Financial tips that resident physicians need to know
Play • 17 min

"These strategies on how the rich get richer do not only apply to the wealthy. These same opportunities and strategies are open to us as well. If we want to accumulate wealth, or simply keep more of the money we currently have without paying a large portion in taxes, then we should consider following the strategies above. Think about what you are good at or what you like doing and consider a business you could start, product you could create/sell, or service you can render then file it as an LLC (or other business entity). Before you know it, you’ve “started your own business” and can now take advantage of tax rules that allow you to write off many of the expenses you already paid for.

If you feel you pay too much in taxes, then meet with a tax advisor or talk to an experienced professional about ways you can lower your taxes. If you’d like to have your net worth increase in value so you can start living the life you’ve always envisioned, then talk to a financial planner and start investing. If you don’t have a financial planner or don’t think you can afford one, then start by putting money aside in your job’s 401(k) plan and investing the money in that account into a low-cost index mutual fund. (If you’re an advanced investor, then start learning about real estate and other active/passive investments.)"

Altelisha Taylor is a family medicine resident and can be reached at Career Money Moves.

She shares her story and discusses her KevinMD article, "3 ways the wealthy increase their net worth." (https://www.kevinmd.com/blog/2020/08/3-ways-the-wealthy-increase-their-net-worth.html)

This episode is sponsored by Elsevier Health (https://www.us.elsevierhealth.com/). Looking to update your personal or professional medical library? Shop Elsevier Health’s Holiday Sale and save up to 35% on your purchase of medical books! Plus, you can take an extra 5% off your order with code KEVINMD at checkout. Take advantage of the biggest sale of the year from Elsevier, the world-leading provider of medical books and reference materials. Shop us.elsevierhealth.com now through December 31.

RV Podcast
RV Podcast
Mike Wendland
54 RVers Share the Most Important RV features they Expect in their Next RV
Listen up RV Industry! Here is what Real RVers say are the most important RV features they want when they buy their next RV. We surveyed and heard from more than 300 of them and it's clear they know what they want. And between the lines in their responses, it's equally clear that the RV Industry hasn't been delivering it. You can listen to the podcast in the player below. And scroll down this page for shownotes,  plus links and resources about all the things we talk about. Results of our Survey: The Most Important RV Features wanted by Real RVers We really hope the RV Industry gets ahold of this report because it's pretty clear to us that there seems to be a pretty big disconnect between what this industry is making and what real RVers want. Earlier this week, we asked a simple question on our RV Lifestyle Social Media accounts: What features do you want in your next RV? The response, from our RV Lifestyle Group, our RV Lifestyle Facebook Page, our RV Lifestyle YouTube community and our @rvlifestylemike Instagram followers was immediate, detailed, and well-informed. We had nearly 300 responses to that question, and more are still coming in. But from those responses we seen some clear trends. Here are the 10 things RVers say are the most important RV features they want in their next RV: Four-season capabilities, with things like heated tanks Lithium batteries for coach power Solar panels Office space for remote workers Ducted air conditioners Comfortable beds Stand up dry showers More storage space Pet friendly amenities Quality workmanship They said lots more, so much more we are going to share many of the messages we received on our voicemail line (586-372-6990) and we are going to print some selected text responses we received, too. From them all, we picked 54 responses that reflect on just about every single aspect of an RV. Clearly, consumers today know what they want. And clearly, many think the industry doesn’t know what they want. That’s why we think it so important for these voices from Real RVers be heard. Let’s start with some of the audio messages we received: Roger says local service and creature comforts count the most "Hi Mike and Jennifer, this is Rodger Stambaugh in response to your request about what we look for most in a RV. Number one is local maintenance of the chassis in the RV build. We recently ordered a Wonder we may have to change to a Unity because the local Ford dealer need not maintain that chassis of the Wonder. Next is a large storage area and a full-time bed. So in the unit they would go with the island bed, which has almost the same storage as The Wonder of rear twin beds. Next would be a dry restroom with a separate shower, and ease of dried driving, so it'd be a van chassis." Rod & Carla want a four-season camper "This is Rod and Carla in Topeka Kansas. We recently bought our first travel trailer a couple of months ago. Haven't even been out yet because of COVID but getting ready, learning a lot, reading a lot and learned a lot from this site. One thing on the table we will look for when we upgrade would be a four-season camper. We didn't even know there was such a thing before now. I think we would have to have that for starters. Enjoy camping" Reese wants an AWD Class C "Hi, Mike and Jen. My name is Reese with my husband is Mike and we're calling from Chesterfield, Virginia. We watch your Ask Us Anything show every Sunday night and have watched probably all videos over and over. Our next RV is actually our first RV and we have spent months and months during the shutdown, or lockdown, studying all the different models. And what we want for our next RV is a Class C model with all-wheel-drive, inverters, heated tanks, leveling jack options… things like that. We've looked at the Odyssey and the Quantum and the Four Winds and the Winnebago's and something lately called a Gemini.
46 min
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
Keep Your Daydream
Keep Your Daydream
Marc & Tricia Leach
Living 24/7 with your spouse or family, peacefully
Before we hit the road fulltime, one of our biggest concerns was how we were all going to get along in a small space. After all, it wasn't exactly easy in a large home when the kids were in school and we had plenty of time apart. In this podcast, we both come to the table with three ideas that may help you when traveling or getting through quarantine! To participate in the conversation, go to https://www.keepyourdaydream.com/111/ Topics discussed: * The Golden Rule does not apply to relationships * What are you bringing to the table? * Have important conversations about what you need, when you don't need it! * Creating personal space even when space is limited * Have a premeditated plan for how you will respond to avoid reacting * Focus on the bright spots Books Mentioned in this Podcast: As Trish mentioned in this podcast, what are you bringing to the table? Meaning, what are we learning and focusing on to move the conversation forward? Often when we're not focused on growth and instructional information it's easy to succumb to talking about people, gossip and conversations that are not aligned with your dreams and goals. Below is a list of the books mentioned in this podcast: * The Five Love Languages - Book or Audible * The Four Tendencies - Book or Audible * Personality Plus - Book or Audible * Can't Hurt Me by David Goggins - Book or Audible Feedback? Did you like this podcast? What did you learn? What suggestions do you have to help get along with your spouse, partner or family? Leave your comments below!
47 min
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