10 Errors to Avoid When Refinancing

If you are paying above 3% and have less than 15 years left on your mortgage or you’re paying above 4% on a longer mortgage, get off your duff and go get a “no-cost” refinance. That’s where you get an above-market rate where the lender takes some of the extra money they make for giving […]

Student Loan Advice

There is a serious need out there for high-quality student loan advice, so we have arranged for white coat investors to be able to meet with a trained student loan planner for a quick advice session at a fair price early in their career. The Problem I often find myself in the position of having […]

Financial Educator of the Year Award – Call for Submissions

Long-time readers know we’ve done The White Coat Investor Scholarship for years, giving out as much as $100,000 in cash and prizes. However, in 2019 we started doing another award, this time for attending level physicians and dentists. This is the financial educator award for people who are trying to boost financial literacy among their […]

My New Tesla

Long-term readers know that when we renovated our house last year I had the garage wired for electric car chargers. Well, my old Sequoia finally broke down (RIP) so we bit the bullet and got one. It is super fun to drive and the acceleration is unreal. The need came up all of a sudden […]

The Consequences of Ignoring Social Security

I run into people all the time who argue that Social Security is not going to be there for them, so they’re not counting on it. As near as I can tell, few of those folks actually understand what that means. 5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations #1 Social […]

Top 12 Reasons to Buy Disability Insurance as a Resident

[Editor’s Note: Tomorrow, March 30, 2021, is the final day to receive $100 off on our new CFE 2021 course! CFE2021 is approved for up to 17 CME credits and includes all 50+ hours of content from our recent Physician Wellness and Financial Literacy Conference. Register here RISK-FREE today!] Many doctors wonder, “Should I buy disability insurance […]

Top 8 Investing Lessons from the Bogleheads®

[Editor’s Note: Passive Income, MD’s Leverage and Growth Virtual Summit for Physicians is underway and live-streaming for FREE through March 28! This is an incredible venue to connect with mentors and like-minded physicians all with the goal of creating multiple streams of income. Don’t worry if you’ve missed out on speakers from earlier in the […]

A Pre-Retirement Financial Checklist

[Editor’s Note: This is a pre-retirement financial checklist from one of my monthly columns at HPCLive.com discussing debt management, insurance planning, income planning, estate planning, and even the purchase of large-ticket items.] As doctors enter their 50s and 60s, many start dreaming about retirement; unfortunately, properly planning for retirement requires as much time and effort […]

Why Getting a Dividend Should Not Be Exciting

Once a quarter or so, my mutual funds pay me a dividend and I get all excited. I see them on my online statements that look something like this: “Hey Katie, look how much we got in passive income this month! That would pay for tons of our expenses even if we quit working. Isn’t […]

12 Things to Know About Choosing a Financial Advisor

Many students, residents, and physicians wonder about the process of choosing a financial advisor. In many respects, the process is similar to choosing your physician. There are no rigid guidelines, the personality fit can be key, expectations need to be realistic, you should avoid the bad apples, and by the time you know enough to […]

Understanding Your Tax Return — Income Flows

[Editor’s Note: Did you miss out on attending the 2021 Physician Financial Literacy and Wellness Virtual/LIVE Conference? It was a production that exceeded all of our expectations and now all 50+ hours of financial and wellness talks, panels, and Q&A sessions are bundled up and available to view as our new CFE 2021 course. The […]

How to Get What You Deserve as a High-Earning Woman

Women can overcome the infamous “pay gap” through careful job selection, tough negotiation, and providing additional value. This post touches on a hot topic that many people have very strong feelings about. It can even be a political topic. The likelihood of me not offending someone with this post rounds to zero. However, it is […]

Spring 2021 Real Estate Update!

[Editor’s Note: Last week’s Physician Financial Literacy and Wellness Conference was a huge success! Special thanks to Chrislyn and Katie for creating such an extraordinary event. And, of course, thank you to Christine Benz, Mike Piper, Allan Roth and Leif Dahleen for their fantastic keynote and/or live panel presentations, and to our amazing lineup of […]

The New WCI 401K

WCI is ten years old this Spring and we’re now on our third 401(k). It’s been a long and winding road. Our first 401(k) was a simple, cookie-cutter Vanguard Individual 401(k). And when I say “our”, I mean “my”, since I was the only one working here and the only one contributing to it. It […]

How To Dump Your Whole Life Insurance Policy

[Editor’s Note: Laurel Road and The White Coat Investor are partnering for an important physician survey regarding the impact of COVID-19 on your personal financial management, practice, and views on healthcare. The short survey can be found here and will take approximately 7 minutes to complete. Thank you for taking the time to help us […]

Parent Plus Loans and Moral Hazard

[Editor’s Note: We’re excited for The 2021 Physician Wellness and Financial Literacy Conference (WCICON21) virtually live THIS WEEK – March 4-6! It’s not too late to register and don’t worry, registration gives you lifetime access to presentations — even if you can’t watch it all during the conference. And even better, pay for it with […]

Debt is a Negative Bond

[Editor’s Note: Would YOU like to be a White Coat Investor “Champion” for your medical or dental school class? If you’re a first-year US MD/DO/Dental student please check here to see if your school is still available and apply by April 15, 2021, to be considered. Champions will pass out FREE copies of The White […]

Multiple Streams of Income

Just as diversification in your portfolio is valuable, so is receiving income from uncorrelated, multiple streams of income.  Physicians, unfortunately, might be some of the worst players when it comes to diversifying income. Some streams are more passive than others, but they are all useful, especially in times when something happens to an individual doctor’s […]

Schedule L (Balance Sheets per Books) for Form 1120-S

[Editor’s Note: Tonight at Midnight (MST) is the last chance to receive $100 OFF on the UPGRADED Fire Your Financial Advisor course and the all-new CME option, Financial Wellness and Burnout Prevention for Medical Professionals. Secure sales pricing today with code WELLNESS100 and take either course when convenient for you!] Last year I wrote a […]

How to Screen a Tenant

Learning how to screen a tenant properly will boost your returns, reduce your hassle, preserve the value of your property, and allow you to reach your investing goals sooner with less risk. Tenants Matter When investing in real estate, you are not just investing in a property. You are also investing in tenants, those who […]

In Defense of Bonds

[Editor’s Note: Are you tired of feeling burnt out and overwhelmed? If you’re ready to make a real change, tune in TODAY at 8 pm ET for a FREE webinar to learn how Dr. Jimmy Turner’s Alpha Coaching can help improve your quality of life, career, and finances.  Today’s post originally published as one of […]

Milestones to Millionaire: Our New Podcast

Long-term readers know that the title of The White Coat Investor does not refer to me, it refers to you. I have tried to gradually focus the blog and podcast less and less on me and more and more on you. One of the ways we have done that is our #livelikearesident and #backtobroke social […]

Cash Balance Plans: Another Retirement Account for Professionals

The single best tax break available to physicians is maximizing your retirement plan contributions.  Most self-employed or partnered doctors already have a defined contribution/profit-sharing plan (SEP-IRA or 401K) available to them into which they can contribute $58K a year for 2021 ($64,500 if they’re 50+.)  If your federal and state marginal income tax rate is […]

Fire Your Financial Advisor Course UPGRADE Plus CME Option!

Three years ago we developed our online course, Fire Your Financial Advisor: A Step by Step Guide to Creating Your Own Financial Plan. While our financial advisor sponsors weren’t super happy about that title, they quickly realized that there would always be plenty of white coat investors who still want to use a professional, and […]

20 Ways to Legally Lower Your Tax Bill

Taxes are part of life and many good things are done with tax dollars. But as Judge Learned Hand said, “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a […]

SPIA — The Good Annuity

Life insurance agents don’t like selling term life insurance for the same reasons that it is the main, and probably only, type of life insurance you should buy. It is a simple, low-cost, low-commission, financial product. Who wants to sell the most boring, lowest-commission product out there? That’s like seeing nothing but URIs in clinic […]

Top 7 Uses for Bitcoin

[Editor’s Note: DLP Capital Partners is offering new equity, debt, and notes funds with lowered $100k minimums (normally $250K minimum) to the White Coat Investor family. These investments are straightforward, easy to understand, and profitable. DLP has been a favorite of mine because they put their investors first and forego management fees until YOU are paid. […]

Build a Spreadsheet to Implement Your Asset Allocation

A critical task for a do it yourself investment manager is to implement one’s asset allocation across their investing accounts. This is generally done to maximize the asset location (tax location) aspects of the portfolio. It’s really just a spreadsheet problem and one of the reasons I’ve said if you can’t use basic spreadsheet functions […]

7 Ways To Increase Your Savings Rate

How Do I Increase My Savings? Q. I’m leaving the military for a hospital-employed urology practice (all W-2 income). I haven’t been a great saver the last few years but would like to do better. I know I can max out my available 403(b) and HSA, but I’m trying to decide whether to use the […]

Best 529 Plans for 2021: Reviews, Ratings, and Rankings

529 plans are the most commonly used college savings vehicle among my regular readers. They benefit from higher annual contribution limits than Educational Savings Accounts (Coverdell ESAs), can be front-loaded for up to five years, and sometimes offer a break on state taxes. While not as flexible, they are superior to a UTMA or other […]

State of the Blog 2021

It is tradition here at The White Coat Investor to thank the entire White Coat Investor community for all of their hard work and support over the last year. This includes readers, listeners, viewers, students, scholarship applicants/winners/judges, followers, members, attendees, sponsors, advertisers, staff, and partners. We thank you for what you have done to help […]

7 Financial Numbers You Should Know

Becoming financially literate means acquiring a very useful body of knowledge. Possessing this body of knowledge is such a rare phenomenon in today’s world that having it, especially when combined with some financial discipline, is like a superpower. When I speak, I frequently demonstrate the importance of financial literacy with a section of the talk […]