The White Coat Investor PDF ( A Doctor’s Guide to Personal Finance and Investing) 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.
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Category: Personal Finance
Author: James M. Dahle, MD
Free Download link: At the end of the post
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
Why You Should Read This Book
Amazon is currently offering over four million books for sale. I am confident that this one is not the best written or the most entertaining of those offerings. However, if you are like many of my readers, spending just a few hours with this book will eventually increase your net worth by hundreds of thousands, perhaps millions, of dollars. The information contained in this book is not secret. In fact, it isn’t even complicated. After you read it, much of it will seem like common sense to you. However, the fact remains that you have spent twenty to thirty years in school and training for your career, and nobody has ever taught you what this book will teach you.
You are probably a lot like me. You are well educated, reasonably intelligent, and either already earning a six-figure income or soon will be. You are a medical or dental student, a resident, a dentist, a doctor, an attorney, a business owner, or other type of high-income professional. You are, or soon will be, an expert in your field. However, you often find yourself a little bit embarrassed by your lack of financial acumen. You have probably already been taken advantage of by an insurance agent, a stockbroker, a financial planner, a realtor, a banker, or a lender once or twice in your life due to your lack of financial knowledge. You may not know the difference between a Roth IRA and a 401(k). You are not really sure what you can and cannot deduct on your tax return. You know you should be saving for retirement and your children’s college but have no idea what step to take next to reach that goal.
If you are like many high-income professionals, you are willing to pay someone else to handle all these things for you. However, you are worried that you are either paying too much for good advice, or worse, not getting good advice at all. Chances are that you are right to worry. Most self-styled “financial advisors” charge too much or give bad advice. Even if they are a distinct minority, there are still plenty of good advisors out there, and this book will teach you how to find them and hire them at a fair price.
If you, like me, would prefer to save the thousands of dollars per year that you will pay for good advice, this book will get you started down the path of managing your personal finances and investments on your own, and provide plenty of unbiased resources that will provide the “continuing financial education” you need to competently manage your own financial affairs with only occasional input from financial professionals.
Sometimes, high-income professionals, and doctors in particular, are a little bit embarrassed to talk about money. Getting rich was not our motivation for choosing our profession. However, physicians receive a high income for a reason and certainly should not feel a need to apologize for it. Your high income alone will not automatically lead to financial success. You must convert your high income into a high net worth in order to become financially independent, enjoy a comfortable retirement, and support both your loved ones and your favorite charitable causes. This book will teach you how to do that.
I graduated from medical school in 2003. Up until that point, I had earned less than $40,000 in my entire life. When I came out of emergency medicine residency in 2006, I had a five-figure net worth. I did not have the typical student loan burden, but I did owe four years of my time to the military, which paid me an income below the 5th percentile for my specialty for four years. This “time debt” was the equivalent of a few hundred thousand dollars in student loans. My spouse, a stay-at-home mother, and I saved a good chunk of our money, invested it in a reasonable manner, paid down our debts, and by 2013, when I was thirty-eight and she was thirty-five, we were pleased that we had become millionaires. There was nothing hard about what we did and absolutely no reason why you cannot do the same.
Medicine is not, nor has it ever been, the pathway to becoming ridiculously wealthy. However, despite increasing educational costs, decreasing reimbursement, and increasing compliance and liability hassles, medicine can still be a pathway to the good life. What’s the good life? My definition is a life free from financial worries, a career where you make a real contribution to society, a few luxuries along the way, the ability to help others financially throughout your life, and a comfortable retirement at a time of your choosing.
Does that sound good to you? Then turn the page and get started.
Table of Contents- The White Coat Investor PDF
Chapter One – The Big Squeeze
How increasing tuition, decreasing reimbursement, and regulatory hassle are trying to ruin your life
Chapter Two – Millionaire by 40
How to have a 7-figure net worth 5–10 Years out of residency
Chapter Three – If I Had a Million Dollars
How to convert income to wealth and vice versa
Chapter Four – Medical School and Your Wealth
How picking the right school and specialty can affect your bottom line
Chapter Five – Residency and Your Wealth
Which financial chores you must do as a resident
Chapter Six – The Secret to Becoming a Rich Doctor
How to get out of debt, buy your dream house, and hatch a nest egg within 5 years of residency graduation
Chapter Seven – The Retirement Number YOU Control
Why your savings rate matters more than your investment return
Chapter Eight – The Motorway to Dublin
How to quit throwing your money away on stupid investments
Chapter Nine – Getting Off the Motorway
What you need to know about investing in real estate, whole life insurance, private investments, and your own house
Chapter Ten – Paying the Help
How to get good advice for a fair price
Chapter Eleven – The Basics of Asset Protection
How to protect your hard-earned money from lawsuits
How to protect your hard-earned money from lawsuits
Chapter Twelve – Estate Planning Made Simple
How to avoid estate taxes, protect your heirs, and avoid probate
Chapter Thirteen – Income Taxes and the Physician
Why you pay too much in taxes and what to do about it
Chapter Fourteen – Choosing a Business Structure
Why incorporating will not protect you from malpractice suits or save you much in taxes
Chapter Fifteen – Enjoying the Good Life
How to quit worrying about your finances
Chapter Sixteen – The Mission of The White Coat Investor
How to help doctors quit getting ripped off
“Brilliantly simple advice for physicians. 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, How a Second Grader Beats Wall Street
“A very practical book for physicians (and others) who want a simple, easy-tofollow guide to financial success.”
Co-author of The Bogleheads Guide to Investing
“Invaluable practical advice about careers and money! This book should be in every career counselor’s office and delivered with every medical degree.”
___Rick Van Ness
Author of Common Sense Investing
“This book should be mandatory for anyone in the healthcare field. With its straight forward approach to tackling debt and laying out a financial plan for the future, this book saves the young doctor thousands of dollars and years of trying to figure this stuff out for themselves.”
____Jeff Anzalone, DDS
Author of What They Don’t Teach You in Dental School
“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
“Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis.”
Dennis Bethel, MD
“A book that will permanently be on my bookshelf next to my medical texts.”
Pamela Summers, MD
“I finally have the knowledge and confidence to say goodbye to my overpriced financial advisor. Thank you.”
Todd Bethel, M.D.
“This book is a must read for physicians and residents. I will be giving it as a gift to my physician friends, and as a graduation present when their kids are considering the field of medicine.”
W. Devin Wolf, CFP®
“A critical resource for the physician who wants to go it alone or for those who want a deeper understanding of knowledge in physician-specific personal finance.”
___Joshua D. Nix, MBA
“A fascinating book on financial literacy that should be required reading for both physicians and non-physicians alike. Highly recommended!”
___Michael Woo-Ming, MD
“This is the book I’d like to force-feed physicians and other “white coats.”
___ Jim Ludwick, CFP®
“A complete roadmap to personal financial success.”
___Jeff Steiner DO,
Author, The Physician’s Guide to Personal Finance
“This book is a financial guide I’d like all of my clients to read. It provides an easy outline for financial success that nearly anyone can follow.”
____Alex R. Foster
“A great book for a physician in any stage in their career. I wish I had this book when I started medical school!”
____Joshua Smith, MD/MBA
“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
“The path to financial success and independence is pretty much the same for all people – earn a good wage, live below your means and invest wisely. However, such broad advice can be lost in the details of actual life and choices. This book does an excellent job specifically explaining how to optimize the choices faced by physicians and others who undergo similar training pipelines.”
___Keith Roxo, MS3
About the author
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.
Download ebook The White Coat Investor PDF
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