MtoM #213: Resident Acquires a Six Month Emergency Fund and Finance 101: Two Doc Households
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 10 March 2025
⏱️ 34 minutes
🧾️ Download transcript
Summary
Today we are talking with a PGY2 who has saved up six months of emergency funds. He has an impressive savings rate of around 35% and shows us that you can still make progress in your financial life even while you are still in training. Get financially educated, make sound financial choices, live within your means and you will be ready to hit the ground running as an attending. After the interview we will be talking about finances in a two doc household for Finance 101.
With Weatherby Healthcare, you choose your own healthcare career path. Our locums experts then support you every step of the way, helping you find the right opportunities at the right times. We understand your professional and personal goals, and are experts at helping you achieve them. Let’s keep your career interesting with new locations and settings, and diverse patients and cases. And, just as importantly, let’s make sure you get more free time for your hobbies… or to just relax. We’ll help you find that balance. With more jobs in more locations, Weatherby gets you where you want to go. https://whitecoatinvestor.com/weatherby
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 podcast, Milestones to Millionaire, celebrating stories of success |
| 0:06.0 | along the journey to financial freedom. |
| 0:13.3 | This is Milestone's Millionaire podcast number 213. Resident acquires a six-month emergency fund. |
| 0:19.9 | With Weatherby Healthcare, you choose your own health care career path. |
| 0:23.3 | Our Locum's experts then support you every step of the way, helping you find the right |
| 0:26.5 | opportunities at the right time. |
| 0:28.4 | We understand your professional and personal goals and are experts at helping you achieve |
| 0:32.4 | them. |
| 0:33.2 | Let's keep your career interesting, new locations and settings and diverse patients and cases. |
| 0:37.9 | And just as importantly, let's make sure you get more time for your hobbies or to just relax. |
| 0:42.5 | We'll help you find that balance with more jobs and more locations. |
| 0:45.6 | Weatherby gets you where you want to go. |
| 0:47.7 | Whitecodeinvestor.com slash weatherby to learn more. |
| 0:52.4 | Let's talk for a few minutes about taxes and tax prep. It's March as |
| 0:56.3 | you're listening in this. Lots of people are doing their taxes now or about to, or maybe recently |
| 1:01.3 | finished them. And for many docs, particularly employees, your tax situation can be very straightforward. |
| 1:07.0 | And I think it's pretty cool, actually, especially in the beginning of your career, to learn how to |
| 1:12.2 | file your own taxes, whether you're doing it by hand or using software. You can use something like |
| 1:17.6 | turbotax or a similar program to do your own taxes, and you only have to learn the parts of |
| 1:22.0 | the tax code that are relevant to you. In my experience, that meant learning about one new form a |
| 1:27.1 | year. For many years, |
| 1:28.6 | I did my own taxes. For those, however, who desire professional help, there are two sides of tax aid. |
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