In this insightful discussion, a pediatric dentist shares how he achieved an impressive net worth of $6 million just over a decade after training. He emphasizes the importance of specialization and maintaining a frugal lifestyle while gradually learning to enjoy spending. The conversation also covers his diverse investments and shifts in mindset influenced by the book 'Die with Zero.' Listeners can also learn about the significance of expense ratios in investment decisions, ensuring they navigate their financial journeys with confidence.
24:50
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Career Path: General Dentist Then Specialist
Phil trained as a general dentist for two years then returned to pediatric residency at Temple University.
He has practiced pediatric dentistry since 2013 and counts 13 years total since finishing training.
question_answer ANECDOTE
Income Jump After Specialization
As a general dentist Phil earned $125,000; as a pediatric dentist he later had a peak year over $700,000.
He credits specialty training and high clinical efficiency for the large income increase.
question_answer ANECDOTE
Net Worth Composition
Phil's net worth near $6M includes ~ $4.4M in a Vanguard brokerage account and significant home equity.
He also holds I bonds, 401(k), HSA funds, and two rental properties including a short-term oceanfront rental.
Get the Snipd Podcast app to discover more snips from this episode
Today we are talking with a pediatric dentist who hit a net worth of $6 million dollars! He is barely over a decade out of training. He started out in general dentistry and realized pretty quickly he wanted to specialize to increase his earning potential and enhance his lifestyle. He is a supersaver who is working on increasing his spending. His advice to you is to start educating yourself now on basic financial knowledge and to get in the habit of living on less than you earn. After the interview we will talk about expense ratios 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.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 channel is for you!
White Coat Investor Podcast