WCI #76: Good Debt and Bad Debt

Oct 18, 2018

Is there a difference between good and bad debt? The discussion emphasizes that debt, regardless of type, costs money. Strategies for new physicians highlight the importance of financial literacy and sustainable habits. The podcast also dives into fixed vs. variable loan rates and their implications for personal finances. It underlines the significance of understanding credit scores and managing debt effectively for long-term wealth-building. Plus, insights into real estate investing are thrown in for aspiring investors!

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ADVICE

Guiding Residents on Finances

Give residents The White Coat Investor book.
Drop little pearls of financial wisdom when opportunities arise, especially when they notice your different financial habits.

ADVICE

Choosing a Financial Advisor

Look for financial advisors with certifications like CPA/PFS, CFP, or CFA.
Be cautious with advisors from the insurance industry, as they may be biased toward selling insurance products.

ADVICE

Retirement Drawdown Strategy

Adjust your retirement spending yearly based on portfolio performance.
Minimize fixed expenses for flexibility.

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Is there such thing as good debt and bad debt? Is it good to carry some form of debt for your credit score? Is buying things on a credit card and then paying it off each month accumulating good debt/credit? Listen to this episode if you have ever had questions like that. But I will give you a hint. Debt is debt. And it costs you money.

The White Coat Investor is proud to introduce our No Hype Real Estate Investing course, which will provide the framework for developing further knowledge and experience as you progress in your real estate investing career. We call it an introductory course because there is always more to learn. But this is no short, superficial course. There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different instructors. We think it just might be the best real estate course on the planet. Continue your wealth-building journey today with the No Hype Real Estate Investing course at https://www.whitecoatinvestor.com/courses. 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!

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