White Coat Investor Podcast

Today we are talking all about insurance. We answer a few questions about tail coverage. We talk about annuities and whole life insurance and yet again encourage you all to avoid these products. We also have a short interview with a doc who has found himself working in the insurance world. We then answer a question about mortgages and the implication of property tax and home insurance. As you prepare your taxes this season, you might be wondering if you're paying more than you should. Over the past decade, clients of Cerebral Tax Advisors have seen an average return of 453.53% on their investment in Cerebral's tax planning services. As a White Coat Investor-recommended firm trusted by physicians nationwide, Cerebral uses court-tested, IRS-approved strategies to reduce personal and business taxes. Cerebral founder, Alexis Gallati, comes from a family of physicians and brings over 20 years of expertise in tax strategy and multi-state tax preparation. Don't let another year go by leaving money on the table - sch

This Engineer and Surgeon couple have become millionaires just a short time after she completed training. They hit this impressive milestone before she even began practicing. They have a very impressive savings rate and were building wealth while she was in training and he was working as an engineer. They lived off of his income and saved hers while she was in residency. Their next financial goals are to reevaluate their savings plan, automate savings and learn how to spend more. After the interview we will talk about different states estate taxes for Finance 101. Take charge of your financial future with CompHealth, the #1 staffing agency for physicians and healthcare providers. Locum tenens positions pay more on average, and with housing and travel costs covered, your earnings stretch even further. CompHealth also offers full-time positions, telehealth, and medical missions. From credentialing and licensing to contract negotiation and finding the right opportunities, their specialized support makes the job

Today we are answering your retirement account questions. We talk about Roth IRAs and the pro rata rule, we talk about self directing your solo 401(k). We discuss 457(f)s and 457(b)s. We talk about when to do Roth contributions and 401(k) contribution limits and more! Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply. The White Coat Investor has been helping doctors with their money since 20

Today we are chatting with a psychiatrist who is back to broke. He said he owes his financial awakening to his wife who and his medical school friends who introduced him to WCI. He quickly turned things around and started saving an emergency fund and opened a Roth IRA. He is working towards PSLF and is currently saving for a down payment while also investing and growing wealth. His biggest piece of advice is to have a great partner that you are on the same page with. Together you can do anything! After the interview we will be talking about the dangers of performance chasing. Take charge of your financial future with CompHealth, the #1 staffing agency for physicians and healthcare providers. Locum tenens positions pay more on average, and with housing and travel costs covered, your earnings stretch even further. CompHealth also offers full-time positions, telehealth, and medical missions. From credentialing and licensing to contract negotiation and finding the right opportunities, their specialized support ma

Today we are talking all about credit card hacking for travel. We have friend of WCI, Dr. Lisha Taylor, back on the podcast as well as credit card hacking guru, Dr. Devon Gimbel. They share why they think high income professionals are the perfect people to make use of credit card points, particularly for travel. They share their insights on how this works, how much time it takes, when it is worth doing and when it is not. Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Membe

Today we are talking with an Automotive Engineer who has built a 6 figure HSA and gown his net worth to over $2 million. He shows us that you do not have to make a half a million dollars or more a year to become a millionaire or to reach FIRE. He has a massive savings rate and got started right out of school. 13 years later he is well on his way to financial independence. He said it has always been important to him to have freedom and independence to choose what he wants to do without worrying about finances. He wants to be able to serve his community and maybe even teach personal finance when he is no longer working full time. After the interview we are going to talk about FIRE for Finance 101. Take charge of your financial future with CompHealth, the #1 staffing agency for physicians and healthcare providers. Locum tenens positions pay more on average, and with housing and travel costs covered, your earnings stretch even further. CompHealth also offers full-time positions, telehealth, and medical missions.

Today we are getting into some investing questions. We start off with a discussion around iBonds and if they are still a worth while investment or if it might be time to let them go. We also discuss ASC investment and buffer assets and what those both are. We talk about how to make asset allocation decisions when you have access to some unique investments and wrap up with a discussion around stock performance when you have a very long investing time horizon. Laurel Road is committed to serving the financial needs of doctors. We want to help make your money work both harder and smarter, with A Laurel Road High Yield Savings account. Build your savings with highly competitive rates, no minimum balance to open, and no monthly maintenance fees. Whether you’re saving for an emergency fund or planning your next big purchase, you can keep building your savings and access your funds whenever you need them. For terms and conditions, please visit https://LaurelRoad.com/WCI Laurel Road is a brand of KeyBank N.A. Member

Today we are celebrating this OBGYN taking a 5 month maternity leave and still building wealth through the process. This dual doc couple took advantage of all their state and employer benefits to really minimize the financial impact of taking maternity and paternity leave. Despite taking a hit to their income their wealth grew by around $200,000. Her advice to anyone who is starting a new job and wants to have kids at some point is to look very closely at what the maternity benefits the job offers. She also recommended sitting down with HR to make sure you understand the benefit options. After the episode we will talk about Treasury Direct for Finance 101. With Weatherby Healthcare, you choose your own healthcare career path. Our locums experts then support you every step of the way, helping you find the right opportunities at the right times. We understand your professional and personal goals, and are experts at helping you achieve them. Let’s keep your career interesting with new locations and settings, and

We start off answering questions from some military docs about the TSP fund now that it allows Roth conversions and contributions. We then talk about indemnification clauses. Dr. Dahle asked our friend Kyle Claussen from Resolve to come on and educate us and answer this question. Indemnification clauses can be problematic for docs and it is worth really understanding them. We wrap up by answering questions about debt pay off. The first is about what happens when you try to make an extra student loan payment, next we talk about the best way to pay off a practice loan and then discuss if it is a good idea and if it is even possible to cash flow your advanced education. Tax season is around the corner, and this means it’s the perfect time to optimize your tax strategy. That’s why enrollment is now open for Cerebral Wealth Academy’s course, The Doctor’s 4-Week Guide to Smart Tax Planning, but only until the end of February. Designed for medical professionals with 1099 income, this course includes live Q&A ses

Today we are talking to a resident who is already back to broke. He had a leg up from fantastic parents who were able to help pay for his first few years of medical school. He is a great example of showing that you can get started on your financial journey before you even get your first attending paycheck. His secret to success is educating yourself early, living like a resident, and being extremely conscious of where you are spending you money. His next goal is aggressively paying off his student loans as soon as he is out of training. After the interview we are talking about flipping your home to a rental property for finance 101 and if that is a good idea or not. With Weatherby Healthcare, you choose your own healthcare career path. Our locums experts then support you every step of the way, helping you find the right opportunities at the right times. We understand your professional and personal goals, and are experts at helping you achieve them. Let’s keep your career interesting with new locations and set

Today we are answering a few real estate questions starting with one about a 1031 exchange and then one about how to determine what qualifies as a "primary home." We then get to hear from our friend Jim Sheils at SI Homes who gives us an update on what they offer and what is new with them. We then change directions and discuss the national debt as well as answer some questions about things to thin about when you are starting a new practice. Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Se

Today we are talking with a surgeon from the midwest who is back to broke. This doc really teaches us the power of finding a great work life balance. He has found love and success in work, family and his life on his farm. He loves a side gig, is pursing PSLF and believes in the power of self actualization. After the interview we will be talking about nuances with Roths and Mega Backdoor Roths for Finance 101. Take charge of your financial future with CompHealth, the #1 staffing agency for physicians and healthcare providers. Locum tenens positions pay more on average, and with housing and travel costs covered, your earnings stretch even further. CompHealth also offers full-time positions, telehealth, and medical missions. From credentialing and licensing to contract negotiation and finding the right opportunities, their specialized support makes the job search easier. Whether you want to work locums full-time, part-time or pursue something permanent, CompHealth provides options and resources to help you achie

Today we have another Friends of WCI episode. Tax guru, Alexis Gallati, joins Dr. Dahle to answer your questions about taxes. They start with a question about what the benefits of hiring your spouse and children might be. Then they answer a question about the tax implications of hiring a nanny. They debate what to do when you have a bunch of cash in your Vanguard Settlement fund and wrap up in the episode with a question about tax considerations in a low income earning year. Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brok

This doc has become a millionaire just 4 years out of training. He comes from a two doc family who saved up enough to cover the cost of under grad and medical school. Getting out of training with no debt made a massive impact on his financial future. He expressed a huge amount of gratitude. He also said he was not financially literate and did not really learn about finances until he picked up the WCI book during residency. Between the help from his parents and becoming financially literate he was able to hit the ground running and start building his wealth. His big advice to you is before you get a paycheck, have a plan for it. His next goal is to celebrate his upcoming wedding and then to start saving for house, which is no small goal in New York City where he lives. Stick around after the interview to talk about changing your family tree for Finance 101. Take charge of your financial future with CompHealth, the #1 staffing agency for physicians and healthcare providers. Locum tenens positions pay more on av

Today we start out answering a few of your Mega Backdoor Roth questions. Then we move to answering a handful of questions about student loans including if we think the Trump administration is going to get rid of PSLF. We also have friend of WCI, Dr. Gretchen Green, join us for a few minutes to talk about the power of side gigs and increasing your income. Especially if you can use the skills you already have from your training. Dr. Green teaches docs how to boost their income by doing expert witness work. Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory service

This ER doc is back to broke only one year out of training. He decided to focus on investing and growing wealth instead of tackling his student loans. He refinanced before covid and got his loans locked in at a 2 1/2 percent interest rate, so he knew he could make more in the market. But don't worry he will have those loans paid off in only another 4 years. He is crushing the savings rate and will be a millionaire in no time. After the interview we will be talking about rollovers for Finance 101. Resolve is the #1 rated physician contract team, reviewing 1000+ physician contracts every year. They empower physicians with location specific compensation data which leads to unparalleled leverage during the physician contract negotiation process. A physician contract lawyer is included and can negotiate on your behalf – alleviating the stress that can go along with reviewing complex legal terms.  Flat-rate pricing and flexible schedules are designed for a physician’s schedules. Visit https://WhiteCoatInvestor.com/

Today we are talking about finding balance in our lives. We discuss how to know what our risk tolerance is both in the finance space but also in our lifestyle. It is important to do the things we love that bring us joy, even if there is some risk involved. But at what point do we cross into reckless? We talk about how to know when we are working too hard and are too focused on saving for retirement that we forget to live our lives right now. We also chat with our friend Dr. Jordan Grumet, who will be a keynote speaker this year at WCICON. He is passionate about helping people find meaning in their lives to maximize happiness. Laurel Road is committed to serving the financial needs of doctors. We want to help make your money work both harder and smarter, with A Laurel Road High Yield Savings account. Build your savings with highly competitive rates, no minimum balance to open, and no monthly maintenance fees. Whether you’re saving for an emergency fund or planning your next big purchase, you can keep building

This two doc couple is celebrating 8 years of marriage. He talks about how having such a fantastic partner is the most important part of his life and has made all of this hard work worth it. He talked about the importance of being financially educated so you can learn from others and avoid the mistakes they have made. He said he is grateful his mistakes were early and fairly small.  This couple has always valued saving and building wealth and have generally saved her entire income. They even paid cash for their home in their mid 30s. These two are an incredible couple that show us just what is possible when you are both on the same page in your relationship and your finances. After the interview we will talk about your finances at the beginning of the year. Are you ready to take control of your financial future through investments that you can personalize to your specific goals? Black Swan Real Estate specializes in helping high-income professionals, including physicians, achieve financial freedom through pri

Today we answer a few questions about estate planning and then explain what a Grantor Retained Annuity Trust is. We talk about contribution limits when you have multiple 401(k)s. We give some advice to a listener who is being gifted a property that is not going to get a step up in basis and what he should do to prepare for the potential tax bomb. We end with helping a new attending know how long it should take to save up a 4 - 6 month emergency fund. As the new year begins, it’s crucial to take a proactive approach to tax planning and leverage every money-saving opportunity. Over the past decade, clients of Cerebral Tax Advisors have seen an average return of 453.53% on their investment in Cerebral’s tax planning services. As a White Coat Investor-recommended firm trusted by physicians nationwide, Cerebral uses court-tested, IRS-approved strategies to reduce personal and business taxes. Cerebral founder, Alexis Gallati, comes from a family of physicians and brings over 20 years of expertise in tax strategy an

Today we are chatting with an intern who has saved up an emergency fund. He is only 4 months into residency and he has built up enough to cover two months of expenses. We love these smaller milestones that show starting small and getting on the right track now will set you up for success when you become an attending. This doc is going to hit the ground running and we are certain he will grow his wealth quickly. After the interview we are going to talk about year end calculations for Finance 101. Resolve is the #1 rated physician contract team, reviewing 1000+ physician contracts every year. They empower physicians with location specific compensation data which leads to unparalleled leverage during the physician contract negotiation process. A physician contract lawyer is included and can negotiate on your behalf – alleviating the stress that can go along with reviewing complex legal terms. Flat-rate pricing and flexible schedules are designed for a physician’s schedules. Visit https://WhiteCoatInvestor.com/Re