6: Disability Insurance for High Income Earners
Play • 20 min

Disability Insurance for High Income Earners: Understand these critical steps to purchasing disability insurance.

A medical resident’s most valuable financial asset is his future earnings ability, which is at serious risk of loss due to a personal disability. Dr Dahle outlines critical steps to purchasing disability insurance correctly in this podcast.

Disability insurance is FAR more complicated than term life insurance, and while it may not require a ton of time to understand and purchase a policy, it will require more self-education and a lot more decisions to be made. This episode will further your education and walk you through some of those decisions.

Dr. Dahle also answers questions from readers about when is the cheapest time to buy disability insurance and whether or not you should borrow money to buy disability and life insurance during residency.

If you found this podcast useful visit our blog at http://whitecoatinvestor.com/ for more personal finance and investing information. Find an engaging and helpful community in our forum at http://whitecoatinvestor.com/forums/ This episode is sponsored by Larry Keller, CFP, CLU, ChFC, RHU, LUTCF at Physician Financial Services. Larry is well-known to long-term blog readers from the nearly dozen guest posts he has submitted over the years. He has also worked with literally hundreds of WCI readers to get term life and disability insurance coverage in place. I’ve received tons of favorable feedback and absolutely zero negative feedback about Larry over the years. If you are in need of term life or disability insurance contact Larry at 516-677-6211 or LKeller@physicianfinancialservices.com.

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 029: Frazer Rice, host Rick Ferri
Frazer Rice is the author of “Wealth, Actually: Intelligent Decision-Making for the 1%”, host of the “Wealth, Actually” podcast, creator of the "Wealth, Actually" blog, and a Northeast Regional Director for Pendleton Square Trust Company. Frazer is an attorney and experienced trust officer. His wealth management career has included serving for over 15 years as a Managing Director at Wilmington Trust Company. We cover a lot of ground in this episode including estate planning, reasons for using trusts, selecting trustees, family dynamics, investing for 1%'ers, and much more! This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free website at Bogleheads.org, and the wiki site is Bogleheads® wiki. Since 2000, the Bogleheads' have held national conferences in major cities around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.
1 hr
Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
Retirement Plan Live 2021 - Unexpected Retirement: Counting It Up - Trish’s Resources
Last week in Retirement Plan Live, Trish dreamed up big dreams for her retirement. In this episode, we are going to outline her resources to see if she has the ability to fund those dreams. Organizing your resources is an important step in retirement planning. Listen in to learn how important it is to plan what you want to use your resources for, and let’s see if Trish has what it takes to build her retirement dreams. What is a resource? A resource is a natural source of wealth or revenue. It is also a natural feature that enhances the quality of life. It’s what you do with your resources that matters. If you are listening to this show you are probably over 50 which means that you have spent decades building your resources. You’ve built up all 3 categories of resources -- human capital, social capital, and financial capital. Human capital includes your skillset and reputation. Social capital includes pensions and Social Security. Financial capital doesn’t only include your money, it also includes houses and boats in addition to your retirement accounts. What will you use your resources for? When you look at your resources in retirement you have to ask yourself to what end are all these resources for? What is this money for? In retirement, your resources are meant to be used to express your values through your goals that you live out in the season of retirement. Dying with too much money is poor stewardship. It means that your resources were never harvested to live out your values. Think about what you want to do with your abundance. Be intentional and create the life that you want. Explore the options you have now so that you don’t leave your resources like a neglected crop left to be absorbed back into the earth. What kind of capital does Trish have? In our last episode, Trish dreamed big -- European vacations, a second and maybe 3rd home, a convertible, the works. Now that we’ve got her thinking big, we have to see what she can afford. It’s time to take stock of her resources. Just like you and I, Trish has social capital, human capital, and financial capital. She will collect Social Security when the time comes and would like to use her human capital in some capacity until she is 59. Listen in to hear how I walk her through her balance sheet and organize her resources. Check out the Rock Retirement Club to help you organize your own resources Have you been enjoying Retirement Plan Live? Would you like to have guidance as you organize your resources? In the Rock Retirement Club, we have a Retirement Masterclass that does just that. We walk you through all of this planning with worksheets and trainings and there is even an entire module that helps you organize all of your capital. Check it out at RockRetirementClub.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? * [1:30] What is a resource? PRACTICAL PLANNING SEGMENT * [11:02] What kind of social capital does Trish have? * [15:32] Trish plans on using her human capital * [25:35] We organize Trish’s financial capital Q&A WITH NICHOLE * [36:10] How did we do on our words for 2020? * [37:32] Lisa asks how the 4% rule changes if you retire at 55 * [40:35] Should Jackie stop saving in her Roth IRA since her husband got laid off? * [44:53] Can Jim’s mother transfer an IRA to him? TODAY’S SMART SPRINT SEGMENT * [48:43] What is your word for 2021? Resources Mentioned In This Episode BOOK - So Good They Can’t Ignore You by Cal Newport Social Security Detailed Calculator Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
53 min
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