Helping Doctors to Avoid Getting Ripped Off – Dr. James Dahle, Founder of The White Coat Investor

“I don't want doctors to get ripped off. They are wonderful people dedicated to healing the sick and injured, and they're getting taken advantage of way too often,” says emergency physician James Dahle. His own series of bad experiences with financial advice prompted a flurry of self-education, and he decided to make a business out of sharing what he learned called the The White Coat Investor. One surprising thing he learned, which motivates his work to this day, is that even though the average physician earns $8 million over the course of a 30-year career, 25% end up with a net worth under $1 million. Why? “Doctors are busy people and we’ve got a lot on our mental plates and this is something else we feel like we have to do, so it sits in the background.” He says people also don’t realize the power of getting their finances under control. At mid-career, Dahle has achieved financial freedom and has the flexibility he thinks many doctors want and need to have at that stage of their lives. “The combination of financial literacy and financial discipline is so rare, it’s like having a superpower,” he adds. Check out this valuable conversation with host Rishi Desai for tips on managing student debt, common mistakes to avoid, and the critical importance of having a plan especially as health care careers are growing more unpredictable. If you like this podcast, please share it on your social channels. You can also subscribe to the series and check out all of our episodes at www.osmosis.org/podcast