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Join your host Scott Wisniewski and a thriving community of ER Doctors who are learning to simplify money and make smarter financial decisions. As a hardworking Emergency Physician, it’s important to know the vital signs of your financial health, and the profession simply comes with complexities others don’t understand. This podcast is created to be your go-to resource for straightforward advice uniquely tailored for ER Doctors. Join us every week for new episodes, and you can find more tool ...
 
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White Coat Investor Podcast

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White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

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Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off stud ...
 
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show series
 
Today we get into the weeds of tax loss harvesting. With the current state of the market it looks like there are a lot of out there who have decided to tax loss harvest. Today we answer your questions about the wash sale rule as well as discuss if adding some complexity to your portfolio could create more opportunity to tax loss harvest. We also ta…
 
Before a pilot even takes off, the route to their destination is already mapped out. But just because this baseline is established, doesn’t mean there won’t be deviation along the way. Events like turbulence or maintenance can still occur outside the scope of the planned route. The fact that the plan exists allows pilots to pivot while understandin…
 
This ER Doc paid off his student loans in just 18 months! How did he do it? He gave himself a 10% raise and continued to live like a resident and didn't feel like he was giving anything up despite living on a relatively small portion of his income. Want to get out of debt fast? Check out this post: https://www.whitecoatinvestor.com/how-fast-can-you…
 
For this episode we asked our listeners to leave us a message telling us what they are thankful for. It was clear that many of us realize how important good health is! It was wonderful and uplifting to hear from our listeners. Andrew from Student Loan Advice joins us for a few minutes to give an update on what is going on with the student loans. We…
 
Disability insurance is arguably the most complex insurance to analyze, discuss, and overall understand. When we look at other insurance, such as life, flood, even to some degree auto, those insurances have pretty defined circumstances for which need to occur in order to pay out. But with DI, there is a wide range of disabilities that can occur, po…
 
This derm resident has just begun his journey to financial independence. He is learning from mistakes made in his early years and changing his ways. Today we celebrate one of the first of what will surely be many financial milestones for him! He dumped his lease and bought a beater that he now owns outright. He is now saving for his family's future…
 
Today we cover a broad range of topics from employee stock purchase plans to how to move on after you make a financial mistake. We discuss the difference between a traditional workplace 401(k) and a solo 401(k). We talk about 457(b)s, tax implications of K1 form upon partnership, and answer if you can have a solo 401(k) for each 1099 contract you h…
 
It seems that people who historically have never been interested in politics have now become obsessed with politics over the past 5 or so years. In doing so, they let emotions seep into other areas of their lives. This couldn’t be more relative when it comes to investing and the general outlook of the economy. Coming off the midterm election, in th…
 
This new attending figured out early the importance of having a plan and sticking to it. Now just one year out of residency he has gotten back to broke and is growing his networth fast. He shows us that with just a little research and effort you can set yourself up for success. Want to learn how to be a DIY investor? Check out this post: https://ww…
 
Today we are talking all about real estate. We give some guidance on asset allocation with real estate and where to put your money if you are saving up for a big real estate investment. We discuss if it is a good idea to have an LLC for real estate investments and if it is possible to negotiate your rent in this market. We talk about the importance…
 
Most ER Docs are searching for ways to diversify their income. What’s the number one method for achieving this that comes to mind? Rental properties. But so often are the financial realities of owning rentals overlooked. And most importantly: the methods for maximizing rental profitability never come to fruition. In this episode, we’ll give our poi…
 
Dr. Spath interviews an OBGYN doc in his final year of residency. He has managed to pay off a significant amount of loans, save an emergency fund, and contribute to a Roth IRA with a wife and 4 children while in residency on 1 income. How did he do it? They have a written financial plan, a budget and a save first mindset. He teaches us that even as…
 
Today we have a great guest on the podcast. Dr. Ayush Gupta is a pediatric emergency physician who started https://MDHouseHacking.com He will be teaching us all about what house hacking is, what the benefits and risks are, how to find great tenants, whether long or short term rentals are better, and why he thinks this is the best way for residents …
 
When it comes to sports, everybody loves the big play. The game winning Hail Mary pass in football. Or, the knock-out punch in boxing. And when it comes to baseball: the walk-off home run. While these are entertaining for spectators, studies show that the majority of victories don’t rely on these single big plays. Instead, they rely on many small v…
 
This doc shows us how quickly you can build wealth by living like a resident. He talks about the importance of learning to invest early and to begin investing as early as possible. Living like a resident doesn't mean you don't get to enjoy life. You can still take trips, or go to your favorite restaurant. But you also pay yourself first, invest in …
 
Today we are answering your questions about retirement accounts. We discuss SEP IRAs, Roth IRAs versus traditional, 403(b) versus 457(b) and more. We also answer some questions about pregnancy and healthcare and comparing safer investments. We have three guests on today from one of our recommended financial advisors, Personal Choice Financial Advis…
 
The “4% Rule” is a personal finance industry standard. If you’ve never heard of it, it’s a guideline for the rate at which you can pull from your retirement account and still have the account survive in retirement. A new study reveals the industry standard of 4% is overstated and could lead to millions of Americans running out of money in retiremen…
 
This pediatric hospitalist said that while consistency and discipline may not be glamorous, they sure are effective. This doc understands the meaning of stay the course! Get a financial plan in place and stick with it and you too can knock out those student loans and begin to build wealth. Learn more about building wealth as a physician here: https…
 
Today we are interviewing PAs, Beth Macintire and Katie Bean. We know that most of our audience are physicians and dentists, but there is a healthy segment of you out there that are other medical professionals, such as PAs, as well as nonmedical professionals. This group is still a six-figure income, but maybe not the higher incomes that many docto…
 
Your vehicle can be one of the most important, and most difficult, deductions to get right as a 1099 earner. Beyond the lease versus buy decision is another layer: the depreciation factor. With that comes a whole slew of considerations most tend to overlook. What car to buy? When to drive it over another vehicle? How often to drive? When is the rig…
 
We love to showcase that no matter what your income is you can pay down your loans and build wealth! This doc demonstrates just that. By making good financial decisions and being consistent you will find yourself on your way to financial independence. Find 7 helpful steps for doctors to pay off student debt quick here: https://www.whitecoatinvestor…
 
Dr. Dahle and Dr. Spath tackle your questions around HSAs—specifically the reimbursement process and if you can reimburse yourself for past expenses before the HSA is open. Hint: You cannot! They also get into opening 529 accounts for family members that are not your children. They talk about charitable giving and the fees that are often associated…
 
The average American has it much easier than ER Docs when it comes to health insurance. For one, they are probably employed by a company not only offering options to choose from, but also assisting in paying the premiums for those options. Whereas many ER Docs are 1099 earners on their own when it comes to making selections and footing 100% of the …
 
You can still build wealth with a low 6 figure income. You will have to be a lot more deliberate about your finances but this doctor demonstrates how this can be done. Find more financial advice for “low income” doctors here: https://www.whitecoatinvestor.com/financial-advice-for-low-income-doctors/ DLP is a familiar name within the WCI community a…
 
Our guest, Dr. Josh Daily, is a pediatric cardiologist who recently was diagnosed with a brain tumor. He wanted to share his experience of walking the path from diagnosis to healing. He shares his wisdom on how to prepare financially for the unexpected, including what he wishes he would have done differently. He also talks about the importance of c…
 
On this special anniversary episode, we take a dive in the responses to our free Vitals™ survey. We get into savings rates, East Coast vs West Coast comparisons, average mortgage and student loan balances for ER Docs, and so much more. This will be a fun one. Just remember, while data can be valuable, every individual’s circumstances are different.…
 
This physician has reached an 8 figure net worth by paying off debt early and investing in himself with a surgery center. His advice is to not try to keep up with appearances, pay yourself first, and be the tortoise not the hare. You will win the race. He is clearly financial independent but continues to practice medicine. If that sounds like you, …
 
In this episode Dr Dahle talks about fiduciaries and financial advisors. The best way to think of the word fiduciary is to think of it as a person that puts your needs ahead of their needs. There are some financial professionals that have a legal fiduciary duty to you but there are a lot of people out there who call themselves financial advisors wh…
 
The IRS is a formidable force that shouldn’t be taken lightly. So when you owe what are referred to as “back-taxes,” how those are handled is extremely important. Despite the plethora of options that the IRS gives to help taxpayers stay current with their taxes, all too often we find ER Docs are owing significant amounts from prior years. And back-…
 
Training yourself to not be a spender is the way to build wealth.This nurse practitioner excelled at it. Everyone says they want to be a millionaire but what they really want to do is spend a million dollars. You become a millionaire by not spending a million dollars that you could have spent. Don’t give into these ways that people spend too much m…
 
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