MtoM #118 - Cardiologist Becomes a Millionaire
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 15 May 2023
⏱️ 24 minutes
🧾️ Download transcript
Summary
This cardiologist became a millionaire just 6 years out of training. This physician couple worked hard to pay their debt off and start saving. They have learned that while they want to be set up for a comfortable retirement, they also are not trying to FIRE. They want to save responsibly while still spending money now and making the most of life right now with their kids. His advice to you is to be persistent and consistent and to be patient. If you stick to your plan you will be successful!
Dr. Dahle also gives an intro to HSA accounts, what it means to have triple tax protection, and why he thinks HSAs are incredibly awesome. Want to learn more about HSA accounts? Check out this post: https://www.whitecoatinvestor.com/health-savings-account/
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart.
If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance/ and feel the peace of mind that comes with knowing you have the optimal policy in place.
You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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Transcript
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| 0:00.0 | This is the White Code Investor Podcast, milestones to millionaire, celebrating stories of success |
| 0:05.6 | along the journey to financial freedom. |
| 0:12.7 | This is milestones to millionaire podcast 118, cardiologist becomes a millionaire. |
| 0:17.5 | Getting quality disability and life insurance should be the first financial chore for a doctor |
| 0:21.3 | to complete. Most docs don't have the ideal policy for their gender, especially state or health |
| 0:25.6 | status. One in seven doctors get disabled at some point during their career. |
| 0:29.9 | Because these policies can only be purchased through brokers, we put together a list of |
| 0:33.2 | vetted agents who are experienced with working with the specific needs of medical professionals |
| 0:37.2 | and who have your best interest at heart. We have questions about insurance and what kind of |
| 0:41.3 | policies would be the best fit for you to check out our insurance recommended list. |
| 0:45.0 | The whitecodeinvestor.com slash insurance. And feel the peace of mind that comes with knowing you |
| 0:49.4 | have the optimal policy in place. You can do this and the White Code Investor can help. |
| 0:55.0 | All right, we got two great things today on the podcast. The first is an interview with |
| 0:59.2 | the cardiologist who's recently become a millionaire. And then the second is I'm talking a little bit |
| 1:04.4 | about one of my favorite investing accounts, the triple tax free stealth IRA. |
| 1:11.5 | And if you don't know what that is, stay tuned after the interview and I'll give you a clue. |
| 1:17.2 | Our guest today on the milestone in the millionaire podcast is Mike. Mike, welcome to the podcast. |
| 1:22.0 | Thank you, sir. I appreciate it. Now, you recently became a millionaire. Congratulations on that. |
| 1:27.2 | Thank you. But tell us a little bit about yourself. What you do for living, how far you are out of your |
| 1:32.2 | training? Sure. So I am a cardiologist. I am at this point about seven years out of training. |
| 1:40.1 | And I was a military provider for 14 years. So my training path path was pretty |
| 1:45.6 | so cute as you can imagine. It sort of was broken. It was Navy. So I did my internship and then I |
... |
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