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Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off stud ...
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MtoM #50 - Orthopaedic Surgeon Pays Off All of His Debt in 6 years
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This story demonstrates just what can be done with income. This doctor grabbed the bull by the horns, opened his own practice and became very successful. Have you thought about opening your own practice? Have you thought about geographical arbitrage? This is what it can look like. Surgeons are needed in medium and small towns across America. You wi…
Our guest in this episode is Dr. Karsten. He's the mind behind the Early Retirement Now blog. He completed a PhD in economics, worked for the Federal Reserve for a while and taught economics. He joined the research department of an investment manager and got a CFA designation. He spent 10 years there before punching out to live the FIRE lifestyle a…
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MtoM #49 - EM Doc Pays Off Loans and Reaches $250K Net Worth
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We love that doctors are passing around this financial information from one to another. Be smart about how you manage your money and pass this information on to your peers. If we will give this information to each other, the entire profession will be better, healthcare will be better, as doctors will be able to focus more on their patients and take…
Today we discuss what happened in Congress and how, for now at least, the backdoor Roth lives on. You can proceed with your contributions as planned. Check out our tutorial to see how: https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/ . If at some point Congress decides to make this retroactively illegal, we will walk you through the pr…
This family doc couple took nine years to pay off $570K. They had far more than average debt and lower than average salaries. They’ve invested along the way so they are not starting from scratch with their retirement. But they now get to make changes in how and how often they practice medicine. That is the reward of taking care of your finances. Ch…
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WCI #244: The Finances of Professional Cyclists
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Our special guest today is Toms Skujiņš. Toms is a professional cyclist, an avid podcast listener and a White Coat Investor. Toms races at the highest level and is currently the best cyclist in Latvia in not just one discipline, but two. He's been the Latvian national time trial champion and the national road race champion twice. He's been the Latv…
From this millionaire military officer we learn the importance of being consistent and having a plan. Follow the plan. As long as it is reasonable, you will be successful. It can be simple. No need to make it complex. Save adequately and invest reasonably and you too can be a millionaire. Find 150 reasonable portfolios here https://www.whitecoatinv…
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WCI #243: Annuities, Securities, and The Three Fund Portfolio
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This episode we discuss annuities, securities, and the three-fund portfolio. But we are also reaching the end of the year, which means it's time to take an assessment of how you did this year. Check out the End of Year Financial Checklist for 2021 https://www.whitecoatinvestor.com/end-of-year-financial-checklist/. This checklist will help you make …
We can learn several lessons from this dual doctor couple. The first two years they had no savings as they had no financial education. Having a child motivated them to be more intentional about getting their financial lives in place. Fortunately they had physician incomes so even if you are not perfect in the first few years you still have that inc…
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WCI #242: Avoiding Debt and Giving Back With Michelle Singletary
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Our guest in this episode, Michelle Singletary, is a personal finance columnist for the Washington Post. Her award-winning column “The Color of Money” appears twice a week in dozens of newspapers across the country and is syndicated by the Washington Post news service and syndicate. She's a frequent contributor to NPR and CNN and has been on the To…
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MtoM #45 - Pediatrician Pays off $185K in 3.5 years
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Renting a less comfortable home than they would have preferred, this couple focused on crushing their student loans. Not being big spenders helped accomplish this goal. Their net worth may have been higher now if they had invested versus paying off loans but everyone's crystal ball is cloudy. They don’t regret the financial freedom and safety being…
This episode is all about retirement accounts. We are answering your questions regarding TSPs, what to do with old retirement accounts, how to set up retirement accounts, Roth conversions, Backdoor Roth IRAs and so much more. We have a number of great resources on the WCI blog regarding retirement accounts and financial advisors that can help you m…
We are celebrating this oncologist who got back to broke 6 months out of training. He went from a net worth of $-128K to $+210K net worth in 1.5 years. Getting back to broke as a physician is a big deal! He discusses his “lifestyle inoculation” that helps them purposely spend their money to bring them happiness. Being so intentional in their spendi…
Today we answer your questions about asset allocation. We start off with some basic principles that everyone should understand and then dive into more specific questions. We discuss what glide path allocation is and how your asset allocation needs change as you age. We talk about asset allocation when using a defined benefit plan and also cover som…
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MtoM #43 - Doc Dumps Whole Life Policy And Becomes Millionaire
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This doctor followed advice of WCI to navigate complexities of a 1035 exchange, and recovered from many poor insurance products he was sold. Only 2 years after becoming financially literate he reached millionaire status, proof you can recover from financial mistakes and achieve success fairly quickly. Check out the 10 biggest Financial Mistakes Phy…
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WCI #239: Contract Negotiation and Student Loans
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Today we are answering questions about contract negotiation. It is important to know what parts of a contract you can negotiate and when you likely won't have any control over your contract. It is critical to understand the details of your contract and we highly recommend having your contract reviewed by a professional. https://www.whitecoatinvesto…
This second year anesthesiologist resident and nurse partner are already back to broke. With a salary of $90K they have been investing and paying off debt. What are their secrets to success? Being born into geographic arbitrage has definitely helped. Continuing to take advantage of that by doing med school and residency in a low cost of living area…
Every year we are sent a big stack of books that people want us to read and review on the blog or the podcast. This week at WCI is Continuing Financial Education week and we want to recommend a handful of books that we think would be useful to our readers and listeners. I have talked a lot about the importance of continuing education and I recommen…
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MtoM #41 - Pediatrician pays off $300K in 3 years
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In 3 years this pediatrician paid off $300K in loans with a 200K income. Motivated to get their schooling paid off so they could start saving for their children’s college education. They paused their retirement savings to really focus on getting rid of this debt as fast as possible. There are 10 reasons you should pay off your student loans quickly…
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WCI #237: How to Reduce your Investment Taxes
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This episode we are answering questions about investment taxes. There are several things that you can do to reduce your investment taxes including the use of retirement accounts and buying and holding tax efficient investments. We cover six ways to help with reducing those taxes. We talk about when (or if) you should rebalance your portfolio and wh…
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MtoM #40 - Dual Family Doctor Couple pays off $400K+ in 3 years
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Following the outline for financial priorities in the WCI book, this couple was able to invest while paying off the debt for Brad’s medical school. Racquel used the National Health Service Corps to pay for school and owed them a couple years of service after. This episode we discuss the pros and cons of paying for medical school this way. Be inspir…
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WCI #236: Interview with Jaspreet Singh of the Minority Mindset
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Jaspreet Singh is the creator of The Minority Mindset. We were introduced to him recently at a conference called FinCon that was for producers of financial content and resources. He was one of the keynote speakers at the event and has put together some awesome resources. He is an animated guy and his main mediums are YouTube and Instagram. He is a …
Our guest is a general dentist three years out of training. He has hit a couple of milestones, back to broke and a six figure net worth. But he came on the podcast today to celebrate buying a car with cash. He purchased a 2017 minivan with 20K miles and felt rich doing it! How much car can you afford? Check out this episode for the answer. https://…
Today we are talking about whether it is better to pay off debt or invest. Like most financial questions the answer is, it depends. Read more at https://www.whitecoatinvestor.com/pay-off-debt-or-invest/. We discuss what to do if you have a chunk of money sitting in savings account and what to do with the money you are saving to purchase a home. We …
This dentist just recently got back to broke! He finished training with a net worth of negative $510K. 5 years later they have reached a net worth of $40K. Consistently chipping away at your debt and managing your finances pays off. Make a plan early and track your financial goals with these four measurements. https://www.whitecoatinvestor.com/trac…
