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.
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question_answer ANECDOTE
From Negative Net Worth To Millionaire
Matt started 12 years ago with a net worth around negative $250k after school and divorce.
He rebuilt wealth through disciplined work, side hustles, and focused saving to reach paper millionaire status.
volunteer_activism ADVICE
Keep Investments Simple And Automate
Matt keeps investing simple: mostly Vanguard index funds with an ~85/15 equity/bond split he rebalances toward 80/20.
He contributes to Roth, rollover IRA, and an individual 401(k) with about $50k/year into the solo 401(k).
question_answer ANECDOTE
Divorce Triggered The Financial Wake-Up
Matt had a financial awakening during a costly divorce that forced him to learn money management.
He read many finance books, admitted ignorance, and changed habits to protect his kids and future.
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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!
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