White Coat Investor Podcast

Reaching a seven-figure net worth isn't just about income—it's about decisions. In this Milestones to Millionaire episode, a CRNA walks through how he built wealth, why he ultimately fired his financial advisor, and the challenges that came with taking full ownership of his financial life. The conversation covers income and net worth context, the emotional and practical hurdles of managing money independently, and how spousal alignment played a role in long-term success. This episode isn't about shortcuts or market timing. It's about clarity, accountability, and the decisions that mattered most on the path to the first million—especially for high-income professionals navigating complex financial choices. If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners

In this episode, we cover a wide range of financial strategies for physicians and high-income professionals. From burnout prevention to retirement planning, every chapter provides actionable guidance that can save time, reduce stress, and grow your wealth efficiently. We start with why financial literacy is essential for burnout prevention, then dive into advanced investing strategies such as direct indexing with short and long extensions. Next, we explore the new Roth option in the Thrift Savings Plan (TSP) and clarify the Ohio Homestead Exemption rules. We also answer common questions: Is buying real estate a legal tax loophole? and how a Solo 401(k) works alongside a 403(b) and 457 plan. For physicians looking to simplify their taxes, we discuss tax strategy basics in clear, actionable terms. Finally, we share the WCICON26 coupon code for those interested in our physician finance conference. This episode is a must-listen for doctors, dentists, and other high-income professionals who want to take control of

In this episode of the MtoM Podcast #262, we explore how a pediatric intensivist became a millionaire and share actionable lessons for other doctors looking to build wealth. From career choices and saving strategies to the mindset shifts required for financial success, this episode provides a practical roadmap for physicians at any stage of their career. We cover the pediatric intensivist's personal journey from residency to millionaire status, including the key habits, investment strategies, and financial decisions that made it possible. You'll learn how automation, disciplined saving, and smart financial planning can compound into life-changing results over time. We also include a Financial Boot Camp segment on Income-Driven Repayment (IDR) plans, explaining how doctors can manage student loans effectively and avoid common pitfalls. Whether you're early in your career, mid-career, or considering how to optimize your repayment strategy, this portion is packed with practical guidance. If you're a doctor, dent

High-income doctors often assume that earning more money will naturally lead to wealth—but for many physicians, that never happens. In this episode of the White Coat Investor Podcast, bestselling author David Bach explains why simple, automatic money systems consistently outperform willpower, budgeting, and complex investing strategies. We break down the core ideas behind The Automatic Millionaire, including why automation matters more than motivation, which investments work best for busy professionals, and how small, consistent decisions compound into real wealth over time. We also clarify the often-misunderstood Latte Factor, explaining what it really means—and what it doesn't—especially for high earners who already save a significant amount. This episode applies these concepts directly to doctors, exploring why many physicians still struggle financially despite strong incomes, delayed gratification, and long careers. We discuss the behavioral traps unique to medicine, why simplicity wins, and how automatio

In this episode, we talk with a two doc family who renovated their home entirely in cash, including a full indoor basketball court so their kids can play inside during freezing Minnesota winters. They waited a few years after building the house before finishing the basement, choosing patience and planning over debt. Along the way, they also reached millionaire status by staying intentional with their money. His advice for anyone wanting to follow a similar path is to save up and pay in cash and not take on unnecessary debt. If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners to use the tax code more intelligently so your structure, deductions, and planning help you keep more of what you earn. As a White Coat Investor reader, you can book a free strategy i

In this episode we talk through big money topics like cash balance plans, revocable trusts, and what peak spending years really means and when it happens. We talk about where non-docs should start if they are new to White Coat Investor content. Dr. Dahle talks about a recent posts that got some people fired up when he shared his opinion that if doctors do not retire with millions they have failed financially. This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today by email info@protuity.com or by calling (973) 771-9100. The White Coat Investor Podcast launched in January 2

In this episode, we talk with a contractor who built a millionaire net worth without sky-high incomes or an inheritance. He and his wife have paid off their home, invested consistently, and recently took the leap to start a contracting business just nine months ago. Starting out making a combined $70,000 and never earning more than $210,000 in a year, they prove you do not need a massive salary to build real wealth. They have an impressive 65 percent savings rate, and their story is a powerful reminder that consistency beats income alone. This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvest

Today we're diving into all the stuff everyone seems to be arguing about lately: AI and whether it is actually a bubble, why nobody wants small value, international, or bonds anymore, and what to say to the growing crowd of S&P-500-only investors. We also break down the world of alternative investments in a way that is simple and actually useful, from real estate and crypto to reinsurance, annuities, peer-to-peer loans, commodities, and all the messy complexity in between. And of course, we talk about your new book Enrich Your Future. It is a packed episode, so settle in and enjoy. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower

Today we talk to a PA who paid off $155,000 of student loans in just 16 months, entirely on her own. She did it by cutting expenses, living like a resident, and staying focused on rapid debt payoff. Along the way, she built an app to help herself stay organized and motivated, which later became a tool she could share with others. Most importantly, she explains why paying off debt quickly was not just a financial decision, but a key strategy for preventing burnout and protecting her long-term well-being. Arden's Budgeting Resource: https://shesfinanciallyfree.com/starterkit  If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners to use the tax code more intelligently so your structure, deductions, and planning help you keep more of what you earn. As a White C

In today's episode, we're answering your questions about student loans, taxes, and what to do next once you're already doing a lot of things right. We talk about Borrower's Defense cases and when the government might actually forgive your loans, then dig into smart loan repayment strategies. We also cover investing after you've maxed out your 403(b), what to know after doing your first Mega Backdoor Roth and solo 401(k), and a few tax form gotchas. We wrap up with how to think about cash balance plans when you still have a long runway to invest. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while

Today we are chatting with a second year med student who received a full ride scholarship to medical school. He was prepared to pay for his education fully with loans and then got the incredible news that he had been selected for the scholarship. He is an awesome example of getting financially educated early so he will be ready to hit the ground when he finishes training. After the interview we are talking about 529s for Financial Boot Camp. If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners to use the tax code more intelligently so your structure, deductions, and planning help you keep more of what you earn. As a White Coat Investor reader, you can book a free strategy intro at WhiteCoatInvestor.com/Gelt and receive 10% off your first year with Gelt. It

Today we sit down with Christine Benz, Author, WCICON Speaker, and Director of Mutual Fund Analysis at Morningstar, for a wide-ranging and insightful conversation. We dive into her annual retirement income research, the realities of spending in retirement, and the challenge many retirees face in giving themselves permission to spend. Christine also reflects on the stark gender imbalance in the finance world and highlights the women she believes every investor should be following, whether they invest on their own or work with an advisor. It is a thoughtful, information-rich interview you will not want to miss. Getting Going on Savings Initiative: https://boglecenter.net/gettinggoing/  Best of Jonathan Clements Book: https://www.amazon.com/Best-Jonathan-Clements-Timeless-Financial/dp/0988780348  Laurel Road is committed to serving the financial needs of doctors, including helping you get the home of your dreams. Laurel Road's Physician Mortgage is a home loan exclusively for physicians and dentists featuring

Today we are talking to an ER doc who fulfilled her dream of doing an epic bike ride across Europe. She rode 2,500 miles from Italy to Norway with over 500 people from all over the world. She knows that health is never guaranteed and wanted to accomplish this goal while she is still physically strong enough. She has taken care of her financial life and has reached financial independence so she had the freedom to make some changes to achieve her goal. She was willing to quit her job if necessary but ended up going to part time and with the help of great colleagues she was able to take 7 weeks off. She shows us what the point of financial freedom really is - getting to do what you value with your life! As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for sur

Today's episode is all about real estate, straight from the questions you asked during our recent live webinar. We dig into Real Estate Professional Status, short term rental rules, and how the tax benefits actually work across direct properties, syndications, and private funds. We also tackle REITs, including whether target date funds are enough, other Vanguard options beyond VNQ, and where REITs belong in your portfolio from a tax perspective. We also discuss if you really need real estate at all, and how do syndications, funds, and real estate debt compare in the real world. Questions from the Real Estate Webinar: -What does due diligence actually mean? -For the short term rental REP loophole can you still spend more than 100 hours doing a different job, any qualify? -Please go in more detail about short term and opportunity tax loopholes. Any specific resources? -Can the tax benefits of REPs apply to your whole portfolio? ie. direct real estate and private investments? -If you become a real estate profess

Today we are talking to an internal medicine doc with a great story. She started her medical school journey later in life when she and her husband decided to do whatever it took to help her fulfill her dream of becoming a doctor. Her husband quit his job to stay home and care for their 4 children and she went to medical school. Today we are celebrating her paying off $300,000 of student loans. She has worked hard to pay down debt alongside saving and buying a nice home for her family. Her tips for success are to ground yourself, have a plan and do not let your emotions make your decisions for you. Today's sponsor, Black Swan Real Estate, offers accredited investors access to private multifamily real estate investments with an investor-first model. Unlike most firms, Black Swan collects no GP-level fees and takes no profit until investors receive a full return of capital. Their physician-led team brings a hands-on approach to managing their $375M portfolio, ensuring every asset is optimized for cash flow, appr

Today's episode dives into a hotly debated topic in physician employment: 1099 work. We're joined by Tod Stillson, who brings an enthusiastic case for why independent contracting and self employment can open doors and empower doctors in ways traditional employment often doesn't. Dr. Dahle offers a thoughtful counterpoint, questioning just how impactful 1099 status really is for most physicians. It's a friendly, engaging conversation with plenty of respectful debate, and we think listeners on both sides of the issue will find something to appreciate—and maybe even reconsider. Tod's additional resources: https://www.whitecoatinvestor.com/the-case-for-self-employment-with-dr-tod-stillson-452  This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insura

Today we are talking with a PA who has become a millionaire. This PA has a great story and is in his second career and having tons of success. He lives in a high cost of living area but is not letting that slow him down. He got his education paid for with the NHSC scholarship and has zero debt. Now that his career is cruising he has taken up his passion project of becoming a children's book author. After the interview we will be talking about the Backdoor Roth IRA process for Finance 101. David Pedersen's Children's Book: Good Night, Alex https://a.co/d/8LxZar1  Goodman Capital is a premier real estate credit investment firm specializing in senior-secured, low loan-to-value lending on Class A properties in prime markets across the greater New York metro area. Founded on a family legacy dating back to 1987, Goodman has closed more than $850 million+ across 95+ loans with a track record of zero principal loss. Their flagship private mortgage REIT, Liquid Credit Strategy Fund I, delivered a steady 9% net dividen

In this episode we tackle more of your questions, starting with a look into Roth strategy, including how TSP Roth in-plan conversions work and what to consider when converting a traditional IRA to a Roth IRA and paying the resulting tax bill. We then briefly hear from our friends at Fox CPAs. From there we shift to 529 plans and explore how to use them effectively, what to do if they become overfunded, and whether having too much in a 529 is really a problem at all. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got yo

Today we are talking to a hospitalist who is giving up partnership at his practice to become a full time entrepreneur. He is excited to be able to practice medicine on his own terms. He has always had an entrepreneur mindset and not long after residency he started buying real estate and ultimately ended up buying six car washes with a plan to acquire 3 more before the end of the year. He is comfortable with leveraging debt and has built an empire that has proven very lucrative. He loves that he is building a legacy that he can leave to his children. After the interview we are talking about tax loss harvesting for Finance 101. Still not sure what to do with your student loans?Overwhelmed with how to tackle that giant debt in an ever changing political climate? The experts at StudentLoanAdvice.com are here to help guide you through the best options to manage your loans – our experienced staff have consulted on over $250M in student loan debt, and the average studentloanadvice.com client has saved over $190,000

Today we're thrilled to welcome back our friend and financial expert Bill Bernstein for a thoughtful conversation about what it really means to "stop playing when you win the game." We dig into the idea of "enough," how to know when you've reached it, and what changes—financially and emotionally—once you have. This episode offers a candid look at life after reaching your goals and how to invest, plan, and live with greater intention once the game is won. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered th