White Coat Investor Podcast

Our special guest today is Toms Skujiņš. Toms is a professional cyclist, an avid podcast listener and a White Coat Investor. Toms races at the highest level and is currently the best cyclist in Latvia in not just one discipline, but two. He's been the Latvian national time trial champion and the national road race champion twice. He's been the Latvian cyclist of the year four times. Toms has completed the Tour de France four times. He has raced in most of the biggest races in the world. Last year, he nearly won a stage at the Tour de France. We discuss the income, contracts, investments, and more of professional cyclists. 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 dol

From this millionaire military officer we learn the importance of being consistent and having a plan. Follow the plan. As long as it is reasonable, you will be successful. It can be simple. No need to make it complex. Save adequately and invest reasonably and you too can be a millionaire. Find 150 reasonable portfolios here https://www.whitecoatinvestor.com/150-portfolios-better-than-yours/  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 v

This episode we discuss annuities, securities, and the three-fund portfolio. But we are also reaching the end of the year, which means it's time to take an assessment of how you did this year. Check out the End of Year Financial Checklist for 2021 https://www.whitecoatinvestor.com/end-of-year-financial-checklist/. This checklist will help you make sure you did everything you need to do at the end of the year. It's got everything on there from completing your 2021 Backdoor Roth IRA, plus a Mega Backdoor Roth IRA and Roth conversions. It covers making sure you maxed out your 401(k)s and HSAs and 529s ABLE accounts if you have a disabled kid as well as using up your flexible spending account and making sure you have insurance in place and giving to charity before the end of the year, if that's something you're interested in doing. There are a number of other things on that list to make sure you do once a year. If you are finding our podcasts informative and helpful we would encourage you to sign up for our mont

We can learn several lessons from this dual doctor couple. The first two years they had no savings as they had no financial education. Having a child motivated them to be more intentional about getting their financial lives in place. Fortunately they had physician incomes so even if you are not perfect in the first few years you still have that income to become financially successful quickly. High income makes it easier. Do what you can to get your income up. See our article about ways to make more money as a doctor. https://www.whitecoatinvestor.com/15-ways-to-make-more-money-as-a-doctor/  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 custom

Our guest in this episode, Michelle Singletary, is a personal finance columnist for the Washington Post. Her award-winning column “The Color of Money” appears twice a week in dozens of newspapers across the country and is syndicated by the Washington Post news service and syndicate. She's a frequent contributor to NPR and CNN and has been on the Today Show and the Early Show. We discuss debt, inflation, how Covid affected women. giving back, and more in this interview. Michelle is our keynote speaker at our conference in February if you'd like to hear more from her! https://whitecoatinvestor.com/wcicon22  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 re

Renting a less comfortable home than they would have preferred, this couple focused on crushing their student loans. Not being big spenders helped accomplish this goal. Their net worth may have been higher now if they had invested versus paying off loans but everyone's crystal ball is cloudy. They don’t regret the financial freedom and safety being debt free gives them. The most common question we get is should you pay off debt or use your money to invest? This post will help you make that decision https://www.whitecoatinvestor.com/pay-off-debt-or-invest/  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

This episode is all about retirement accounts. We are answering your questions regarding TSPs, what to do with old retirement accounts, how to set up retirement accounts, Roth conversions, Backdoor Roth IRAs and so much more. We have a number of great resources on the WCI blog regarding retirement accounts and financial advisors that can help you make a financial plan. Check out the recommended tab on the blog https://www.whitecoatinvestor.com for recommended financial advisors and retirement accounts. 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

We are celebrating this oncologist who got back to broke 6 months out of training. He went from a net worth of $-128K to $+210K net worth in 1.5 years. Getting back to broke as a physician is a big deal! He discusses his “lifestyle inoculation” that helps them purposely spend their money to bring them happiness. Being so intentional in their spending has allowed them to build wealth quickly. You can be intentional too with your spending. See how to avoid the trap of lifestyle creep here. https://www.whitecoatinvestor.com/how-to-avoid-the-traps-of-lifestyle-creep/  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 d

Today we answer your questions about asset allocation. We start off with some basic principles that everyone should understand and then dive into more specific questions. We discuss what glide path allocation is and how your asset allocation needs change as you age. We talk about asset allocation when using a defined benefit plan and also cover some pros and cons of treating your mortgage as a negative bond and how that affects your asset allocation. See our asset allocation rules here https://www.whitecoatinvestor.com/asset-allocation-rules/  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 C

This doctor followed advice of WCI to navigate complexities of a 1035 exchange, and recovered from many poor insurance products he was sold. Only 2 years after becoming financially literate he reached millionaire status, proof you can recover from financial mistakes and achieve success fairly quickly. Check out the 10 biggest Financial Mistakes Physicians Make & How to Avoid Them https://www.whitecoatinvestor.com/stupid-doctor-tricks-biggest-financial-mistakes/  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,

Today we are answering questions about contract negotiation. It is important to know what parts of a contract you can negotiate and when you likely won't have any control over your contract. It is critical to understand the details of your contract and we highly recommend having your contract reviewed by a professional. https://www.whitecoatinvestor.com/contract-negotiation-and-review/. You want to be crystal clear on your compensation, who pays for the tail, time off, sick time, maternity or paternity leave, and call structure etc. These are all things you can and should negotiate. We also cover a few more questions about student loans. The student loan landscape is ever changing but recently it has become easier to qualify for PSLF. If you are one of the lucky people who now qualify we recommend applying no matter how much student debt you have left. If you’re like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even

This second year anesthesiologist resident and nurse partner are already back to broke. With a salary of $90K they have been investing and paying off debt. What are their secrets to success? Being born into geographic arbitrage has definitely helped. Continuing to take advantage of that by doing med school and residency in a low cost of living area and keeping the loans down to $125K helps also. As well as making sure they are spending money in alignment with their goals. Live like a resident https://www.whitecoatinvestor.com/live-like-a-resident/ and you can get back to broke and soon be debt free and on your way to millionaire status too. 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 a

Every year we are sent a big stack of books that people want us to read and review on the blog or the podcast. This week at WCI is Continuing Financial Education week and we want to recommend a handful of books that we think would be useful to our readers and listeners. I have talked a lot about the importance of continuing education and I recommend reading at least one book a year to further your financial knowledge. Hopefully one of these books will prove to be a great resource for you. If not, check out our recommended book list https://www.whitecoatinvestor.com/best-financial-books-for-doctors/  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 milliona

In 3 years this pediatrician paid off $300K in loans with a 200K income. Motivated to get their schooling paid off so they could start saving for their children’s college education. They paused their retirement savings to really focus on getting rid of this debt as fast as possible. There are 10 reasons you should pay off your student loans quickly. https://www.whitecoatinvestor.com/10-reasons-to-pay-off-your-student-loans-quickly/  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 e

This episode we are answering questions about investment taxes. There are several things that you can do to reduce your investment taxes including the use of retirement accounts and buying and holding tax efficient investments. We cover six ways to help with reducing those taxes. We talk about when (or if) you should rebalance your portfolio and what to do if you have to recharacterize from a Roth IRA to a traditional. We discuss if it is ever a good idea to do tax gain harvesting and go over what opportunity zone investing is and what type of investors are participating in it. Learn more on how investments are taxed: https://www.whitecoatinvestor.com/taxes-on-investments/  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 mis

Following the outline for financial priorities in the WCI book, this couple was able to invest while paying off the debt for Brad’s medical school. Racquel used the National Health Service Corps to pay for school and owed them a couple years of service after. This episode we discuss the pros and cons of paying for medical school this way. Be inspired by this couple’s success and then go learn more about financial “waterfalls” at https://www.whitecoatinvestor.com/financial-waterfalls-for-new-residents-and-attendings/ to set your priorities. 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 thi

Jaspreet Singh is the creator of The Minority Mindset. We were introduced to him recently at a conference called FinCon that was for producers of financial content and resources. He was one of the keynote speakers at the event and has put together some awesome resources. He is an animated guy and his main mediums are YouTube and Instagram. He is a first generation American with an entrepreneurial spirit that is inspiring. You will find his story about giving up his family's dream of becoming a doctor to follow his passions as fascinating and educational as we do. See full show notes here: https://www.whitecoatinvestor.com/interview-with-jaspreet-singh-of-the-minority-mindset  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 esta

Our guest is a general dentist three years out of training. He has hit a couple of milestones, back to broke and a six figure net worth. But he came on the podcast today to celebrate buying a car with cash. He purchased a 2017 minivan with 20K miles and felt rich doing it! How much car can you afford? Check out this episode for the answer. https://www.whitecoatinvestor.com/how-much-car-can-you-afford/  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.

Today we are talking about whether it is better to pay off debt or invest. Like most financial questions the answer is, it depends. Read more at https://www.whitecoatinvestor.com/pay-off-debt-or-invest/. We discuss what to do if you have a chunk of money sitting in savings account and what to do with the money you are saving to purchase a home. We also update you on some important changes to PSLF. The requirements are being relaxed to include more people and more types of loans through October 2022. And finally, we have a guest on the podcast to share about a real estate investment opportunity. 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 y

This dentist just recently got back to broke! He finished training with a net worth of negative $510K. 5 years later they have reached a net worth of $40K. Consistently chipping away at your debt and managing your finances pays off. Make a plan early and track your financial goals with these four measurements. https://www.whitecoatinvestor.com/track-your-financial-goals-with-these-four-measurements/  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. Th