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
About the Author
James M. Dahle, MD, when not out skiing, mountain biking, or rock climbing with his wife and four 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 400,000 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.
After reading this book, I get the feeling that I just added hundreds of thousands of dollars to my net worth: not by get rich quick schemes but by being given a head start into the financial world. I can easily see me wasting years and significant money through trial and error as a DIY investor having not read this book. I just graduated medical school and feel very blessed to have been recommended this book so early in my career. There is lots of great advice related to many aspects of investing. I can tell that lots of experience and time researching has been put into this book and is there to benefit anyone who is lucky enough to read it. Great book, I highly recommend it!55
Great informative read!55
I rarely take the time to review things online, but this book is worth every penny. I am absolutely confident I will refer back to its pages and recommended additional resources throughout my career as a physician. It doesn't contain any earth-shattering secrets of investing, but does a wonderful job of teaching a layman about the basic tenets of sound investing, especially when you are entering a career with a high earning potential.55
I only wish I read this 5 years ago when I started investing during residency!55
I can’t say how much I enjoyed this book. I recommend it to all my colleuges when they ask about financial advice. It is a quick read, aimed at the educated professional with not a whole lot of knowledge of finance. Take a look at that other book selling website to see how it has 5 stars and many many ratings. This book should be handed out to 1st year medical students and interns when they start residency.55
As a mid-career EM attending who is financial stable (but could always improve), I really enjoyed and learned from Dr. Dahle’s book. It is both an entertaining and informative read. It is helpful regardless of your status as a medical student, resident or attending and will help one avoid (or mitigate) the financial fecal matter that physicans of all kinds seem prone to step into. The ROI realized by purchasing this book is substantial.55