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White Coat Investor Podcast

WCI #312: Generational Wealth and Teaching Your Kids About Money

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Investing, Business, Health & Fitness, Medicine

4.82.4K Ratings

🗓️ 27 April 2023

⏱️ 58 minutes

🧾️ Download transcript

Summary

Our guest on the podcast today is Dr. Brittne Halford of More Joy, More Wealth. She and Dr. Dahle discuss how your upbringing affects your view on money. They discuss generational wealth and the difference between being rich and having wealth. They talk about how to teach your kids about money and how to help them learn to work hard and create the life they want even if they have some generational wealth coming their way.

Do you ever find yourself wishing there was somewhere to go to ask your finance, insurance or investing questions? The White Coat Investor community is a great place to turn. We have a thriving community across all of our social channels - facebook, twitter, instagram, reddit and our WCI forum. We have been discussing solutions to your money problems since 2011. Join the conversation with thousands of other White Coat Investors. Follow WCI on your favorite social media platform for financial resources, tips and strategies. Just head to your platform of choice and search for The White Coat Investor. 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

Click on a timestamp to play from that location

0:00.0

This is the Whitecode Investor Podcast, where we help those who wear the Whitecode 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.

0:16.0

This is Whitecode Investor Podcast No. 312. When you're exploring career choices, consider Locom10ons for the sheer number and variety of options.

0:23.0

You probably know Locom's is great for short-term commitment.

0:26.0

But do you know all the other ways it provides flexibility?

0:29.0

The best way to research the vast world of Locom's is to talk to an expert.

0:33.0

Comp Health created the Locom's industry so they're the most experienced in helping physicians and other providers find the best fit.

0:38.0

To understand you have unique lifestyles and needs, medical careers are hardly one size fits all.

0:43.0

Whether it's some assignment close to home, cross the country, or across the globe. Go to comphealth.com to find what's right for you.

0:51.0

Alright, welcome to the podcast. If you've never listened to it before, I hope you feel very welcome here and realize that this podcast is driven by you.

1:02.0

We answer your questions on the podcast. We're not answering any of them today, but we do frequently.

1:07.0

You can leave those on the SpeakPite. Whitecodeinvestor.com slash SpeakPite.

1:12.0

We leave a message. We play the message on the podcast and answer your question. It works pretty well.

1:16.0

But your feedback is also important. We want to hear about what you want on this podcast, whether you want a certain guest or whether you want a certain subject matter covered.

1:26.0

Shoot us an email editor at whitecodeinvestor.com and we'll get that done. You know, if we're getting a ton of people telling us to cover this, we do it.

1:35.0

So it's driven by you very much.

1:38.0

Alright, our quote of the day today is from David Swenson. He was the fellow who managed the Yale endowment portfolio for so long.

1:46.0

He said, sensible investors rely on themselves, a strategy of professing ignorance and handing assets to a trained professional invites failure.

1:56.0

That's kind of an indictment of his own industry, but there's a lot of truth there.

2:02.0

Alright, speaking of education and becoming smarter about this finance stuff, we try to encourage people out there to educate each other, whether you're educating your students, your trainees, your peers, whatever.

2:17.0

We want to reward those who are doing this fine work. I absolutely cannot get out there and give a talk at every residency and every medical school in the country.

2:27.0

I need other people out there doing it. So to encourage you to do that, we put together the financial educator award.

...

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