186: Pilots are High Income Professionals Too

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 26 November 2020

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The financial pathway of a major airline pilot is remarkably similar to that of a doctor. A lot of people don't realize they make doctor-like incomes and actually have a lot of doctor-like financial challenges. You make little to no income for a decade, then pretty good income for as long as you can go without burning out. Joining us in this episode is Jason Depew, a veteran and current captain with Delta. We discuss the parallels between the financial lives of doctors and pilots like high income, burnout, geographical arbitrage, lack of financial education, and the loss of income during this pandemic. Pilots are unionized. We talk about the benefits and drawbacks of being part of a powerful union, which may be the future of medical professionals. Pilots, especially with the major airlines, are a high income professional category that we don't discuss a lot at the White Coat Investor, but this episode will be a great resource for our pilot listeners as well as all other high income professionals.

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email [email protected] or by calling (973) 771-9100.

Transcript

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0:00.0	This is the White Coat Investor Podcast, where we help those who wear the White Coat 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's your host, Dr. Jim Dolly.
0:18.0	This is White Coat Investor Podcast number 186.
0:21.0	Pilots are high-income professionals too.
0:24.0	We're recording this. Let's see. It's a 17th of November. This is going to run on the 26th of November, so just a few days from now.
0:32.0	And I hope you are staying safe out there in this pandemic.
0:36.0	Let's start with a word from our sponsor, this podcast is sponsored by Bob Bionny at drdiscabilityquotes.com.
0:42.0	That's drdiscabilityquotes.com.
0:45.0	He's an independent provider of in-disability insurance, planning solutions to the medical community in every state, and a long-time White Coat Investor sponsor.
0:52.0	He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies.
0:58.0	If you need to review your disability insurance coverage to make sure it meets your needs, or if you just haven't gotten around to getting this critical insurance in place,
1:05.0	contact Bob at drdiscabilityquotes.com. You can email him info at drdiscabilityquotes.com or just pick up the phone and call at 973-7719100.
1:17.0	All right, our quote of the day today comes from Ray Dalio, who says, he who lives by the crystal ball must get used to eating a lot of broken glass.
1:26.0	And I think that is very true. I've tried to set up my portfolio so that I don't have to have a functioning crystal ball in order to reach my financial goals.
1:38.0	Thanks for what you do, things are difficult right now. I don't know about you guys, but we're boarding COVID patients in the ER.
1:44.0	All the beds are full. It's just a matter of trying to decide who's the least sick. The least sick ICU patient goes to telly.
1:51.0	The least sick telepatient goes to the floor. The least sick floor patient ends up in the ER being discharged home.
1:58.0	And the least sick E.D patient sits in the waiting room. So if you're backed up like we are, I hope you're surviving these days.
2:05.0	Had a difficult experience recently, had a four week old former pre-me come in, you know, basically in a cardiac arrest.
2:15.0	Interestingly, the medics called and actually wanted to call it in the field. I didn't think that was a very good idea on a four week old.
2:21.0	So we made the medics bring them in and ran what ended up being a beautiful and very well run code had a lot of help from our NICU and even our neonatologists came down and assisted with it.
	...

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