White Coat Investor Podcast MtoM #142: Emergency Physician Becomes Multi-Deca Millionaire and Finance 101: Cash Balance Plans
Oct 30, 2023
An ER doctor shares his success in building wealth through savings rate. He emphasizes the importance of saving as much as possible and living within your means. The podcast also discusses cash balance plans and the strategy of maximizing retirement accounts for wealth accumulation.
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Frugal Early Years Built Wealth
- Dr. John lived extremely frugally from medical school through residency and beyond, often living like a student to maximize savings.
- He and his wife favored simple living and saved obsessively while still enjoying family trips and experiences.
Net Worth And Debt-Free Status
- Dr. John holds roughly $15 million in retirement accounts, about $1 million in personal accounts, plus two homes including a ski home.
- He carries no debt and has been debt-free for about 15 years.
Maximize Savings And Use Tax Advantages
- Save as large a percentage of your income as you reasonably can across your career to compound wealth.
- Use every available tax-advantaged strategy and live within your means to accelerate savings.