White Coat Investor Philosophy - 12 Financial Principles for Doctors

[@pak3211]

WCI - 12 Financial Principles for Doctors 1. Financial planning makes you happier 2. Wealth comes from making a lot, and saving a lot 3. You need a reasonable written investing plan 4. Index funds are the best foundation for an investing portfolio 5. Insure against financial catastrophe 6. Live like a resident for 2-5 years after residency 7. Spend intentionally 8. Get good advice at a fair price 9. Understand and use your tax-advantaged accounts 10. Pay cash, and avoid debt 11. Minimize taxes and know the tax code 12. Asset protection is cheap, effective, and easy

[@freeman727727]

I agree with just about everything said and I live by those principles. Only exceptions are when you can get a low interest rate loan. Eg. I’m about to do a sizable home improvement project. I could pay cash but the contractor offers 0% over 12 months.

[@DrBilly90210]

All excellent points. I'd add this: "If you're going to divorce, do it before you're 50 years old." Divorce is probably the #1 wealth destroyer for physicians (I'd guess that of the 25% of physicians you point out that aren't millionaires by age 60, a majority have been through divorce at least once.). 50 is a break point as far as divorce and your finances. After 50, as you age it becomes increasingly unlikely that you'll be able to recover financially from divorce and still retire by 65

[@chrisd6736]

Have to agree with that.

[@TheFlyingNapkin]

I have 500k in loans

[@arnoldjeans9913]

Do you use a financial advisor ?