Don’t miss Part 2 of my conversation on wealth-building with my financial advisor, Justin Smith, CFA, CFP! In this episode, Justin and I discuss:
• Emergency Funds - who needs one, what type of expenses to include, how many months of expenses it should cover, and where you should keep the dollars.
• The philosophical approach to investing that Justin recommends to his clients.
• How to approach diversification both within and among asset classes.
• The numerous benefits of having a wider margin between income and expenses.
• How to balance saving and investing with spending and enjoying excess dollars.
• Cryptocurrency and whether or not Justin sees it as a viable asset class in an investment portfolio.
• Student debt including how to incorporate it into an investment approach and if/when it makes sense to pay it down more aggressively.
• Saving for children’s college education including when to start, how much to set aside, and if 529 plans are the best way to do it.
• What to do if you end up with excess funds in a 529 plan and the new 15-year rule for transferring money from a 529 plan to a Roth IRA.
• Justin’s closing pearls summarizing how to achieve financial freedom.
LINKS
• The Real Reason Big Savers Retire Early: Minimizing Retirement Savings Needs: https://www.kitces.com/blog/retirement-savings-needs-big-savers-avoid-lifestyle-creep-to-retire-early/
• To learn more about Smith Partners Wealth Management: https://smithpartnerswealth.com/
• The Ortho Coach website: www.TheOrthoCoach.com
What is The DOC Podcast?
The DOC Podcast brings you unique educational content taught by Dr. Mike DeLuke, a Board Certified Orthodontist with over 20 years of clinical and academic experience. Dr. DeLuke built his orthodontic practice from scratch in the early 2000s and grew it into a multimillion-dollar enterprise in less than 10 years. He was able to retire from private practice at the age of 46 years old, and now devotes his energy to teaching his colleagues how to succeed both personally and professionally.
Dr. DeLuke has served as a faculty member at numerous hospitals and orthodontic residency programs around the country, including as the cleft craniofacial orthodontist at Albany Medical Center in New York, and as a clinical professor at The University of Connecticut in the Department of Orthodontics. He is presently an adjunct professor at Nova Southeastern University in the Department of Orthodontics.
The DOC Podcast will bring you in-depth discussions and interviews with industry leaders and experts on a variety of topics including clinical excellence, practice management, finance and wealth creation, health and wellness, taxes and accounting, fitness, and much more!