More often than not, even hard-working and the most critical-minded professionals fall into the trap of having to spend too much, leaving their bank accounts dry. More so, a great deal of them places their money on bad investments that they cannot merely pry themselves out of. And while these professionals have spent a great deal of their lives training under their specialization, making them forces that one cannot simply take lightly, a fact of the matter is, they lack financial literacy.
What the book, “The White Coat Investor” does is that it teaches professionals how to conduct good management for all facets of their financial lives. Through the book, the readers are going to be made to look hard into their investments, insurances, taxes, and other important expenditures and make sure that they are not only handling it right but are these the right avenues for them to distribute their money in the first place.
The Table of Contents
The book recognizes that when these expenditures are not kept at knee-level, they will turn into expenses, and worse, losses. So to keep one’s sanity, Dr. Dahle’s “The White Coat Investor” flays the discussion into 16 effective chapters:
Chapter 1: The Big Squeeze
This part discusses how consistently-increasing tuition, lowering reimbursement, and regulatory concerns ruin one’s life.
Chapter 2: Millionaire by 40
This part discusses how one can reach a net worth of 7 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 making the sound choice in schools and specialization to attain a professional aim.
Chapter 5: Residency and Your Wealth
This goes through what financial steps should a professional should take as a resident.
Chapter 6: The Secret to becoming a Rich Doctor
This chapter instructs how to obliterate all debt and avoid one in the first place, purchase a dream house, 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 part stresses upon the reader how he or she can stop making useless and altogether bad investments.
Chapter 9: Getting Off the Motorway
The chapter inculcates the value of investing in real estate, life insurance, private investments, and a house.
Chapter 10: Paying the Help
This discusses how one can get good advice for a decent 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 a hard look at why people pay handsome amounts for taxes and how it can be cured.
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 is let in on the secret of being able to enjoy a life free from financial concerns.
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.
About the Author
An Emergency Physician and veteran from Salt Lake City, Utah, Dr. James M. Dahle, made it his advocacy to educate professionals like himself so that they may be helped in making the right financial decisions. Being featured in economic literature such as, “Medical Economics,” “Ophthalmology Business,” and “The Bogleheads Guide to Retirement Planning,” Dr. Dahle knows the ropes around financial management.
Both the financial and the medical community are in sync with the opinion that the book, “The White Coat Investor,” is a material that every professional should read.