White Coat Investor Podcast

The financial pathway of a major airline pilot is remarkably similar to that of a doctor. A lot of people don't realize they make doctor-like incomes and actually have a lot of doctor-like financial challenges. You make little to no income for a decade, then pretty good income for as long as you can go without burning out. Joining us in this episode is Jason Depew, a veteran and current captain with Delta. We discuss the parallels between the financial lives of doctors and pilots like high income, burnout, geographical arbitrage, lack of financial education, and the loss of income during this pandemic. Pilots are unionized. We talk about the benefits and drawbacks of being part of a powerful union, which may be the future of medical professionals. Pilots, especially with the major airlines, are a high income professional category that we don't  discuss a lot at the White Coat Investor, but this episode will be a great resource for our pilot listeners as well as all other high income professionals.  Still not sure what to do with your student loans? Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000 dollars. You will receive a customized student loan plan using the principles of The White Coat Investor, get answers to all of your student loan questions, gain clarity about your financial future and start down the right path toward financial freedom. Book a consult today at https://www.studentloanadvice.com. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Discover the intriguing differences between the Canadian and U.S. financial systems, including retirement accounts and social security parallels. Explore the complexities faced by Canadians marrying Americans, from residency to tax implications. The discussion also highlights investment strategies for efficient wealth management across borders. Listeners gain insights into decumulation, static asset allocation, and UTMA accounts for future generations. Additionally, the importance of personal relationships in times of political and social change is thoughtfully emphasized.

It is becoming more and more common for physician groups to be approached by a private equity firm that wants to buy the practice and make them “more efficient.” Of course the older partners think that this is a good time to sell. The younger doctors thought they just joined a partnership and were looking forward to owning their business and having control. What do you do if you are the younger doctor? We discuss some ideas in this episode that will hopefully help, if you find yourself in this situation. We also answer a lot of other listener question about challenges facing families with children with special needs, small business retirement accounts, understanding a wash sale, reporting the backdoor Roth IRA with a loss, understanding dividend stock investing, the S&P 500 vs total stock market index fund, and what recommendations I have for medical students to do early in their career to prepare themselves for entering the workforce. If you’re looking to Boost Returns, Lower Taxes & Build Wealth, join the WCI monthly Real Estate Opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. Expect educational emails that introduce you to syndicators, fund companies, online courses, and online real estate platforms. Go to https://www.whitecoatinvestor.com/reopportunities to sign up today. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Our guest today is Dr. Hala Sabry, the founder of the Physician Moms Group on Facebook. Who better to ask about physician moms and their finances than a physician mom managing a group with 75,000+ other physician mom members! We delve into lots of topics surrounding finances as a physician mom including infertility, child care, career changes, and gender wage gap. We talk about women in medicine.  Over 50% of medical students are now women. What implications will that have for the physician workforce? Women are often hesitant to negotiate when getting a new job. What can be done to encourage them to negotiate harder and avoid any negative consequences that could come from doing so? Not everyone has this Instagram perfect life where they're beautiful and have no struggles. Our lives are hard, layered, and dynamic. Not only is medicine your profession, but it is your identity. Your worlds kind of collide as a physician mom and it is a lot of pressure. The truth is, it is not just women who are struggling. Men have the same issues, balancing life and work and all these other things but today's episode really focuses on them from a woman's perspective.  If you’re like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

What general market trends do we see during election seasons? What usually happens if a Republican president wins a second term? What usually happens if a Republican president were to lose to a Democrat? If the office were to change hands, what is the usual market trend during the lame duck period and also just after a new president takes office? More importantly what should you do with your portfolio based on these trends? We dive into this past market data in this episode, find some interesting trends, and give some warnings on what you should do. Spoiler: Please don't make any huge changes to your investing plan based on how the election is going, what is in the political news, even what is in the economic news. If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Practicing evidence-based medicine is important to physicians, looking at data and changing our practice according to it. Our guest in this episode, Larry Swedroe, has been a proponent of evidence-based investing for a long-time. His teachings have affected me over the years and certainly affected my portfolio construction. In this interview we talk about the limited data set in finance in comparison to other more scientific fields and how much we can rely on that retrospective data going forward. We discuss portfolio construction, alternative asset classes, recommended strategies for spending down assets in retirement, and investment mistakes smart investors make. Are you a smart investor? Find out in today’s episode.  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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

What does it take to become a millionaire? Hear the experiences of seven millionaires in this episode talk about how they did it. You may recall we did our first episode with physician millionaires the start of 2020. People loved hearing from these successful doctors and what they did to win financially, but they wanted more women represented. So all seven guests today are female, 6 physicians and an engineer. We talk about similar stuff to what we did last episode, how they did it, their mindset, what their money is invested in, but also discuss what it is like as a woman to have a career as a higher earner and be able to build wealth. Did their gender hold them back in that pursuit or not? What were their keys to success? What advice do they have for those who are a decade or two behind them, wondering, “can I, as a woman, become a millionaire still? If you go and look at the data, it is a pretty small percentage of physicians in their 60s that have a net worth more than $5 million. It is awesome to have several all in one episode to learn from. Enjoy! Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

What changes when you make partner? When you become a partner, you go from being an employee to being an owner. So, there are lots of financial changes. See the full show notes here https://www.whitecoatinvestor.com/classic-blog/ I'm a big fan of ownership and think generally becoming a partner is the right move for your career. There are more risks and hassle to being a partner but more rewards and profits as well. We discuss the advantages and responsibilities to becoming a partner in a practice including getting K-1s instead of W-2s, making quarterly estimated tax payments, writing off legitimate business expenses, paying for your own benefits and understanding retirement accounts available to you. In this episode listener questions are also answered about losing faith in long term market returns, being an accredited investor, value tilting your portfolio, what to do with your cash, tax gain harvesting, and the pro-rata rule. At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Learn about the unique medical system in Australia, including physician training, compensation, and healthcare structure. Discover the value of seeking financial advice as a doctor and how international lessons can improve our own systems. Explore the process of US doctors practicing in Australia and the importance of financial literacy for medical professionals.

Your financial planning after having a child with special needs will be different than you might have otherwise anticipated. In this episode we talk about 6 aspects of financial planning that are important to understand when you are in this situation. Your investing horizon is no longer your lifetime. It is now your child's lifetime. Government resources available to your child will affect your financial planning. You will need to look at your life, disability, and health insurance differently as a parent with a child with special needs. The benefits of an individual educational plan at school will help with the financial aspect of raising a child with special needs.  Some states provide better benefits to those living with disabilities, both while in school and as adults. This could play a part in the decision you make of where to live with your child. ABLE accounts and irrevocable trusts are also discussed.  For those not in this situation we also cover many listener questions in this episode, including converting bonds to TIPS funds, true-ups and vesting in your work retirement plans, whether you should be financially planning for the future you want or the future that might end up happening, the problems with leaving your assets to multiple people, choosing a renter, whether to invest in a 529 for K-12 private school, what percentage of an asset allocation international stocks should comprise and where they should go, and more.  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://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. 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! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter