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The White Coat Investor: A Doctor's Guide To Personal Finance And Investing, by James M Dahle MD
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���� Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection.
���� This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won’t find in other financial books.
This book will teach you how to:
- Graduate from medical school with as little debt as possible
- Escape from student loans within two to five years of residency graduation
- Purchase the right types and amounts of insurance
- Decide when to buy a house and how much to spend on it
- Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor
- Avoid investments which are designed to be sold, not bought
- Select advisors who give great service and advice at a fair price
- Become a millionaire within five to ten years of residency graduation
- Use a “Backdoor Roth IRA” and “Stealth IRA” to boost your retirement funds and decrease your taxes
- Protect your hard-won assets from professional and personal lawsuits
- Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die
- Minimize your tax burden, keeping more of your hard-earned money
- Decide between an employee job and an independent contractor job
- Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation
Praise For The White Coat Investor
“Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place.” – Allan S. Roth, MBA, CPA, CFP�, Author of How a Second Grader Beats Wall Street
“Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research.” – William J. Bernstein, MD, Author of The Investor’s Manifesto and seven other investing books
“This book should be in every career counselor’s office and delivered with every medical degree.” – Rick Van Ness, Author of Common Sense Investing
“The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk.” – Joe Jones, DO
“Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis." – Dennis Bethel, MD
"An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust." – Greg E Wilde, M.D
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- Sales Rank: #4674 in Books
- Published on: 2014-01-09
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .40" w x 6.00" l, .54 pounds
- Binding: Paperback
- 160 pages
About the Author
���� James M. Dahle, MD, when not out skiing, mountain biking, or rock climbing with his wife and three children, practices emergency medicine in suburban Utah. As a medical resident, he grew tired of being ripped off by unscrupulous financial professionals including mutual fund salesmen, insurance agents, realtors, mortgage lenders, and stock brokers and began educating himself on the ins and outs of personal finance and investing. In 2011, he started The White Coat Investor, now the most widely read, physician-specific personal finance and investing blog in the world, with nearly 200,000 page views per month. His writing helps doctors avoid the mistakes he made and get a “fair shake” on Wall Street.
���� Dr. Dahle is a featured columnist for ACEP Now and Physician’s Monthly Digest. His work has also been featured in Medical Economics, Practice Link Magazine, Ophthalmology Business, American Academy of Dermatology Young Physician Focus, and The ACEP Young Physicians Section Newsletter. He also participated in writing The Bogleheads Guide to Retirement Planning.
���� Dr. Dahle has found the light at the end of the long, dark tunnel of medical training. Despite ever-increasing medical student debt burdens, decreasing reimbursements, and increasing regulatory hassle, he became a millionaire at age 38, just ten years after graduating from medical school. He achieved this success not with burnout-inducing levels of hard work nor long periods of financial deprivation, but rather with solid financial decision-making and a prudent financial approach to the first few years out of residency.
���� Now he shares his wisdom with medical students, residents, physicians, dentists and similar high income professionals so they can free themselves from debt, quit worrying about money, build wealth, live “the good life,” and get back to practicing medicine on their own terms. The principles he espouses are neither complicated nor risky, but the process of becoming wealthy as a physician is by no means automatic.
Most helpful customer reviews
31 of 31 people found the following review helpful.
The perfect gift for a medical student
By Alexi P Zemsky
In between emergency room shifts, and pumping out blog posts, Dahle has written a concise and readable treatise on financial planning for the physician.
The results are an original, and well-documented blueprint for how to achieve wealth as a doctor.
But very little of this information is specific to doctors.
His advice is perfect for other high-income earners, like lawyers, engineers, etc. but it is also very useful to lower income earners.
For at it's core sound financial advice is all the same: spend less, save more, invest wisely (ie passively,) avoid taxes, and insure against disaster.
Here then are five concepts from the book that taught me something cool.
1. Live like a resident:
Dahle makes a meticulous and compelling case for living well below your means during your first five years in practice.
This is an elegant solution to the particular financial trajectory faced by doctors. A late start to their careers, lower than average earnings and higher than average debt early in their lives, and generous salaries in their middle to old-age.
But I think there is relevance to this message, even for non-doctors. This is a clever approach to avoiding lifestyle inflation. Being disciplined as a young person builds up important financial muscles that will serve you well and set you up financially for success later in life.
2. Don't stretch to buy a house when young.
Dahle makes a compelling case for not buying a house early in your career.
Granted this is a case much easier to make in the post 2008 landscape, but as usual his argument well laid out and documented with instructive specifics.
3. Realize that once you stop working, and your mortgage is paid off, your costs of will be greatly reduced.
In particular he has a nifty spreadsheet on page 81 that lays out the differences in the costs of living for a working person and a retired one collecting Social Security.
4. Be very careful when choosing a financial advisor.
It seems that the flipside of being a financial savant at a young age, is that you can fall prey to unscrupulous financial schemes as a young man.
Presumably because of his experiences, Dahle does a great job laying out the lax qualifications and rife conflicts of interest that plague financial advisors, and guides you on how to pick an appropriate financial advisor, should you so desire a helping hand with your investments.
5. It's never too early to think about estate planning.
Dahle does a great job laying out the landscape and the hazards of passing on wealth to your heirs.
This is an area that I need to bone up on, and his chapter on estate planning gave me a great place to start.
So, all in all, my feeling is that this is a fantastic book, and would be a particularly appropriate present to give to a graduating medical or law student or a medical resident.
It would also be a handy book for you to have on your bookshelf at home, regardless of your profession.
If you want the granular details on how to get from point A to point B (wealth) as a doctor, you can do no better than The White Coat Investor.
19 of 20 people found the following review helpful.
The physician financial book I wish I had written
By Paul E Butts
Even before going to medical school, I noticed how little the doctors with whom I worked seemed to know about money and finance. I had spent some time in the financial industry prior to getting into medicine, so made me feel both good and bewildered about the ignorance I witnessed. From a new attending deep in debt buying a new $90,000 BMW to another physician I really respected that still had medical school debt despite graduating in the 80s, I couldn't believe the lack of basic financial literacy. Once I went to medical school, the roots of the problem became apparent: no emphasis whatsoever on what to do with the incomes one would generate combined with an unshakeable assurance on the part of the students that it would all come together eventually. Most of my classmates had gone straight from college into med school and most had never held down a real world job before.
I resolved that one day I would write a book about the basics of money for my fellow doctors that I could see even then would be easy prey for the shysters of the financial industry. Once I got out of residency and started as an attending I even started researching the writing of one. It's too bad that the book I was going to write has, in large part, already been written by James Dahle. While critics might argue that the book is too short and doesn't give enough detail about the nuts and bolts of investing, I think it skims the surface enough to get someone with no experience in finance a solid foundation without having them drown in minutiae. It's not just for attendings either. Prospective med students, med students, and residents will benefit tremendously from the advice here.
In short, if you were an investment banker prior to getting into medicine and already have hundreds of thousands in investments, this book really isn't for you. If you're like most of the docs I know, though, and clueless about what to do once you finally start earning an attending's salary, this book is for you. It covers the basics solidly and has plenty of references at the end of each chapter for further information on the topics covered. I cannot recommend it enough.
24 of 27 people found the following review helpful.
A must read for all physicians
By M & K
About me: second year EM resident in California soon to be married to a family physician in first year of practice.
First off, I have to give my praises to the white coat investor website... it has literally changed my life and the way I have started to plan about my future. This book puts all the great information from the blog into format that can be followed with logical flow. It covers all the major financial topics that are pertinent to physicians. It is a fairly easy read that can be done in a day or two. Since reading this book, we started the high deductible health savings account that we are using as a stealth IRA. We maxed out roth contributions that we were eligible from for the previous year due to resident income and are now preparing for the backdoor roth after maxing out her 401k and my 457b. We have specifically set aside 20% of our income for retirement and pay student loan debts out of the other 80%. We have taken control of our 401k and have redirected funds into low cost index funds and out of managed accounts. This book provides all the great info for these strategies. This book is a must read for all doctors that are starting out their financial planning/retirement path. I would personally like to thank James Dahle for taking the time to write this book... $20 is a steal for the info that is in here and I hope it changes your life as it has changed mine.
As a side note, right before starting medical school, I met with a "financial adviser" to discuss starting a plan for financial success... I walked away with a whole life policy. (it has since been cancelled). There is good advice out there, but there is so much more bad advice. Read this book and the other reputable books out there to take control of your finances... you might be surprised, like me, and find it a lot of fun!
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