Dr. James Dahle, founder of The White Coat Investor, talks about getting his start as a doctor and a blogger, setting up inheritance funds for his children, thinking through his investing strategies, and the motivation that keeps him working on the White Coat Investor.
- Dr. Dahle describes his childhood in Alaska, and his early financial influences.
- Why did Dahle’s father encourage him to go to medical school?
- Dr. Dahle finished his undergraduate degree with only $5,000 student debt, and joined the military to cover the cost of his medical degree in exchange for 4 years of military service.
- Choosing a college based on buildings and trees may not be as important as that value you’ll get compared to the price you’re paying.
- Dr. Dahle has decided to give his children their “inheritance” in their early adult life.
- Roth IRA
- College fund in a 529
- “Twenties Fund” in a UTMA account
- Best possible tax deduction you can get is to hire your children to work in your business, as you don’t have to pay any payroll taxes and it is a deduction for the business.
- Did Dr. Dahle always have a frugal mindset?
- Dr. Dahle’s frustrating experience with real estate and life insurance professionals ultimately motivated him to learn more about financial management.
- What does Dr. Dahle think of mutual funds, and the different types of them?
- Highlights of establishing a personal investing policy statement:
- Set your goals
- Decide on your asset allocation
- Select your investment
- How does location impact a doctor’s potential income?
- The White Coat Investor (WCI) includes detailed information about the Backdoor Roth IRA and has been instrumental in marketing this investment tool.
- During the early years of the WCI website, what kept Dr. Dahle motivated to keep producing content despite low returns?
- Dr. Dahle’s wife is officially a 50% owner of the WCI
- Opens up a new 401k
- Gives her access to social security, although now the business has to pay into that.
- Does Dr. Dahle use an accountant at this point?
- As the WCI has grown, Dr. Dahle has outsourced a number of responsibilities.
- Why did Dr. Dahle turn down an offer to purchase his business?
‘The Psychology of Money’ – Morgan Housel