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White Coat Investor Podcast

Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Learn more at http://whitecoatinvestor.com/
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Now displaying: June, 2020
Jun 25, 2020

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 than investing in a taxable account. We cover the downsides in this episode but they are not very big in comparison to the upsides of maxing out retirement accounts. These accounts are protected in case of bankruptcy. A 401(k) contribution gives you a tax break up front. You can rebalance within the account without a cost for buying and selling or a tax consequence.  And you will almost surely take that money out of the account at a lower tax rate than you put it in. It is important to understand that a tax deferred retirement account is your biggest tax break. I discuss the different types of retirement accounts in this episode as well as the contributions you can make to each of them. I cannot stress the importance of maxing out your retirement accounts enough.

I also answer listener questions about tax benefits of private real estate funds, why I recommended an independent agent for disability insurance, collecting on both individual and group disability policies,  how long you should continue your disability insurance policy, what to do with your money in residency, asset allocation, and adding small caps to your three fund portfolio.

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.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Main Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Jun 18, 2020

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 get disabled so you can continue moving forward with your plan. If you get disabled and you can't actually earn your income, then all of that effort you put into your financial plan goes out the window. I have been collecting disability questions from you for several weeks. I brought Matt Wiggins from Pattern Insurance www.whitecoatinvestor.com/pattern on this episode to help answer questions and give some additional information as an insurance agent. In this episode we talk about the three D's of disability insurance - definitions, discounts, and deadlines, pregnancy and disability insurance, the top insurance companies, how agents are paid, getting out of a bad policy, graded vs level premiums, and what riders may or may not be worth adding to your policy. If you don't have disability insurance you need to listen to this episode. If you aren't sure your policy is adequate, you need to listen. If you have a great policy in place, pass this episode on to a colleague, you probably know someone that needs the push to get this in place.

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 and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. 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 variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Main Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Jun 11, 2020

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 okay. Doctors make enough money that if they will just manage the money well, they don't need a side income. But it never hurts to have a little bit of side income if that is something that interests you.  Besides discussing the necessity of side gigs in this episode I also answer listener questions about where to put your PSLF side fund, what asset allocation to have in your 457 account, whether my opinion on the use of bonds has changed given recent market events, and should you be interested in a side gig, how to pay yourself from that money. 

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 knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. 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 variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Main Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Jun 4, 2020

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 developed countries. I thought it would be interesting to talk a little bit about growing up and training for medicine and particularly finances in a mixed economy like Venezuela. Besides discussing what it is like to train and practice medicine in Venezuela we talk about hyperinflation. Hyperinflation is devastating to live through, but academically very interesting. Most of us have never lived in a country that experienced any sort of hyperinflation. We discuss how that affected his physician parents, their incomes and savings. How does that experience affect his investing strategy now? Venezuela was doing great, best economy in Latin America, bright future and everything, but it fell apart. Dr. Postalian reminds us not to take anything for granted.

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 was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. 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 variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

Main Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

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