Cash Profit Accelerator covers many of the following topics with actionable things you can do to start improving your personal financial situation. I highly recommend it.
My best new skills from the program are the following:
However, I find myself being stunned that I didn't know some basic strategies that affect our entire family's finances. Here are some tidbits that I wanted to share
- Tax Efficient Investing through different accounts (Roth, 401k, IRA) is discussed along with the pros and cons. Tyler talks about why most people are still better off with traditional investing even though Roths seem great on paper because of their tax benefit. Many doctors tend to forget that taxes are due every year which is what happens when you invest in a Roth account. example, if you make 100k per year and invest in a Roth account, you'll end up paying 20% in taxes on the money you're investing. If your tax rate is lower than that (if you're incorporated, it will be around 15%), then the Roth makes sense because of the lack of taxation compared to after-tax investment which get taxed year after year. However, once he explains how much risk your investments should take based on your age and cash reserves (he uses 6 months worth of expenses), many doctors realize they invest way too conservatively for their own good.
- The power of compounding interest over time is emphasized with examples using Millionaire Jerry Patterson. Tyler goes into detail about total return vs capital appreciation and dividends/distributions which impact your cash flow. Although it's simple, he helps understand why people tend to accumulate wealth over time and how patience pays off.
He talks about some small business ownership stuff such as LLC vs S Corp which is helpful for side hustles if you're a doctor who interested in buying a rental property. This will also help doctors with incorporating their medical practice later on down the line so they don't give away the farm to Uncle Sam when they get incorporated later on down the line and after they sell their medical practice (details of this is beyond my scope).
He discusses various ways to move your money around efficiently and tax free including 1031 exchanges where you exchange like kind properties into other like kind properties without paying or capital gains on whatever you do to it. I'm not sure if this applies to real estate, but it might be helpful if you're thinking about buying other properties in the future.
If you have a side hustle or are an entrepreneur, he talks about how to lower your tax burden as well as what types of risks are worth taking to achieve financial freedom faster. Flipping products or just owning products that can generate cash flow is important for this example.
He goes into detail on why people tend to accumulate assets over time and how to take advantage of that including using insurance properly which many doctors don't understand enough yet. For example, permanent life insurance policies should only be used when needed because they can be expensive without proper planning (I'll cover more details of this later on).
Tyler goes into detail about how insurance works including using life insurance properly which many doctors don't understand enough yet. For example, permanent life insurance policies should only be used when needed because they can be expensive without proper planning. For most doctors, life Insurance policies are not a good investment since they have cash value even though they're called "permanent" and whole life can be a rip off. They do have some tax advantages such as potentially getting a deduction on your state taxes if you live out of state where the policy was bought from or your dividends/distributions over time get capital gains which can be rolled over to the next year if you don't use them.
He explains what debt is and why it's bad (which we already know). However, he does go into detail about how debt can be used properly if you're interested in leasing equipment for your medical practice. But you have to treat it like a monthly payment where you have to pay off the balance within 5 years or so before they start charging more interest after that timeframe. Medical equipment leases are usually written this way since you can depreciate some of these items over time which means 20% of their value each year even though they're losing 80%. Just remember that the lessor gets to keep whatever amount they've charged more than what's being paid towards principal per IRS guidelines.
- He goes into detail about retirement accounts and the impact of dividends/distributions. Retirement accounts should only be used if you have a Roth IRA or 401k, this way your money can grow tax free. ETFs are a better option than Mutual Funds because they generate lower fees and usually pay out less in distributions so you keep more of your capital.
- He talks about how business owners like doctors need to think about their retirement by using SEP-IRAS or Solo 401K plans. These plans are self employed plans where you potentially make 100% of the contribution yourself with no match required from your employer; they're great for small businesses. If medical doctors want to work for themselves, he suggests incorporating later on down the line when you're ready. If you're considering working for a large corporation, he advises against it because they usually have high fees and less freedom.
From an honest review, Cash Profit Accelerator by tyler mcbroom deserves a five star rating because of its amazing content and knowledge that is universal and works.
Furthermore, the program caters to all doctors no matter their position or experience in the field.
All this makes Cash Profit Accelerator a unique opportunity for anyone looking to grow their practice quickly and efficiently with an abundance of resources at their disposal.
Finally, as doctors we need as much financial help as possible to sustain our business and if you fit this description then joining Cash Profit Accelerator is highy recommended! I invite all my doctor friends to join me on the other side! Click here to access the Cash Profit Accelerator
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Cheng Ruan, MD
CEO Texas Center for Lifesyle Medicine.
Creator of the Integrative Practice Builder