Rational Expectations – A Review

It is no secret that I think highly of William Bernstein, MD and his writings. At my first Bogleheads convention (2008) Jack Bogle was in the hospital but I was only slightly disappointed because I got to meet Bill there, who had far more direct impact on my financial life than Jack did. His now 13 year old tome, The 4 Pillars of Investing, was easily the best of the first 20 financial books I ever … Continue reading

Alpo in Retirement: Is It Really That Bad?

[Editor’s Note: I love guest posts from regular readers and I know you all appreciate hearing a different voice. I especially enjoy getting well-written guest posts that require minimal editing. This one had me chuckling the whole time, so I’m sure you’ll like it. This one is from Geoff Hubbell, MD. We have no financial relationship.] Avid readers of the WCI blog will have noted several references to eating Alpo in retirement. Apparently this happens when … Continue reading

Graduating Resident Financial Self-Assessment

In celebration of the completion of the medical academic year (yes, it’s true that the first week of July is a terrible time to get sick), I thought I’d post a little self-assessment survey for graduating residents to rate themselves on financially. As you might imagine, this survey has never been validated and I pretty much just made the whole thing up. Nevertheless, I think readers may find it useful to see how they compare … Continue reading

6 Reasons to Have a High Early Savings Rate

It is no secret that I think “front-loading” your savings is a good idea. The four most important words a medical student or resident can hear are “Live Like A Resident.” In order to front-load your savings, you must have a high savings rate early in your career. In this post, I’m going to explain six reasons why you should have a high EARLY savings rate. # 1 Choices, Choices Choices Perhaps the most important … Continue reading

Cut Your Med School Expenses By Living in an RV

[Editor’s Note: This is a guest post from Keith Roxo, who has guest posted before and will introduce himself below. I almost had the chance to meet him but he came through SLC a few hours after our newborn arrived while I was laid out horizontal with a GI bug. We have no financial relationship.] I last did a guest post comparing a couple of the options to have the military pay for medical school … Continue reading

Rebalancing – Back to Basics

It has been a while since I did a “Back to Basics” post, but there is no doubt that information like this is very useful for many new and even long-term readers. I received an email recently: Q. Could you address how to rebalance IRA accounts in one of your articles? I believe this should be done yearly, correct? If not, could you point me towards some articles/resources? A. I thought it might be a … Continue reading

W2 vs Self-employed

I am often asked whether it is better to take a job as an employee or a job as an independent contractor or some other version of being self-employed. The short answer is “it depends.” The best answer may be “both.” Let me explain. Employee Job An employee is paid on a W-2 Form. His taxes are relatively simple to file. His employer pays the employer half of payroll taxes (Social Security on the first … Continue reading

Student Loan Refinancing- A Head to Head Competition

[Editor’s Note: This is a guest post written by my business manager. We have a serious financial relationship and immense financial conflicts of interest as you might expect. In fact, this is probably the first “paid post” we’ve had on this site, since I’m sure she billed me for the time she spent writing this. At any rate, Cindy has been working here at The White Coat Investor for nearly a year now. She is … Continue reading

Living Rich Means Being Poor

My monthly column in Physician’s Money Digest for June was all about physicians and the forces that encourage them to spend more than they should. Here’s a couple of excerpts: Your patients, your family, your friends, and probably even you have expectations of what your financial situation should look like. That is usually imagined in terms of what you spend—i.e. how large your house is, how nice your car is, where you vacation, how many … Continue reading

The Final Hurdle – A Review

Dennis Hursh, Esq., is a Pennsylvania healthcare attorney who published a book called The Final Hurdle: A Physician’s Guide to Negotiating a Fair Employment Agreement. This is one of those niche books that is super useful at a certain stage of life, but really boring to read at any other point in life (such as the point I’m at.) So, despite its brevity and straightforward layout, it took me a while to get through it. … Continue reading

Small Practice Retirement Plans Part 2

[Editor’s Note: This is a guest post from Konstantin Litovsky, a financial advisor specializing in small practice retirement plans. While this is not a paid post, he is a paid advertiser on this site. Part 1 ran yesterday and discussed practice demographics, plan design and plan architecture for small practice plans. Part 2 discusses investment management, describes essential services for small practice plans, and also offers recommendations on the criteria that can be used by … Continue reading

Small Practice Retirement Plans Part 1

[Editor’s Note: This is a guest post from Konstantin Litovsky, a financial advisor specializing in small practice retirement plans. While this is not a paid post, he is a paid advertiser on this site.] At first glance, the only difference between small practice and large company retirement plans is the number of participants. Everything else would seem to be identical – both plans have a Third Party Administrator, a record-keeper, a custodian, an investment adviser, … Continue reading

Helping Your Parents Financially

Q. I’m the first in my family to receive a significant education and my income is an order of magnitude higher than anyone else’s in my family. I am very grateful to my parents for all they have done for me. However, I worry about their lack of financial acumen and resources. What can I do to make sure they’re taken care of? A. Over the years I have received several requests for a post … Continue reading

Behind in the Retirement Savings Game?

My regular column in ACEP NOW for June is titled “Behind in the Savings Game?” It is not written for the diligent physician who found WCI as an MS4. Instead, it’s written for someone in their 50s or 60s who has realized he is dramatically behind regular WCI readers in saving for retirement. It demonstrates some of the steps that can be taken to still allow for a comfortable retirement. In retrospect, I wish I … Continue reading

Taxes and Your Portfolio – A Guest Post

[Editor’s Note: This is a guest post from Aziz Lalljee, co-founder and co-CEO of Finom, an online platform connecting investors with independent investment advisers. Although this is not a paid post, he is a paid advertiser on this site. He wishes to emphasize that no part of this post is intended, or should be construed, as constituting a specific recommendation, or as tax, legal, investment, or accounting advice. This discussion is general in nature and for … Continue reading