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Jim Dahle: 'Income Is Not Wealth'

The 'White Coat Investor' discusses how high earners can avoid lifestyle creep and why a minimalist approach to investing is best.

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Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.

Background

Jim Dahle bio

The White Coat Investor

Jim Dahle books

WCI podcast

Physician Finances

The Student Doctor Network

Sermo

“Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016.  

The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011.

The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020.

Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019.

7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018.

5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by ThomasJ. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.

Finding a Financial Advisor

“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.

The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.

How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.

What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com.

Asset Allocation and Portfolio Management

150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.

Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.

Bogleheads

Three-Fund Portfolio,” Bogleheads.org.

The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018.

Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.

Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.

Retirement Planning

Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.

The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011.

Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.

Healthcare

Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.

The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.

7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.

The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018.