MtoM #150: Physiatrist Gets Back to Broke and Finance 101: Term Life vs. Whole Life Insurance
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 25 December 2023
⏱️ 23 minutes
🧾️ Download transcript
Summary
This doc made it back to broke only one year out of training. He was diligent about tracking his spending since med school and he attributes much of his success to having a plan and sticking to it. He said he definitely felt the temptation of lifestyle creep once he started seeing his paychecks but reminding himself that sticking to the plan was the best thing he could do for himself and his future self helped him stick to it! His advice to you? Make a budget, be on the same page as your partner, max out your retirement savings and know that if you stick to the plan time will work in your favor. After the interview we will talk about the difference between term life insurance and whole life insurance for finance 101.
We estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://whitecoatinvestor.com/financial-advisors.
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 Coat Investor Podcasts to Millionaire, |
| 0:04.2 | celebrating stories of success along the journey to financial freedom. |
| 0:08.2 | This is Milestones's millionaire podcast number 150. |
| 0:16.4 | Physiatrist gets back to broke. |
| 0:19.0 | We estimate the 80% of doctors need want and should use a financial advisor and or an investment manager. |
| 0:24.7 | Some investment gurus such as Dr. William Bernstein think my estimate is way too low. |
| 0:29.4 | At any rate, if you want to use an advisor temporarily or for your entire life, there's no reason to feel guilty about it. |
| 0:34.6 | Just make sure you're getting good advice at a fair price. |
| 0:37.5 | If you need help updating your financial plan or just getting one in place, check out our list of |
| 0:42.0 | recommended financial |
| 0:43.0 | advisors at white code investor.com slash financial dash advisors. You can do this |
| 0:48.1 | and the white code investor can help. Welcome back. This is the milestones to |
| 0:52.2 | millionaire podcast. We celebrate your milestones, |
| 0:55.0 | use them to inspire others to do the same. We've all got a list of financial milestones |
| 0:59.6 | out in front of us, so we're behind us, depending on where we're at in our financial lives and it's pretty cool to |
| 1:04.3 | celebrate them as you tick them off you know sometimes it goes by so fast and you |
| 1:08.6 | wish you go back and celebrate a few of them but for most of us time we hit one, it's a pretty significant accomplishment, |
| 1:14.4 | whether that's a net worth number or paying off some debt like student loans or a mortgage or, |
| 1:19.3 | you know, a car, whatever it might be. Come on the podcast and celebrate with us. |
| 1:24.0 | We'll use your experience to inspire others to do the same. |
| 1:27.0 | You can apply whitecoat investor.com slash milestones. |
| 1:31.0 | All right, our guest today is back to broke. |
... |
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