7 Physician Side Hustles

[Editor’s Note: The following guest post was submitted by emergency medicine physician, Dr. David Beran. He’s made a hobby of pursuing physician side gigs to balance his clinical workload and says he’s always looking to try new ones. I love this post because the side hustles are all medical/clinical rather than the usual ones we […]

Picking Individual Stocks Is A Loser’s Game

[Editor’s Note: This Tuesday Classic post originally ran in 2016. I was pleased that see that it was pretty much completely evergreen and needed no updates whatsoever to be run again. Picking stocks was just as dumb in 2016 as it is in 2019.] Gold Level Scholarship Sponsor Long-time readers and avowed Bogleheads will not […]

7 Ways the Rich Pay Less in Taxes (and You Can Too)

How’d you like that clickbaity title? I’m very proud of that one. Hopefully, this post goes super-viral because of it. The title is actually an accurate summary of this post, however. I hear statements all the time, usually on social media, usually from those on the left side of the political spectrum, and usually from […]

Holy Stealth Wealth Part II: Developing an Investor Policy Statement

[Editor’s Note: This post by Physician on FIRE is a continuation of a post we published earlier this month that generated a lot of great discussion in the comments section. Today, Physician on FIRE assists this high earning doc to get his financial ducks in a row.] To recap, in Part I, we met Dr. […]

Why Tesla Owning Doctors Hate Me

[Editor’s Note: Those of you who have been waiting for the audiobook version of The White Coat Investor’s Financial Boot Camp, your wait is now over! If you’ve never tried Audible, give it a try. If you go through that affiliate link, you’ll even be helping to support the site by doing so.] How’s that […]

Investing in Airbnb Rentals with David Draghinas – Podcast #111

Dr. David Draghinas is probably best known in this community for his podcast, Doctors Unbound, where he shares inspiring stories about doctors doing extraordinary things. But in this interview, I asked Dr. Draghinas about something extraordinary that he is doing. They converted one of their rental properties to a short term rental, then bought another […]

Should You Treat a Patient Using a Personal Injury Lien?

[Editor’s Note: The following guest post was submitted by Neama Rahmani runs a personal injury law firm, West Coast Trial Lawyers. We have no financial relationship. It might seem odd that I would run a post by a trial lawyer and especially one on which patients to treat. I put this post into the “boosting […]

9 Ways To Increase Your Investing Return

[Editor’s Note: Today’s Tuesday Classic is about a popular topic — how to increase investment returns. Increasing investment returns can shorten your career and give you more spending money but you need to be careful how you try it — if you try it at all. Below I discuss nine ways to increase returns but […]

Roth versus Tax-Deferred: The Critical Concept of Filling the Brackets

[Editor’s Note: Registration for the 2020 Physician Wellness and Financial Literacy Conference opens on Monday July 8th at 7 pm MST. Further details will be available in a blog post run that morning, but put a reminder in your phone if you want to come as we anticipate it will fill quickly. Yes, it’s going […]

Stop Trying To Do It All

[Editor’s Note: The following post is by Passive Income, MD, the greatest outsourcer that I’ve ever met. He argues that doctors are far too afraid of outsourcing tasks, both at home and at work.  This post could be written directly to me. Enjoy!] If there’s anything I’ve learned about readers of this site, it’s that […]

2019 Financial Educator of the Year Award

In February, I called for nominations for the Financial Educator of the Year award. In the same post, I gave away a few sets of slides to use in educating medical students, residents, and doctors about finances. I have been very pleased to see what appears to be an increase in financial talks being given […]

How Does the US Tax Foreign Investment Income? – Podcast #110

Podcast #110 Show Notes: How Does the US Tax Foreign Investment Income? How does the US tax foreign investment income? Foreign income is taxed as ordinary income on your US tax return. No free lunch here, sorry. The places that are paying higher interest rates are generally expected to depreciate against the dollar.  So should […]

How the 199A Deduction Impacts 401k Decisions and Tax Rates

[Editor’s Note: The following guest post was submitted by Timothy Schmidt, DMD. Throughout Tim’s career, he’s worked various employment situations — as a W2 employee, a 1099 contractor, and is currently an owner/partner in a dental practice. We have no financial relationship. The 199A deduction has affected many of our financial lives in a big […]

Designing Your Portfolio Pt1: Define Your Investing Goals

[Editor’s Note: In this Tuesday Classic we revisit our Designing Your Portfolio series. While it was written 8 years ago, the need for this information is just as great today. This first installment in the series is about designing an effective portfolio by first defining your investing goals. It’s critical to get this step right […]

10 Reasons People Regret Buying Whole Life Insurance

Cash value life insurance, such as whole life insurance, universal life insurance, and variable life insurance are products designed to be sold, not bought. They are inappropriate for the vast majority of people on this planet, including physicians. Gold Level Scholarship Sponsor Among physicians that actually purchase the product, 3/4 of them regret their decision. Even […]

Proof is in the Pudding: Live Like a Resident

[Editor’s Note: Here’s a re-published post from WCI Network partner, The Physician Philosopher and is about the advice I gave back in 2011 for young docs to “live like a resident” for their first few years after residency. Enjoy TPP’s fresh reminder on the principle!] Chances are that if you are reading this blog, you […]

Lessons to Learn From Rich Dad, Poor Dad

The online personal finance community can be pretty critical of Robert Kiyosaki and his Rich Dad, Poor Dad book series. I’ve been critical myself. Employees who invest primarily in static asset allocations of low-cost, broadly diversified index mutual funds tend to be especially critical while entrepreneurs and real estate investors tend to be less critical. […]

What’s an Insurance Score and How Can it Save You Money?

[Editor’s Note: The following guest post was submitted by Sa El, an insurance agent and co-owner of Simply Insurance. We have no financial relationship.] When I first started selling life insurance over ten years ago, I would often get asked “will this affect my credit?” or “Do you pull my credit for this?”. I used […]

10 Reasons You Should Pay Off Student Loans Quickly

[Editor’s Note: Welcome to our first Classic Tuesday. While we often revisit some of our older blog posts on social media and I send people links to them all the time in answer to their questions, the truth is that due to rapid growth only a small percentage of this blog’s readers have been reading […]

2019 WCI Medical School Scholarship Announcement

2019 marks the fifth year we’ve done The White Coat Investor Medical School Scholarship. The prize money, the number of sponsors, the number of winners, the number of judges, and the number of applicants grows each year. The WCI Medical School Scholarship Gold Level Scholarship Sponsor This medical school scholarship provides several things each year: […]

Why You May Not Need An Emergency Fund

Regular readers know we dumped my disability insurance policies recently. We also dumped our emergency fund for a similar reason — we’re rich. An interesting thing about being rich is most rich people don’t think they’re rich. It’s really weird how little insight some of them have. Sometimes they’re incredibly out of touch with the […]

What is Value Averaging and How Does it Work? – Podcast #108

This is The White Coat Investor Podcast where we help those who wear the white coat get a fair shake on Wall Street. We’ve been helping doctors and other high income professionals stop doing dumb things with their money since 2011. Here’s your host, Dr. Jim Dahle. Welcome to The White Coat Investor Podcast number […]

Confessions of a “Financial Advisor”

[Editor’s Note: Today’s guest post is actually a combination of two submitted guest posts that were both very good so I wanted to run both of them. However, they were so similar and we had so many other great guest posts to run this quarter, that I decided to combine them. That makes today’s post […]

How to Get Discounts On Your Physician Disability Insurance

Disability insurance discounts are driving me nuts. For years I have been telling physicians shopping for disability insurance to find a competent, responsive, independent disability insurance agent, have them lay out your options for an individual disability insurance policy from the Big 5-6 companies, help you compare them to any group policies you may be […]

The Guide to Real Estate Syndications, Part I

What is a Real Estate Syndication? In essence, it’s the pooling of capital to invest in a real estate opportunity. The benefit of putting this capital together is that it might make it possible to purchase and pursue opportunities that one person may not be able to on their own. A famous example of this […]

How to Build Wealth On $150,000 Per Year

Q. I had an idea for an article you might consider writing in the future. Many of your readers are likely Optometrists, Nurse Practitioners, pharmacists, etc where the salary might be about $80-140k. With a stay at home spouse or a spouse with an average job they might be earning $150-175k at maximum, all cylinders […]

The Four Pillars of Investing with Bill Bernstein, MD – Podcast #107

I first met Bill Bernstein at the Bogleheads Conference in 2008. I was a Bernsteinhead before I was ever a Boglehead. The Four Pillars of Investing was certainly one of the first good books on investing I ever read and had a huge influence on my financial outlook. This interview with Dr. Bernstein is chock-full […]

The Tax Planning Window and Partial Roth Conversions for “401k Millionaires”

[Editor’s Note: Today’s guest post is from Infectious Disease physician David Graham, MD, who blogs at FiPhysician.com.  After discovering his passion for personal finance, he started a Registered Investment Advisory to promote “Financial Literacy for Physicians.”  We have no financial relationship. The post today is about “The RMD Problem,” which is generally overblown. However, if […]

Cryptocurrencies Like Bitcoin are Not Investments

I am often asked investing questions that require a working crystal ball to answer. Since mine has always been cloudy, I usually refocus the questioner on designing an investment plan that will work given a wide range of potential future scenarios. However, there are occasionally times when the clouds in my ball clear a bit […]

How Much Should I Be Saving? The 30% Rule

[Editor’s Note: The following is a re-published post from the newest addition to the WCI Network, The Physician Philosopher. This article is all about a question I answer frequently — what should your savings rate be to reach retirement goals? My rule of thumb for attending physicians is 20% of your total income should be […]

Boost Your Investing Returns By Lowering Your Investment Costs

[Editor’s Note: The following is one of my regular columns published at Forbes and is about a frequent topic on this site — how to lower your investment-related costs for maximum returns.] Limiting your investment-related fees and expenses is a critical aspect of investing. In my work at The White Coat Investor helping doctors, attorneys […]

Financial Advice for Those Starting a Family – Podcast #106

Podcast#106 Show Notes: Financial Advice for Those Starting a Family A listener asks me for financial advice as they start a family. Children are expensive. Does that mean you shouldn’t have children? The decision really comes down mostly to a lifestyle decision. What do you want out of your life? Do you want to raise […]

What’s Wrong With a Big Tax Refund?

[Editor’s Note: This guest post was submitted by longtime WCI reader, physician spouse, and personal finance freelance writer, Ryan Trettevik. We have no financial relationship. It discusses tax refunds, why you shouldn’t want one, and what can be done to reduce them. The secret to all this is # 1 to make sure you don’t […]

A New Reason to Use the Mega Backdoor Roth IRA

Warning: We’re getting into the weeds today. This is definitely NOT a back to basics post. As discussed in a previous post, the Section 199A pass-thru business tax deduction has forced us to revamp a large part of our financial lives. This deduction, designed to keep pass-thru business owners (sole proprietorships, partnerships, and S Corps) […]

Minimalism versus Frugality: Can They Coexist?

[Editor’s Note: This post is republished from WCI Network partner, Physician on FIRE and explores the struggle between living a life of minimalism vs frugality and how finding a happy medium may be the best way to achieve FI. Enjoy!] For centuries, most people were both minimalist and frugal. Not necessarily by choice, but out […]

The Physician Philosopher’s Guide to Personal Finance – A Review

I’m always impressed when I see a doc doing more than one thing. Sometimes that is practicing medicine full-time while being a single parent. Sometimes it is starting a business while practicing medicine. Likewise, I am impressed when somebody takes their online business into a new medium, mostly because I know just how much work […]

How to Think About Money with Jonathan Clements – Podcast #105

Creighton University believes in equipping physicians for success in the exam room, the operating room, and the boardroom. If you want to sharpen your business acumen, deepen your leadership understanding, and earn your seat at the table, Creighton’s Executive Healthcare MBA is for you. Specifically tailored to busy physicians, advanced clinicians, or working healthcare executives, […]

The Accessory Dwelling Unit (ADU) Solution

[Editor’s Note: This guest post was submitted by physician financial blogger and Los Angeles resident, the Darwinian Doctor. It’s a timely post considering that earlier this week we ran 12 Reasons California is a Terrible Place for Doctors to Build Wealth. Darwinian Doc’s parents had a small amount of money saved up for retirement but […]

12 Reasons California is a Terrible Place For Doctors to Build Wealth

I love California from Mt. Shasta to San Diego. I love Yosemite, Sequoia National Park, the Sierras, Joshua Tree, and Idyllwild. It has awesome beaches, great mountains, and great deserts all in the same state. The weather is always spectacular and the cities have tons of fun stuff to see and do. Sure, it has […]

SoFi Money — A Review

SoFi has been one of the most important business partners of The White Coat Investor for the last 5-6 years. Despite that, not a single one of the 1500+ blog posts on this site has ever been dedicated to SoFi. SoFi was founded the same year as The White Coat Investor, and we’ve grown up […]

Mistaking a Salesman for a Financial Advisor – Podcast #104

Podcast #104 Show Notes: Mistaking a Salesman for a Financial Advisor Is your financial planner a trusted advisor or product salesman? You need to know how to spot the difference between a real financial advisor and salesmen masquerading as a financial advisor.  In the last few weeks, we have discussed when to hire a financial […]

5 Financial Mishaps That Led to The Physician Philosopher Blog

[Editor’s Note: Today’s guest post comes from The Physician Philosopher. In case you missed the news, The Physician Philosopher is the latest addition to the White Coat Investor Network. I hope you enjoy his origin story and see why we reached out to him to join the WCI Network. Like the other network members, we […]

3 Negotiation Tips to Give You the Critical Advantage

Negotiation is a critical skill for any businessperson, but not taught at all in medical school, except perhaps as a method to convince a patient to take a prescribed treatment. Business negotiations are common and routine, but a typical physician may only engage in important financial negotiations once or twice a decade — retarding the […]

Should I Invest In My 457? The What, Why, and When

Let’s dig in. Just like any other retirement plan with numbers, this comes from the part of the IRS tax code (section 457) for deferred compensation plans.  It is a “deferred compensation plan” that allows you to make pre-tax contributions and will allow your earnings to grow tax-free while in place. There is an important […]

The 6 Stages of Diversification — Where Are You At?

I had an interesting question via Twitter: It got me thinking about diversification. There are actually multiple levels or stages of diversification, with a diminishing amount of importance as you move down the list. So while Dr. Hersch might feel he is diversified, and likely is at one level, I feel he isn’t because he […]

Reduce Physician Burnout with the Physician Philosopher – Podcast #103

The burnout rates among physician are up 40-50%, that’s 1 in 2 doctors. The suicide numbers are not much better. Doctors are a perfect setup for this. We are perfectionists. We are hardworking. We don’t like to ask for help. Our guest this episode is Jimmy of The Physician Philosopher blog. Despite his youth, he […]

How to Avoid the Traps of Lifestyle Creep

[Editor’s Note: The following guest post was submitted by recent residency graduate and regular reader, Dr. Kevin Nguyen, DO. As a new attending struggling to control increased spending, he stumbled across the term lifestyle creep. He decided something was amiss with his upward trend in spending and that he’d better get educated about finances. For […]