MtoM #139: Academic Pulmonologist Hits Half Million Dollar Net Worth and Finance 101: Financial Advisors
Oct 9, 2023
auto_awesome
An academic pulmonologist shares his journey to achieving a half million dollar net worth and taking control of his finances. Topics include firing a salesman financial advisor, building wealth, increasing savings, and the importance of finding a trustworthy financial advisor. The podcast also discusses the speaker's path to financial independence and their work in ICU telemedicine.
Ian's net worth of half a million dollars is primarily composed of $480,000 in retirement savings and around $150,000 in home equity.
Ian emphasizes the significance of goal-setting, tracking savings rates, and utilizing tax-advantaged accounts for building wealth and achieving financial independence.
Deep dives
Achieving a Net Worth Milestone
In this podcast episode, the host interviews a guest, Ian, an intensivist who has recently reached a net worth of half a million dollars. Ian shares that their net worth is divided into $480,000 in retirement savings, with a majority in pre-tax accounts, and approximately $150,000 in home equity. He also mentions having a car loan and student loans, which are set to be forgiven through Public Service Loan Forgiveness (PSLF). Ian further discusses their journey towards financial independence, emphasizing the importance of goal-setting and focusing on their desired future lifestyle.
Income, Savings, and Financial Advisor Experience
Ian provides insights into his income trajectory, noting that he and his spouse started with a combined income of over $200,000 when he completed his fellowship training. During the COVID pandemic, their income temporarily increased to over $400,000 due to additional work. Currently, their income has settled around $300,000. Ian highlights their commitment to gradually build wealth, accelerated by working with a financial advisor initially but later opting for more control and aggressive savings. He emphasizes the significance of properly tracking savings rates and utilizing tax-advantaged accounts.
Spending Habits and Lessons Learned
Ian discusses their annual spending, estimating it to be around $170,000 to $180,000. He mentions that a significant portion of their expenses goes towards food for their four children, who have unique dietary needs. Despite this, they maintain reasonable spending habits when it comes to vehicles and vacations. Ian's advice to others is to not be intimidated by finance management and to focus on long-term goals, recognizing the trade-offs involved with financial decisions. He also highlights the importance of open communication with a spouse about financial goals.
Today we are talking with a doc that has hit a half million dollar net worth. He took our Fire Your Financial Advisor course and gained the confidence to take control of his financial life. He fired his advisor that was really just a salesman and started making big progress on financial goals. After the interview we will be talking about financial advisors and how to make sure you get a good one, if you get one at all.
If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Sign up today at https://whitecoatinvestor.com/newsletter.
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!