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White Coat Investor Podcast

WCI #211: Late Start Retirement Savings

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.92.3K Ratings

🗓️ 20 May 2021

⏱️ 52 minutes

🧾️ Download transcript

Summary

Feeling like you are late to starting your retirement savings is a common sentiment. People are not generally as far behind as they think. Second career doctors have already taken care of some things that a doctor just coming out of residency has not, like owning a car, home, and raising children. Your highest earnings of your career are typically in your 50s. So, when you are earning more, it's easier to save more. This episode will help a later saver know what to prioritize and to understand some of the benefits of their age. The truth is that no doctor is ever really more than 10 years away from financial independence. You can do this and we can help. https://www.whitecoatinvestor.com/behind-in-the-retirement-savings-game/

This podcast is sponsored by Bob Bhayani at https://drdisabilityquotes.com He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://drdisabilityquotes.com today by email [email protected] or by calling (973) 771-9100.

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

Click on a timestamp to play from that location

0:00.0

This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.

0:06.0

We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.

0:12.0

Here's your host, Dr. Jim Dolly.

0:18.0

This is White Code Investor Podcast number 2-11, saving for retirement with a late start.

0:23.0

This podcast is sponsored by Bob Bionny at drdisabilityquotes.com.

0:28.0

He's an independent provider of disability insurance planning solutions to the medical community in every state and a long time White Code Investor sponsor.

0:36.0

Specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies.

0:41.0

If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at drdisabilityquotes.com today.

0:49.0

You can email info at drdisabilityquotes.com or simply call them up 973-7719100.

0:58.0

All right, thanks for what you do.

1:01.0

Life's difficult. Your job makes it more difficult.

1:04.0

And as you are listening to this, I'm off playing again in Southern Utah on a canyony or in troop with my buddies.

1:12.0

And that doesn't sound that difficult, I suppose, compared to what you're doing. So thanks for being so willing to be out there practicing medicine or practicing law or running your business or whatever it is that you do that earns you a high enough income that you're interested in this podcast.

1:25.0

It's usually not an easy job. And it's often a thankless one.

1:29.0

Our quote of the day today comes from Paul Crafter, who said the best approach is to act like a baseball team manager playing against a team you don't know.

1:38.0

You spread the defense across the field, not making any big shifts to write or left field because this strategy will help the players catch the most balls against players they don't know.

1:47.0

And most important when you've decided on a strategy, stay with it even when it looks like everyone is hitting to write field.

1:54.0

Some good advice there using baseball as an analogy for investing lots of cool stuff going on right now.

2:01.0

You may have noticed we've got some cool promotions going on this week. We have got a new store shop dot white code investor dot com you can get all kinds of cool swag there.

2:13.0

But we are celebrating right now our 10 year anniversary here at the white code investor.

2:19.0

It's been a long crazy ride as we have undergone the last 10 years right for the first few years it was just me and Cindy came on Katie started helping we got Jill we got Michelle helping and now there's 12 or 13 of us working here at the white code investor and it's been a really

2:39.0

wonderful privilege to serve you over the last decade and we hope you will join us by celebrating with us this week in order to help us celebrate we're doing a couple of things one we're offering 10% off everything in the new white code investor store so this is good through

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