Dr. Tyler Scott, a licensed dentist turned financial planner, discusses the importance of disability insurance for all doctors. Topics include HSAs, saving for future home expenses, capital gains taxes, and cleaning up investment accounts.
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question_answer ANECDOTE
Tyler Scott's Disability Experience
Tyler Scott bought a disability insurance policy after dental school and later made a claim due to degenerative back problems.
The insurance helped transition from dentistry to financial planning while securing income during disability.
insights INSIGHT
Disability Insurance Frequency Insight
One in six physicians or dentists will make a disability insurance claim during their career.
High premiums reflect frequent usage, making individual coverage essential despite cost concerns.
volunteer_activism ADVICE
Buy Adequate Disability Coverage
Purchase enough disability coverage to maintain expenses, college savings, and retirement contributions.
Be intentional; consider own-occupation policies and plan for income adjustments during disability.
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Today our friend Dr. Tyler Scott is joining Dr. Dahle to talk about disability insurance as well as to help answer your questions. Dr. Scott is a licensed dentist turned financial planner as well as a columnist here at WCI. Dr. Scott is here to preach the message that all docs need disability insurance and shares his story of going on disability. Later they talk about HSAs, saving for future home expenses, capital gains taxes, and how to clean up a disaster of an investment account and more.
Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. 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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