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Financial Planning For Doctors

Employer Health Insurance Plans: PPO vs HDHP – A Deep Dive by The White Coat Investor [Video]

In this video The White Coat Investor does a Deep Dive into Employer Health Insurance Plans.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Subscribe Here: https://www.whitecoatinvestor.com/youtubeMain Website: https://www.whitecoatinvestor.comStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Employer Health Insurance Plans00:37 PPO vs HDHP03:20 HSAs07:04 Evaluating Your Health Insurance08:59 Bronze vs Silver vs Gold10:34 Copay vs Coinsurance11:36 Types of Health Insurance

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Financial Planning For Doctors

WCI Podcast #266 – Employer Health Insurance Plans: PPO vs. HDHP [Video]

This episode Dr. Dahle and Dr. Spath answer questions about health insurance. They talk about PPOs vs. HDHP plans. They discuss the difference between co-pays and out-of-pocket maximums. They cover the difference between bronze and silver and platinum plans and talk about why HSAs are so awesome. They answer questions about when you should or should not pay cash for your house and if 1099 employees need to create an LLC or not. See the full show notes here: https://www.whitecoatinvestor.com/employer-health-insurance-plans-and-ppo-versus-hdhp-266Now is a great time to start thinking about reviewing your last tax plan or starting a new one to make sure you’re taking advantage of all the available strategies. Waiting too long into the year can result in lost opportunities to keep more of your hard-earned money in your pocket! If you haven’t heard about Cerebral Tax Advisors, physicians all over the country work with them to lower their personal and business taxes through court-tested and IRS approved tax strategies. Medical professionals rely on Cerebral Tax Advisors for proactive tax planning strategies for doctors, helping them lower their effective tax rate and increase their wealth. Alexis Gallati, founder of Cerebral Tax Advisors, has nearly two decades of experience in high level tax planning strategies and multi-state tax preparation. She’s also the author of the book “Advanced Tax Planning for Medical Professionals”, grew up in a family of physicians and is married to one. Cerebral’s services are flat-rate and they are focused on their client’s return on investment. If you’d like to find out more or schedule a free consultation, visit their website at https://www.cerebraltaxadvisors.comThe White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Employer Health Insurance Plans01:20 Introduction04:36 PPO vs. HDHP21:40 LLCs For 1099 Job24:25 Spending Your New Large Income34:12 Defined Benefit Plans39:50 Paying Cash For A House47:46 Disability Insurance58:59 Wrap-Up

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Financial Planning For Doctors

The Physician On F.I.R.E. – Leif Dahleen’s F.I.R.E. Journey – A Deep Dive by The White Coat Investor [Video]

In this video The White Coat Investor does a Deep Dive into The Physician On F.I.R.E. – Leif Dahleen’s F.I.R.E. Journey.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Subscribe Here: https://www.whitecoatinvestor.com/youtubeMain Website: https://www.whitecoatinvestor.comStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Leif Dahleen’s F.I.R.E. Journey00:57 Travelling The World02:30 Reasons For F.I.R.E.

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Financial Planning For Doctors

WCI Podcast #265 – Physician on FIRE Q&A [Video]

This week is Fire Week at the White Coat Investor. Our episode is hosted by the Physician on Fire, Leif Dahleen. He will answer your questions about health insurance, giving to charity, savings rates, 529s and tax loss harvesting plus he shares his journey from a practicing anesthesiologist to an early retiree at 43. See full show notes here https://www.whitecoatinvestor.com/physician-on-fire-qa-265Shopping for disability insurance is complicated. Wondering if you are getting the right coverage, unbiased advice, along with the best prices and discounts can make the process even more overwhelming. Pattern knows doctors have more important things to do than spend hours sorting through numerous insurance options. This is why thousands of White Coat Investor’s followers have trusted Pattern to help them compare and understand the disability insurance they are buying. Their online process is simple: First, request your quotes online. Second, compare your options and ask questions. And third, secure your policy. Be confident you have the right policy at the best price. Request your disability insurance quotes with Pattern at https://patternlife.com/wcipodcastThe White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Physician On FIRE Q&A02:42 Leif Dahleen’s FIRE journey14:51 F.I.R.E. & Health Insurance18:31 Charitable Giving25:50 Calculating Savings Rate22:23 529 Plans For Future Children32:49 High Fees On Employer Retirement Plans37:56 After Tax Loss Harvesting40:18 Tax Loss Harvesting Bond Funds41:57 Wrap-Up

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Financial Planning For Doctors

WCI Podcast #264 – Interest Rates, Inflation, and I Bonds [Video]

In this episode Jim Dahle answers your questions about interest rates, inflation, I bonds, where to put that money you are saving for a downpayment, student loan forbearance with IBR, investing in total US stock market versus international, the Japanese markets in the 1980s, and global overpopulation. See the full show notes here https://www.whitecoatinvestor.com/interest-rates-inflation-and-i-bonds-264Bob Bhayani is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or if you just need to get this critical insurance in place, contact Bob at https://drdisabilityquotes.com today. You can email info@drdisabilityquotes.com or call (973) 771-9100.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Interest Rates, Inflation, and I Bonds00:30 Jim’s Recent Trip03:39 Locking In Mortgage Rate %06:56 Short Term Savings14:50 Inflation & Mortgage Rates16:52 Forbearance & PSLF21:05 EE Bonds22:48 US vs International Returns27:57 Japanese Market’s Cautionary Tale32:16 Global Overpopulation38:53 Wrap-Up

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Financial Planning For Doctors

The Cost Of Raising A Child – A Deep Dive by The White Coat Investor [Video]

In this video The White Coat Investor does a Deep Dive into The Cost Of Raising A Child.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Subscribe Here: https://www.whitecoatinvestor.com/youtubeMain Website: https://www.whitecoatinvestor.comStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 The Cost Of Raising A Child00:45 Tax Forms For Nannies03:06 Au Pairs04:02 Day Care Centers05:28 Child Care Tax Credits06:46 Dependent Care FSA

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Financial Planning For Doctors

Estimate Quarterly Taxes – The White Coat Investor – Basics [Video]

The easiest method to avoid penalties is to simply take what you owed last year on your taxes (see line 33 on the 2019 and 2020 1040), multiply it by 27.5%, and pay that amount each quarter. This will ensure that you are in the “safe harbor” to avoid penalties, but it may or may not be anywhere near what you actually owe in taxes. You could still be over or underpaying. If you wish to be more accurate, you will actually need to estimate what your tax burden will be, divide it by four, and pay that. It gets even more complicated if your income varies dramatically between quarters, but even with some variation, I would still just try to make even quarterly payments to minimize your tax preparation hassle.The best way I have found to make sure I have enough money set aside to pay any amount due in April above and beyond the quarterly payments is to find my effective tax rate for the prior year and multiply that each month by what I made that month and set it aside for taxes. Quarterly payments are made out of this account and there should be about enough extra in there to make up the difference in April. If that effective tax rate changes for the next year, I adjust. Some states may also require you to make quarterly estimated taxes. I was pleased to see that Utah does not; I am allowed to pay the whole lump sum in April without penalty. That does, of course, require a little bit of discipline to make sure I don’t spend it. If you incorporate (or declare your LLC a corporation for tax purposes) there will be other tax forms that must be filed.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 How To Estimate Quarterly Taxes00:37 Effective Tax Rates01:12 State Taxes

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Financial Planning For Doctors

No-Cost Mortgage Refinance vs No-Cash Refinance – The White Coat Investor – Basics [Video]

Mortgage Lenders are tricky folks, and sometimes what they do is just add the closing costs to the loan amount. You don’t have to bring cash to closing, but instead of owing $200,000, you find after the refinance that you owe $205,000. Sure, you have a lower rate, but was it worth it? Maybe, maybe not. Be very careful and understand exactly what is going on in the process. Pay close attention to the amount of principal you owe on the old mortgage and the amount of the new loan. For example, the amount of principal I owed on my old mortgage was ~ $368,000. The loan amount for the new loan is $368,700, which is within $50 of the payoff amount. Remember that the payoff amount is the sum of principal owed and the interest for the part of the month prior to the closing, so $700 for about half a month’s interest is about right. But if the new loan balance had been something like $371,000, that would mean I was now adding some closing costs onto my loan balance AKA a “no-cash” refinance.We were burned this way on at least one of the two refinances we did back in medical school. You’re hardly paying anything toward principal in the first few years of a 30-year mortgage anyway. Once you start adding costs back onto the loan, you’ll really be rowing upstream.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 No Cost vs No Cash00:28 Refinancing Your Mortgage

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Financial Planning For Doctors

How Much Money Can Doctors Make Taking Online Surveys – The White Coat Investor – Basics [Video]

How Much Money Can Doctors Make Taking Online Surveys?It depends on how many surveys you take, how much each survey pays, and how quickly you can take them. No matter how many companies you sign up for, you’re not going to get enough surveys that you can spend all day just taking surveys. You have to take them as they come. But it’s pretty easy to knock them out during some downtime during the day, while watching TV, while helping with homework in the evening, or while commuting on public transit. The companies generally send you a check 4-6 weeks after the study or survey is complete. Hourly rates while actually taking the survey range from $60-$300 per hour, although most surveys won’t take an hour. If you really make an effort at this, it would not be terribly difficult to make $1,000-$2,000 per month on surveys. That might not be much for a super-efficient and busy plastic surgeon, but it’s enough to move the needle for lots of doctors and it is life-changing money for a resident or fellow.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Doctor Surveys00:18 How Much Can I Make?

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Financial Planning For Doctors

Why Doctors Should Take Surveys Online – The White Coat Investor – Basics [Video]

It’s a simple proposition. You have valuable knowledge and can always use a little extra money. Various companies want that knowledge and are willing to pay for it. #1 Take Surveys for MoneyIf you’re looking for a side gig, this is a pretty simple one. It isn’t ever going to overtake your clinical practice as your main source of income, but you can make a surprising amount of money doing them as a physician, especially compared to non-physician online survey companies.#2 Start a Business and Get a Solo 401(k)If you are an employee at your practice, one big advantage of taking surveys is that you get some self-employment (1099) income. Since you and your employer are completely unrelated employers, that means you can start an individual or solo 401(k). Assuming you’re maxing out the 401(k) at your main gig, you can contribute 20% of what you make doing surveys into the solo 401(k).#3 Make a DifferenceThese companies really do want to know what you think, so much so that they’re willing to pay you for your knowledge and opinion. This influences the products they come out with, how they market those products, and perhaps even what they charge for those products. Most of the time we’re talking about medications here, but there are certainly surveys about other products. #4 Learn About New ProductsLet’s not kid ourselves. These companies also want to get the word out about their new medications and other products, and they want to develop brand recognition. Why shouldn’t you get paid for them to advertise to you? Plus, you’ll be up to speed on the latest and greatest.Physician Surveys – https://www.whitecoatinvestor.com/surveys-for-money-best-companies-for-physician-online-surveys/The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 Doctor Surveys For Money00:23 Solo 401(k)00:45 Make A Difference

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Financial Planning For Doctors

529 Plans – The White Coat Investor – Basics [Video]

A 529 account is a state-sponsored way to help you save for your kid’s college. Basically, you put after-tax money into it, then it grows tax-free, and if spent on legitimate college (or med school) expenses, it comes out of the account tax-free. An individual can put up to $15K a year in there ($30K for married couples) and still stay below the annual gift tax exclusion. In 2017, the Tax Cuts and Jobs Act expanded 529s allowing their use to pay up to $10K for private elementary or high school tuition.Each state has its own plan (or two), and some are better than others. Sometimes you also get a break on your state income taxes if you use the one in your state. The expenses of the plans, like 401(k)s, vary quite a bit and change often.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 529 Plans00:13 Contributions00:23 529 Plans For Private School

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Financial Planning For Doctors

WCI Podcast #257 – PSLF, ETFs, and FSAs [Video]

This episode we talk about FSA funds, ETFs, limit orders, and market orders. We discuss the pros and cons of living off of loans or living off of savings during medical school. We once again share our thoughts on when it is time to fire your financial advisor. That time is when they start encouraging you to get into actively managed accounts. We also have Andrew with https://studentloanadvice.com on the podcast. He helps answer questions about public student loan forgiveness as well as weighing in on rising interest rates and the nuance of filing taxes when you have a complicated student loan situation. See full show notes here: https://www.whitecoatinvestor.com/pslf-etfs-and-fsasLaurel Road is committed to serving the financial needs of doctors. You take care of us. It’s time someone took care of you. White Coat Investor readers receive a $550 cash bonus when they refinance their student loans with Laurel Road1. Laurel Road’s easy to use, online application process allows you to see personalized rate options in only a few minutes. Plus, we don’t charge any application or origination fees or prepayment penalties.For terms and conditions, please visit https://www.laurelroad.com/wciDisclosuresLaurel Road is a brand of KeyBank N.A. All products offered by KeyBank, N.A. Member FDIC. All credit products are subject to credit approval.1 A $550 cash bonus offered on new student loan refinance applications from active WCI members. The loan application must close in order to qualify for the bonus which will be paid within 45 days of closing. Existing Laurel Road members are not eligible. This offer cannot be combined with any other discounts from Laurel Road affiliated partners or employers nor the Student Loan Refer-a-Friend Program.The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!Main Website: https://www.whitecoatinvestor.comYouTube: https://www.whitecoatinvestor.com/youtubeStudent Loan Advice: https://studentloanadvice.comFacebook: https://www.facebook.com/thewhitecoatinvestorTwitter: https://twitter.com/WCInvestorInstagram: https://www.instagram.com/thewhitecoatinvestorSubreddit: https://www.reddit.com/r/whitecoatinvestorOnline Courses: https://whitecoatinvestor.teachable.comNewsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter00:00 PSLF, ETFs, & FSAs03:28 FSA For Donations?06:40 How To Pay For Med School10:13 Market Orders vs. Limit Orders14:09 Vanguard Target Date Fund Debacle21:10 Exponential Technologies22:24 Separately Managed Accounts27:33 PSLF Waiver31:17 PSLF Side Fund49:39 Wrap-Up