Money Minutes for Doctors

Through the years, Katherine has seen certain fears flare up when working with female physicians and dentists. To better understand their thought process and to help her clients, Katherine did some research. She discovered the top fears that all women have about money.

William Roth created the Roth IRA in 1997 as a tax-free retirement investment. This investment will grow tax-free and can’t be taken out until you have reached 59 1/2 years of age. There are no RMDs (Required Minimum Distribution), so you can wait and let that money keep growing, even after you reach the minimum age to start taking money out. If you do this, you can keep making contributions up until 70 1/2 years old.

On our 6th episode of “Money Minutes for Doctors” Dr. Kristina McAteer once again joins Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors to discuss the basics of an IRA. This podcast covers how to choose the right one and how to utilize tax efficient investing.

Dr. Kristina McAteer sits down with Katherine Vessenes to discuss side gigs.

Whether you are dealing with a Roth account, a 401k, or a 403b, find out what the best plan is for you to maximize your contribution. Katherine lays out which is better, pre-tax or after-tax, and why this changes according to your life circumstances.

Any business or practice with partners, 1099 income, or an S-corp seem to be winners in the newest tax laws, but are they? Also, find out what the pass-through advantage is, and how it can positively impact you and your practice.

This episode covers the new tax laws that were passed late last year, and how they affect physicians and dentists who own their own practice, specifically C-corp practices.  What percentage of people are going to be paying more? How much are taxes changing? Find the answers to your questions about the new tax laws, and decide for yourself if this is "taxmageddon" or "tax-heaven."

Episode one covers the many reasons why doctors are at a disadvantage when it comes to financial planning.  From high debts and a late start to no financial planning background and an early retirement, doctors are not set up for financial success. Katherine talks with Kristina, an emergency medicine physician and mother of three, to help doctors understand what they can do to better prepare themselves financially.