WCI #217: Practicing Medicine in India
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 1 July 2021
⏱️ 32 minutes
🧾️ Download transcript
Summary
We have done episodes about what it is like to practice medicine in England, Australia, and Venezuela. Next up is India. With Dr. Raja we discuss what it is like to live in, attend medical school, train, and practice medicine in India. It is a fascinating country with a lot of different people, opinions, and politics as you move from one state to another, throughout the country. But it's great to get an introduction to it and learn a little bit more about it. We discuss the process for becoming a doctor there, the Indian medical system and differences between care in large cities and care in rural villages. Of course we talk about income, how they pay for college and medical school, how large their student loan burden is, and how they save for retirement. Inflation in India has ranged from 4% to 13% over the last 30 years. Inflation in the US recently went up to 5% (https://www.whitecoatinvestor.com/inflation-basics/) . We discuss what lessons we can learn from Indians about how to live in an environment with significant inflation. Indian banks, tax brackets, sending money to India, and the importance of gold in India are all addressed in this interview. We hope you find it as interesting as we did.
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Transcript
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| 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 217, practicing in India. |
| 0:22.0 | Well, it is June 18th today. We're recording this to run on July 1st, and there's a few things you should know. |
| 0:29.0 | We're coming up on the end of the medical year, right? We're getting to the end here. |
| 0:35.0 | We're going to have new interns, new residents, new attendants, and a couple of weeks. |
| 0:39.0 | Many of you are finishing up your training. You're getting into that most important year of your financial life. |
| 0:44.0 | Now's the time to take the bull by the horns. Take advantage of your change in status to re-evaluate your whole financial life. |
| 0:53.0 | And really get a handle on things. Over the next few weeks, we're going to have episodes dedicated to what you need to do as a new resident, what you need to do as a new attending. |
| 1:02.0 | And I hope you take the time to listen to those episodes. |
| 1:05.0 | Our sponsor today is NIRTECH ODT. |
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| 1:24.0 | Our quote of the day today comes from Henry David Throw, who said, |
| 1:27.0 | the man is the richest whose pleasures are the cheapest. And a boy that is awfully true. |
| 1:34.0 | You know, I say as somebody who just picked up my boat from the shop, you know, a boat stands for, bring out another thousand. |
| 1:41.0 | And that certainly is true. It is a hole in the water that you throw money into. |
| 1:46.0 | I highly recommend against boating if you were trying to build wealth. That was definitely not a great hobby financially speaking. |
| 1:54.0 | Lots of fun, but not a great hobby from a financial perspective. |
| 1:58.0 | Thanks for what you do. Life's hard. And your profession is a difficult one to do for long periods of time. |
| 2:05.0 | That's why it rates a burnout or so high. And when doctors and dentists and pharmacists and attorneys and other high paid professionals, because it's hard work. |
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