Practicing evidence-based medicine is important to physicians, looking at data and changing our practice according to it. Our guest in this episode, Larry Swedroe, has been a proponent of evidence-based investing for a long-time. His teachings have affected me over the years and certainly affected my portfolio construction. In this interview we talk about the limited data set in finance in comparison to other more scientific fields and how much we can rely on that retrospective data going forward.
1 hr 8 min
What does it take to become a millionaire? Hear the experiences of seven millionaires in this episode talk about how they did it. You may recall we did our first episode with physician millionaires the start of 2020. People loved hearing from these successful doctors and what they did to win financially, but they wanted more women represented. So all seven guests today are female, 6 physicians and an engineer.
1 hr 24 min
What changes when you make partner? When you become a partner, you go from being an employee to being an owner. So, there are lots of financial changes. Full show notes here https://www.whitecoatinvestor.com/classic-blog/ We discuss the advantages and responsibilities to becoming a partner in a practice including getting K-1s instead of W-2s, making quarterly estimated tax payments, writing off legitimate business expenses, paying for your own benefits and understanding retirement accounts available to you.
What is it like to practice medicine in Australia? Our guest in this episode walks us through the training and practicing of physicians in the land down under. We talk about what the medical system is like in Australia as well as how physicians are compensated. From time to time we bring doctors on the show from other countries, we've had a British physician and a doctor who trained in Venezuela on. It is fun to dive into the medical world of another country.
1 hr 4 min
In this episode we talk about 6 aspects of financial planning that are important to understand when you are in this situation. Your investing horizon is no longer your lifetime. It is now your child's lifetime. ABLE accounts and irrevocable trusts are also discussed. For those not in this situation we also cover many listener questions in this episode, including converting bonds to TIPS funds, true-ups and vesting in your work retirement plans.
In this episode I interview Mariko and Dan about their experience working through the PSLF program for ten years and their recent success of receiving forgiveness. We talk about their experience with the phone calls, documentation, and time they put into fixing all the mistakes made by their student loan servicers. For the rest of you, we answer a couple of listener questions at the end about preferred stocks and Roth vs Traditional 401(k) contributions.
When faced with making a decision you may find yourself with the inability to act due to overthinking the available alternatives and possible outcomes. This is commonly known as analysis paralysis. When you get analysis paralysis with finances, what often happens is you are so worried about making a mistake that you don't do anything at all. We talk in more detail about that in this episode so you have a plan on what to do with your money.
In this episode we take a look at the financial life of a physician earning seven figures. I think it will be enlightening because you can compare and contrast your life and think about the things you can do better and the decisions and tradeoffs you've made over your career to be in a different place than our guest. Tom and I discuss the role ownership of a practice has played in his financial success as well as employing other physicians and advance practice clinicians.
Robinhood has been taking the investing world by storm the last few months. I thought it would be worth mentioning a few things about Robinhood on the podcast. Robinhood is just a brokerage account. The problem is that it tends to inculcate people with a trader's mentality, making investing fun and exciting. Everything that good investing is not. There are dangers to Robinhood and this trader's mentality that I discuss in this episode to hopefully help you avoid the perils of day trading.
Our guest this week is one of my favorite writers. Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. His passion for finance and investing come through in his writing. I am intensely jealous when I look at his writing because of his talent. He is insightful and easy to read. He takes complex and important topics and makes them simple to understand. We really dive into behavioral finance topics in this episode.
1 hr 11 min