Everyone should be contributing to a Roth IRA every year. This is retirement account space that you can’t get back. Many of us need to contribute to the Roth IRA through the backdoor, which can be confusing. Show notes: In this episode we discuss what a backdoor Roth IRA is, steps for successfully contributing to a backdoor Roth IRA, and how to fix errors that occur in each step.
For those who have mastered the backdoor Roth IRA we also answer listener questions about adding new asset classes to your investment plan, tax implications for inherited money, helping parents with financial advice, behavioral and math components to personal finance, legal issues concerning being recorded at work, and recharacterizing contributions you have made to your retirement accounts.
If you have not done your Roth IRA contribution yet this year, let this episode be the motivation to get it done.
If you have student loans, SoFi practically invented student loan refinancing in 2011 and right now they have the lowest starting fixed interest rates they’ve had in years, which could help you save thousands of dollars on your student loans. Plus, they just lowered rates for physicians and dentists still in residency. If you refinance your student loans through Sofi , you’ll get a $500 cash welcome bonus just for listeners of this podcast.
More about the new book, The White Coat Investor’s Guide for Students, here: …(read more)
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Can I get on a list to be the champion of my incoming first year class of 2025?
Good Luck with that!
Thank you so much! Can you put the book link in your description section?
Any reason you leave veterinary students out of the loop? They often need as much, if not more help with financial literacy.
That SoFi ad was a bit… different.
Easiest way to avoid Pro-Rata Rule is to move Trad IRA funds into current 401k (assuming you have a current 401k to roll it into)….or of course you could simply pay the taxes and convert IRA to Roth. Great video, Jim! Love this topic
Awesome episode!thanks.