Dealing with financial issues that rattle medical students, residents, physicians, dentists, and other like and like-minded professionals that receive a more than decent income, the book, “The White Coat Investor” is branded as a high-yield manual. The book postulates that while Doctors are intensively-trained in saving lives, they are not in saving money. That is short of saying that Physicians are not necessarily money smart, thus falling into the trap common among other professionals: earning money and losing it to unproductive endeavors.
What the Book is All About
The book aims at teaching doctors how to properly go about conducting financial management for investments, insurance, taxes, and other pertinent expenditures. The book, “The White Coat Investor,” recognizes that more often than not, these financial allotments turn into expenditures, leaving little for more significant spending, ultimately leading to debt, and, heaven forbid, bankruptcy.
Table of Contents
But let us not get far ahead of ourselves; let us look at what the book actually offers. The book has a total of 16 chapters. These are as follows:
Chapter 1: The Big Squeeze
This part discusses how tuition keeps increasing, lowering reimbursement, and regulatory headaches ruin your life.
Chapter 2: Millionaire by 40
This part discusses one can build a net worth with seven figures within 5 to 10 years out of residency.
Chapter 3: If I had a Million Dollars
This chapter teaches how one can go about accumulating wealth through income and vice versa.
Chapter 4: Medical School and Your Wealth
This part walks the readers through picking the right school and expertise so that one would be able to get to a professional aim.
Chapter 5: Residency and Your Wealth
This goes through what financial steps a professional should take as a resident.
Chapter 6: The Secret to becoming a Rich Doctor
This chapter instructs one how to get out of debt, purchase the house one has been dreaming of, and build a family within the five years of residency graduation.
Chapter 7: The Retirement Number You Control
This discusses why one’s savings are more pertinent compared to returns of investment.
Chapter 8: The Motorway to Dublin
This stresses upon the reader how he or she can stop making useless and altogether, making bad investments.
Chapter 9: Getting Off the Motorway
The chapter imbues upon the reader the value of investing in real estate, life insurance, private investments, and ultimately, one’s house.
Chapter 10: Paying the Help
This discusses how one can get good advice for a reasonable price.
Chapter 11: The Basics of Asset Protection
This part goes into detail on how one can safeguard his or her funds from lawsuits.
Chapter 12: Estate Planning Made Simple
This chapter teaches how one can avoid estate taxes, how heirs can be effectively protected, and ultimately avoid probate.
Chapter 13: Income Taxes and the Physician
This is an analysis of why people spend a lot of money on taxes and what cure can be given so that it can be prevented.
Chapter 14: Choosing a Business Structure
This is a discussion on why the incorporation of a business will not be able to protect its owner from lawsuits or saving much from taxes.
Chapter 15: Enjoying the Good Life
Here, the reader would be given a how-to on enjoying life devoid of financial worries.
Chapter 16: The Mission of The White Coat Investor
This is the discussion on how doctors can be taken out of the trap of always having to be ripped off.
The book was written one James M. Dahle, MD, an emergency physician and veteran hailing from Salt Lake City, Utah. He was compelled to be better at his finances because of negative experiences from suspicious financial professionals, which include, but not limited to, Mutual Fund agents, Insurance Salesmen, realtors, lenders, and the like.
Dr. Dahle educated himself into becoming financially-smart, which in turn educated other professionals of the same caliber. The good doctor has since then been featured in publications such as “Medical Economics,” “Ophthalmology Business,” and had contributed in the writing of “The Bogleheads Guide to Retirement Planning.”
Much of the medical and financial community has nothing but praises for the book, “The White Coat Investor”. Professionals concur that Dr. Dahle’s piece de resistance has been a result of a lot of contemplation. If one would really take to heart everything that had been written, they would be permitted a great deal of financial advantages. Some even claim so far as “The White Coat Investor” is a must every working professional’s shelf.