130: How to Retire Early as a Doctor with the Physician on Fire

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 31 October 2019

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Have you ever dreamed of retiring from medicine in your 40s? In this episode we interview a doctor who actually did retire recently at the age of 43. Of course long time readers will know the Physician on Fire (https://www.physicianonfire.com/) well. But he retired completely from medicine this summer after going part time a couple of years ago. We talk about what it is like as an early retiree in this show. We discuss how he is paying for health insurance, what he is doing to continue to find meaningful activities for his time, and how his relationships with his wife and children have changed now that he is home all day. We also talk about how he retired early including what his savings rate was, how he invested, how he decided he was financially ready to retire, and what he would change about his journey to financial independence if he could go back and do it again. If you are thinking early retirement might be for you, listen to this episode to learn how to do it and what it could be like. See the full show notes at https://www.whitecoatinvestor.com/classic-blog/

This episode is sponsored by SoFi https://www.whitecoatinvestor.com/Sofi . Hundreds of white coat investor readers have refinanced with SoFi over the years for two reasons. One, they make it really easy with their great tech solutions online so you can find out your rates very quickly and get through the process with minimum pain. Two, they give great rates. People compare them to a lot of their competitors, and they end up going with SoFi because SoFi so often the lowest rate out there. If you apply via at https://www.whitecoatinvestor.com/Sofi , not only will you get paid $300 if you close the loan, but you will get a lower interest rate as well. They also have a fantastic medical and dental resident program, with $100 monthly payments. If you're worried that you can't refinance your loans because you'll end up with a huge payment, SoFi has a program to help you during your residency, that you still get those low payments just like you would get in an income-driven repayment program but still save money on the interest that is accumulating. Check out SoFi today https://www.whitecoatinvestor.com/Sofi

Transcript

Click on a timestamp to play from that location

0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	Welcome to White Code Investor Podcast, number 130, retired from medicine at 43.
0:23.0	Have you ever dreamed of retiring from medicine in your 40s?
0:26.0	Today we're going to talk to a doc who actually did it recently and find out how it's going.
0:31.0	First a word from our sponsor, SOFI.
0:34.0	Hundreds of White Code Investor readers have refinanced with SOFI over the years, or two reasons.
0:39.0	One, they make it really easy with their great tech solution online that you can find out your rates very quickly and get through the process with the minimum of pain.
0:50.0	Two, they give great rates. People compare them to a lot of their competitors and they end up going to SOFI because SOFI is so often the lowest rate out there.
0:59.0	If you apply via the links on the White Code Investor site and we'll put them into the show notes, not only will you get paid if you close the loan, $300 cash, but you will get a lower interest rate and you will help support the White Code Investor site.
1:15.0	Now the lowest interest rate is probably the greater benefit because you are going to save thousands on your student loan interest even if you're doing what I recommend and you pay them off over two to five years.
1:26.0	But the $300 cash is nice too. I hope you'll just put it toward the balance of your loan.
1:30.0	But if you really want, you can use it to go down and buy a frosty at Wendy's every day for the next 10 months.
1:35.0	SOFI really doesn't care. They're going to give you the money and you can use it for whatever you like.
1:39.0	They also have a fantastic medical and dental resident program, the $100 monthly payments. If you're worried you can't refinance your loans because you'll end up with a huge payment, SOFI has a program to help you during your residency that you still get those low payments just like you would get in the income driven repayment program.
1:59.0	In fact, probably lower for many docs, but still save money on the interest that's accumulating.
2:04.0	So you can get refinance loan with SOFI at whitecodeinvestor.com slash SOFI that's SOFI. They also have four other great products that we talk about from time to time here at the White Code Investor, one of which is a SOFI money account.
2:18.0	This is a cash management account. I've actually got one of these account and it's fantastic. They have what essentially functions similar to a checking account, but pays you an interest rate of almost 2%.
2:28.0	Hard to complain about that, right? I have it. I like it. It doesn't do absolutely everything that my bank account will do, but for nearly 2% interest I'm willing to deal with some of that.
2:38.0	They also have personal loans. I occasionally get an email from a doc who's looking for a personal loan for whatever reason.
2:45.0	I usually try to talk about a borrowing anymore money, but occasionally, honestly, they have a good reason to do it.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Dr. Jim Dahle of the White Coat Investor, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Dr. Jim Dahle of the White Coat Investor and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.