MtoM #3 - Become a Millionaire with the 1/3 Income Rule

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 1 March 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This millionaire radiologist graduated medical school with a net worth of a bottle of wine and a bicycle. 8 years out of training he was a millionaire. How did he do it? Not with the typical white coat investor portfolio. But we learn there is more than one way to become wealthy. They all start with a high savings rate though. He applied the 1/3 rule. He saved a 1/3 of his income, enjoyed 1/3 of his income, and used a 1/3 for his living expenses. Save 33% of your income and you can do nearly anything and still be a multimillionaire by mid career. Check out this post for ways to increase your savings rate. https://www.whitecoatinvestor.com/friday-qa-series-7-ways-to-increase-your-savings-rate/

This episode was sponsored by Bob Bhayani, an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. If you need disability insurance coverage, 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 Co Investor Podcast, Milestones 2 Millionaire,
0:04.5	celebrating stories of success along the journey to financial freedom.
0:09.0	Here is your host, Dr. Jim Dolly.
0:16.0	This is Milestones 2 Millionaire episode number three.
0:18.8	Welcome back to this. I hope you guys are enjoying these new podcasts we're doing here.
0:22.2	If you'd like to be on the show, if you've accomplished something, want to celebrate it with us,
0:25.9	go ahead and go to whitecoatinvestor.com slash Milestones to apply to be a guest on this show.
0:32.8	Possible things you could be on for. Getting public service loan forgiveness.
0:36.2	Getting back to broke. Paying off your student loans. Paying off a mortgage.
0:39.4	Becoming a millionaire. Becoming a decadent millionaire. Becoming financially independent.
0:43.2	Anything where you've become financially successful and want to inspire others to do the same.
0:48.7	Go ahead and apply. We'll see if we can get you on the show and share your story with our audience.
0:53.6	Our sponsor for today's show is Bob Bionny, Dr. Disability Quotes.com, a truly independent
0:58.8	organization. Dr. Disability Quotes.com was founded on the basic principle of providing unbiased
1:03.8	and conflict-free disability planning solutions to physicians, residents, and fellows nationwide.
1:08.9	They shop your business with every major insurance carrier to create a true on-occupation policy
1:13.4	at the best possible rates with all applicable discounting. If you need disability insurance,
1:17.4	contact Bob at 973-7719-100 or info at drdisabilityquotes.com.
1:25.4	All right, let's get our guest for the show on.
1:27.7	All right, we're going to call our guest today, Max. Welcome to the Milestones to Millionaire Podcast, Max.
1:33.3	Thank you for having me. I never thought I would be on something like this, but I guess I qualify.
1:39.4	Well, thank you for so much for volunteering. What's your specialty and how far are you out of training?
	...

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