White Coat Investor Podcast

Today Dr. Dahle talks with Michael Kitces, creator of the popular blog Nerds Eye View. He is a CFP (along with many other designations) who has a passion for educating.  His platform is huge and he knows more about financial planning and the financial planning industry than just about anyone out there. Today they tackle a range of topics with the higher level focus on the state of the financial planning industry. Michael shares valuable insight on how to find a trust worthy advisor, why he thinks there are so many fewer women working in the financial advising industry, if therapy training should be required for financial advisors and if the good guys in the industry are winning in the court of public opinion. We know you will love those topics and so many others from todays conversation. 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

This emergency doc paid off $311,000 in less than one year! He worked like crazy and picked up shifts every chance he could get. He and his family lived like residents and poured everything they could into the loans. He credits his wife and all she sacrificed to making this huge accomplishment possible. They are now excited to have him significantly cut back on shifts and to buy a much needed car. For Finance 101 find out what the best paying hobby you can have is. 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 ab

Today we talk more about the new Vanguard CEO and Ascensus acquiring Vanguards's individual 401(k) business. We answer a few questions about DAFs and if appreciated securities are a reasonable alternative to DAFs. We talk about donating real estate to charity and then get into detail about contributing to your non dependent adult child's HSA. 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 you

This pharmacist tackled his student debt with extreme focus and paid off over $170,000 in only 2 years! He said he and his wife had the goal to get rid of the debt quickly and discussed it in depth before they got married. The student loan pause was a huge motivator to keep plowing as much money as possible towards the loans while they were not accruing interest. This couple is inspiring and shows what you can accomplish with a solid plan and some motivation! After the interview we will be talking about Mega Backdoor Roth IRA for Finance 101. 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 t

Today we are talking with Marita Mccahill of PracticeGro. Marita shares her expertise around the importance of learning how to market yourself online as a doc, as well as how to market your practice. We discuss the impact of online reviews, changing jobs, and growing your practice. Whether you own your own practice or are a W2 or 1099 employee, there is something for everyone to learn on this one. 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. Wher

Dental Specialist has paid off just over $489,000 in student loans just two years out of training!  He took the Fire Your Financial Advisor course and created a written financial plan before he finished training. The first six months out of training he focused on paying off his car, credit card debt and and a loan from family. Then he aggressively went after his loans and was paying over $20,000 a month to get rid of those loans! He said he was worried about taking on so much debt but feels like it was very worth it because he loves what he does. Stick around after the episode for a discussion on the truth about investing. 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

Today we are answering your questions from the speak pipe. We discuss quarterly estimated payments and the safe harbor rule. We cover tax loss harvesting and not letting the tax tail wag the investment dog and if you should ever change your asset allocation for potential tax savings. We talk about travel expenses and tax implications that come with that, reducing adjusted gross income and what to do when you do not couple match into residency. Those questions and more in this episode! 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

Our guest today is celebrating three big milestones. She has had a unique path to financial success including an intervention from her sister while she was in residency. When she got out of residency she was $600,000 in debt. 5 years later she has received PSLF, reached a net worth of $500,000 and paid off $120,000 in student loans. Once she realized the financial situation she was in she dove into educating herself and making the necessary changes to getting out of debt and growing wealth. Today for Finance 101 we will be giving you 5 Rules for evaluating a rental property investment. 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 knowle

We are tackling your questions again today. First we answer a few questions about trusts. We cover topics like revocable trusts and probate. We talk about direct indexing and what exactly that means and if it is worth doing. We discuss high yield savings accounts and CDs and bonds. We close out the episode with Dr. Dahle sharing how his views and ventures in real estate have changed over the years. 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

This internal medicine doc just received PSLF and had almost $300,000 of loans forgiven! He said he was very intentional about looking for a 501(c)(3) institution when choosing a job. He feels so much freedom now that his loans are gone. After the interview we will talk about money and med school for Finance 101. 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 he

Today we are talking with our friend Mike Piper. Mike is an author and blogger and one of the smartest guys in the personal finance space. The discussion today ranges widely and includes topics like what is going to happen with social security, what you should do after you have accumulated more money than you need, how to identify the right spending strategy for you in retirement and how, when and why to talk to your children about inheritance. 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

Today we have a second time guest joining us to celebrate paying off his flight school loans. This pilot has made so much progress since he was first on the podcast two years ago when he got back to broke. He has saved and invested and lived frugally and now is totally debt free and also has a net worth of $275,000. Stick around after the episode for a discussion on dumb things you hear about buying homes for Finance 101. 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

Today we are answering more of your questions. We start off talking about a terrible fraud situation and how to attempt to mitigate the damage. We answer a few questions about asset protection and then a few questions about 529 accounts and how to use them. Finally we discuss the SAVE Plan and the current and extremely generous governmental programs available to docs. 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

Today we are chatting with an ER Doc who has reached millionaire status! He comes from an immigrant family and learned young the importance of hard work, education and building the life you want. He started paying off his student loans during residency and hit the ground running building wealth directly out of training. After the interview we will be talking about financial advisors for Finance 101. 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

Today on the podcast we are talking with Kyle Claussen from Resolve. He chats with Dr. Dahle about the importance of really advocating for yourself and your pay when starting a new job and signing a new contract. It is critical to negotiate until you feel confident and happy with any contract you sign. Many doctors are not paid what they are worth because they do not advocate for themselves. They discuss how helpful it can be to hire a professional to navigate that process. They also discuss non compete contracts and what the future might hold when those are no longer legal. 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 th

Today we are talking with an ENT who has paid off $300,000 of student loans. This is a doc who was comfortable paying the loans off over time while he continued to save and invest and build wealth along the way. He and his wife put a lot of money toward their top priority, which was starting a family. Fertility treatments were expensive and came before paying off the loans. Happily they have been successful on all fronts and have grown their family, paid off debt and built wealth. For finance 101 we will be talking about mutual funds and ETFs. 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 i

Today we are answering your questions about retirement accounts. We start out by addressing the recent change with Vanguard getting out of the solo 401(k) game. Then we talk about if you can contribute to both a solo 401(k) and the TSP if you are in the military, we discuss 401(k) employer matching, concerns around losing a non-governmental 457b, what to do with an inherited IRA, and converting from pretax to Roth. 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 d

This pharmacist has paid off $286,000 of student loans with just over $200,000 of that in the last 15 months. How did he do it? He basically doubled his income by getting a higher paying job and working a side gig in retail pharmacy on the weekends. He said getting that debt off his shoulders has felt incredible and he is loving not having to work as much at his side gig. He is now focused on building his wealth and his real estate empire. After the interview we will be talking about working longer. 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. Th

Today we answer your questions about rolling over an HSA, when to withdraw from your HSA, whether a UTMA or Custodial Roth IRA is better for your kids, if it is a good idea to open a solo 401(k) for your kids, how to maximize your 403(b) contributions and how to mimic the US Stock Market index fund if your 403(b) doesn't offer that. 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 mort

This VA emergency doc has paid off $370,000 in student loans in only 5 years! Not only that but he and his wife are already millionaires.  He said it is impossible to overstate how good it feels to have paid off those student loans. They have also put a huge percentage of their income towards building wealth. They are currently completely debt free and cruising towards financial independence. After the interview we will be talking about what false diversification means for Finance 101. 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.whitecoatinv