White Coat Investor Podcast

Shifting your mindset, creating a plan, and executing that plan will lead to major success. That is what this doctor did to pay off $300K in student loans in just 2 years. With the mindset that you no longer care what other people think, you can avoid the lifestyle creep and reach your financial goals. Learn how to avoid the lifestyle creep https://www.whitecoatinvestor.com/how-to-avoid-the-traps-of-lifestyle-creep/ If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

It is that time of year again when many doctors start asking, should I keep renting or buy a home? Well, truthfully many are asking how can I get someone to loan me money for a home right now? But what we wish they were asking is should I buy a home at all, and if the answer is yes, should I use a doctor mortgage (https://www.whitecoatinvestor.com/doctorloan) or a conventional mortgage? We are going to jump into all these questions in this episode. Home ownership is great when done at the right time and right place. We hope this episode will help you be successful identifying that time and place for you. If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Paying off student loans quickly doesn't take a high physician size income. It simply requires you to live like a resident for a little bit longer and put large chunks of your extra income toward the loans each month. Working together with her partner, this pediatrician slayed her six figure student loan debt in only 15 months, giving them the freedom to now spend how they want without the weight of debt on their shoulders. Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Real estate is certainly a legitimate pathway to wealth that many people have followed. Our guest in this episode is Peter Kim of Passive Income MD. We dive into your questions about passive income today, especially real estate. See full show notes here https://www.whitecoatinvestor.com/vetting-private-real-estate-deals-podcast-200 . We discuss how to vet private real estate deals. We talk about what a young physician starting from scratch can do to dial up his real estate portfolio. We share some of the deals we have done that have gone bad and debate whether taking money out of traditional retirement accounts to fund real estate investments is a good idea. If you want to know how to get started with this asset class, this is a great podcast to listen to. Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

This millionaire radiologist graduated medical school with a net worth of a bottle of wine and a bicycle. 8 years out of training he was a millionaire. How did he do it? Not with the typical white coat investor portfolio. But we learn there is more than one way to become wealthy. They all start with a high savings rate though. He applied the 1/3 rule. He saved a 1/3 of his income, enjoyed 1/3 of his income, and used a 1/3 for his living expenses. Save 33% of your income and you can do nearly anything and still be a multimillionaire by mid career. Check out this post for ways to increase your savings rate. https://www.whitecoatinvestor.com/friday-qa-series-7-ways-to-increase-your-savings-rate/ Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Attorneys who specialize in asset protection often use a lot of fear in their marketing materials. They want us to feel like we are going to be sued and lose everything. Is this fear appropriate? How much anxiety should a doctor really feel about asset protection? Our guest in this episode is Jay Adkisson, an expert in asset protection. We discuss a basic framework for thinking about asset protection, domestic asset protection trusts, personal liability insurance, malpractice insurance, protecting your home equity, LLCs, the California Private Retirement Plan, bankruptcies, and how many doctors he has known personally who have lost everything in a lawsuit. If worry over protecting your assets has kept you up at night, this is the episode for you. See the full show notes here https://www.whitecoatinvestor.com/asset-protection-with-jay-adkisson-podcast-199 Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

PSLF is real and can be received without major hassles. Dr. Yu is proof! He is a pediatric intensivist who owed $155K when he graduated school and had $182K forgiven ten years later. We discuss why only 2.4% of the people applying are successfully getting PSLF and what you can do to be one of them. Who should go for PSLF? See this post to know if it right for you. https://www.whitecoatinvestor.com/pslf-attending-physician/ If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

For medicine and healthcare nationally, it is not good that as physicians, we are tending to abdicate our leadership opportunities. If we refuse to do it, less qualified people are going to take on that role with consequences which we don't necessarily want. In this episode we discuss physician leadership with Dr. Brent Lacey. See the full show notes here https://www.whitecoatinvestor.com/the-value-of-physician-leadership-podcast-197. We talk about how to overcome our reluctance to lead and be better leaders, how to run more efficient meetings, manage hiring and firing better, deal with crises, and have a vision and a mission for our practice that everyone buys into. In the day to day work as a doctor, leadership is required. Gain the leadership skills you need. Start with this episode. If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Dr. Emily and her partner, both family doctors in a high cost of living area, paid off $400K+ in students loans in really only 4 years after deciding not to go for PSLF. Keys to their success? Refinancing to a lower rate and then budgeting together. By becoming more intentional in their spending and cost conscious in their travel they were able to pay off their loans sooner than they planned. You can still do this in a high cost of living area. Be intentional. You got this and we can help. If you still need to refinance your student loans to a lower rate visit https://www.whitecoatinvestor.com/student-loan-refinancing/ If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

For medicine and healthcare nationally, it is not good that as physicians, we are tending to abdicate our leadership opportunities. If we refuse to do it, less qualified people are going to take on that role with consequences which we don't necessarily want. In this episode we discuss physician leadership with Dr. Brent Lacey. See the full show notes here https://www.whitecoatinvestor.com/the-value-of-physician-leadership-podcast-197 . We talk about how to overcome our reluctance to lead and be better leaders, how to run more efficient meetings, manage hiring and firing better, deal with crises, and have a vision and a mission for our practice that everyone buys into. In the day to day work as a doctor, leadership is required. Gain the leadership skills you need. Start with this episode. If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Understanding how the tax brackets work will aid your tax planning and make for more informed, reasonable discussions of tax policy. People don't actually grasp how tax brackets work and they routinely overestimate how much they pay in taxes. We think there are four reasons why tax brackets are hard for people to comprehend. Listen to this episode to find out what they are and to gain a better understanding of tax brackets. See full show notes here https://www.whitecoatinvestor.com/understanding-tax-brackets-podcast-196. For those with a firm grasp of how they are taxed, we also answer listener questions about choosing stock options or restricted stock units at your next job, what are the major classes of bonds the average DIY investor should understand and consider, which bond classes are least correlated with stocks, what a reasonable overall bond allocation is, bond classes that individuals who live in high COLAs should consider, AOTC tax credits, financial book recommendations for children, and Non governmental 457s. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Morningstar has been around for 36 years and is by far the best place to get information about all of the mutual funds available. Our guest in this episode, Christine Benz is the director of personal finance and a senior columnist at Morningstar. She is the author or co-author of five books, including 30-minute Money Solutions, which we will be given away at the WCI Conference https://www.whitecoatinvestor.com/conference in March, where she is our keynote speaker. Christine has had a 30 year career at Morningstar so lots of investing lessons to be learned from her. See the full show notes here http://whitecoatinvestor.com/investing-lessons-from-christine-benz-of-morningstar-podcast-195 . In this interview we discuss the star rating system for mutual funds that Morningstar uses, her experience educating women investors vs men, owning individual stocks and cryptocurrency, complacency about equity risk these days, whether you should change anything about your investing plan with a new president in office, and what lessons we should take from our experience during this pandemic. Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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. 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. See full show notes here whitecoatinvestor.com/the-backdoor-roth-ira-made-easy-podcast-194. 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. Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Burnout is a big risk to your finances. Your fastest path to cash is as a board-certified doctor. We want you to be happily practicing medicine for as long as you would like. Our guest in this episode is Dr. Dike Drummond who we have written about before https://www.whitecoatinvestor.com/using-a-venn-diagram-to-decrease-burnout/ . He has spent the last 20 years coaching and training physicians on the prevention and recovery from burnout. In this interview we discuss the causes of physician burnout, depression vs burnout, symptoms of burnout, and how to recover from it. Recovering from and preventing burnout, and building a wonderful life is just connecting a series of baby steps. If you are feeling burned out and looking for a cure, start with this episode and it will help you identify the next steps. See the show notes here http://whitecoatinvestor.com/cure-physician-burnout-with-dr-dike-drummond-podcast-193 At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

I often tell people having a written investing plan is crucial to their financial success. That requires that the investing plan first be reasonable. There are lots of portfolios out there that simply are not reasonable. There is not just one way to invest successfully. If you pick something reasonable and fund it adequately, you are highly likely to reach your goals. In this episode we will go through 10 ways to know if your written financial plan is reasonable, answer several listener questions about their financial plans, and give you directions on how to get a written financial plan in place, if you have not done this important step yet. See the full show notes here http://whitecoatinvestor.com/is-your-financial-plan-reasonable-podcast-192 I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

There are 10 big financial mistakes that doctors make. We see these made repeatedly over and over again. If you can avoid these, you're going to have a great career and financial life. We often think we have to get everything right with our finances, but you really don't. You just have to avoid the big screw ups. If you have made one of these mistakes, fix it today and get back on track for a successful financial life. See the full show notes at https://www.whitecoatinvestor.com/dont-make-these-10-financial-mistakes-podcast-191 Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

We can learn a lot from the research examining how self-made, economically successful Americans became that way. Our guest this week is Sarah Stanley Fallaw. You may not be as familiar with her name as you are of her late father, Thomas Stanley, author of The Millionaire Next Door. See the full show notes for our interview here https://www.whitecoatinvestor.com/the-next-millionaire-next-door-podcast-190.They were involved in research examining these economically successful Americans and co-wrote The Next Millionaire Next Door. Much has changed from the first millionaire book. A new generation are hearing from self proclaimed experts in personal finance due to the proliferation of financial blogs and podcasts, like WCI. In this episode we talk about the concept of a millionaire, though the name and image haven't changed, a million dollars is nowhere near what it used to be. We discuss the decisions, behaviors, and characteristics of the new millionaire next door and how they align with the discipline of building wealth. The main lessons of her work seem to be that millionaires are mostly self-made, surprisingly frugal, and spend time doing things that build wealth. We talk about each of those things in this episode. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

If you are fortunate enough to inherit an IRA there are some things you should know. Inherited IRAs, also known as stretch IRAs (https://www.whitecoatinvestor.com/new-stretch-ira/) have changed this year. You can no longer leave it to your great grandchild and have them stretch it over the next 80 years. They have to withdraw all the money in year 10. But a listener asked how this affects the backdoor Roth IRA, when it makes sense to roll the IRA over, and whether you can roll these over in the same way as you would other accounts. We delve into these questions in this episode for those looking forward to an inherited IRA. For the rest of you, we talk about whether you should do Roth or tax-deferred 401K contributions, rebuilding your practice during COVID, rebalancing your accounts, whether a medical student should buy disability and umbrella insurance, and what to do if you should have done your Roth IRA through the backdoor but you didn't. Check out the full show notes here https://www.whitecoatinvestor.com/inherited-iras-podcast-189. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

The work of Dr. Rick Hodes in Ethiopia is inspiring. He is working in an international inter-religious, interfaith, inter-ethnic environment to make the world a better place. He is the doctor we wrote we wanted to be in our medical school admission essay. We talk about how he got started practicing medicine internationally, the interesting work that he has done, and the many people that he has been able to help. We discuss the finances behind work like this and the effort put into fundraising. Some people have criticized international aid programs saying they are doing more harm than good and we get into that too. Many of our profession are suffering from burnout. Dr. Hodes has some advice on that as well, 30+ years into his career. We also talk about how you can help. For not a lot of money, we can help a lot of people. Rick shows us what a true calling in medicine can look like. Take a listen and see if you find this interview as inspiring as I did. The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Is there a recommended percentage of your portfolio that should be in Roth accounts when you retire? We are asked this question a lot. People think there must be an optimal mix. Is there? And is it worth the cost to get to it? These questions are discussed in this episode. There is a general rule of when to make pre-tax vs post-tax retirement contributions as well as when are good times to do Roth conversions. Listen to this show to better understand those as well. We also dive into listener questions about paying off the mortgage vs investing in a taxable account, understanding how to max out your 401(k), cash balance plans, investing in farmland, over contributing to your HSA, rebalancing your portfolio between accounts, investing in annuities, and the complications of sharing assets with extended family members. A wide variety of listener questions this week that will hopefully be helpful to many. If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

The financial pathway of a major airline pilot is remarkably similar to that of a doctor. A lot of people don't realize they make doctor-like incomes and actually have a lot of doctor-like financial challenges. You make little to no income for a decade, then pretty good income for as long as you can go without burning out. Joining us in this episode is Jason Depew, a veteran and current captain with Delta. We discuss the parallels between the financial lives of doctors and pilots like high income, burnout, geographical arbitrage, lack of financial education, and the loss of income during this pandemic. Pilots are unionized. We talk about the benefits and drawbacks of being part of a powerful union, which may be the future of medical professionals. Pilots, especially with the major airlines, are a high income professional category that we don't discuss a lot at the White Coat Investor, but this episode will be a great resource for our pilot listeners as well as all other high income professionals. Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

The Canadian financial system is similar but not quite the same as the U.S. financial system. In this episode we talk about the Canadian retirement system, the programs they have similar to the U.S. social security system. We discuss their versions of our Traditional and Roth IRA accounts. Considering our close proximity to each other, it is no surprise that a couple of listeners have questions about working in one country and living in another as well as Americans married to Canadians and what to do about citizenship. We cover the pros and cons of those situations in this episode. For those with no connection to the Great White North we also answer other questions about separately managed accounts, over-contributing to the 457(b), marketing timing in the de-cumulation phase, UTMA accounts, and the CARES Act tax deductible student loan payment. Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

It is becoming more and more common for physician groups to be approached by a private equity firm that wants to buy the practice and make them "more efficient." Of course the older partners think that this is a good time to sell. The younger doctors thought they just joined a partnership and were looking forward to owning their business and having control. What do you do if you are the younger doctor? We discuss some ideas in this episode that will hopefully help, if you find yourself in this situation. We also answer a lot of other listener question about challenges facing families with children with special needs, small business retirement accounts, understanding a wash sale, reporting the backdoor Roth IRA with a loss, understanding dividend stock investing, the S&P 500 vs total stock market index fund, and what recommendations I have for medical students to do early in their career to prepare themselves for entering the workforce. If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Our guest today is Dr. Hala Sabry, the founder of the Physician Moms Group on Facebook. Who better to ask about physician moms and their finances than a physician mom managing a group with 75,000+ other physician mom members! We delve into lots of topics surrounding finances as a physician mom including infertility, child care, career changes, and gender wage gap. We talk about women in medicine. Over 50% of medical students are now women. What implications will that have for the physician workforce? Women are often hesitant to negotiate when getting a new job. What can be done to encourage them to negotiate harder and avoid any negative consequences that could come from doing so? Not everyone has this Instagram perfect life where they're beautiful and have no struggles. Our lives are hard, layered, and dynamic. Not only is medicine your profession, but it is your identity. Your worlds kind of collide as a physician mom and it is a lot of pressure. The truth is, it is not just women who are struggling. Men have the same issues, balancing life and work and all these other things but today's episode really focuses on them from a woman's perspective. If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

What general market trends do we see during election seasons? What usually happens if a Republican president wins a second term? What usually happens if a Republican president were to lose to a Democrat? If the office were to change hands, what is the usual market trend during the lame duck period and also just after a new president takes office? More importantly what should you do with your portfolio based on these trends? We dive into this past market data in this episode, find some interesting trends, and give some warnings on what you should do. Spoiler: Please don't make any huge changes to your investing plan based on how the election is going, what is in the political news, even what is in the economic news. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Practicing evidence-based medicine is important to physicians, looking at data and changing our practice according to it. Our guest in this episode, Larry Swedroe, has been a proponent of evidence-based investing for a long-time. His teachings have affected me over the years and certainly affected my portfolio construction. In this interview we talk about the limited data set in finance in comparison to other more scientific fields and how much we can rely on that retrospective data going forward. We discuss portfolio construction, alternative asset classes, recommended strategies for spending down assets in retirement, and investment mistakes smart investors make. Are you a smart investor? Find out in today's episode. Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

What does it take to become a millionaire? Hear the experiences of seven millionaires in this episode talk about how they did it. You may recall we did our first episode with physician millionaires the start of 2020. People loved hearing from these successful doctors and what they did to win financially, but they wanted more women represented. So all seven guests today are female, 6 physicians and an engineer. We talk about similar stuff to what we did last episode, how they did it, their mindset, what their money is invested in, but also discuss what it is like as a woman to have a career as a higher earner and be able to build wealth. Did their gender hold them back in that pursuit or not? What were their keys to success? What advice do they have for those who are a decade or two behind them, wondering, "can I, as a woman, become a millionaire still? If you go and look at the data, it is a pretty small percentage of physicians in their 60s that have a net worth more than $5 million. It is awesome to have several all in one episode to learn from. Enjoy! Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

What changes when you make partner? When you become a partner, you go from being an employee to being an owner. So, there are lots of financial changes. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ I'm a big fan of ownership and think generally becoming a partner is the right move for your career. There are more risks and hassle to being a partner but more rewards and profits as well. We discuss the advantages and responsibilities to becoming a partner in a practice including getting K-1s instead of W-2s, making quarterly estimated tax payments, writing off legitimate business expenses, paying for your own benefits and understanding retirement accounts available to you. In this episode listener questions are also answered about losing faith in long term market returns, being an accredited investor, value tilting your portfolio, what to do with your cash, tax gain harvesting, and the pro-rata rule. At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

What is it like to practice medicine in Australia? Our guest in this episode walks us through the training and practicing of physicians in the land down under. We talk about what the medical system is like in Australia as well as how physicians are compensated. From time to time we bring doctors on the show from other countries, we've had a British physician and a doctor who trained in Venezuela on. It is fun to dive into the medical world of another country. Sometimes in the U.S. we get these almost blinders on and think we're the only country in the world. We don't really realize that there are a lot of lessons that could be learned from other countries, that we can really apply in our own lives to simplify both our medical system and our financial system. I think you will find this interview really interesting. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Your financial planning after having a child with special needs will be different than you might have otherwise anticipated. In this episode we talk about 6 aspects of financial planning that are important to understand when you are in this situation. Your investing horizon is no longer your lifetime. It is now your child's lifetime. Government resources available to your child will affect your financial planning. You will need to look at your life, disability, and health insurance differently as a parent with a child with special needs. The benefits of an individual educational plan at school will help with the financial aspect of raising a child with special needs. Some states provide better benefits to those living with disabilities, both while in school and as adults. This could play a part in the decision you make of where to live with your child. ABLE accounts and irrevocable trusts are also discussed. For those not in this situation we also cover many listener questions in this episode, including converting bonds to TIPS funds, true-ups and vesting in your work retirement plans, whether you should be financially planning for the future you want or the future that might end up happening, the problems with leaving your assets to multiple people, choosing a renter, whether to invest in a 529 for K-12 private school, what percentage of an asset allocation international stocks should comprise and where they should go, and more. Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

I have been asked for several years if any doctors have received public service loan forgiveness. Public Service Loan Forgiveness first became available in 2007. Since it is a ten year program, the first eligible recipients would be in 2017 but for various reasons a lot of people aren't going to be eligible for it until 2021-2023. Mostly because the program was not very well known when it first came out, as the doctor will mention in this episode. But I am excited to bring two special guests on the podcast today. I have been waiting to have guests like this on for three years. In this episode I interview Mariko and Dan about their experience working through the PSLF program for ten years and their recent success of receiving forgiveness. We talk about their experience with the phone calls, documentation, and time they put into fixing all the mistakes made by their student loan servicers. They share tips for those following in their footsteps. If you are thinking about going for PSLF or are currently working towards it, this is a must listen to episode. For the rest of you, we answer a couple of listener questions at the end about preferred stocks and Roth vs Traditional 401(k) contributions. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

When faced with making a decision you may find yourself with the inability to act due to overthinking the available alternatives and possible outcomes. This is commonly known as analysis paralysis. When you get analysis paralysis with finances, what often happens is you are so worried about making a mistake that you don't do anything at all. The more money you have, the worse this can be. When you don't make a choice to invest, you are making a choice. You're making a choice to invest in cash. If that is not the decision that you want to make, then you need to fix your paralysis. Leaving money sitting in an account earning close to nothing is not going to give you the same long term returns as investing in stocks, bonds, and real estate. Fixing analysis paralysis with your finances starts with having a written investment plan. We talk in more detail about that in this episode so you have a plan on what to do with your money. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

In this episode we take a look at the financial life of a physician earning seven figures. I think it will be enlightening because you can compare and contrast your life and think about the things you can do better and the decisions and tradeoffs you've made over your career to be in a different place than our guest. I think there are a lot of lessons to learn from examining the finances of a financially successful physician. Tom and I discuss the role ownership of a practice has played in his financial success as well as employing other physicians and advance practice clinicians. We look at the decisions he has made about his payor mix and procedure mix. We talk about the role luck, talent, and hard work had on his success. Being a good negotiator has been important to his success. Of course when making this much money taxes are discussed and we can't ignore the real difference geographical arbitrage has on physician incomes. With an income this high all of a sudden you can pay off your debts and reach most of your financial goals in just a few years. Then you face the issues of the wealthy-how much to give, identifying additional spending that will actually make you happier, worrying about estate taxes and asset protection, and trying to not ruin your kids. Though you might not be able to relate with this high of income, I think there are lessons to be learned from delving into the personal finances of a physician this successful. The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Robinhood has been taking the investing world by storm the last few months. I thought it would be worth mentioning a few things about Robinhood on the podcast. Robinhood is just a brokerage account. It does have no commissions and allows you to buy fractional shares so it is convenient for people without a lot of money. It has become a bit of a cultural phenomenon, particularly attracting young people who have never invested before. The problem is that it tends to inculcate people with a trader's mentality, making investing fun and exciting. Everything that good investing is not. There are dangers to Robinhood and this trader's mentality that I discuss in this episode to hopefully help you avoid the perils of day trading. I also answer reader and listener questions about the finances of starting your own practice, whether it make sense to invest in bonds in a taxable account when you have a mortgage, making estimated tax payments as a W2 employee with 1099 income, what to do with a 401k when you leave your employer, and setting up an account to invest in real estate. If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Our guest this week is one of my favorite writers. Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. His passion for finance and investing come through in his writing. I am intensely jealous when I look at his writing because of his talent. He is insightful and easy to read. He takes complex and important topics and makes them simple to understand. We really dive into behavioral finance topics in this episode. My favorite piece of his was called The Psychology of Money and was the base for his new book coming out September 8th. It is filled with so many pearls that it should be required reading for humans. I pull a few of those pearls out today and discuss them. We talk about some of "the flaws, biases, and causes of bad behavior" he has seen often when people deal with money. Listen to the episode and go pre-order his book. It will almost surely be a best seller and definitely on my recommended reading list. Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Asset location is something that is completely missed by a lot of otherwise pretty financially sophisticated people. So I do a deep dive into this topic in today's episode before answering listener questions. Asset location is basically that process of dividing up your investments into your various accounts. Each of them have different issues and are taxed in a different way. This has some bearing on how your investments perform and which investments should be going into which of these various types of accounts. Unfortunately it is a rather complicated discussion. There are some rules of thumb, but very few absolutes. However if you get this right, it can be worth a million dollars or more. So it is worth looking at, but perhaps not obsessing over. We go over six principles of asset location that you should be aware of in this episode as well as some basic tips that you should follow if you are trying to invest tax efficiently. Listener questions that we discuss today include the new charitable deduction that came into being with the cares act, paying your spouse for working in your practice, SIPC insurance, how much is too much in assets, UGMA accounts, health insurance premiums, the positives and negatives of having your practice own your life insurance policy, tapping your retirement accounts to invest in real estate, and more. Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

This is part 2 of the lively debate between Rick Ferri and Paul Merriman where we continue the discussion on the pros and cons of factor investing. See part 1 here https://www.whitecoatinvestor.com/rick-ferri-versus-paul-merriman-on-factor-investing-podcast-169/ They both are just a wealth of information and experience, plus their humility makes it all the more impressive in how much you can learn from them. It is fun to have a little bit of back and forth between them as they talk to each other about how they really feel about tilting your portfolio. We also delve into the 40 pages of questions that you sent into ask these men, talking about investing in gold, what to do about low bond returns, preferred stocks, and what they would do differently in their investing career if they could go back and do it again. If you're looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

This episode we have Rick Ferri and Paul Merriman on the WCI podcast at the same time for a lively debate on the pros and cons of factor investing. These are two opinion leaders who have affected the investing views of literally millions of investors. When I told you I was bringing them on the show I received 40 pages of questions to ask them about asset classes, changing your asset allocation, small cap value and other factor investments as well as total market investing. We talk about the historical performance of these investments. We really delve into the details of factor investing and whether it is right for you. This may be an interview you need to listen to more than once, there is so much to learn from these giants in the industry. If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Should you pull money out of retirement accounts or skip investing in retirement accounts in order to invest in real estate? No. With this pandemic and change in physician incomes, many have been looking at other sources of income outside their medical practice. I worry when someone is being told to pull money out of their retirement accounts before they need to spend it in retirement or before required to by the government. I think you need to be a little bit worried anytime someone is recommending against something that is so beneficial to you, like retirement accounts are for doctors. But I totally understand that real estate investing is really attractive to people. It is a great asset class with a lot of benefits. I never invested in real estate, outside of retirement accounts, until I had maxed out my retirement accounts. I recommend you do the same. In this episode I discuss why with the tax benefits, estate planning benefits and asset protection benefits provided you in retirement account contributions. But I also talk about what your other options are to still invest in real estate if you choose. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

You need a budget. Even for a high income earner a budget is a necessary tool. The higher your income, the simpler your budget might be. But the potential for positive impact is so much higher with a higher income. You want to be extremely intentional with your money because it can be really powerful. In this episode I interview Jesse Mecham, the founder of You Need a Budget, We talk about the budgeting philosophy behind the software and the four rules of budgeting. Some people might say the budgeting is just common sense, but yet so many people don't seem to be able to figure it out without some kind of help from an app like YNAB. They think that budgeting means dieting and it doesn't. It just means planning. They think budgeting means restriction, about spending less. Jesse tells us budgeting means you should spend guilt less. Enjoy this interview with a successful entrepreneur. Hopefully you will be inspired to get a budget in place! Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

I love Vanguard. I think it is great to have a real mutual fund/brokerage company that is owned by the investors and run at cost. Their low costs and passive investing has done wonders for the investment industry. However, things are maybe not the same as they were years ago, as far as Vanguard and its competitors. Fidelity and Schwab are now competing with Vanguard on price by offering their index funds at a lower expense ratio. But is that a reason to move your assets away from Vanguard? I don't think so and I talk about why in this episode. But Vanguard has it's issues and I discuss those in this episode too. I think if they're not a little bit more careful, they may see that they really have serious competition for gathering assets. Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Direct primary care has been described as revolutionizing primary care in medicine. Our guest in this episode is Dr. Aimee Ostick, a direct primary care physician, https://healthandhealingdpc.com/dr-ostick, who describes DPC as the impossible made simple. We talk about what direct primary care medicine is, how to transition a typical primary care practice into a direct primary care practice, and she shares her experience starting and running a DPC practice. I don't know if DPC is quite a revolution yet, but it certainly is the way I would be running my practice if I were a primary care doctor. We discuss the advantages of this model both for the physician and the patient as well as the potential challenges of starting and continuing a DPC practice. I think this model can work for many specialties and would love to see medicine transition to this more transparent way of practicing. At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Maxing out your retirement accounts will make estate planning easier, give you better asset protection, you'll pay less in taxes, all while your investments grow. A tax protected retirement account provides all this for you, whether it is a tax deferred accounts like a 401(k)s or tax free accounts like Roth 401(k)s and Roth IRAs. Whichever one you choose to use, you are almost always better off than investing in a taxable account. We cover the downsides in this episode but they are not very big in comparison to the upsides of maxing out retirement accounts. These accounts are protected in case of bankruptcy. A 401(k) contribution gives you a tax break up front. You can rebalance within the account without a cost for buying and selling or a tax consequence. And you will almost surely take that money out of the account at a lower tax rate than you put it in. It is important to understand that a tax deferred retirement account is your biggest tax break. I discuss the different types of retirement accounts in this episode as well as the contributions you can make to each of them. I cannot stress the importance of maxing out your retirement accounts enough. I also answer listener questions about tax benefits of private real estate funds, why I recommended an independent agent for disability insurance, collecting on both individual and group disability policies, how long you should continue your disability insurance policy, what to do with your money in residency, asset allocation, and adding small caps to your three fund portfolio. I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

If you are not financial independent you need to have a disability insurance policy in place. About one out of every five doctors over the course of their career uses a long-term disability policy. If you don't protect your income, what really is protected? It is really foundational to your financial plan. You need to have a policy in place that will replace a large portion of your income if you get disabled so you can continue moving forward with your plan. If you get disabled and you can't actually earn your income, then all of that effort you put into your financial plan goes out the window. I have been collecting disability questions from you for several weeks. I brought Matt Wiggins from Pattern Insurance www.whitecoatinvestor.com/pattern on this episode to help answer questions and give some additional information as an insurance agent. In this episode we talk about the three D's of disability insurance - definitions, discounts, and deadlines, pregnancy and disability insurance, the top insurance companies, how agents are paid, getting out of a bad policy, graded vs level premiums, and what riders may or may not be worth adding to your policy. If you don't have disability insurance you need to listen to this episode. If you aren't sure your policy is adequate, you need to listen. If you have a great policy in place, pass this episode on to a colleague, you probably know someone that needs the push to get this in place. Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Do doctors need a side gig? No. But it certainly can ease the stress that comes from changes in your physician income beyond your control, like with this pandemic. But living like a resident, saving and investing appropriately can also do that. I think each of us needs to find a balance and realize that if you will carve out a chunk of your income and invest it in some reasonable way, you'll be okay. Doctors make enough money that if they will just manage the money well, they don't need a side income. But it never hurts to have a little bit of side income if that is something that interests you. Besides discussing the necessity of side gigs in this episode I also answer listener questions about where to put your PSLF side fund, what asset allocation to have in your 457 account, whether my opinion on the use of bonds has changed given recent market events, and should you be interested in a side gig, how to pay yourself from that money. As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

What is it like to train and practice medicine in Venezuela? Dr. Postalian emailed me a while ago saying, "if you are interested in learning about medicine in a completely crazy and destroyed economy like Venezuela, let me know." See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ We have talked about medicine and finance in other countries, but they're usually very developed countries. I thought it would be interesting to talk a little bit about growing up and training for medicine and particularly finances in a mixed economy like Venezuela. Besides discussing what it is like to train and practice medicine in Venezuela we talk about hyperinflation. Hyperinflation is devastating to live through, but academically very interesting. Most of us have never lived in a country that experienced any sort of hyperinflation. We discuss how that affected his physician parents, their incomes and savings. How does that experience affect his investing strategy now? Venezuela was doing great, best economy in Latin America, bright future and everything, but it fell apart. Dr. Postalian reminds us not to take anything for granted. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Which states are best for real estate investing? This is like asking which investment is best. You can really only know in retrospect and it'll depend on how things perform over the next 10-30 years. But there are a few things to know that would probably help. I discuss those in this episode as well as list the states that typically make the top of that list. But personally, if I was going to buy a rental property, I think the best place is down the street. It is easy to check on and you can fix the small things yourself without hiring a professional. If you want to invest in real estate outside of your state I think the best way to do that is through syndications or private real estate funds. I also answer many listener questions in this episode about investing in a Roth or a tax deferred 401(k), what to do if you income goes up, mortgage forbearance, tax loss harvesting, multiple 401 (k) rules, small practice retirement plans, paye vs repaye, mega backdoor Roth contributions, keogh plans, and more. Lots of listener questions answered in this episode. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/ The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

Financial infidelity can mean many things. I have talked for a long time about the important of being on the same page financially with your spouse. It is so important to be open with each other as far as your finances go. If you are not doing this together, you are almost surely not going to be successful. For this show I have a guest that shares her story of financial infidelity, a spouse who was hiding a gambling addiction. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/. She wanted to come on the show to share her experience so that others in similar situation would not feel so isolated. A lack of support when faced with a spouse with an addiction can be a big obstacle to getting help. She shares her story along with resources where you can turn for help if you are dealing with addiction in your family. We also discussed what she did to protect herself financially, and in her recovery, so that she can thrive after a worst-case financial scenario like she experienced. I would hope that no other listeners and readers are going through something as difficult as this, but as we discussed in this episode, it is unfortunately more common than we think. Hopefully this show can reach those who could benefit from hearing this doctor's experience. If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

If you want to retire early, which specialty would be best to go into? Let's get one thing straight from the beginning, medicine is not a great option for FIRE in the first place. With the long years in training, you won't even start making significant money until your mid thirties with $300-400K in student loan debt. Traditional FIRE at 30 or 35 like all these FIRE blogs talk about is not possible in that situation. So if your goal is to retire early, medicine is probably not the right place for you. Not to mention if you are a medical student with this question, there is probably an issue with the career you chose. Maybe you should be thinking about getting out of medicine into a career you'll be happier in long term. But I do answer this question in this episode even so. Shorter residencies do get you to attending income sooner but those also tend to be on the lower end of salaries for physicians. It may not make sense to choose a specialty with a shorter residency if you will be paid significantly less each year afterwards. In this show I share which specialty I think is best for retiring early and why. I also answer listener questions about buying a home while in the military, timing the market, being over leveraged in your real estate investments, disability insurance for military doctors, tax loss harvesting, and more. I also bring on a guest for a few minutes, Ryan Inman from Financial Residency Podcast and Physician Wealth Services to answer a couple of listener questions about rebalancing and investing on the fixed income side. Lots of your questions answered in this episode! Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

What should a physician or dentist who wishes to sell their practice know about the process? What mistakes do doctors make in this transaction? What strategies can doctors use at the time of sale? These are the questions we answer during this interview with Kyle Rudduck, CFA, CFP of Constellation Wealth Management. Kyle spent the early years of his career working with consulting firms that focused on the healthcare sector with buyers and sellers of medical practices. He describes the practice valuation process in this episode and we discuss the range of multiples on EBITDA for a practice, how to minimize the tax cut when you sell, as well as what can be done in the years prior to the sale to increase the value of a practice. He talks about how a sale typically affects employees, and how a sale is different than a merger. We discuss how often doctors regret selling their practice to a hospital, private equity group, or other entity. This can be a huge transaction that you will probably only do once in your lifetime. You want it to go as successfully as possible. This episode will help you navigate the process. Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter