MtoM #201: Financial Planner Becomes a Millionaire and Finance 101: Overfunded 529 Accounts

Dec 16, 2024

Hear the inspiring journey of a financial planner who transitioned from aspiring dentist to millionaire. He shares key insights on avoiding debt and making smart investment choices. Learn about the crucial management of overfunded 529 accounts, including strategies for reallocating excess funds. The discussion includes navigating financial literacy challenges faced by medical professionals and practical tips on saving for retirement and effective borrowing.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

ANECDOTE

Career Pivot From Dental School

Gary switched from pursuing dental school to finance after mentor advice and admission offers.
He built a career in financial planning and lives in California.

ANECDOTE

Millionaire Milestone Breakdown

Gary reached a net worth of about $1.35M including cash, investments, and insurance.
He recently bought a home and excluded home equity from that figure.

ANECDOTE

Alternative Investments: REIT Focus

Gary invested in REITs and commercial property-focused vehicles as alternatives to broad indexing.
Those stock-picking and REIT positions generated extra income for him.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Today we are talking to a financial planner who has become a millionaire. This planner initially planned on going to dental school but changed his mind after getting accepted into a few schools and decided to pursue a career in finance. He shares some of his failures and some of his successes that we think will inspire you to grow your wealth. After the interview we will be talking about overfunded 529s for Finance 101.

Resolve is the #1 rated physician contract team, reviewing 1000+ physician contracts every year. They empower physicians with location specific compensation data which leads to unparalleled leverage during the physician contract negotiation process. A physician contract lawyer is included and can negotiate on your behalf – alleviating the stress that can go along with reviewing complex legal terms. Flat-rate pricing and flexible schedules are designed for a physician’s schedules. Use code WHITECOAT10 for 10% off! Learn more at https://WhiteCoatInvestor.com/Resolve

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!

Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones

Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube 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