How To Get Rich By Driving A $5,000 Car

[Editor’s Note: We’re bringing this post back for a Tuesday Classic. I find it particularly interesting given that Whitney and I are working on a post about our latest car purchase, an $800 car. If you think a $5K car is crazy, wait until you read that one.] Over the course of a few days […]

Should You Invest In Variable Annuities and Non-Deductible IRAs?

[Editor’s Note: I’m doing a free webinar especially for emergency physicians Tuesday evening at 8 Eastern/5 Pacific. RSVP here!] I am often asked about whether or not it is smart to invest in Variable Annuities (VA) and invest after-tax money inside retirement accounts like a non-deductible IRA contribution. The alternative, of course, is to invest […]

A Quarter Million in DAFs: A Retirement Goal Achieved

[Editor’s Note: Physician on FIRE may be retired from medicine but he and his family are still making charitable giving a top priority. Congratulations to him on reaching this goal and to all of you readers and fellow bloggers who give generously.] This is not your typical FIRE blog, and I’m not an average FIRE […]

10 Ways to Pay Off a Mortgage Quickly

Only a true fan of leveraged investing looks at a mortgage as anything other than one of their largest bills that they would love to eliminate from their life. Just think of it — what could you do every month if you didn’t have a mortgage payment? If you’re like most docs, with a paid-off […]

Will the Politicians Cancel Your Student Loan Debt? – Podcast #123

Podcast #123 Show Notes: Will the Politicians Cancel Your Student Loan Debt? “Aren’t all the Democratic candidates going to cancel student loan debt? I’ll just wait, because if I pay them back and then they cancel them, I’m out of luck.” Now for some of you, this might sound crazy but this is the thought […]

Q & A With DrDisabilityQuotes.com

[Editor’s Note: We’re just a few weeks away from announcing the WCI Medical School Scholarship winners! Today’s sponsored post is written by Platinum Level Sponsor, Bob Bhayani from DrDisabilityQuotes.com. 100% of revenue from sponsored posts by the 5 Platinum Sponsors goes to scholarship winners. Bob asked me what he should write about and I told […]

My Children’s Inheritance

[Update 2019: Jill, the assistant editor here at WCI, handles lots of things for me including the Saturday posts across the WCI Network, the guest posts, and these “Tuesday Classic” posts. For today, she selected this one I published back in 2016 and asked me to update it. It was fun to read back through […]

“I Want To Lower My Taxes” Is a Stupid Goal

I keep running into people who want to know how to lower their tax bill. This is seriously an important financial goal for them. I suspect many of them are just tax illiterate, but I bet some just haven’t really thought through this goal. The problem with this goal is it leads people to do […]

Is It Ever Too Late To Start Investing In Real Estate?

[Editor’s Note: For some crazy reason, some people worry they are all washed up at 50. Or 40. Or even 30. This post by WCI Network partner, Passive Income MD explains that it isn’t really ever too late to invest in real estate. Even if you’re worried that you no longer have time to let […]

What The Bible Can Teach You About Money

Whether you believe The Bible to be The Word of God, an inspired volume, or just an old book which has stood the test of time and influenced billions, I think it is worth knowing what it says about money. I know. I know. You’re not supposed to talk in polite company about politics, religion, […]

Frugal Living with The Frugal Physician – Podcast #122

If you forgot to live like a resident for your first few years as an attending physician, it isn’t too late. In this podcast episode, I interview Dr. Disha Spath, of The Frugal Physician blog, who did just that. They were stressed about money and making minimal progress towards being debt-free, so she and her […]

Automated Cash Flow Systems: Put Your Money on Autopilot

[Editor’s Note: The following guest post was submitted by Tim Quillin, CFA and Partner in Aptus Financial. Aptus is a flat-fee hourly financial advising firm that is a WCI advertiser and on our list of recommended advisors. This is not a sponsored post.] Financial success hinges on one critical concept: spending less money than you […]

12 Questions to Ask Before Purchasing Whole Life Insurance

[Editor’s Note: Today’s Tuesday Classic answers the question, “Should you buy whole life insurance”? The short answer is, “Probably not.” If you’re interested in the long answer, keep reading!] In this post, I’m going to present an easy to use checklist you can go down when considering the purchase of any type of “permanent” or […]

Why Does The Stock Market Go Up?

[Editor’s Note: The PIMD Real Estate Conference in LA on October 26th is not yet sold out, but is now offering 5 CME credits. That means you can use your CME fund or (for the self-employed) at least write-off your chance to come meet us both.]  I occasionally run into people who don’t really understand […]

The Road to Burnout Helped Me Find My Purpose

[Editor’s Note: Today’s post comes from The Physician Philosopher, the newest member of the White Coat Investor Network. TPP was brought into the WCI Network especially for the purpose of addressing and discussing solutions to physician burnout as well as helping others to find happiness in medicine and life. I hope you’ve enjoyed getting to […]

Disability Insurance for Two-Doctor Couples

[Editor’s Note: The WCI Scholarship competition ends tomorrow. We’re trying to give away over $90,000 in cash and prizes. Get your application in. We could use a few more judges and donations too! This is your chance to give back to the community for what it has given to you.] Doctors all think their financial […]

What You Need to Know About Self-Employment Taxes – Podcast #121

Podcast #121 Show Notes: What You Need to Know About Self-Employment Taxes Dealing with self employment taxes can be a little tricky. In this episode I discuss quarterly payments, or a way to avoid making them if you have W2 income as well, to avoid penalties by being in the safe harbor. Bear in mind, […]

Maximize the Value of Your Practice Real Estate

[Editor’s Note: The deadline for applications for the WCI Scholarship is Saturday. Don’t procrastinate. We could still use a few more judges and donations too. Real estate and health care are both topics of interest to the WCI Community, so I thought a post that combined the two would be appropriate for today’s guest post. […]

Investing in Bonds — Back to Basics

This post, run again as a Tuesday Classic is part of my Back to Basics Series I wrote years ago. It is very important for you to understand the investments you own. The concepts discussed are simple, but also critical, and I’ve been continually surprised at how poorly-understood they are by otherwise intelligent, sophisticated people.  […]

How Should You Invest in Real Estate?

[Editor’s Note: For those of you haven’t heard, and especially relevant to today’s post, WCI Network partner Passive Income MD is putting on a one-day real estate conference on October 26th in LA. The mostly widely known names in physician real estate investing will be speaking and attending, including 3 faculty members from WCICON20. If […]

Selling Shares Beats Collecting Dividends

[Editor’s Note: This post is from WCI Network partner, Physician on FIRE. In case you missed it, PoF announced this week that he has retired from medicine at the age of 43! Congrats to him and enjoy the post!] When I described my drawdown strategy in early retirement, I stated we will “sell from the […]

Income Share Agreements–The Solution to Paying for Medical School?

I recently learned about Income Share Agreements (ISA). These are sometimes touted as an alternative to student loans and are being used as such. However, in my view, they are something completely different and an option I would like to see expand at medical schools across the country–for the students, for the schools, and for […]

Medical Mission Work in Honduras- Podcast #120

Podcast #120 Show Notes: Medical Mission Work in Honduras Ever thought about doing a medical mission trip? My 15-year-old daughter and I went to Honduras this summer to spend a week assisting in a local hospital. This episode I interview her about that trip and what effect the experience had on her. I also share […]

Top 6 Tips for Refinancing Your Student Loans

[Editor’s Note: As part of our 2019 WCI Medical School Scholarship program, we offer a sponsored post to each of our Platinum Level Scholarship Sponsors. Today is the first of those sponsored posts from student loan refinancing lender, Splash Financial. Splash is launching a new resident and fellow program today available starting at 9 a.m. […]

The Reason You Take Market Risk

[Editor’s Note: Today’s Tuesday Classic is a reminder of why we take market risk. High-yield savings accounts and bonds may make you feel better, but alone, they prove much riskier than owning stocks or real estate. In the long run, these “safe investments” fail to deliver returns that will allow you to reach your financial […]

How to FIX Backdoor Roth IRA Screw-ups

Every March and April I am absolutely inundated with Backdoor Roth IRA questions. This year was no different and I found my prior post on 17 Ways to Screw Up a Backdoor Roth IRA to be inadequate. Not only are you guys incredibly good at finding new ways to screw Backdoor Roths up, but that […]

Spend Your Money On Experiences… And Some Things

[Editor’s Note: The following article from WCI Network partner Passive Income, MD discusses loosening the purse strings a bit. I think it is important to become good at all aspects of your financial life–including earning, saving, investing, giving, AND spending. Enjoy the post.] Financial freedom from medicine is a beautiful thing. Once you’re in a position […]

Physician Burnout! What Are The Factors and Cures?

[Apologies to those who have gotten random emails from us lately. We had a bug with our email provider, Mailchimp, that sent some emails out and/or restarted people in our 12 email Financial Boot Camp series. We think we have it corrected, but there may be a few emails in coming weeks that you’ve seen […]

How to Pay for College with Robert Farrington – Podcast #119

This episode we interview Robert Farrington, the founder of thecollegeinvestor.com, where he provides lots of information for young investors, for indebted people with student loans, and millennials in particular. Robert, Mr. Money Mustache, and myself started our blogs about the same time, though both of theirs are bigger than mine. His message is about getting […]

You Can’t Wish Your Student Loan Debt Away

[Editor’s Note: The following guest post was submitted by Barbara Hamilton, MD who blogs at Tiredsuperheroine.com. There are some great quotes in this inspiring article about decimating student loan debt — with my favorite being the very last sentence. Enjoy!] There is No Fairy Godmother to Wish Student Loan Debt Away! Platinum Level Scholarship Sponsor […]

How To Buy Life Insurance

[Today’s Tuesday Classic is an update to one of the first articles published on WCI back in 2011. Buying life insurance is possibly the cheapest, easiest, and quickest step in your implementation of a solid investing plan. Here’s the best way to get it done.] I received a question today about the best way to […]

11 Ways To Avoid Probate

There are three purposes to estate planning: Determine where your kids and stuff go when you die Avoid/Minimize the expensive, time-consuming and public probate process Avoid/Minimize the payment of estate, inheritance, and income taxes Platinum Level Scholarship Sponsor The first is done primarily with a will, which is cheap and easy to do. You can […]

How to Tell a Good Financial Advisor From the Rest

[Editor’s Note: The following post from WCI Network partner, The Physician Philosopher is all about one of my favorite subjects, finacncial advisors! In this post, he gives great advice for finding a good advisor. If you prefer a shortcut, just check out my list of recommended advisors.] In The Physician Philosopher’s Guide to Personal Finance, […]

Ownership Has Its Privileges

I am a big fan of ownership. In fact, some of the best advice I can give you is that if you want to become wealthy, you will find the path to be much easier if it involves ownership. Economically speaking, there are three kinds of people in the developed world: Platinum Level Scholarship Sponsor […]

How Do I Claim the Foreign Tax Credit? – Podcast #118

Podcast #118 Show Notes: How Do I Claim the Foreign Tax Credit? If you invest in the total international stock market index you may be eligible for the foreign tax credit. As long as your foreign tax paid is less than $300 single, or $600 married, it is a rather straightforward process. However, once that […]

Financial Planning for a Special-Needs Child

[Editor’s Note: The following guest post was submitted by pediatrician blogger, Margaret Curtis, MD who researched the topic of financial planning for special needs children on behalf of her patients and friends. Dr. Curtis gives us a primer on what she’s learned about this often complicated and difficult topic. We have no financial relationship.] Platinum […]

Why You’re Going To Be Rich

[Editor’s Note: Today’s Tuesday Classic is a post that should be relevant and “evergreen” for decades to come. Get rich quick schemes come and go, but solid principles for getting rich are timeless for a reason — they work.] Platinum Level Scholarship Sponsor I pulled down my copy of Napoleon Hill’s Think and Grow Rich […]

Live Much Better Than a Resident… On Way Less

[Editor’s Note: In this republished post from WCI Network partner Physician on FIRE, we’ll learn about a way to live better and yet spend less during your live like a resident period. However you do it, make sure you do it if you want to build wealth rapidly.] Stop me if you’ve heard this one […]

In Praise of the Renaissance Man

The concept of a Renaissance Man (these days perhaps a Renaissance Person) alludes to individuals such as Leonardo Da Vinci, Michelangelo, Galileo, Akbar the Great, or Benjamin Franklin, who excelled in multiple different fields. Dictionaries define the Renaissance Man as: A person with many talents or areas of knowledge An outstandingly versatile, well-rounded person Anyone […]

Managing Healthcare Real Estate Properly – Podcast #117

We have a lot of people apply to be on our podcast and honestly, we turn down most of them. They are usually trying to market their company to you without actually buying a sponsorship package. We made a bit of an exception today, not because I’ve done any sort of due diligence on this […]

Restricted Property Trust — A Pro/Con

[Editor’s Note: I occasionally get a guest post that I find interesting but whose author is surprised to find that I won’t run it on the blog except as a Pro/Con style post because they already felt they included the “con side” in their original submission. Most of the time, I don’t know anyone that […]

Comparing 14 Types of Retirement Accounts

[Editor’s Note: Today’s Tuesday Classic compares retirement accounts by quality of available investments, taxes, cost, asset protection, estate planning, as well as any special features available. If you’ve been confused about the types of retirement accounts available, this comprehensive guide will get you on the right track.] When I speak at conferences, I often use […]

The Case Against Resident Homeowners

I have long maintained that owning your home during residency is generally a bad financial move. With the recent increase in standard deduction, it became an even worse move. However, this little piece of advice is probably the most frequently ignored advice I give. Exhibit A, this email I received recently: Gold Level Scholarship Sponsor […]

How To Figure Out Your Financial Freedom Number (and What To Do Next)

[Editor’s Note: The following post by WCI Network partner Passive Income MD discusses how to figure out what “your number” is. The truth is the “retirement” is not an age, it’s a number, and it can be calculated. PIMD shows you how to do it here.] The concept of financial freedom is foreign to most […]

Alpha Investing – An Introduction

[Editor’s Note: Enrollment is closed for PIMD’s online course about real estate syndications, but I have partnered with two other online real estate courses you might be interested in. The first is Zero to Freedom Through Cash-Flowing Rentals by two doctors who have found financial freedom through direct real estate investing, one of whom will […]

Fix the Car or Buy a New One – Podcast #116

Podcast #116 Show Notes: Fix the Car or Buy a New One I received a couple of questions about cars in the Facebook group and thought it would be interesting to compare and contrast them. The first one was from a soon to be resident who wanted to know if he should ship his car […]

The Financial Benefits of Residential Solar

[Editor’s Note: We are currently accepting guest post submissions to be reviewed for the Oct-Dec 2019 publication period. If you’ve always wanted to share your expert advice, give insight, or tell your financial story, check out our guest post policy and join the discussion. The following guest post was submitted by Josh Hamilton, a Physician […]

You Need an Investing Plan

[Editor’s Note: Today’s Tuesday Classic is the republication and updating of a post that was originally written before I ever started The White Coat Investor about the importance of creating an investing plan.] While the most common question I get here at The White Coat Investor is “Should I invest or pay down debt?” This […]

How to Double Your Income as a Primary Care Physician

One of the most fun parts of running The White Coat Investor is the opportunity to peer into the nitty-gritty details of the financial lives of other doctors. It’s a little bit like practicing emergency medicine that way–a bit voyeuristic but often entertaining and always interesting. One of the things I have noticed that no […]