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Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: - Graduate from medical school with as little debt as possible
- Escape from student loans within two to five years of residency graduation
- Purchase the right types and amounts of insurance
- Decide when to buy a house and how much to spend on it
- Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor
- Avoid investments which are designed to be sold, not bought
- Select advisors who give great service and advice at a fair price
- Become a millionaire within five to ten years of residency graduation
- Use a "Backdoor Roth IRA" and "Stealth IRA" to boost your retirement funds and decrease your taxes
- Protect your hard-won assets from professional and personal lawsuits
- Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die
- Minimize your tax burden, keeping more of your hard-earned money
- Decide between an employee job and an independent contractor job
- Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation
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Most Helpful Customer Reviews:
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 Great start to learning about financial steps to take as a high income professional, June 25, 2017
By Faheem N
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I really enjoyed reading this book as it opened my eyes to where I can/should be putting my money. This is not the end of learning of this material, as the WCI was awesome in recommending "other readings" at the end of each chapter. Highly recommend reading this book to get a good grasp on financial advice for any high income earner. I look forward to investing my money, and educating myself more on how to retire with enough money to keep me happy.
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A Must-Read for Every Physician or Future Physician, June 05, 2017
By Tech_Student
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This book is great and a must-read for every physician or physician-to-be. If we have to learn the Krebs cycle, I cannot fathom why we do not have to learn the content in this book.
I am currently a 4th year medical student and have recently completed my MBA as well; I think this book is equally (if not more) useful than my MBA in terms of managing my money as a physician. I would consider this a "First Aid for the Personal Finances of a Physician". The book is high-yield and concise yet provides "recommended additional reading" at the end of nearly every chapter. By the time you have finished this book, you will be able to speak intelligently about many common financial topics such as investing, retirement accounts, taxes, loan repayment options, etc.
If you do not know ANYTHING at all about how to invest, what 401(k) and IRAs are, or what tax bracket you are going to fall into- this book will probably save you hundreds of thousands of dollars. I am not a salesman or advertisement-type-person, I sincerely believe this book can save people hundreds of thousands of dollars over their entire career.
In conclusion, every physician/future-physician should spend $17 on this short book and rest assured that they will competent in most personal finance topics.
1 of 1 people found the above review helpful.
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Essential Reading for Graduating Students & Residents, April 22, 2017
By DJ Ileum
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Absolutely essential read for any young medical student or resident. I'm so glad I read this in the last few months of fourth year. The book provides honest candid advice specifically tailored to the medical professional. I found that to be a great way to introduce me to the word of finance and investing. From here I hope to branch out and read some others like Bogleheads. The White Coat Investor even suggests a list of other publications readers should look at.
I couldn't think of a better gift that becoming aware of how important it will be to manage my money and wealth properly over the next ten years. Thank you WhiteCoatInvestor.
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An absolute must for all those already in or considering a career in medicine, April 04, 2017
By Leonard Morneau
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This is a great book for all physicians, especially those at the beginning of their career. I think it's absolute must for all medical students and residents to read. Current medical training gives absolutely NO education on this most critical matter. With ever increasing costs of education and decreasing reimbursement we as physicians must guard ourselves against the financial predators out there. This book gives simple, straightforward methods to follow in order to, as the author puts it, "Live the Good Life." While this book is geared specifically towards physicians, the path laid out in this book could be followed by many in order to achieve financial success as well. Highly recommended.
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So helpful!!!, March 01, 2017
By Priscilla
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My husband is a busy surgeon. Reading this book was so helpful to get our finances in order. It was broad, but still had specifics like the capitalization formula to see if we should rent/ buy or how to do real estate. The book even covered how to reduce our taxes. Amazing advice and discipline. It was inspiring!!
8 of 8 people found the above review helpful.
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This should be a required text for medical school, January 06, 2017
By J. Lindblom
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I, like many of you, found my way to this book more than once through various blog posts and after reading it I strongly recommend picking up a copy. Even paying the full price of this book (which is unlikely being you're already on Amazon looking at it) is completely worth it if you find and follow just one of the ideas in this book because they can literally save you thousands of dollars year after year!
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