WCI #218: How Much Car Can You Afford?

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 8 July 2021

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"Average Joe" is frequently poor because of his car. For most middle-class Americans, the reason they are not millionaires is sitting in the driveway. It is a really important concept to understand, that we are wasting a lot of money on cars. We simply consume it. You don't have to do that. Here is the other truth that makes it very difficult to talk about this subject, https://www.whitecoatinvestor.com/drive-a-beater-get-rich/ , most doctors make enough money that they can drive a very nice car and still be financially successful. So, despite the fact that this is an important aspect of your financial life if you're middle-class, it doesn't matter nearly as much for doctors. However, in this episode we discuss how to know how much car you can afford, debunk some of the reasons why doctors justify getting new cars instead of driving something inexpensive, and talk about the most economical way to pay for your transportation. For those who have their vehicle situation all figured out, we also answer several listener questions about 457s, ETFs, and mutual funds.

This episode of The White Coat Investor is sponsored by Biohaven Pharmaceuticals. Biohaven is a commercial-stage biopharmaceutical company with innovative therapies designed to improve the lives of patients with debilitating neurological and neuropsychiatric diseases, including rare disorders. Biohaven offers a broad pipeline of late-stage product candidates across three distinct mechanistic platforms, including developing therapies for patients with Amyotrophic Lateral Sclerosis (ALS), Alzheimer’s, and obsessive compulsive disorder (OCD). The FDA also recently gave Biohaven’s Nurtec® ODT (rimegepant) its second indication. To discover more about Nurtec ODT and Biohaven’s neuroinnovative portfolio of treatments in development, visit https://www.biohavenpharma.com

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 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 218, the truth about cars and your finances.
0:23.0	Now one medication is proven to treat and prevent, NERTECH ODT, RMEGAPAN, 75 milligrams.
0:30.0	To learn more about this exciting news, visit NERTECH-HCP.com. That's N-U-R-T-HCP.com.
0:39.0	Alright, let's do our quote of the day today. Our quote of the day comes from Phil DeMuth, who said the main advantage of self-management is that it is much cheaper if you do the work yourself.
0:49.0	Naturally, there is a price to self-management as well. For one thing, your advisor might be an idiot.
0:55.0	And that is certainly the truth.
0:57.0	Thanks for what you do out there.
0:59.0	Life's hard. Life is particularly hard for people who earn a lot of money. It turns out it's not all roses and fun.
1:06.0	Usually, if you're getting paid a lot, it's because you have a difficult job. A difficult job that involves interacting with people at hard times of their lives, thinking about hard things and lots and lots of education and risk.
1:18.0	Thanks for doing that. If you're on your way into work, way home, working out.
1:22.0	Nobody's told you thank you today for all that sacrifice and you did. Let me be the first.
1:27.0	We got a sale coming up here. Let's say we're recording this on June 19th. It's being published July 8th.
1:33.0	We have a sale on all of our online courses. From July 1st through July 12th, you get 10% off any course.
1:42.0	Plus, you get a free WCI t-shirt. If you're watching this on YouTube, like this one I'm wearing, this BT-Saxx and Relax t-shirt that I've got on as I am recording this podcast.
1:52.0	You can check that out on the WCI store. But if you take one of our online courses, we'll send you a free t-shirt.
1:59.0	You still have all the usual warranties and guarantees with those courses. If you've only watched a little bit of them, you've only had it for a few days.
2:07.0	You can return it, get all your money back, risk free. We don't want you buying courses you don't actually want to take.
2:13.0	But we have some great courses. We have Fire Your Financial Advisor, which is our flagship course. It helps you put a written financial plan in place.
2:20.0	We have a version of it now that is basically approved for CME. You get Fire Your Financial Advisor in addition to it.
	...

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