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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: November, 2020
Nov 26, 2020

The financial pathway of a major airline pilot is remarkably similar to that of a doctor. A lot of people don't realize they make doctor-like incomes and actually have a lot of doctor-like financial challenges. You make little to no income for a decade, then pretty good income for as long as you can go without burning out. Joining us in this episode is Jason Depew, a veteran and current captain with Delta. We discuss the parallels between the financial lives of doctors and pilots like high income, burnout, geographical arbitrage, lack of financial education, and the loss of income during this pandemic. Pilots are unionized. We talk about the benefits and drawbacks of being part of a powerful union, which may be the future of medical professionals. Pilots, especially with the major airlines, are a high income professional category that we don't  discuss a lot at the White Coat Investor, but this episode will be a great resource for our pilot listeners as well as all other high income professionals. 

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.

Nov 19, 2020

The Canadian financial system is similar but not quite the same as the U.S. financial system. In this episode we talk about the Canadian retirement system, the programs they have similar to the U.S. social security system. We discuss their versions of our Traditional and Roth IRA accounts. Considering our close proximity to each other, it is no surprise that a couple of listeners have questions about working in one country and living in another as well as Americans married to Canadians and what to do about citizenship. We cover the pros and cons of those situations in this episode. For those with no connection to the Great White North we also answer other questions about separately managed accounts, over-contributing to the 457(b), marketing timing in the de-cumulation phase, UTMA accounts, and the CARES Act tax deductible student loan payment. 

Sponsor

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.

Nov 12, 2020

It is becoming more and more common for physician groups to be approached by a private equity firm that wants to buy the practice and make them “more efficient.” Of course the older partners think that this is a good time to sell. The younger doctors thought they just joined a partnership and were looking forward to owning their business and having control. What do you do if you are the younger doctor? We discuss some ideas in this episode that will hopefully help, if you find yourself in this situation.

We also answer a lot of other listener question about challenges facing families with children with special needs, small business retirement accounts, understanding a wash sale, reporting the backdoor Roth IRA with a loss, understanding dividend stock investing, the S&P 500 vs total stock market index fund, and what recommendations I have for medical students to do early in their career to prepare themselves for entering the workforce.

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email info@drdisabilityquotes.com or by calling (973) 771-9100.

Nov 5, 2020

Our guest today is Dr. Hala Sabry, the founder of the Physician Moms Group on Facebook. Who better to ask about physician moms and their finances than a physician mom managing a group with 75,000+ other physician mom members! We delve into lots of topics surrounding finances as a physician mom including infertility, child care, career changes, and gender wage gap. We talk about women in medicine.  Over 50% of medical students are now women. What implications will that have for the physician workforce? Women are often hesitant to negotiate when getting a new job. What can be done to encourage them to negotiate harder and avoid any negative consequences that could come from doing so?

Not everyone has this Instagram perfect life where they're beautiful and have no struggles. Our lives are hard, layered, and dynamic. Not only is medicine your profession, but it is your identity. Your worlds kind of collide as a physician mom and it is a lot of pressure. The truth is, it is not just women who are struggling. Men have the same issues, balancing life and work and all these other things but today's episode really focuses on them from a woman's perspective. 

Now is the time to start thinking about whether your current tax plan is truly tax-efficient and keeping more of your hard-earned money in your pocket.  At Cerebral Tax Advisors, https://www.cerebraltaxadvisors.com/ they focus on all year PROACTIVE tax planning, and, as the spouse of a physician, their founder, Alexis Gallati, has over 18 years of experience using court-tested, IRS approved tax strategies to lower your effective tax rate and increase your wealth.  Her services are flat rate, and she will show you your return on investment before you invest in Cerebral’s services.  With 2020 coming to a close, NOW is the time to see if you are missing vital strategies in your tax plan. 

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