Ep 004 Investing for Residents

Summary:

  • Financial MD Gives Useful Financial Information to Residents And Young Physicians [0:03:05]
  • The Big Picture In Investing [0:04:31]
  • Describe Financial Planning [0:08:21]
  • It’s Not What You Make, It’s What You Keep [0:09:21]
  • What Are The Four Different Steps In The Roadmap for Residents? [0:15:06]
  • What Is A Robinhood Account? [0:18:19]
  • Definition of Securities Backed Line To Credit [0:23:10]
  • Need Help? Email Or Call For Free Consultations [0:28:17]
  • Takeaways: If You Can Do The ROTH IRA, DO IT [0:29:00]

Welcome to the Financial MD Show. This is the only podcast designed specifically for residents and young physicians to help you become educated on financial planning for physicians and avoid many of the common financial mistakes doctors make. Your hosts, Jon and Trevor, explore a different topic with each episode. Jon Solitro is a financial planner and certified financial education instructor. He’s been working with young physicians for the better part of the decade and lectures to graduate medical programs around the country. Dr. Trevor Smith is a board certified ophthalmologist with a full time practice and he has learned the ins and outs first-hand what it takes to make smart financial decisions as a young physician. And now here’s your hosts, Jon and Trevor.

 

Jon: Hello everyone and welcome to the fourth episode of the Financial MD Show. I’m excited about today’s show. We’re going to be going into investing and the basics of investing and what it means particularly to residents. We begin by talking about some of the basics of actually investing in stocks and where it comes from and what is actually happening. Trevor starts going into the behavioral side of investing and how to manage your emotions to be a more successful investor. We then pivot to talking about how it fits into a resident’s financial plan, when to start investing, how much, and where to actually invest. Trevor digs into some of the ways that investments can get tripped up and where we should be putting our money based on how it’s going to be taxed and I talk a little bit about what are some of the biggest drags on investment performance over time. We wrap up by giving some resources on where you can go to get more information and how to get started today. And so with that introduction, I hope you enjoy today’s episode of the Financial MD Show.

 

 

Jon: Investing – definitely, I’ve got some knowledge on the formal side of actually being a trained financial advisor but the whole reason that you are part of Financial MD is because you have a more organic interest in these, and don’t get me wrong, I’m interested in this stuff. But your interest is – you know you have the beauty of not having to take the Series 7 and 66 and all the crap that I had to do. You get to pick and choose what aspects of investing you want to get drilled down into and get really good at.

 

Trevor: Yeah, that’s right.

 

Jon: For sure, more than most residents, so I don’t expect you to disseminate everything you know to every resident out there. That’s not fair to them.

 

Trevor: That’s exactly right.

 

Financial MD Gives Useful Financial Information to Residents And Young Physicians [0:03:05]

 

Jon: But I think you’re down to earth enough to be able to say, hey, if I had to give kind of Dave Ramsey style advice because we go back and forth on Dave Ramsey. We agree with a lot of his stuff in general, but we also understand Dave Ramsey’s advice is for the masses and so when we have residents or young physicians come to us and say, well, Dave Ramsey said this, what do you think of this? And I say, well, sure, but the whole point of Financial MD is that everyone listening to this podcast is going to be in a doctor’s or in a unique financial situation. So I don’t think all of Dave Ramsey’s or all of Suze Orman’s or all of whoever’s advice is going to everybody – let alone physicians – hence the point of making Financial MD in this podcast. So we’re going to give you guys some tidbits. The whole point of Financial MD is to give information that can be useful at any point in your career even if you’re in training so a lot of the stuff we’re going to talk about today, I want it to be hopefully you guys walk away listening to this getting just a few, even one or two tips that you can say, hey, I’m going to implement that, and the 65-year-old me is going to thank me. So, Trevor, where would you start?

 

The Big Picture In Investing [0:04:31]

 

Trevor: A big picture just in terms of investing like what is investing, I think the big picture is often sort of addressed at the end, or for me, I’ve been kind of finally getting the big picture of investing after reading the little bits and pieces like I started with the details almost like, what’s an IRA, what’s a ROTH IRA, what are the differences, how do I contribute to retirement accounts – that’s kind of the meat. Retirement accounts is the meat of investing for most American doctors and most Americans in general. So the question is, that’s the meat? And then everything else, and there’s a lot of other products. There’s a lot of other ways to “invest.” But the big picture philosophy is, how do I use the money that I’ve earned? Tax strategies, how do I keep the most of my money? Like I earn the money and then how do I keep the most, and then from what I keep, how do I make it grow the most and how do I keep it as it grows? How do I keep it from going down and mostly going up? To me, that’s investing and then you’re picking things that are worth having so that other people want to buy them too. That’s how things go up or you’re picking things that grow in value, not just because other people want them too but because they produce something – they create something – so that’s where stocks come in. Companies make something, people buy it so it grows, and it’s worth more money. We’re trying to take the money that we have kept and now we are trying to grow it – I mean that’s what’s investing is – and then we want it to be there when we need it. So there’s short-term investing and there’s long-term investing. Short-term investing has a goal of being available sooner and longer term usually means when I retire. If you don’t have the money when you retire, unless you can keep working through that period, you’re going to be in trouble. It’s serious business but I got into reading about it because I think it’s fun too. Figuring out what is valuable and why it’s valuable to me is like a very interesting challenge and it’s one of the most dynamic things. There’s a million different experts on one stock. Tesla being one of the hottest ones, right?

 

Jon: Right.

 

Trevor: Anyone who has a Robinhood account – it’s like a free trading app – anyone who has a Robinhood account has probably owned Tesla at some point.

 

Jon: That’s why they got the app probably.

 

Trevor: It’s an app for nonprofessionals. Yeah, right. Actually, that’s exactly true. I totally agree with that. There’s a million different opinions on Tesla and there was. I first bought it in 2014, and currently, one of those disclosure things – I don’t have any right now. I wished, yet I sold it on the way up really early, but I’ve had it on and off since 2014 back when people said it was going to zero every three months – every quarter – someone was saying it’s going to zero. And now there’s a few outside people that say in the next decade, it’s going to be the most valuable company in the world. That’s why investing is fun. It’s interesting. If you’re right and you bet an appropriate amount – it’s not truly a bet – but if you invest an appropriate amount and you’re right, it can change your life and it doesn’t have to be risky on a scale that hurts you. That’s my big picture perspective on investing.

 

Describe Financial Planning [0:08:21]

 

Jon: Yeah, that’s a great way to explain it and describe it because that’s exactly right. No matter what you’re investing in, I think you described it well. There’s a few concepts – and I think this covers – probably you could describe financial planning in general. It’s making enough money, keeping enough money, investing enough money, because we always say that when we talk about, oh well, my stock, I’ll talk to somebody who says so I got this investment and it made X or it grew this much or whatever, and then I say, okay, we’ll, that’s all well and good, but if you want to cash that out right now, you’re going to have to spend 15 or 20 percent in capital gains taxes or whatever so it’s really this. So we have this concept of it’s not what you make, it’s what you keep. That’s why we may talk about investing and things like but I think an equal amount of the conversation has to be about taxes and fees and all those other things.

 

Trevor: I totally agree.

 

It’s Not What You Make, It’s What You Keep [0:09:21

 

Jon: I always want to go to the resident seminars and you’ve probably heard me do this at a dinner where I say, what are the two biggest drags on investment performance, and it’s taxes and fees depending on the account obviously but those are things that doesn’t matter what the investment is. Those things apply in some way, shape, or form, so it’s not what you make, it’s what you keep. It’s not what you keep but it’s how you grow it and how you invest it and where it’s invested and all of those kind of things, and then I love how you framed that. You got to buy something that somebody else is going to want again at some point and hopefully more than they want it now. For most of the people listening to this, it doesn’t mean like, okay, do a ton of research into the individual stocks that you’re going to buy because most people aren’t going to buy stocks, or if they are, it’s not going to be a big part of their retirement portfolio, hopefully.

 

Trevor: Right, and it’s smart enough to do that. It’s safer. I think I’ve done a little bit of trading myself and if it has taught me anything, it’s keeping your capital. Keeping the money that you used to try to make more money is both the most important and the most challenging part of investing because potentially the bigger you invest in something, the more you make, and anytime something is really successful, you never invested enough and anytime you lose money, you always invested too much.

 

Jon: Yup.

 

Trevor: That’s how it feels a hundred percent of the time so creating a plan and sticking to it is the key. This is all still big picture stuff but keeping the money you have is almost more important than the performance but not to the detriment of your growth. Holding it in cash is not a great plan and pretty anybody would agree with that especially when – do you notice I look this up – 22 percent of the U.S. dollars in circulation right now were created this year – twenty-two percent of all U.S. dollars.

 

Jon: The ramifications that has for inflation and everything – that’s crazy.

 

Trevor: Yeah. I looked it up. You can look it up on one of the government federal reserve websites like how much is in circulation, how much is printed this year, because you can just look at 2019 versus 2020. It’s a 22 percent increase. I was like this has got to be fake news like that’s too high, but no, it’s the real deal.

 

Jon: You’re talking about printed cash or just anything in cash or money markets or derivatives like that?

 

Trevor: That’s a good question. I think it’s probably printed cash to be honest – how much they printed – because there’s no way it’s the total amount of U.S. dollars out there.

 

Jon: No. I figured you meant the GDP went up 22 percent like whoa.

 

Trevor: That would be nice.

 

Jon: Maybe since April but yeah. No, I’ve had this recently. This morning I looked at a stock that I bought of a company that I know and in the last two days, it’s gone up 30 percent, and have that same age-old conversation, should I take my winnings and walk away or leave it there, and honestly, I’ll probably sell some and leave the rest of it invested.

 

Trevor: Yeah, and it depends on what your plan is. The key is to make a plan. If I put in this much money and it goes up this much then I’ll take this much out. And that’s really to a degree, it’s not literally day trading because you’re not opening and closing a trade in the same day – I think that’s the definition of that – but it’s kind of like day trading. It’s just that you’re not looking at it quite as much and you’re waiting a bit longer. It’s a short-term approach. It almost doesn’t qualify as investing compared to what we would normally talk about with residents which should be like retirement accounts and what can you do. What is a retirement account and what can you do with the funds inside of it because even that’s a mystery to people. They might put a few grand into a ROTH IRA every year for a residency and that’s a post-tax so all the growth that you get in a ROTH account. The only difference between a regular IRA and a ROTH IRA is that you’ve already paid the taxes, you contributed with the money that you already paid taxes on, and it’s a limited amount. The only way to contribute to that is if you make less than – was it 135,000 for single and some sort of combination in the 200,000 or 300,000, I think, when you’re married.

 

Jon: Yup.

 

Trevor: Regardless, it changes a little tiny bit every year and you can always look it up on the IRS website. So you put a little bit of money in there and it’s like, what you can do with it? Well, you can’t just put it in. It doesn’t just start growing. You have to pick things that you buy within the IRA. At least in one of the books I’ve read, that’s apparently a common thing that’ll happen for the occasional person. They’ll put the money in. They’re like why isn’t it going up. They’ll check back later. They missed the whole year of growth; they just deposited in there. They just assumed somebody was making it grow but you have to actually buy specific funds when you invest. Some companies will set it up automatically; you have to pick one when you open an account, but most of them will not or Vanguard necessarily will not and some of the lower fee ones are a little more hands-on so you have to pick your own either a retirement fund or you can buy specific stocks but generally buying a group of stocks is the approach of either a mutual fund or a retirement account.

 

What Are The Four Different Steps In The Roadmap for Residents? [0:15:06]

 

Jon: Yeah, and that’s probably where step one is for, if you’re a resident and you’re listening to this and you’re making 50,000 dollars a year and you maybe put your spouse to work so you can get a little more income, but somehow you found a little bit of surplus and you’re ready at that point because before any of these tips or advice or anything and we talk about investing, we’ve got four different steps in the roadmap for residents, and the first 3, none of those first 3 are investing. Investing is the fourth one. The first one is cash flow – getting a handle on what’s going in and what’s going out. Step two is getting your safety net right – your emergency fund and your insurance. Step three is getting a handle on your debt whether you need to knock out some credit cards or refinance your student loans which we talked about in other shows. But those three things have to happen before you get to what we’re talking about today with investing, so get those in order. Get your house in order there, and so if you’re at that point and you’re listening to this, then it’s like, yeah, usually the next step is ROTH IRA, and it’s that because like Trevor was saying, this is the only time in your career or the last time in your career when you’ll be able to put money directly into a ROTH and we can go into backdoor ROTH and how that works and a lot of my in-practice physicians do that. But the easy button when you’re a resident is the ROTH IRA and the most you can do is 500 bucks a month and I have very few residents that are doing that but a lot of them are doing 100 bucks, 50 bucks, 200 bucks, whatever they can do because 30 years from now, they’re going to want as much in this tax-free bucket as possible. That’s certainly a piece of that. Vanguard, Betterment, Wealthfront, Personal Capital – those are kind of places that if you’re just looking for the easy button today, then that’ll be a place to get in and get in cheap and they’ll do everything for you pretty much. You just give them the answer to a few questions, figure out how much you’re able to save. They’ll pick the investments for you so you don’t have to have whichever was saying happen where you put it in and you realized a year later it’s just sitting in cash because I’ve had that conversation where I meet a new client and they come and they say, okay, I’ve got this other account that’s just not been doing very well. I think my advisor sucks. And I look at him like, well, he probably doesn’t suck, you just have had this in cash for a year or whatever. That’s that conversation is what do we do first? Well, get a handle on everything else but then ROTH IRA and Trevor got into what’s a mutual fund and it’s a collection of stocks and you’re basically paying and this is where that concept of fees comes into because you may say it doesn’t look like I’m paying anything or my investments are free but that’s never the case.

 

Trevor: That’s right.

 

What Is A Robinhood Account? [0:18:19]

 

Jon: There’s index funds and ETFs where they can be cheaper for sure but what’s happening is this company whether it’s Vanguard or iShares or BlackRock or whomever is paying somebody to put together this fund and monitor this money even if it’s an index fund which is basically tracking somebody else’s list of stocks, there’s still some fees and expenses to it. But I’d like to say it doesn’t have to be difficult or complicated, and when it comes to Robinhood, that’s not a place – they don’t do IRAs. Robinhood is a place – an app – to find companies that you like or interested in and buy some of their stock basically. I just got Robinhood a couple of months ago and I’m kind of figuring out and playing with it but it’s a game changer probably, not that this thing hasn’t been out there before. I don’t know would you say is Robinhood the first to do something like this with the no cost and stuff?

 

Trevor: It’s the first – they didn’t even have fractional shares until I think within the last calendar year but they were the first to have zero fee trading. That was what put them on the map. That was what drew in a lot of users and then they opened “checking account”, or specifically, it’s a money market account. You may better know the details, the difference basically of money market accounts. I understand it is essentially the same as a checking account but it’s typically in the past, it’s sort of like a holding of actual some sort of share where they guarantee you some sort of growth percentage because like Vanguard has a money market account and you get between a 0.4 and 0.8 percent on it – sometimes more, sometimes less. It’s not a guaranteed amount. It functions similar to a checking account but I think you technically have shares of something.

 

Jon: You do. A money market is you’re buying shares and the share is always one dollar.

 

Trevor: Yeah, it’s so and so. If anyone is interested in the whole cryptocurrency thing, it’s almost kind of like a pre – they call these things stable coins. There’s these cryptocurrencies that are tied to the U.S. dollar and they hold tightly to 1.0000 dollar. It’s pretty similar to that but it has a return and the company who holds it must from their profit share it. I don’t know how it gets distributed. That’s a long-winded kind of aside there. I was just little curious of what a money market truly was but sounds like it was about what I was thinking. So Robinhood has that and they have a money market account. They’re trying to get people to deposit their money directly from their jobs, and SoFi is trying to do the same thing. Robinhood is mostly stocks, purely stocks. I do think they have some.

 

Jon: From my standpoint, it’s interesting. Robinhood maybe started this whole trend of zero-cost trading and then that pushed the big boys into it like Schwab and TD and Etrade to all had to go to zero as well and so people wonder like, oh, how can they do that, but turns out those were only made up a very small percentage of their revenue. The bulk of these custodians, which is where the money is being held, the bulk of their revenue doesn’t come from these transaction fees and cost. It comes from the spread they make on the cash. Schwab has so many billions or trillions sitting in money market or cash. Everybody’s got a little bit of cash in their accounts, and some of these custodians – call it conspiracy or not – they make every account hold at least a little bit, maybe it’s one percent or half percent in cash as part of their portfolios, that’s just their requirement. So all this cash that’s sitting there as a requirement, they may say, here’s what we’re paying you on our money market fund that we have. So Schwab might say, yeah, we’ll give you 0.25 percent because they’re getting 0.5 percent out there in the world in any other scenario so they’re making that spread and you may think, 0.25 isn’t a lot, but when it’s on half a trillion dollars, yeah, it’s plenty.

 

Trevor: Yeah, and not only that, I mean some of them they have credit card divisions, making 22 percent.

 

Jon: Oh, for sure, yeah. Schwab’s got a hold on it.

 

Trevor: Making mortgages and they can lend that money at insane rates.

 

Definition of Securities Backed Line To Credit [0:23:10]

 

Jon: Yes, and one of my clients does – we just started getting into what’s called Securities Backed Line to Credit where if you have an investment account – let’s say it’s at 100,000 dollars – you can borrow, you can get a line of credit off of that without having to hold the money out. Let’s say, I want to put a down payment on a house or I want to get this or that, you only need 50,000 dollars. Well, you can borrow against that so that 100,000 is all still invested and it’s the investment company giving you the 50,000 and then they charge you, right now, I think she’s paying 2-1/2, 3 percent or something. Pretty competitive, but they’re still making money, so they’re finding ways. It’s always interesting to get a little deeper in these things and see how the sausage is made and see where the money is made.

 

Trevor: That’s right.

 

Jon: I think for our purposes today, again, if we’re talking to residents, it’s get your house in order with the budget and debt and emergency fund and those other things. It kind of ties into the budget conversation. If you say, well, I’m ready to start a ROTH IRA, then the question becomes okay, well, how much because then that goes to the budget. You got to figure out obviously how much to save first. Whether it’s building your emergency fund or building your ROTH IRA, it’s always better to start with something versus say, oh, I can’t afford 100 dollars right now. That’s fine, do 25 bucks or do 50, and then we used to always have this thing where on your birthday, double it and then give it – it’s like a little birthday present for yourself – and then you be surprised what happens in four years by the time you get to the end of residency and you got this little bucket of money.

 

Trevor: Yeah. That’s a great approach. I like that. I mean that’s what I did. I was putting in 100 bucks a month to my ROTH IRA. It was enough that I was feeling it, which is not going to be the case later in your lives, but you’re putting away enough that you’re feeling it just a little bit and if you stop doing it, you have some extra money so it’s important to you at the time to put that money away and it develops a good habit. But it doesn’t keep you from enjoying your life and doing fun things and having enough money for restaurants or whatever. It’s a healthy amount and some people can do more, some people can do less. There are people out there listening who I’m very jealous of that didn’t have to pay for medical school or somebody else pay it for them, and if you’re one of those people, I mean, you should be max IRA ROTH IRA for sure.

 

Jon: Right.

 

Trevor: You could definitely afford 500 dollars a month going into ROTH IRA. Probably even if you’re living and working in New York City because you’re paid a lot more as a resident there. In most programs, not all of the fellows do, but you should be making enough money pretty much wherever you are to be middle class and the government designed these programs for the 25th to 50th percentile of at least the middle class. If you can’t put that money away now and you don’t have any loans, you’re in big trouble for the future to be honest. That’s where you probably want to hire a financial advisor ASAP to try to figure out what’s going on. I don’t want to wake up when I’m 45 and have nothing in retirement-type situation. Yeah, 500 dollars a month is doable. My payments even until I refinanced were enough to like there’s no way I could have been doing that but most people are deferring now even if they’re not going to complete the Public Service Loan Forgiveness – which way is it?

 

Jon: You got a PSLF.

 

Trevor: Okay, nice. Most people are doing that even if they’re not going to do it to 10 years so they have the money to put it away.

 

Jon: Yeah, and that’s kind of what I’ve seen too. I’ve sat with a lot of residents and done budgets with a lot of residents and I would say 80 to 90 percent of the time, they’re able to pop into a ROTH IRA, not that there’s things that they don’t have to knock out first but we’re definitely able to get there in a reasonable amount of time. A lot of these things we talked about we can’t go into as much depth as maybe we’d like to in the show but that’s why we created the whole didactic minute video series so get on our YouTube channel or our Facebook and check that out because that’s where you’re going to see a lot of these more specific topics that we drill down into a little bit further.

 

Need Help? Email Or Call For Free Consultations [0:28:17]

 

Trevor: You do free consultations, I mean if somebody’s trying to figure out like where do I want to put my money, they should shoot you an email, give you a call. An hour right now, if you don’t know what a lot of these terms meant, it’s going to be huge. If you’re worried about the fact that you’re in residency and you’re not making that much money, this hour would be worth getting paid 10,000 dollars for that hour because you’re going to save that much money later. You won’t make a better rate of return in residency than sitting down and educating yourself on finances and what your plan is for the future.

 

Jon: Agreed.

 

Trevor: It’s a no-brainer.

 

Takeaways: If You Can Do The ROTH IRA, DO IT [0:29:00]

 

Jon: Yeah, I would say, in general, takeaways, most of you guys can do a ROTH IRA, do it. The easy buttons are the Vanguards, the Bettermans, the WealthFront, Personal Capital, index funds, ETFs or what they’re going to do for you there. Trevor, any other quick takeaways or just in summary what they should remember from today?

 

Trevor: Yeah, the other thing to do is really just warn people. I mean, speculative investing on things like cryptocurrency or even aggressive real estate opportunities. Save those for your dollars that you can afford to lose later. I think as a resident, if you’re not filling up your ROTH IRA, don’t try to go to the casino to make enough money to fill up your ROTH IRA – that doesn’t make sense – or you wouldn’t go to the slot machine. Sure, enjoy. You know I’m a big believer in certain aspects of cryptocurrencies but they’re still speculative and if you’re not earning a lot, if you want to be a part of something like speculative then just keep it very limited. Even Dr. Dahle of The White Coat Investor, he knows some people are interested in bitcoin or something and they want to have a little bit of it. They want to pay attention or they’re excited about the technology but it’s still risky and keeping your capital to grow for the future is the most important part and parking it in a ROTH IRA is one of the safest places to put it. I mean if you read anything on his website – and he’s a conservative investor – sure that’s his bias but parking money into ROTH IRA when you can really do it easily and maximize it, it’s great and there’s a lot of other fun exciting things but I think a lot of people in residency are trying to gain something fast, if their financial people trying to gain something fast quickly so they can fill up the ROTH IRA, instead of just focusing on putting a little bit of attack in a slow and steady kind of approach; would have benefited me more, would have benefited a lot of other residents that I know personally and it’s hard not to do that. It’s hard to follow that advice but if you do it, you just won’t regret. I know people that did and they’re killing it. They’re just slow and steady and they’re doing great. That’s a wise advice for reason. Everybody says it for a reason. So it looks like they know. It’s almost like they’ve experienced it before. You just listen to the people a little bit further ahead it really pays off.

 

Jon: You know, that’s absolutely true. I was just reading a White Coat Investor article today about just ways to look at debt and he’s very conservative when it comes to debt and so when it comes to investing too for sure. I mean we always say 5 percent of your portfolio or less can be in some of this very speculative risky stuff and that’s kind of a real thumb, but the other thing, slow and steady wins the race. I always close with this in my investment talks: that most of the millionaires were made from small, boring, consistent decisions made over a long period of time.

 

Trevor: That’s a hundred percent right.

 

Jon: I think it’s a reality check for a lot of people. Well, I think that’s enough for people. I know Trevor and I could talk about this forever and we probably will next time we get together but again we tried to have this podcast to give you in depth on certain topics but for sure there’s more resources out there. Get to the Facebook group. You can ask questions of either me or other doctors out there – that’s the whole point – and then check out the didactic minute videos that are on either our Facebook group or on the YouTube channel. That’s going to go in the specific topics – each one a different – and there’s new ones that come up every week so plenty of places for more information. There’s no excuse for not knowing, and then ultimately, get that consultation scheduled with one of our people and just get your questions answered, nothing else. You’ll walk away feeling okay, either I was right or I was wrong or one way or the other but that’s kind of the point, just to get a quick financial checkup. That’s all we got for tonight. We’ll see you at our next episode and stay safe everyone.

 

Trevor: Awesome. Thanks Jon!

 

Jon: Thank you, Trevor.

 

Trevor: See you!

 

 

Thanks for joining us for another Financial MD Show. Be sure to head over to financialmd.com to get more in-depth resources on financial tips for physicians and don’t forget to join the Financial MD community group on Facebook, where physicians at all stages of their career gather to share tips and get ideas on achieving true financial success. We’ll see you next time.

 

The Financial MD Show is for informational purposes only and is not an offer to invest. It is not financial, tax, or legal advice. Be sure to seek financial, legal, or tax professionals when making any financial decisions. Before investing, you should make sure that any investment strategy or investment meets your individual investment needs, goals, and objectives. Financial MD makes no claims or guarantees to individual investment performance. All investing involves the risk of loss as well as the potential for gain.

 

 

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