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097 | The White Coat Investor | Origin Story

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?
Listen to Brad and Jonathan’s thoughts about this episode here. Links: The White Coat Investor Bogleheads How To Write an Investment Policy Statement The Humble Dollar ‘The Psychology of Money’ – Morgan Housel
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