Today, I’m talking to Dr. Jim Dahle. Jim is a practicing board-certified physician and the founder of The White Coat Investor, where he writes about finance and investing specifically for physicians and high-income earners.
After learning that he couldn’t trust the financial professionals in his life, Jim taught himself personal finance and investing, specifically with physicians and other high net worth individuals. He realized that no one was teaching doctors how to handle their money, and now he’s sharing the knowledge and resources he wished existed when he was starting out.
As Jim sees it, high incomes and wealth are not the same things, and the numbers agree with him. According to a survey conducted in 2016, 1 out of every 9 physicians in their 60s has a net worth of under $500,000. And one in four under $1 million–despite having collected substantial paychecks for 30 years.
In this conversation, Jim and I discuss why his specific knowledge is in such high demand right now, the financial challenges that are unique to physicians, and how medical practitioners can either learn to manage their own finances or find a financial advisor to help them build wealth and fund a successful retirement.
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