If you’re a physician, you can earn CME from this content! Reflect on how this podcast applies to your day-to-day and earn AMA PRA Category 1 CMEs here: https://earnc.me/9Db8F6
Financial independence refers to having enough money saved or wealth accumulated in order to maintain your current lifestyle—without worrying about additional income. But what are the options available for those who are saving a significant amount of money? In this episode, I will be sharing one specific option for those searching to build their wealth and how you can utilize this tool moving forward.
Listen in as I explain the importance of paying off your debts as quickly as possible and how to ensure you don’t have any high-interest debt. You will learn what a taxable investment account is, as well as why it is a very powerful tool for a high-earning household to move toward financial independence.
What You’ll Learn In Today’s Episode:
- Why you should work with a financial planner who understands your specific needs and requirements.
- How to reduce your tax bill.
- What the back door Roth IRA is and why this may be of interest to you.
- The importance of paying off your debts.
- What a taxable investment account is.
- The value in having a taxable investment account for high-earning families.
- How realized gains work.
Ideas Worth Sharing:
“[A taxable investment account] is totally unconstrained in regards to adding or removing funds.” – Justin Harvey
“On a higher level, an ETF is more tax efficient.” – Justin Harvey
“In a taxable investment account, you need to be intentional and intelligent in the way that you are transacting.” – Justin Harvey
Resources In Today’s Episode:
- What The Surprise Billing Legislation Means For Anesthesiologists In 2022 w. Dr. Mo Azam
- Here’s A System For Tax Optimized Wealth Building For W2 Physicians
- Year-end Giving Strategies w. Daniel Wrenne
Share The Love:
If you like the Anesthesia & Pain Management Success podcast …
Never miss an episode by subscribing via Apple Podcasts, Spotify, Stitcher, Google Podcasts, or by RSS!