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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.

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 mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. 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 

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.

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 

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. 

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 

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. 

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 

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