MtoM #133: CRNA Becomes a Millionaire and Finance 101: Disability Insurance
Aug 28, 2023
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A CRNA became a millionaire after an expensive divorce, emphasizing the need to learn about finances. They discuss the importance of admitting what you don't know, getting educated, and taking action. The podcast also covers the significance of disability insurance for doctors and provides alternative plans if it's not attainable.
Financial discipline, education, and grit are crucial for achieving millionaire status.
Securing quality disability insurance is essential for doctors due to the high likelihood of disability during their career.
Deep dives
Achieving Financial Freedom as a CRNA
In this podcast episode, the host interviews a CRNA who has achieved millionaire status. The CRNA shares their journey from being in debt after graduating to becoming a millionaire in 12 years. They discuss the importance of financial discipline, education, and grit in their success.
The Role of Disability Insurance for Doctors
The podcast also emphasizes the importance of doctors securing quality disability insurance. They highlight the fact that one in seven doctors will experience disability during their career and discuss the need for policies tailored to the specific needs of medical professionals.
Building Wealth through Investments and Planning
The CRNA shares details about their investment strategy, including investments in Vanguard, a rollover traditional IRA, and a Roth IRA. They discuss their asset allocation, focusing on an 80/20 split and the importance of rebalancing. The CRNA also mentions their future financial goals, including downsizing their home and establishing their own small firm for more flexibility and travel.
This CRNA just became a millionaire. He had his financial awakening after an expensive divorce and realized he needed to learn more about finances if he ever wanted to retire. He dove in and read everything he could. He is now on his way to financial independence. He said there is no secret to any of this - you just have to do the work. He encourages us to admit to ourselves what we don't know, then get educated and get to work. After the interview stick around for a discussion on disability insurance for Finance 101.
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place.
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!