MtoM #59 - Resident with 100K in Assets

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 28 March 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This primary care physician achieved 100K in assets less than 6 months after residency. Developing a written financial plan early, budgeting, and tracking his goals help this physician get a great start on his net worth from the beginning. Building wealth is addictive, and seeing that number grow can encourage you to save even more. You would be surprised at how quickly wealth can accumulate when you make good decisions, even just during residency. If you need a written financial plan, this course https://whitecoatinvestor.teachable.com/p/fire-your-financial-advisor will help you get that in place.

At PKA Insurance Group Inc – Pradeep Audho, and his team, are independent insurance brokers with a focus on Disability and Life insurance. Protecting your family & income in the event of a death or disability is extremely important. There is now an A+ rated carrier offering up to $7.5M of term life insurance without a medical exam. If you qualify medically, approval is possible within 15 minutes. Avoiding the exam could be ideal for busy professionals. Reach out to PKA Insurance today to discuss your Disability or Life insurance needs – Call 1-800-258-1018 - OR - email at [email protected]

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 for 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 Whitecode Investor Podcast, milestones to millionaire, celebrating stories of success
0:05.6	along the journey to financial freedom.
0:12.7	This is the Whitecode Investor Podcast, milestones to millionaire, episode 59,
0:17.9	resident with 100,000 in assets. Today's sponsor is PKA Insurance Group.
0:24.4	At PKA Insurance Group, Inc, Padeep Aldo and his team are independent insurance brokers with
0:30.2	a focus on disability and life insurance, protecting your family and income in the event of a death
0:35.8	or disability is extremely important. There is now an A-plus rated carrier offering up to
0:41.5	7.5 million of term life insurance without a medical exam. If you qualify medically,
0:47.4	approval is possible within 15 minutes, avoiding the exam could be ideal for busy professionals.
0:53.8	Reach out to PKA Insurance today to discuss your disability and life insurance needs.
0:58.7	Call 1-800-258-1018 or email at info at pkinsurance.com.
1:07.4	All right, today we have the pleasure of having a resident here with us today. Welcome.
1:13.2	Hi, how are you doing? I'm great. How are you? I'm doing great.
1:17.5	So how would you like us to refer to you today? You can call me Mike, that's fine.
1:21.8	All right, Mike, what's your profession and how far are you out of school?
1:26.0	So I am a primary care general internist. I just finished up residency actually in July, so this
1:34.8	is a little bit later I think than when I submitted it, but at the time I was a resident, I think,
1:39.9	but I submitted my initial application. So awesome. Congratulations and welcome to the
1:44.8	Malastons Millenair Podcast. Thank you so much. So you wanted to come on to share your achievement of
1:51.4	achieving $100,000 in assets. Tell us what that's divided up into. So virtually all of that $100,000
2:00.4	is in Roth retirement accounts actually. Oh, excellent. So you were so smart and started that in
2:06.3	residency. Yeah, basically just did my best to kind of max out my Roth accounts every year. I was
	...

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