White Coat Investor Podcast

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 ab...

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 do...

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. ...

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 portf...

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 compari...

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 a...

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...

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 o...

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 fi...

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 ca...

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...

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 fina...

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 p...

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 ma...

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...

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...

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, sm...

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 r...

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 b...

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 inde...

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,...

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 th...

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 g...

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 ok...

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 dev...