thousands of dollars.

Over the course of that time period.

But it's not like this is life changing money. You don't have to do this now before we know how this is really going to work out. This is like a brand new thing, right?

And when brand new things come out, you may not want to be the.

Earliest adopter of them. I probably would not do this. If you want to do it, you can. I think it's probably going to work out in a way that's acceptable to you. If nothing else, you can change the beneficiary to your kids and their grandkids.

Like you would normally with a 529. But this isn't like the super scheme.

To get a mega backdoor Roth ira, right?

I mean, there's usually much better places to be spending your limited time and brainpower that will help your finances more than doing this.

Honestly, I'd just give it a few.

More months, maybe one more year, and.

See how this is shaking out what kind of guidance we're getting from providers.

From the IRS on how these rollovers are going to work.

It's like the new Roth SEP iras, right? This year we're supposed to have Roth SEP iras. Well, guess what? If you go to Vanguard, you're not going to find a Roth SEP ira. You're not going to find a Fidelity or Schwab. It takes time to implement all this stuff. And so just because the law was passed allowing for this thing doesn't mean it's a good idea yet to start doing it.

But if you want to be the.

Earliest adopter, let us know how it goes. All right, our quote of the day today comes from Ann Sweeney, who, if you don't know who she is, she's co chair, former co chair of Disney Media. And she said, define success in your own terms, achieve it by your own rules and build a life you're proud to live. You only get one of these, you know, and it's true that if you are just itching for the day you can retire, that's probably a sign that you're not living your life in the best way that you could. So try to, you know, find ways to be happy throughout your career, throughout your retirement, find happiness in all that you do, not just in some distant.

Date when you can stop work.

If your job's really that bad, you're probably in a toxic job and need.

To change jobs, jobs or in a.

Career that's not quite right for you.

And maybe you need to change careers, but see if you can get it figured out because it's really Sad to spend 20 or 30 or 40 years of your life doing something that you don't actually love doing.

All right, here's another question. This one is also about 529s as.

Well as how they interact with the FAFSA.

Hi, Jim, this is Tim in Salt Lake City. I heard that recently FAFSA rules have changed such that grandparental 529 plans, that's 529s owned by grandparents no longer impact their financial aid eligibility. Parental owned 529s do at a rate of about 5%. So does it make sense for the primary 529s for kids to be owned by their grandparents? I can imagine a setup in which parents might just transfer money to the grandparents so the grandparents can fund the 529 and therefore there would be less financial aid impact on down the road.

What do you think? Thanks Tim. Yeah, you're absolutely right about that. I think if you have gotten as many questions on the speak pipe as Tim has and you live in Salt Lake City, maybe I should buy you dinner or something. We may have to arrange this, Tim, but I do appreciate the question. It's a great observation. Yes, this is a strategy that would work. Grandparent 529s don't count on the FAFSA. Parental and the student's 529 does count on the FAFSA. So yeah, it's a great strategy. There's a lot of great ways that multiple generations can work together to build wealth. The problem is there has to be a great deal of trust between the generations for this to work. Because remember, if the grandparent owns the 529, it's the grandparents money. They can take it all out and blow it on Teslas and cocaine. All right, so be aware of that. If you put it all in the grandparents name and they have a creditor and your state doesn't protect 529s from creditors, you could lose all that college money to the grandparents creditor. So there's some risks to doing this. Honestly, this is probably unnecessary for most white coat investors out there. If you're not aware of this yet, let me just tell you the honest truth about the FAFSA about paying for college, about your kids. All right, if you're listening to this podcast, you're probably a physician or a.

Dentist or you know, CRNA or a.

Pharmacist or an attorney and you're probably married to somebody else that does something similar. Guess what? Your kids aren't getting any need based aid for college. They almost surely aren't. All right, if you think you might be an exception, maybe you have two or three kids going to college at once and they're all going to really expensive schools in a year that your income's a little lower than usual. Maybe you're an exception, but for the most part, if you will go fill out the fafsa, you will see that the expected family contribution. I think they just changed the name.

Of what that is this year, but.

You know, that's what they used to call it, is the expected family contribution. EFC is greater than the cost of attendance at any school you're considering for your kids. You know, it was pretty eye opening for me to fill out my first.

FAFSA last year for my daughter who went to college, who went to her first year of college.

I didn't know there was a maximum on the expected family contribution, but it turns out there is a maximum and it's far more than any college in this country costs. And so the truth is your kids.

Aren'T getting need based aid.

You don't need to do fafsa.

Planning.

Plan to pay for college is what you ought to be planning for. And between their scholarships and their work and your savings and your cash flow.

That'S how college is going to be paid for. It's not going to be paid for with need based loans, much less Pell Grants. Your kids aren't going to get them. I'm sorry, but the strategy would work for people that aren't listening to this podcast.

All right, next question is from Cameron.

And this sounds like a little more of a personal question, but does have.

Something to do with 529s?

Hey Dr. Dali, it's Cameron from the Midwest. First of all, I want to say thank you for all that you do. I just started listening to the podcast earlier this year. In between the podcast and the book has been extremely informative about finances and it really helped shape a lot of my short term and long term goals as I'm in residency now but looking forward to attending to it. So I just want to say thank you for that. My question relates to kind of that 20s fund you just you were talking about in earlier podcast for your children. Couldn't agree more. Having money in your 20s would be very, very valuable because you have the time and flexibility to go and do things. I have a toddler at home and I was just kind of curious how you set up that kind of fun for your children and if there's any changes you made along the way and what you would do different or what.

You do the same.

I guess the other question I had was more recently in the blog there was kind of a maybe an updated inheritance blog post. We mentioned maybe giving a third of the money of the inheritance money to your kids in their 40s and 50s and 60s. I was wondering if that's kind of outside of that 20s fund or if there's something that you did to kind of change the Distribution of inheritance. All right, thank you again.

Bye.

All right, so this question is just.

About our estate plan, basically. So here's the deal.

Katie and I feel like money in your 20s is probably the most useful.

Time to get an inheritance.

We think back to our lives and.

Think about when money was most useful.

And the 20s have a lot of expenses. You think about all the stuff you're.

Buying around your 20s, college, a car, maybe you get married, maybe you got to pay for a honeymoon, maybe you buy your first house, maybe you go on a mission or something, maybe you go do Peace Corps, maybe whatever, study abroad.

You have all these expenses. But you know what you don't have in your 20s, you don't have any sort of an income. You don't have any sort of assets, you don't have any money. And so you have all these expenses and no money. And it's really a financially stressful time of life. And so if ever there were a decade of life when an inheritance is most useful, it's your 20s.

So we were fortunate enough that we're well to do enough that we were.

Able to save money for each of our kids to get in their 20s.

And this is part, you know, it's actually kind of divided into three categories.

One's a Roth ira and we do.

The Daddy Match there.

They have earned income from shoveling driveways.

Mowing lawns, babysitting, summer job, whatever.

We give them the Daddy Match. And essentially this is they get to.

Spend my money in an equivalent amount.

To what they earned and their money goes into a Roth IRA.

And so they've all got Roth IRAs. By the time they get out of, you know, out of the house, they've got multiple tens of thousands of dollars in IRA money. So that's part of it. Part of it is the 529 their college savings. We've been saving for college for them.

They're not going to get any money.

From any sort of need based aid.

So it's up to them their scholarships.

And their work and this 529 savings that we have put together for them to help pay for college and any graduate or professional school they may choose to do.

But there's also this third pot of.

Money and the account we put it.

In is a UTMA account, called in some states a UGMA account, Uniform transfer.

To minor's account or uniform gift to minor's account. And what that is is it's a taxable account in the kid's name. And while they're a minor, you only.

Can have a certain amount of income in there before it starts getting taxed at your rate.

Once you get beyond that limit, then it gets taxed at your rate. But like, the first $1,100 or $1,200 of income is basically tax free. The next $1,100 gets taxed at 10%, and then after that it gets taxed at your rate.

So if you invest tax efficiently, you could probably put up to about $100,000.

In there before any of us getting taxed at your tax rate.

What you have to keep in mind.

About a UTMA account though, is when.

They Turn in most states, 21, it's.

Their money they can do whatever they want with.

Is, you know, it's not 529 money where you own the account.

Right? So they can do whatever they want, but that's part of their inheritance is they get this chunk of money in the UTMA and they can use it to start a business, they can use it to buy a car, they use it for a house down payment, they can use it for a summer abroad, whatever. And then we're watching to see how they use it to make sure they use money wisely. But that's basically what their inheritance is for their 20s, this 20s fund. It's these three accounts to help them.

Get through the 20s, get started in life.

Get that hand up that I really didn't get coming out of a more modest upbringing.

As far as our estate plan goes though, we're talking about the rest of the inheritance.

And a good chunk of our wealth is going to go to charity. It's not going to go to our kids. We have plans for basically a foundation that our kids will have some say in where it goes. But the money's not going to them, it's going to charity.

However, it seems really rude to put.

It all in there and then ask them to manage it.

So they are going to get an inheritance. It will be a substantial inheritance. It'll be enough money that they can.

Do whatever they want, but not so much that they can't do nothing.

They can do anything they want, but not nothing.

Kind of Warren Buffett's philosophy about that.

And the way we ensure that is.

They don't get any of it. Even if we're hit by a bus tomorrow, they don't get any of it until they're 40 and then they get a third of it. 40, a third at 50, a third at 60. And that should ensure that they don't.

Live lives of poverty, but also ensures.

That they got a, you know, do something on their own in their 20s and 30s. Yes, they get a 20s fund.

That's not enough money to live for.

20 years, I assure you. And so they're going to have to have careers and they're going to have to have jobs and start businesses and.

Do their thing for 20 years and.

Develop financial habits, develop some amount of financial success before they get the first third of their inheritance at 40 years old. And we hope by then that they'll have developed some maturity and some financial skills and be able to take that money in the proper perspective. And what will they use it for at that point? Well, I imagine they're going to use some but pay for their own kids, college educations to pay off some mortgages, to start businesses, to boost their nest eggs, that sort of a thing. And then of course, when they get more at 50 and 60, that will further boost their own retirement savings. And presumably they will be wealthy enough to do the same sort of thing for their kids and pass that on creating some generational wealth. But that's our estate plan. There's nothing right or wrong about that. Yours has to be personal to you. I know plenty of people that are leaving nothing to their kids. I know plenty of people that are.

Leaving everything to their kids.

We're splitting it between charity and between our kids and we're trying not to ruin them with our money.

All right, next question comes from Angelo. Let's take a look at that.

Hi Dr. Dolly, this is Angelo from the Midwest. I am a physician and my wife is a psychologist with a private practice. We have 10 and 12 year olds and have just recently put them on payroll for various business tasks they have completed for her business. The plan is to use their payroll earnings to fund their individual Roth IRAs for the next six to eight years or as long as they are employed. I have set up minor Roth IRAs using fidelity as a custodian of their accounts. I'm looking for a low cost index fund that covers a broad market for their investments with the set it and forget it mindset. I know what you're going to say. I know you're a big fan of the Vanguard Total Market Index Fund or vtsax. However, how about Fidelity Total Market Index Fund or fskax? Are there any significant differences between the two? Or since Roth IRA is a non taxable account, should I be considering another index fund that cares less about being tax efficient with better overall returns? Have you hired your own kids? And which fund would you choose for a Roth IRA for your kids and why? Thanks for all you do. Appreciate your time.

Okay, great question. As I mentioned before, our kids do all have Roth IRAs. Some of that is money they earned working for somebody besides their parents. But a significant chunk of it is money they earned as models for the White Coat Investor over the years.

You may have noticed if you've been a long term blog reader, there's lots.

Of pictures of my kids.

And you know what?

Child models get paid pretty well. And so money they earn from working.

For White Coat Investor has gone into their Roth IRAs over the years and continues to compound there today.

The investment we selected for that is the furthest date out Target Retirement Fund.

I don't know what it is right now.

2060, 2065, 2070, something like that.

And it's basically 90% stock, 10% bonds, it's got US stocks, it's got international stocks. That's what's in it. It's pretty darn low cost. Set it and forget it rebalances itself and it makes sense for them to have that in there when they take it and start using it on their own. It's a great default investing strategy. And that's available at Vanguard. You didn't want to go to Vanguard, that's fine.

There's nothing wrong with investing at Fidelity. Fidelity also has some of these life.

Cycle or target retirement funds.

You have to be aware of a couple of things.

They have one set it's kind of.

Actively managed, kind of sold through advisors.

Then they have another set that's index funds. I think it's called the Freedom index funds or something like that.

But they do have that.

If you're looking for that sort of an option. You can have essentially a target retirement fund at Fidelity that's also low cost.

But fskax, which is just the Total.

Stock Market Index Fund at Fidelity, is perfectly fine to use.

It's very low cost.

It essentially produces exactly the same returns as VTSAX or VTI.

I've got my VTSAX shirt on today.

For those of you watching on YouTube. But that's the Vanguard version of the Total Stock Market Index Fund. Also a great choice.

Yes, it's tax efficient and yes, this.

Is a Roth IRA.

But it's also a great choice.

I mean, 25% of our retirement portfolio is in a total stock market index fund. We obviously think it's a great investment and so it's perfectly fine to use. I would not feel bad at all about using that.

As far as hiring your kids goes, I don't think this sort of thing.

Gets audited a lot, but if it.

Did, you need to be legit, okay? You really need to hire them and treat them like any other hire you have. There needs to be a contract. There needs to be time cards. You got to fill out an i9. They got to fill out a W4. You got to issue W2s and W3s every year. I mean, my kids are legitimate employees. The other thing to keep in mind is the business should be owned only by their parents, and it should not be a corporation.

If it's a partnership between the parents.

Or a sole proprietorship by one of the parents, that's fine. The benefit of that is, While they're under 18, no payroll taxes are paid because they don't make enough. They don't pay any income taxes on it. And you can still take that money.

Put it in a Roth ira. The money is essentially never taxed. It's a business deduction for the business. Never taxed. It's great. Huge tax break, great opportunity. But you need to be legit. You got to pay them a fair rate. They have to do actual work, and.

You have to document it all properly.

But, yeah, you can absolutely do that.

All right? Some of you may be on your way home from work. Some of you might be on your way into work. Some of you might be working out.

Or walking, going around the neighborhood, trying to stay in shape with these crazy lives that we live. Your life's hard, and I get it.

Because I'm there with you.

You know, last week, I had four shifts in the ed and they were hard.

We had lots of patience, lots of volume. Yesterday, I spent three hours on a.

Partnership meeting with my group trying to.

Deal with, you know, threats to our business and changes in practice and trying to keep hospital administrators happy and all these sorts of things that you deal with.

Being a physician, it's a hard job. And if no one said, thanks for.

Putting up with it all in order.

To help heal the sick and the injured, let me be the first today.

All right, we got a question here.

That I don't know if there's a right answer to. I'm kind of curious to hear what your answer is, though. Maybe we ought to do a poll on this. But. So let's take a listen.

Hi, Dr. Dali. My girlfriend and I are talking about getting engaged, and that typically means you need to buy a diamond. As you can imagine, diamonds are not a financially sound decision. Horrible investment. I am not a doctor. I have an engineering background I currently make around $215,000 depending on on the year, plus or minus a little bit. My girlfriend is finishing up her last year in dermatology residency. She has about $90,000 in student loans. I have about $430,000 saved up. We're talking about buying this diamond, and we're trying to figure out how much money is a reasonable amount of money to spend on a diamond. We initially had some thoughts, said about $15,000 or so, but looking for your thoughts on how much money you would spend on this at this stage in your financial journey.

All right, great question. Maybe we ought to put this poll out there on social media.

I think we should, and just see what people say you should spend on a diamond.

But it's very circumstantial, you know, the circumstances you're in.

I got married the summer between college and medical school. I was broke.

I pretty much spent every dime I.

Had on a diamond. It was 2,500 bucks, far less than you're talking about spending. Granted, we've been married for quite a while now, not quite a quarter of a century, but getting close to that. And $2,500 today doesn't go as far as perhaps did a long time ago. But the bottom line is it was a significant sacrifice to buy that, and I think that's what mattered was that it represented a commitment and a sacrifice, and it was meaningful. I actually let Katie pick it out, and so we did that together. It was not a big surprise that I popped it to her. I think where I asked her the question was a bit of a surprise. It was at center ice in the middle of a college hockey game. But we'll tell that story sometime at wcicon.

At any rate, the answer to your question is that you're in a very different situation than I was in back then. I was flat broke. You're worth almost half a million dollars. You're making over $200,000 a year. Yes. You say you're not a doctor, but you have a doctor like income. Plus you're marrying a dermatologist. And she's very soon going to have a pretty awesome income. I mean, between the two of you, you're going to be making half a.

Million dollars or year.

So you're not borrowing for this thing. And you can afford to have a pretty nice Diamond. I think $15,000 is certainly well within what you can afford. And I wouldn't feel bad one bit.

If that's how much you want to spend, that you're wasting money or something like that.

I think it's perfectly fine for you.

To spend that much. If you want to spend a little.

Bit more, even I wouldn't say that's crazy. On the other hand, if you told me you only wanted to spend 5 or 10,000, I think that's fine as well.

You probably shouldn't buy her a $2,500 ring though. That would probably look kind of cheap in your situation. So I'll give you that advice right now.

Here's the deal. With diamonds these days, you can get a truly mined diamond, right?

And that's going to cost you a.

Little bit more than what is actually probably more sparkly and prettier that was.

Grown in a lab. The lab grown ones are cheaper for some crazy reason, but probably actually look better. So you guys got to talk about what matters to you when it comes to that. Some people are traditionalists and would be offended by being given a lab grown diamond. You know, for them it'd be like being given a cubic zirconia while other.

People are like, no, let's spend this money on a great trip to Europe. And I want, you know, a very inexpensive ring. I don't even want a diamond.

So everybody's a little bit different in that regard.

Keep in mind there's some bad things.

Going on in the world and some of the places where diamonds are mined. So maybe there's something to think about there as far as your own ethical.

Feelings about supporting that industry.

But this whole idea that you have to spend two months salary or something on a diamond, that's just coming from the diamond industry. You don't have to listen to that sort of thing.

So do what you want. Figure out what's meaningful to each of you. If you decide to go on the less expensive side, remember that in five years or 10 years or whatever, you can give another diamond ring as a gift. You can upgrade it if you want. You're not stuck with that forever. But at the same time, this is.

Something that gets shown off to your friends and you want it to be something that you can also be proud of. So given your financial status, I would probably buy a pretty nice ring and you know, congratulations on this upcoming engagement. I hope you guys have a wonderful.

Engagement, marriage and life together. Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The white coat investor community is a great place to turn. We have a thriving community across all of our social, Facebook, Twitter, Instagram, Reddit. In our WCI forum, we have been discussing solutions to your money problems. Since 2011. Join the Conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources tips and strategies. Just head to your platform of choice and search for the White Coat Investor. You can do this and the White Coat Investor can help. Don't forget it's mortgage season. Check out the White Coat Investor Recommended mortgage list@whitecoatinvestor.com.

Thanks.

For those of you leaving us five star reviews.

This helps us to spread the word.

About the podcast and help your peers.

And colleagues and trainees get this valuable information.

We have a recent one in from Saraamk1. She titled it Physician Mom. First Generation High Earner. I recently graduated residency with a high.

Burden of student loan debt and I.

Find the Milestones to Millionaire episodes so inspiring.

Beyond that, the White Coat Investor is.

My most trusted source for financial information.

Don't tell my dad.

Thank you.

Five stars.

Thank you so much for that great review.

I won't tell your dad, but it's wonderful to be of service. We will try to always be worthy of your trust.

For the rest of you, be sure to check out our new Milestones to.

Millionaire podcasts, putting a lot more information on those. So if you've been thinking all this.

Stuff on the regular podcast is over your head, check out the Milestones podcast.

I'm trying to keep it more basic there, covering one topic at a time on that podcast. So check that out.

You've got this. This stuff is not that hard. You can figure out finance. You got through medical school, you got through dental school, you got through law.

School, or you're an engineer or whatever.

You are smart enough to understand this stuff. It does take a little bit of time. It does take a little bit of effort. It will require discipline even after you become financially literate. But if you can get the combination of financial literacy and financial discipline, it's like having a superpower. It's so rare in today's world, and after a few years of applying those two things to your high income, you'll.

Look around and wonder why everybody else isn't doing this.

I hope you're enjoying the podcast.

Let us know what you enjoy about.

It, what you don't like about it.

We will modify it. We will improve it. We will make it useful to you. We'll make it something that you're proud to be a part of this White Coat Investor community. We'll see you next time on the White Coat Investor Podcast.

The hosts of the White Coat Investor podcasts are not licensed accountants, attorneys, or financial advisors this podcast is free entertainment and information only. It should not be considered professional or personalized financial advice. You should consult the appropriate professional for specific advice relating to your situation.