Reddit reviews The White Coat Investor: A Doctor's Guide To Personal Finance And Investing
We found 16 Reddit comments about The White Coat Investor: A Doctor's Guide To Personal Finance And Investing. Here are the top ones, ranked by their Reddit score.
The White Coat Investor A Doctor s Guide To Personal Finance And Investing
As a fellow EM Doctor that had $300K+ in debt, you should find a higher paying job.
$230K/Yr is a pittance for what you do. I make (almost) twice that in a major metro area, had 8 interviews fresh out of residency that paid from $185-235/hr, from rural areas, to midsized town, to 1,000,000+ cities. You should be able to find a job at $200/hr easy. $200hr x 144hrs/mo x 12 months = $345K/yr. That's like $80K extra post tax per year that you can put towards loans / savings / vacations / whatever. Every 80K you miss our on early in your career stacks up over time, on missed savings, missed loan payments, etc.
You're getting screwed at $230K/yr. Get a higher paying job, and get an accountant that works with other doctors (will save you so much money!). Also read White Coat Investor.
https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Buy it and put it in the bathroom, and read it 5 minutes at a time until you're done.
It may be a bit much for 3rd years, but during 4th year I think everyone should read White Coat Investor, Medical Student Loans if they have student loans, and
The Millionaire Nextdoor. Those that have any interest in finances will take them seriously and continue to read beyond these. Those that don't really care will have at least been given a quick Finances 101 course for doctors and have somewhere to turn. I think a large problem is many medical students have no concept of what a dollar is even worth. Many grow up in upper-middle class America with parents supporting them through college if not further and then have essentially unlimited loans during medical school. We know nothing about finances in general and these give a good baseline for which older physicians can then build on. I would also recommend every 4th year start a budget, either on pencil/paper, Excel, Mint, YNAB, or something to at least track their expenses and have better money management skill in residency that lend themselves to later in life when they are making more money.
Careers in Medicine is also a decent resource all most medical students should have access too
Ok, great, start educating yourself on financial management. Even if you hire someone to do it, don’t trust them blindly. Shady people love to take advantage of high-income doctors, because most doctors are incapable of managing their money responsibility.
Start reading some of the content over on White Coat Investor. It will change your life.
https://www.whitecoatinvestor.com
Also, the book:
https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
On that note read this book: https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Small things that she will appreciate:
Black out curtains. Her hours are going to be irregular and after a night shift there is nothing better than coming home to completely dark room in the bright morning to sleep.
A nice pair of trauma shears like Leatherman Raptors.
When Breath Becomes Air - Paul Kalanithi
Being Mortal - Atul Gawande
Better - Atul Gawande
Honestly anything by Atul Gawande
Start With Why- Simon Sinek (Just finished this one today. Phenomenal read. Not medicine related, but a great perspective on what leadership means and how you can inspire those around you)
The White Coat Investor - James Dahle (Financial literacy is always a good thing)
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I have quite a bit more book suggestions if you're ever curious, but those should keep you busy for a while. Feel free to DM me if you want more!
Check out The White Coat Investor: https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
I recently came across the book "The White Coat Investor." Haven't started reading it yet, but it seems well reviewed. Book is meant for students in addition to residents and attendings.
http://www.amazon.com/The-White-Coat-Investor-Investing/dp/0991433106
The author also has a blog in case you want to validate his content and advice first:
http://whitecoatinvestor.com/new-to-the-blog-start-here
White Coat Investor
>I know I want to be a Doctor.
OK, so take not going to med school off the table.
>I finally got into a medical school after working at getting in for the past 4 years... should I re-apply and hope to get into a cheaper school?
IMO, hell no. Getting in, as you know, is very difficult. The risk of gambling to get in again later at a cheaper school (if you've already decided you absolutely will go to med school) is not worth it.
In response to others who say you should get a military scholarship to pay for school, I'd say that is not a decision to make from a financial standpoint. You join the military to serve your country, not for financial reasons. If you don't believe me, read The White Coat Investor. According to the author's math, he would have made more money in the long term by paying for his own schooling and taking a higher paying job (military docs don't make as much as civilians, at least not for several years).
$70k/year for tuition alone is expensive, no doubt about it. You should really take the debt you're incurring into account when you decide which specialty to pursue (i.e. stay the hell away from peds and family practice). But hell, you've discovered /r/personalfinance before even starting the journey. I would kill to have discovered this place at the same place in my life.
Source: Emergency Medicine attending (1 year post-residency). Around $360k in student loans at the moment.
The White Coat Investor: A Doctor's Guide To Personal Finance And Investing https://www.amazon.com/dp/0991433106/ref=cm_sw_r_cp_api_XVDSzbYQSN1G4
I would definitely recommend having disability insurance for your wife. Specifically make sure to have own occupation disability. This means if she practice her specific specialty anymore, even if she can still work, she will still get compensation. Basically all of your life planning is going to be based on her having an excellent income. Long term disability could be devastating if she isn't able to work as a physician anymore. $375 /month seems high.
For reference, I have a disability policy (own occupation) with Standard Insurance that pays around $8-10k per month (cant remember exact amount) and my YEARLY premium is $1050. For life insurance, 2 million 30 yr term for me plus 1 million 20yr term for spouse is about $2800 per year. If that $375/mo includes term life insurance for both of you plus disability insurance, then that may be reasonable. Also, getting insurance earlier allows locking in lower rates. As she progresses in her career, the premiums for disability insurance will go up.
Someone else linked white coat investor. Cannot recommend this enough. Really wish I would have read it in med school. It's a really quick read and is nicely broken up into stages of training.
The White Coat Investor: A Doctor's Guide To Personal Finance And Investing https://www.amazon.com/dp/0991433106/ref=cm_sw_r_cp_apa_i_-K1MDbBH237KB
I am currently a resident in my research years and finally started taking an interest in my finances. I would argue that you do not necessarily need an adviser yet. You should do some reading first. Here are some websites White Coat Investor (WCI) and Bogleheads, which has a great forum and wiki. You should definitely read these 2 books:
I too plan on PSLF (my residency + fellowship will be 9 years so pretty easy decision). My personal opinion is to live like a resident for 2-3 more years (no lifestyle inflation) and accumulate as much money as possible. That means renting for the same amount (if possible) wherever you move for you job. No new cars and the like... After just 2-3 years of this, you will have a decent chunk of money for whatever.
Oh I wouldn't call Dr. Dahle random - he's a well known and financial expert (and physician). Here's his book on Amazon.
Docs earn outsized incomes. Here's a link to that discussion. I'm not saying it's undeserved, just that it's outside the sphere of mere mortals here.
https://www.reddit.com/r/personalfinance/comments/5sr1ix/30_year_old_resident_doctor_with_310000_in/
>Thankfully, I just accepted an offer as an emergency physician with a starting salary of $230,000.
Peeps scolded him for accepting such a low ball.
>As a fellow EM Doctor that had $300K+ in debt, you should find a higher paying job.
$230K/Yr is a pittance for what you do. I make (almost) twice that in a major metro area, had 8 interviews fresh out of residency that paid from $185-235/hr, from rural areas, to midsized town, to 1,000,000+ cities. You should be able to find a job at $200/hr easy. $200hr x 144hrs/mo x 12 months = $345K/yr. That's like $80K extra post tax per year that you can put towards loans / savings / vacations / whatever. Every 80K you miss our on early in your career stacks up over time, on missed savings, missed loan payments, etc.
You're getting screwed at $230K/yr. Get a higher paying job, and get an accountant that works with other doctors (will save you so much money!). Also read White Coat Investor.
https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Buy it and put it in the bathroom, and read it 5 minutes at a time until you're done.
The more you know.
Check out The WhitE Cost Investor. It's a blog (http://whitecoatinvestor.com) and book (The White Coat Investor: A Doctor's Guide To Personal Finance And Investing https://www.amazon.com/dp/0991433106/ref=cm_sw_r_cp_api_US-Hxb3G7PXVG).
First Med school is 4 years, not 8-10.
After School you will go into residency making about ~40k/ year.
And for any more advice read the book white coat investor.