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White Coat Investor Podcast
MtoM #169: Homeless to a Quarter Million Dollars and Finance 101: Risk
May 6, 2024
24:05
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The guest shares a journey from college to homelessness to building wealth to a quarter million dollars. They discuss gratitude, needing less to be happy, paying off debt, and successful financial strategies. The podcast also covers topics on risk in finance, physician contract reviews, and financial basics for high-income professionals.
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Quick takeaways
- Embrace simplicity and appreciate experiences over material possessions for better financial management and happiness.
- Understand and manage key financial risks like inflation, deflation, confiscation, and devastation, in addition to conventional risks, to safeguard wealth effectively.
Deep dives
Josh's Journey from Homeless to Financial Success
Josh, a technical and agile coach, shared his remarkable journey from being homeless during the Great Recession to reaching a net worth milestone of $250,000. Despite starting with a broad income range, including low points of $14,000 annually, Josh's resilience and financial discipline enabled him to clear $120,000 in student loan debt and $50-$60,000 in credit card debt by the end of 2020. Transitioning from a challenging past, Josh emphasized embracing simplicity, appreciating experiences over material possessions, and maintaining a scarcity mindset to better manage his spending and investments.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode