We’re very grateful for the financial success The White Coat Investor has seen. Although it has always been a for-profit business, it’s primary purpose is to “help those who wear the white coat get a fair shake.” The White Coat Investor Scholarship is a way for us to give back to the community of high-income professionals that has supported our mission along with us. We donate 1% of our previous year’s profits to this fund. In 2015, we donated $2000. In 2016, we’re donating $4000 cash, a couple of $100 gift certificates, $2000+ worth of WCI books, and all the administration and marketing expenses of the scholarship. We’re also thankful that our corporate sponsors and regular readers contribute even more to this effort than we do. This Scholarship has no endowment fund and was funded entirely with profit from the website and from contributions made by regular readers and especially website sponsors.
2015 was the first year we awarded a scholarship. The winner, selected by a volunteer committee of readers was Landon Woolf, whose winning essay can be found here. Excerpts from other exceptionally good essays can be found here. Landon received a cash award of $12,625.
Will it be the same as last year?
This year we’re going to do things a little bit differently than in 2015. Instead of giving out just one “winner take all” cash award, we’re going to give out five awards.
- 1st Place- 60% of the cash raised
- 2nd Place- 30% of the cash raised
- 3rd Place- 10% of the cash raised
- 4th Place- A copy of The White Coat Investor: A Doctor’s Guide to Personal Finance and Investing for every member of your class, plus a $100 Amazon gift certificate
- 5th Place- $100 Amazon gift certificate
How much cash has been raised so far?
So far for 2016 the scholarship amount is $25,976.
Who can apply?
Current professional students enrolled full-time in 2016-2017 and in good standing with their school can apply. Your attendance and good standing will be verified should you be chosen as a finalist. This includes medical students (MD/DO), dental students, law students, pharmacy students, and advanced practice clinician students. No residents. No residents. NO RESIDENTS. You need not be attending a US school, but you MUST HAVE a US Social Security Number.
What does an application consist of?
The application consists of a .doc file (such as that produced by Microsoft Word) sent via email attachment to firstname.lastname@example.org with the Subject Line “WCI Scholarship Application” that includes the following:
- Full Name
- Your Anticipated Degree and date of graduation
- Full Name of Your School
- Your Mailing Address
- Your Phone Number
- Your Email Address
- An 800-1200 word proofread essay written in English on any topic you choose
When can I submit my application?
You may not submit an application prior to May 1, 2016. The final date for submission is September 15, 2016. However, be aware that WE WILL ONLY READ THE FIRST 100 APPLICATIONS WE RECEIVE. In 2015, the application period closed about a week before the due date. With the larger award and greater publicity this year, we expect it will close even sooner. Don’t procrastinate.
We’ll update this page from time to time to let you know how many applications we have received. But be aware that usually lags a few days. Don’t procrastinate.
So far in 2016 we have received 100 Applications.
What should I write about?
Anything you like. We have seen essays that ranged from typical medical school admissions essays to inspiring personal stories to posts about personal finance. The essays from last year’s finalists can be found on the site.
How does the selection process work?
The staff of The White Coat Investor, LLC will select ten finalists from the first 100 submitted applications. You can be assured that if you did not follow the directions contained on this page that you will not be selected as a finalist. English. Proofread. 800-1200 words. We will then verify attendance and good-standing of those finalists.
At that point, the five winners will be in the hands of the judges, a “jury” of 12 WCI practicing professional readers that won’t be selected until the end of the summer. The judges will read all 10 finalist essays, and rank them in order of preference. The top essay will get 10 points, the next 9 points and so on until the 10th best essay gets 1 point. The total points from the 12 judges will be compiled and the highest points will win 1st prize, The second highest second prize and so forth. In the event of a tie, a 13th judge will also read and rank all 10 essays, but those rankings will only be used to break ties. The top five essays will run as blog posts the week of October 3rd-7th. Monday will be fifth prize, Tuesday fourth prize and so forth.
Will the scholarship amount be taxable?
YES. The first, second, and third prize winners will be issued a 1099 in early 2017. Thus the scholarship amount will be considered “earned income” to you. That’s not such a bad thing, since most professional students are in a very low tax bracket and this may even help you get the Earned Income Tax Credit. This is necessary because neither The White Coat Investor, LLC nor its sponsors are charitable organizations registered with the IRS so we’ve written off all these contributions as marketing expenses. Maybe next year we’ll do the charity thing. We figure it is a lot better for the taxes on this income to be paid by someone in a medical student’s bracket than in an attending physician’s bracket. At any rate, we recommend you hold on to about 25% of the winnings until you finalize your 2016 taxes. Prior to getting your cash award, you’re going to need to send us an IRS Form W-9, thus the reason you’ll need a US Social Security Number.
How Can I Contribute?
We can take contributions most easily via paypal to email@example.com (use “send money to friends and family” option to maximize your contribution) although if you would like to use a credit card, let us know and we’ll send you a paypal invoice you can use a credit card to pay. You can also send checks to:
The White Coat Investor, LLC
P.O. Box 520421
Salt Lake City, Utah
You may also use this handy button to contribute.
The entire amount donated will be given to the winning applicants. We cover all the expenses of administering the scholarship. Unfortunately, a personal donation is not tax-deductible (although you can donate via your business and write it off as a marketing expenses.) Maybe next year we’ll form a 501(c)3.
What Do Corporate Sponsors Get For Sponsoring the Scholarship?
Aside from knowing you are helping The White Coat Investor, LLC to fulfill its important mission, each successive level of sponsorship comes with more perks (primarily advertising benefits.) If you are interested in becoming a Gold or Silver level sponsor, contact firstname.lastname@example.org for details. Unfortunately, the Platinum level sponsorships were sold out within hours of announcing the scholarship to our regular advertisers.
2016 Scholarship Sponsors
Thank you to the following contributors to the 2016 WCI Scholarship:
Platinum Level Contributors ($2500 or more)
The White Coat Investor, LLC
Larry Keller (Physician Financial Services) – Disability and Life Insurance
Earnest – Student Loan Refinancing
Michael Relvas (MR Insurance) – Disability and Life Insurance
CommonBond – Student Loan Refinancing
Sandi Frith (Huntington Bank) – Doctor Mortgages
Gold Level Contributors ($500 or more)
Johanna Turner (Fox and Company Wealth Management) – Financial Advising
Pradeep Audho (PKA Insurance Group) – Disability and Life Insurances
SoFi – Student Loan Refinancing and Doctor Mortgages
Chris Roberts (Regions Bank) – Doctor Mortgages
Bob Bhayani (Axiom Financial Services) -Disability and Life Insurances
Jon Appino (Contract Diagnostics) – Contract Review/Negotiation
Physician Home Loans at Citywide Home Loans – Doctor Mortgages
DRB – Student Loan Refinancing
Locumstory.com – Locum Tenens Education
CompHealth – Physician Staffing
Weatherby Healthcare – Physician Staffing
Silver Level Contributors ($100 or more)
Thomas A. Hackett (NW Legacy Law) – Attorney
Jamie Fleischner (Set for Life Insurance) – Disability and Life Insurance
Joe Capone (Insuring Income) – Disability and Life Insurance
Jim Webster (Fulton Mortgage Company) – Doctor Mortgages
Physician On Fire – Physician’s blog with a charitable mission
Jim Wang (Wallet Hacks) – A personal finance blog sharing strategies to get ahead financially and in life
Future Proof, MD
Bronze level Contributors ($10 or more)
Whitney- WCI employee
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