White Coat Investor Podcast

Jennifer did a 4 year residency, 3 year fellowship, 1 additional training year as a pediatric cardiac intensivist, and then no payments required due to the pandemic. This all made PSLF worked out really well for her, getting $246K forgiven. Learn more about PSLF and whether it is right for you. https://www.whitecoatinvestor.com/public-service-loan-forgiveness/   Still not sure what to do with your...

In this episode we discuss charitable giving and dive into donor advised funds (DAFs), versus Charitable Remainder Trusts (CRTs) and private family foundations. We break down what each of these are and discuss the merits and drawbacks of each option. Learn more about how the IRS supports your charitable desires. https://www.whitecoatinvestor.com/7-ways-irs-supports-charitable-desires/ We also answ...

As this dentist demonstrated, owning your own practice pays off. Everything extra comes to you. Save and invest that extra and you'll be a multimillionaire. If you've been thinking about starting your own practice, check out these tips: https://www.whitecoatinvestor.com/medical-practice-startup/   Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investi...

When you own your practice, you're able to give better care, have more control and less burnout over your professional life. In general, you make more money too. So, it is mostly all positive, although it does take some work upfront. Will and Juli Albright have been sharing their knowledge of practice startups on the blog for a couple of years, since they started their practice, Alamo Plastic Surg...

If you have a high savings rate and invest conservatively, it won't take long to accumulate a high net worth. From this nurse practitioner's experience we learn not to put a cap on what you think you can earn. It is easier to double your income than you think. After being inspired by this story, check out these ways to make more money for doctors https://www.whitecoatinvestor.com/15-ways-to-make-m...

How financially literate are physicians? White Coat Investor just celebrated our 10 year anniversary of providing personal finance and investing information to our colleagues. How have we done? In this episode we talk with the chief experience officer at Laurel Road https://whitecoatinvestor.com/laurelroad about the physician literacy survey we did together. We discuss how our peers rate their fin...

Elizabeth is 5 years out of training after doing a MD/PhD. Her teacher husband and her left training with a net worth of 650K+ and have since grown that into 2 million. Real Estate has definitely helped with growing their net worth. If you want to learn more about real estate opportunities check out our list of real estate resources. https://www.whitecoatinvestor.com/recommended-real-estate-crowdf...

We answer questions for every stage of doctor in this episode. For those starting out we talk about scholarships vs contracts to pay for your medical school before we dive into the extended student loan holiday, single incomes doctors with large families, and whether or not you should insure that engagement ring. For those on the other end of the spectrum we talk about over funding your 529s, wher...

Jon wanted to crush that debt so they could move on to other financial goals. Continue living like a resident, you are already used to it. Hardest thing is avoiding temptation. It is simple but not easy. Stay off the hedonic treadmill and you can crush your debt too! https://www.whitecoatinvestor.com/avoiding-the-hedonic-treadmill-2/   If you are finding our podcasts informative and helpful, check...

Would the White Coat Investor exist if I had only interacted with good financial professionals, and not multiple ones that ripped us off and caused me to educate myself and take control of our finances? Probably not. https://www.whitecoatinvestor.com/about/ So we have that terrible advisor to thank for this podcast which is all about your questions. We discuss the future of home prices in the U.S....

This academic endocrinologist follows the WCI advice and reaches millionaire status 3 years and 9 months out of training. How did they do it? They had a written financial plan and automated their finances. You need an investing plan to be successful! https://www.whitecoatinvestor.com/investing/you-need-an-investing-plan/   Did you know that the White Coat Investor not only has a podcast and a blog...

A defined benefit cash balance plan https://www.whitecoatinvestor.com/cash-balance-plans-another-retirement-plan-for-professionals/ is a somewhat unusual and surprisingly physician specific retirement account. It is a type of a defined benefit plan. On one end you have a defined contribution plan like a 401(k) and on the other a defined benefit plan or pension plan. A cash balance pension, a subty...

This orthodontist thought about the student loan debt every day until it was paid off. Each year it became less stressful as they made progress and started to see that they could really do it. Being a business owner really pays off when you can set a salary and everything above that goes to student loans. There are a lot of benefits to owning your business. https://www.whitecoatinvestor.com/10-rea...

Get out your car insurance policy and let's go over it to make sure you have the important things covered. Do you need comprehensive or just collision coverage? How much coverage do you need for bodily injury liability? What options should you pass on? How does your umbrella policy work with you car insurance policy? Most doctors should have an umbrella policy in a seven-figure amount. 80% of umbr...

This psychiatrist has a net worth of 2 million dollars, 7 years out of training, despite living paycheck to paycheck with her 6 figure income, until a friend encouraged her financial education as an attending. https://www.whitecoatinvestor.com/why-many-doctors-live-paycheck-to-paycheck/   At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicl...

James Lange is a nationally recognized IRA, a 401(k) and retirement plan distribution expert, and the president and founder of the Roth IRA Institute, which helps financial professionals and IRA and retirement plan owners to get the most from their retirement plans using Roth IRA conversions as an integral part of the planning strategy. More importantly, his ideas have affected my own thinking abo...

Jeremiah took a balanced approach to his student loan debt. With a high savings rate you can pay off your loans and invest along the way. Resulted in him being debt free and having a seven figure investing portfolio. Of course taking advantage of geographical arbitrage really helps with that. https://www.whitecoatinvestor.com/geographic-arbitrage-pof/   I estimate that 80% of doctors need, want, a...

The point of residency is to learn how to be a good doctor. It's not to try to get rich. But for new residents there are a few financial chores you need to take care of during residency. Don't drop the ball on these. Get in the habit of saving something each month from your paycheck, know where your money is going, and make sure you have critical insurance in place. We discuss these chores in more...

After graduating from medical school in India, this primary critical care physician lived like a resident with a high savings rate and low cost investments. He reached millionaire status in 7 years out of training by spending less money than his peers with an equivalent income. By living like a resident for just a few more years, you can too. https://www.whitecoatinvestor.com/live-like-a-resident/...

Becoming a new attending is a complicated time in your financial life. That first year out of training is probably the most important year of your financial life. What you do with your financial life in that first year, can predict the next 30 or 40 years of your financial life with surprising accuracy. In this episode we go over the financial priorities of a new attending, what you should be focu...

It took this doctor 6 years to pay off her student loan debt because she muddled around for awhile before getting tired of the loans and getting more aggressive, throwing $3-4K a month at them. It was harder than she thought to pay them off. It is hard to make sacrifices. But she enjoys work so much more now that she is not obsessed with the debt. Still not sure what to do with your student loans?...

"Average Joe" is frequently poor because of his car. For most middle-class Americans, the reason they are not millionaires is sitting in the driveway. It is a really important concept to understand, that we are wasting a lot of money on cars. We simply consume it. You don't have to do that. Here is the other truth that makes it very difficult to talk about this subject, https://www.whitecoatinvest...

This couple went from -187K to 1.2 million in 5 years. Their key to success? Budgeting software, You Need a Budget, and following it to a T. In this episode they discuss how they got the reluctant partner to buy into budgeting. If you and your partner are not on the same page financially check out the article 7 ways to get your partner on board financially. https://www.whitecoatinvestor.com/7-ways...

We have done episodes about what it is like to practice medicine in England, Australia, and Venezuela. Next up is India. With Dr. Raja we discuss what it is like to live in, attend medical school, train, and practice medicine in India. It is a fascinating country with a lot of different people, opinions, and politics as you move from one state to another, throughout the country. But it's great to...

This doctor couple went from -500K to millionaire status in 9 years with an income ranging from $200-$500K. What makes this episode different is that one of them became disabled during that time. They had to sell the practice and collect disability insurance payments. There is a reason disability insurance is the first step in our Bootcamp. Here is what you need to know about disability insurance....