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White Coat Investor Podcast

WCI #226: The State of Physician Financial Literacy

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Investing, Business, Health & Fitness, Medicine

4.82.4K Ratings

🗓️ 2 September 2021

⏱️ 53 minutes

🧾️ Download transcript

Summary

How financially literate are physicians? White Coat Investor just celebrated our 10 year anniversary of providing personal finance and investing information to our colleagues. How have we done? In this episode we talk with the chief experience officer at Laurel Road https://whitecoatinvestor.com/laurelroad about the physician literacy survey we did together. We discuss how our peers rate their financial literacy, when they plan to retire, what they are investing in, how much they are saving, and more. How do you compare to your peers?

If you're like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help.

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 White Code Investor podcast number 226, the state of position financial literacy.

0:24.0

The year is nearly over, we're all looking forward to 2022.

0:27.0

That means the start of a new tax year.

0:30.0

As always, it's time to check whether your current tax plan is truly tax-efficient to make sure you're keeping more of your hard-earned money in your pocket.

0:35.0

If you haven't heard about cerebral tax advisors, physicians all over the country work with them to lower their personal and business taxes through court-tested and IRS-approved tax strategies.

0:44.0

Medical professionals rely on cerebral tax advisors for proactive planning strategies that help them lower their effective tax rate and increase their wealth.

0:51.0

Lexus Galati found a cerebral tax advisor's nearly two decades of experience in high-level tax planning strategies and multi-state tax preparation.

0:59.0

She's also the author of the book, Advanced Tax Planning for Medical Professionals, grew up in a family of physicians, and has married one.

1:05.0

Cerebral services are flat rate and are focused on their clients' return on investment.

1:09.0

If you'd like to find out more or schedule the free consultation, visit www.cerebraltaxadvisors.com.

1:17.0

All right. Welcome back to the podcast. It's been quite an interesting week for me. Somehow all my shifts got scheduled in one week.

1:27.0

So all my shifts for the month, I'm working basically every day. And we are full. We got lots of COVID again.

1:34.0

Younger people getting COVID. Mostly unvaccinated, but I had a couple last night that had vaccines. Luckily they weren't very sick. They didn't have to be hospitalized.

1:44.0

But lots of COVID out there again. So thanks to those of you on the front lines, I know it's really hard to see this come back and still be dealing with it.

1:52.0

But I'm back to wearing an 95 the entire shift again. So not real thrilled about that. But such is life.

2:00.0

Our quote of the day today comes from John Jacob Astor. He said, wealth is largely the result of habit.

2:06.0

And it's true, just like maintaining a healthy weight is the cumulative sum of thousands of tiny decisions. Same thing with being financially successful.

2:15.0

All right. Let's see. But the time this drops is going to be September 2nd. And you need to know about WCI con 22.

2:23.0

Right. This is the position, wellness, and financial literacy conference. And after an incredibly successful 2021 virtual conference, we're excited to announce that we're launching the conference this year as a hybrid conference.

...

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