White Coat Investor Podcast

How do you finish medical training with $300,000 in student loans and still reach a net worth of zero before your first attending paycheck?

In this episode of Milestones to Millionaire, an orthopedic surgery fellow shares how he and his family accumulated nearly $300,000 in investments while carrying roughly the same amount in federal student loans. Despite raising three children on a resident salary with a stay-at-home spouse, they consistently invested in retirement accounts, kept expenses low, benefited from a favorable housing market, and let long-term investing do much of the heavy lifting.

We discuss why they...

Should physicians take partnership track jobs, and how do these opportunities actually work?

In this episode of The White Coat Investor Podcast, we break down how physician partnership track jobs are structured, what doctors should evaluate before accepting one, and whether the long-term upside is worth the tradeoffs early in your career.

We also answer questions about tax preparation versus tax strategy, teaching kids about investing, hiring locums instead of employees, how new doctors should prioritize money decisions, and what to do after receiving a large financial windfall.

Understanding compensation structure and long-term...

How do you pay off $313,000 in medical school student loans just one year after residency?

In this Milestones to Millionaire episode, Jake shares how he and his wife eliminated more than $300,000 in student loan debt through a combination of high income, smart financial decisions, and multiple sources of income.

We discuss his journey from medical school to psychiatry practice, how building a business alongside medicine changed his financial trajectory, and why increasing your income can dramatically accelerate your path to financial freedom.

Jake also shares lessons from his early financial mistakes, including investing...

How could a busy physician take their family abroad for months at a time without sacrificing their career, their children's education, or their financial future?

In this episode, Dr. Jim Dahle talks with anesthesiologist and palliative care physician Dr. Sarah Gebauer, author of Go Anyway: The Practical Guide to Long-Term Travel With Kids. Sarah has traveled to more than 50 countries with her husband and four children while taking 3-5 month sabbaticals from her private practice.

She explains how she created a workable sabbatical policy, used trusted locums coverage, and found that taking extended time away...

How does a physician become a millionaire by age 38?

In this Milestones to Millionaire episode, we talk with a physician who recently reached $1 million in net worth at a relatively young age, while also receiving more than $300,000 in student loan forgiveness through Public Service Loan Forgiveness.

We discuss the financial decisions that helped build wealth early, the impact of student loan forgiveness, and advice for other physicians working toward financial independence.

Building wealth as a physician is often a long journey, but smart financial decisions early in your career can make a major...

Can you access retirement money before age 59.5 without penalty?

In this episode of The White Coat Investor Podcast, we discuss the Rule of 55 retirement strategy and how it may allow certain investors to access retirement funds earlier than expected.

We also answer listener questions about the risks of linking financial accounts to budgeting apps like YNAB⁠, strategies for optimizing Trump accounts, and how to think about inherited taxable accounts and legacy investments.

Understanding the rules around retirement withdrawals and account strategy can help physicians make smarter long-term financial decisions.

This podcast is...

What is the real purpose of building wealth?

In this Milestones to Millionaire episode, we meet a physician who reached $1 million in investable assets, but a serious health scare involving his wife changed how their family thinks about money, saving, and enjoying life in the present.

We discuss the financial journey to this milestone, how unexpected life events can reshape financial priorities, and the important balance between preparing for the future and making the most of life today.

Building wealth matters, but understanding what that wealth is ultimately for may matter even more.<...

How can physicians maximize charitable giving while reducing their tax burden?

In this episode of The White Coat Investor Podcast, Dr. Matt Moore joins us to discuss charitable trusts, recent changes affecting charitable giving, and advanced strategies physicians can use to give more efficiently.

We cover the different types of charitable trusts, tax implications, when these strategies make sense, and important considerations for high-income professionals thinking about long-term wealth and legacy planning.

For physicians who prioritize both philanthropy and tax efficiency, understanding charitable trusts can open up powerful planning opportunities.

This...

What should you do when a large amount of money suddenly enters your life?

In this Milestones to Millionaire episode, we talk with a physician who received an unexpected inheritance and had to make important decisions about how to manage that new wealth responsibly.

We discuss the financial choices made after receiving the inheritance, lessons learned along the way, and advice for other physicians navigating major financial decisions.

Sudden wealth can create opportunity, but thoughtful decision-making matters just as much as the amount itself.

Step away from day-to-day public market volatility...

What happens when a physician-owned practice takes on corporate medicine?

In this episode of The White Coat Investor Podcast, we discuss how a group of emergency physicians successfully fought to preserve their independent practice in a dispute that drew national attention.

We explore the challenges facing physician-owned groups, the growing influence of corporate medicine, and what this case could mean for physician independence.

We also answer listener questions on Rabbi trusts, brokerage accounts held in trusts, changing asset allocation near retirement, and how annuities can affect portfolio construction.

Today's episode is...

What happens when financial success gives you the freedom to rethink your career?

In this Milestones to Millionaire episode, we meet a physician who reached millionaire status and then made an unexpected decision: returning to fellowship and changing specialties.

We discuss the financial journey that made this career move possible, the role financial security played in creating options, and the lessons learned along the way.

The conversation also covers financial mistakes, what the guest would do differently, and advice for other physicians working toward long-term financial independence.

This podcast is sponsored...

Should investors stick with traditional index funds, or does factor investing deserve a place in a portfolio?

In this episode of the White Coat Investor Podcast, we interview Jeromey Thornton from Avantis about the firm's origins, investment philosophy, and approach to factor investing.

We discuss portfolio tilts, the evidence behind factor premiums, how investors should think about choosing funds, and what makes Avantis different from DFA.

Whether you're a dedicated index fund investor or considering factor tilts for the first time, this episode explores the tradeoffs, potential benefits, and practical considerations involved.

How quickly can a physician build wealth after training?

In this Milestones to Millionaire episode, we meet a doctor who became a millionaire just four years after completing training while also paying off student loans in only two years.

We discuss the financial decisions, habits, and priorities that helped accelerate wealth building early in this physician's career.

This episode highlights the impact of intentional financial choices during the first few years as an attending.

Mortar Group is a premier real estate investment firm focused on multifamily properties in both ground up...

What is a family office, and do physicians actually need one?

In this episode of the White Coat Investor Podcast, we speak with Josh Kanter about the concept of family offices, the story of Burton W. Kanter, and how high-income professionals can think about organizing, managing, and communicating wealth.

We also discuss tools like LeafPlanner, approaches to teaching children about family finances, and whether a formal family office structure makes sense for physicians.

This episode explores the intersection of wealth management, legacy planning, and family communication.

LeafPlanner's Complexity Calculator: https://leafplanner...

What happens when your investment growth starts exceeding the amount you are contributing each year?

In this Milestones to Millionaire episode, we talk with a physician who reached an important investing milestone: annual portfolio growth that outpaced new contributions.

We discuss what this stage of wealth building can look like, lessons learned along the way, and advice for other physicians pursuing long-term financial independence.

Plus, a bonus story: this doctor shares an unexpected win on Jeopardy!.

This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of...

How should physicians think about choosing the right investment accounts?

In this episode of the White Coat Investor Podcast, we discuss several common account and investing questions, including Roth versus traditional contributions, isolating basis within a TSP, managing multiple solo retirement plans, and whether a business should have a brokerage account.

We also explore the tradeoff between investing and paying tuition during medical school, along with broader considerations around account structure, tax efficiency, and long-term financial planning.

Choosing the right accounts can meaningfully affect taxes, flexibility, and wealth building over time.

...

What does strong financial progress during residency actually look like?

In this Milestones to Millionaire episode, we talk with a physician who is graduating residency with a $200K net worth and discuss the decisions that helped make that milestone possible.

We also explore the role military medicine played in this physician's journey, including lessons for doctors considering a military career path.

This episode highlights how early financial planning, career decisions, and long-term consistency can influence wealth building before reaching attending income.

Since April 2021, more than 650 physicians in the White Coat community...

How should investors think about risk, reward, and building a portfolio that actually matches their goals?

In this episode of the White Coat Investor Podcast, we talk with Ben Carlson about themes from his new book Risk & Reward, including market fear, portfolio complexity, behavioral mistakes, and the tradeoffs involved in investing decisions.

We discuss questions many investors wrestle with: real estate versus stocks, crypto investing, factor tilts, tactical asset allocation, gold, paying off debt versus investing, and balancing risk across a portfolio.

The conversation also explores why investing should not be entertaining, what...

What does long-term wealth building look like as a government physician?

In this Milestones to Millionaire episode, we talk to a doctor who became a TSP millionaire while transitioning to part-time work and maintaining a strong long-term investing strategy.

We also cover lessons learned along the way, including career flexibility, retirement investing through the Thrift Savings Plan, and practical advice for other physicians pursuing financial independence.

This episode highlights the power of consistency, disciplined investing, and aligning work with lifestyle priorities over time.

This podcast is sponsored by Bob Bhayani at...

In this episode of the White Coat Investor Podcast, we answer a range of financial questions relevant to both new and experienced physicians.

Topics include handling a parent's reverse mortgage, refinancing during residency, structuring compensation within an S-corporation, whether brokerage accounts belong inside an LLC, and evaluating a Vanguard variable annuity.

We also recognize graduating physicians entering the next phase of their careers and discuss practical financial decisions that can have long-term implications.

This episode focuses on thoughtful financial planning, avoiding unnecessary complexity, and understanding tradeoffs before making major decisions.

Today's...

What does building wealth look like as a physician practicing in a smaller community?

In this Milestones to Millionaire episode, we chat with a doctor who reached $1 million in investments and the financial decisions that helped make it possible.

We also explore the benefits and tradeoffs of practicing in a small town, along with practical advice for physicians considering that career path.

This episode highlights how location, lifestyle, and long-term consistency can shape financial outcomes over time.

This episode is brought to you by KeyBank! For six years, White Coat member...

In this episode of the White Coat Investor Podcast, Dr. Josh Daily shares his experience with a brain tumor recurrence and how it reshaped his perspective on life, work, and money.

We discuss the emotional and practical realities of facing a serious diagnosis, including the role of disability insurance and the importance of preparing for uncertainty.

More importantly, this conversation explores deeper questions: what makes a good life, whether money can create happiness, and how generosity fits into a meaningful financial plan.

This episode serves as a reminder that financial decisions are ultimately...

What role can geographic arbitrage play in your financial plan?

In this Milestones to Millionaire episode, we discuss how one physician used geographic arbitrage to become mortgage-free and improve overall financial flexibility.

We also review lessons learned from relocating, including how cost of living, income, and lifestyle choices can influence long-term financial outcomes.

If you are considering a move or evaluating how location impacts your finances, this episode provides a practical perspective on tradeoffs and opportunities.

This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of...

In this episode of the White Coat Investor Podcast we explore how physicians and other high-income professionals can approach charitable giving in a more intentional and effective way.

We discuss reaching financial independence early, developing a philosophy of giving, and how to maximize the impact of donations over time. Topics include the logistics of giving, tax considerations, and the tradeoffs between giving now versus later.

We also cover giving outside of traditional charities, current trends in charitable giving, and how generosity can fit into a broader financial plan.

This episode focuses on thoughtful...

What does it look like to manage $800,000 in student loan debt as a physician?

In this Milestones to Millionaire episode, we discuss this doctor's plan for handling a massive student loan balance while navigating a high cost of living area and the financial realities of early career medicine.

We also discuss the challenges and experience of attending a Caribbean medical school, along with practical considerations for balancing debt repayment, housing costs, and everyday life expenses.

If you are dealing with large student loans or trying to build a plan under financial pressure, this...

In this episode of the White Coat Investor Podcast, we cover practical real estate decisions that matter for physicians and other high-income professionals.

We begin by comparing REITs, REIT funds, and private real estate syndications, including how these options differ in structure, liquidity, and risk. We also discuss warning signs of private real estate scams and what investors should evaluate before committing capital.

Later in the episode, we cover how doctors may be able to avoid PMI when buying a home, along with corrections from prior podcasts and a dentist's perspective on how dental insurance...

What helps a physician succeed in the first year as an attending?

In this Milestones to Millionaire episode, we discuss a doctor who had a strong first year after training and the decisions that helped create early momentum.

We also cover practical advice for landing your first attending job, negotiating opportunities, and getting ahead financially and professionally in the early years of practice.

If you are finishing training or recently became an attending, this episode offers a grounded look at how to start your career with intention.

This podcast is sponsored...

In this episode of the White Coat Investor Podcast, we discuss common financial mistakes that can quietly reduce long-term wealth for physicians and other high-income professionals.

Topics include handling a 401(k) rollover without disrupting the backdoor Roth IRA process, why direct indexing may be less valuable than advertised, setting up a 401(k) as a practice owner, and why some financial one-stop shops create aren't the best choice.

We also cover the rise of the so-called family office model, when it may not make sense to max out retirement accounts, and how to think about investing...

What does it take to pay off more than $500,000 in student loan debt in a single year?

In this Milestones to Millionaire episode, we discuss a dual-physician couple who paid off $527,000 in student loans in just one year. Their experience highlights how income, discipline, and prioritization can work together to accelerate debt repayment.

We also cover practical advice for others facing large student loan balances, including how to approach repayment decisions, manage tradeoffs, and stay consistent over time.

If you are working through significant student loan debt or planning your repayment strategy, this...

In this episode of the White Coat Investor Podcast we review key takeaways from a Vanguard white paper on index fund investing, focusing on what actually drives long-term results.

We then cover several practical financial topics relevant to physicians and high-income professionals, including strategies for handling inheritances, considerations when inheriting a home with a mortgage, and how industrial real estate fits into an investment portfolio.

We also discuss tax planning decisions such as paying taxes through withholding versus quarterly estimated payments, along with approaches to reducing capital gains taxes after a windfall.

This...

What does financial progress look like after reaching Public Service Loan Forgiveness (PSLF)?

In this Milestones to Millionaire episode, we discuss the transition from carrying significant student loan debt to achieving a positive net worth. This milestone often marks an important shift in how physicians think about saving, investing, and long-term financial planning.

We also cover practical advice for others earlier in their careers, along with some financial mistakes and lessons this doc learned along the way.

If you're working toward PSLF or evaluating your financial progress after loan forgiveness, this episode provides...

In this episode of the White Coat Investor Podcast, we dive into practical strategies for physicians, dentists, and high-income professionals to make the most of Roth accounts, retirement planning, and related tax moves: • How to leverage your 530A "Trump" account to get extra benefits • Evaluating whether TSP Roth conversions make sense for your situation • When student loan refinancing is advantageous again • Rolling a military TSP into a civilian retirement account • Using backdoor Roth IRAs alongside a SIMPLE IRA • Converting Roth accounts to reduce future required minimum distributions (RMDs) • Overview of the WCI peer-to-peer loan program   This episode provides actionable, credibility-first guidance for ta...

What happens financially after student loan forgiveness—and how should you think about your net worth?

In this Milestones to Millionaire episode, we talk with a physician who reached a major turning point after receiving Public Service Loan Forgiveness (PSLF). Initially feeling like she was "back to zero," she later realized her true financial position was much stronger—revealing a net worth of $600,000.

This episode highlights how mindset, balance sheets, and financial awareness can dramatically change how you view your progress.

We also cover practical advice for other doctors, residents, and high-income professionals navi...

Making smarter investment decisions isn't about finding the perfect investment—it's about understanding how taxes, fees, and risk impact your outcomes over time.

In this episode of the White Coat Investor podcast, we break down several real-world scenarios that high-income professionals face. We start by discussing whether it makes sense to sell a legacy investment in order to move into a lower-cost option, and how to weigh fees against potential tax consequences.

We also cover how to choose which tax lots to sell in a taxable account, a key strategy that can significantly reduce your ta...

What does it actually look like to get financially set up during residency?

In this Milestones to Millionaire episode, we talk with a PGY-4 interventional radiology resident who is already building a strong financial foundation before becoming an attending. From maxing out Roth IRAs and opening a solo 401(k), to paying down debt and managing cash flow, this episode walks through a real-world example of doing the right things early.

We also discuss one of the most important (and often overlooked) parts of financial success: how to communicate with your spouse about money and stay...

The 4% rule has been one of the most widely used frameworks in retirement planning—but is it still valid today?

In this episode, we sit down with Bill Bengen, the creator of the 4% rule, to discuss how retirement strategies have evolved and what high-income professionals should be thinking about now.

We cover his latest book, A Richer Retirement, along with his current recommendations on safe withdrawal rates, portfolio construction, and how different asset classes can impact retirement income.

We also address common misconceptions about the 4% rule, answer audience questions, and explore what actually le...

In this episode of the Milestones to Millionaire series, we meet a physician who recently completed fellowship and, together with their spouse—a nurse—has already reached an impressive $500,000 net worth early in their careers.

They share how they built wealth during medical training, the financial strategies that helped them reach the half-million milestone, and the lessons they learned along the way.

We also discuss how couples with different healthcare careers can coordinate their financial planning, maintain a strong savings rate, and build a solid foundation for long-term financial independence.

This podcast is spon...

529 plans are one of the most popular ways for families to save for education—but many parents still have questions about how much to contribute and what those funds can actually be used for.

In this episode of the White Coat Investor Podcast, Dr. Jim Dahle answers several listener questions about 529 education savings plans, including how much parents might consider saving for a newborn child and how to think about long-term education funding goals.

We also discuss the concept of "Trump accounts" (530A accounts) and what these proposed or new account types are intended to do...

In this episode of Milestones to Millionaire, we meet Chabely Rodriguez, a certified anesthesiologist assistant (CAA) who has built an impressive $850,000 net worth early in her career.

Chabely shares her financial journey, including the realities of working in anesthesia, how locums work has influenced her income strategy, and the steps she has taken to steadily build wealth.

We discuss how high-income healthcare professionals outside of medicine can still follow many of the same White Coat Investor principles, including maintaining a strong savings rate, avoiding lifestyle inflation, and creating a long-term investing plan.

Chabely...

In this interview, Dr. Jim Dahle is joined by David Stein, host of the Money for the Rest of Us podcast and author of the book Money for the Rest of Us.

David shares his personal story of burnout, how it reshaped his relationship with work and investing, and why many high-income professionals struggle not because they lack information—but because they focus on the wrong details. The conversation explores lessons from institutional investing, how to live well without constantly worrying about money, and why simplicity and clarity often outperform complexity.

This episode is especially re...