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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: March, 2020
Mar 26, 2020

Choosing which charities to give to is important. It takes just as much effort to give well as it does to earn, save, invest and spend well. We all know that some charities are better than others so how do you choose a charity to give to? What should you look for in that charity? For me, the most important thing is to to begin with choosing a cause that you want to support. Once you know the cause you want to to support, there are resources to identify the best charities for that cause. See the show notes at https://www.whitecoatinvestor.com/classic-blog/ for links to the resources.  In this episode we discuss how to pick a charity to donate your money to as well as using a donor advised fund and donating shares to charity. Besides charitable giving, we answer listener questions about getting disability and life insurance outside of the United States, asset location, how to balance Roth conversions against ACA subsidies, PLLC vs LLC, resources to use for budgeting, and more.

This episode is sponsored by Laurel Road https://www.whitecoatinvestor.com/laurelroad has helped thousands of medical professionals across the country refinance federal and private school loans. In addition to offering a $300 bonus for WCI readers and listeners who refinance student loans with Laurel Road, Laurel Road also offers those in residency or fellowship the ability to make reduced payments throughout their training and up to six months after. Terms and conditions apply. For more information and to submit an application, simply visit Laurel Roadhttps://www.whitecoatinvestor.com/laurelroad

Mar 19, 2020

Medical school classes now have slightly more women than men. In today's episode we talk a little bit about what that means, both for male and female doctors, for employers, and for patients. We cover some controversial topics that typically I only talk about with this week's guest privately, but Dr. Nisha Mehta of Physician Side Gigs and I delve into the demographic changes that we are seeing in medicine and the issues women physicians are facing. Whether you are a male or female physician you will finish this episode with the confidence to be an advocate for yourself and your family. You can have a life in medicine that works for you. Nothing is impossible. We talk about how to make that happen in this episode.

Have you ever considered a different way of practicing medicine? Whether you are burned out, need a change of pace, or want to see the world, locum tenens might be that option for you. Not sure where to start? Locumstory.com is the place where you can get real, unbiased answers to your questions. They answer basic questions like, “What is locum tenens?”, to more complex questions about pay ranges, taxes, various specialties, and how locum tenens works for PAs and NPs. Go to Locumstory.com and get the answers.

Mar 12, 2020

Should you try to time the market? No! Why? Because it is very hard to do well over the long term and it introduces significant transaction costs to the equation. Beginner investors have trouble staying the course in market downturns but I've noticed that what I call intermediate investors, people who have learned a thing or two about investing, become fearful at market highs and want to sell when the market is at new highs. What they don't realize is that the market is usually at new highs because it is usually going up. You are much better off setting a static asset allocation of a reasonable mix of stocks, bonds and or real estate and rebalancing back to it each year. That way you hold your risk constant, and when the inevitable downturn comes, because it's going to come, you can simply rebalance back to your percentages. That forces you to sell high and buy low because you're selling what did well in the recent past and buying what did poorly in the recent past to get back to your plan percentages, your planned asset allocation.  If you look back at market history, you will see that on average, we see a market correction, a drop of 10% or more in the stock market about once a year. So if you're investing career is 60 years, 30 years while you're working, 30 years in retirement, you're going to see about 60 10% drops in the market. So this is not something that's unusual or something that's rare. This is something you should be planning for. 

Sponsor

This episode is brought to you by 37th Parallel Properties https://www.whitecoatinvestor.com/37parallel There is a substantial body of evidence supporting commercial real estate investing. Through the years, as I gained a deeper understanding of the asset class, I added more and more to my portfolio. But, unless you want to manage it yourself, the real trick is to find a trusted investment sponsor. As one of the good guys in the industry, 37th Parallel Properties is a partner I trust. They’ve been around for more than ten years and still maintain a 100% profitable track record with clear reporting, and excellent educational content. Many of my readers have invested with 37th Parallel, and so have I. I’ve been happy with my investment and they now have a diversified multifamily fund available. So if you’d like to check them out, hop on over to 37th Parallel Properties.

Mar 5, 2020

Life balance is an important topic as we address physician wellness in the medical community. Why is it so hard for high-income professionals to find balance in their lives? Most of us are striving to do so as we juggle busy careers, family responsibilities, and personal pursuits but it is challenging. Our guest this episode is Dr. Dawn Baker who blogs at PracticeBalance https://practicebalance.com/ . She became interested in writing about wellness when she experienced a major health crisis during residency training. In this episode we discuss what doctors, that feel their lives are unbalanced, can do to change that. Many of us want to do it all but will we be happy trying to do it all or would it be better if we figured out what is most important to us? After interviewing Dr. Baker I feel like I want to hire her as my life coach! Dawn will be a speaker at the WCI Conference next week speaking about how self-knowledge is the key to managing physical and financial health. If you'll be at the conference you don't want to miss her talk. If you are not attending, you will be able to buy the video version of the conference in the next couple of weeks. Her blog name, Practice Balance, is a good reminder that finding balance is a continuous practice that everyone can be engaged in to live a healthy, happy life. You'll find lots of helpful suggestions for practicing balance in your life listening to this episode. 

Sponsor

This episode is sponsored by Set for Life Insurancehttps://www.setforlifeinsurance.com/ Set for Life Insurance was founded by President, Jamie K. Fleischner, CLU, ChFC, LUTCF in 1993 which she started while attending Washington University in St. Louis. They specialize in individual term life, disability and long term care insurance. They work on the client’s behalf to shop around to find the most suitable products at the most cost-effective rate. Set for Life is first and foremost a client-centric company. They listen carefully to the needs of clients. Because of the volume and exceptional reputation of Set for Life Insurance, as well as the relationships they have developed over the years, Set for Life clients have access to special services not available elsewhere in the industry. This includes special discounts, gender-neutral policies (saving women significantly), priority underwriting handling and, on some occasions, exceptions in the underwriting process. Contact Jamie at Set for Life Insurance today.

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