Thursday, December 1 2022

By Dr. James M. Dahle, Founder of WCI

Every year we designate Thanksgiving week as Continuing Financial Education Week, and this year is no exception. This week is a celebration of maintaining your financial literacy and a reminder to the WCI community that if you haven’t already done something this year to gain more financial literacy, now is the time to do it. It could mean:

Or something else. To encourage this kind of behavior, we will offer you a 10% discount on all our products. Including:

  1. WCICON23 – the 2023 Physician Wellness and Financial Literacy Conference (in-person, uninvited only)
  2. WCI Merch from the WCI Shop
  3. WCI Books (when purchased through the WCI Store)
    1. The Investor in a White Coat: A Doctor’s Guide to Personal Finance and Investing
    2. Financial boot camp
    3. Guide for students
    4. Asset Protection Guide
  4. Course of dismissal from your financial adviser
  5. Financial Wellness and Burnout Prevention Course for Healthcare Professionals (eight CME hours)
  6. Real Estate Investment Course No Hype
  7. 2022 Continuing Financial Education Course (17 CME hours)

This sale runs from November 21-28 at midnight MT. You will need to use the code WCICFE2022 for courses and conferences. Everything in the store is unmarked automatically.

book reviews

I also like to spend time talking about books that came out in the last year or that I read about in the last year. On Tuesday, I’ll dedicate the entire article to the book that made the biggest difference to me this year, but today I’m going to briefly review a bunch of other books that have been sent to me. Hopefully one of these will be perfect for your CFE this year.

#1 stay the coursestay the course by John C. Bogle

Fittingly, Jack’s last book published the year before his death is called Stay the Course. It was distributed to attendees at the Bogleheads conference this year. Stay the Course is the story of Vanguard and the index revolution. If you’re a Vanguard investor, or even just a Jack Bogle fan, like me, you’ll really enjoy this book. The story behind the Wellington Fund, Primecap Funds, Index Funds, Target Retirement Funds, Admiral Stocks and all the other changes at Vanguard over the years are detailed here for your viewing pleasure. It’s a remarkable story and even better to hear it told by Jack himself. Vanguard has its problems, but after reading this book, you’ll probably be much more willing to forgive them.

Buy Stay the course today!

Just keep buying#2 Keep buying by Nick Maggiuli

Nick is a financial advisor who was on the faculty at the Bogleheads conference with me. We’ll put him on the podcast at some point, but today I just want to tell you about his book. The three-word title pretty much sums it all up. It also explains my personal success in investing. We’ve made money, saved money and bought investments every month for the past 18 years. It should come as no surprise that we are now rich. But a lot of people get confused. Nick puts it this way:

“I’m talking about the continuous purchase of a diverse set of income-generating assets. When I say income-producing assets, I mean assets that you expect to generate income for you in the distant future, even if that income is not paid directly to you. This includes stocks, bonds, real estate and more. However, the specifics of the strategy are not of crucial importance. It’s not about when to buy, how much to buy, or what to buy – just keep buying. The idea seems simple because it is simple. Make a habit of investing your money like you make a habit of paying your rent or your mortgage. Buy investments like you buy food, do it often.

There are a ton of other gems in the personal finance and investing book. It’s a worthwhile read and probably the best book of its kind to come out in the last two years.

Buy just keep buying today!

Find your edge#3 Find Your benefit by Jeremy Boucher

There are many real estate books out there and more come out every year. This year’s addition to the list is not doctor-specific. It starts at zero for an investor who wants to be rich but has no capital. Most doctors start their real estate investing career on a second basis because of their income. It’s always worth learning the lessons that most real estate investors have to learn in the first five years of having no money. I like Boucher’s argument in this book that links commercial real estate investing (CRE) to a game:

“CRE is a competitive game. To win, you must do something better than your competitors, or avoid the competition by finding a new playing field, creating a new game. Finding your edge in the game is about creating an advantage based on your unique and individual skills . Creativity is key because there are very few rules in commercial real estate other than communicating with clarity and operating with integrity.

The book discusses six principles:

  1. Find your value in the transaction and your skills
  2. Innovate to stand out
  3. Stay the course to win
  4. Never go too high, never go too low
  5. Real estate is a relationship game
  6. Trust your instincts

If you are considering investing in real estate, either directly like Jeremiah or passively, this is worth reading.

Buy Find your edge today!

From immigrants to investors#4 Immigrants to Investors by Dr. Mark Sokolowski

This short book by white coated investor Mark Sokolowski is aimed at the immigrant (including immigrant docs) unfamiliar with the US financial system or investing. I love the chapter list. It includes gems such as:

  • You’re only competing with yourself
  • The Myth of the All-Knowing Financial Advisor
  • Retirement plan hacks
  • Insurance products you probably don’t need
  • Don’t be the prey
  • Put your plan on paper. Write it!

It’s pretty easy to see a White Coat Investor influence in the book. The beauty of this book is its prescriptive simplicity. No wasted words. You can read all 90 pages in less than two hours, but the book pretty much includes everything you need to know. Plus, it’s only $3.99, so you can’t complain about not having the time or money to read this one.

Buy Immigrants to Investors today!

Save Lives Enjoy Yours#5 Save lives, enjoy yours by Dr. Barbara Nickel Hamilton,

In this book, interventional radiologist Barbara Hamilton talks to pre-meds, medical students, interns, and even assistants who may lack confidence in their ability to acquire the knowledge and skills needed to make difficult and scary things. Like most of Dr. Hamilton’s writing, it is aimed specifically at women, but most of its lessons apply to all genders. It includes a quote from a doc on perfectionism, which is obviously very prevalent in medicine.

“A nasty voice in my head taunted me if I didn’t get the highest grade possible or made even a small mistake. Allowing that voice to dictate my attitude has been a huge challenge, and in my eyes, a failure. I’ve worked to try to calm that inner critic, because perfection isn’t real, and striving for it is a path to sadness, not success. In a way, I wish I had experienced failure earlier in life, so I could accept it at a younger age. Like many doctors, I didn’t start experiencing it until my mid to late twenties. At that time, failure seemed like a bad thing. But over time, I realized that’s the only way to really learn. Every failure is an opportunity to grow. I just wish I had realized it sooner.

This book is not 100% financial, but given the importance of the career in the financial life of doctors, it seems appropriate to include it here. Not too long and under $5, picking up this book is an easy choice.

Buy Save Lives, get yours today!

Getting in#6 Enter: How to stand out from the crowd and succeed in your residency interview

#7 Write it down: The NRMP Personal Statement Booklet

These two books on niche topics for senior medical students are by Dr. Myers R. Hurt III. For many of us, getting into residence was not a big deal. We were in the first third of our promotion and we were not applying for a particularly competitive specialty. However, for many medical students, getting a residency in their chosen field is a big deal. It may be because they are not at the top of their class or because they are applying for a particularly competitive specialty. As medical school spaces increase at a faster rate than residency spaces, the process becomes increasingly competitive. Every little advantage can count. Given the importance of matching with a doctor’s professional (and financial) career, these books seem worth reading at the start of fourth year medical school and for anyone applying for a second time. at the residence. Both books are packed with practical advice. An example includes how to navigate and avoid illegal interview questions without calling the interviewer for asking them by mistake.

Write itBuy Enter today!

Buy it today!

#8 Zero to financial freedom by Greg G. Fitzgerald

Greg is a WCI podcast listener, and Paul Merriman suggested he send us his book for us to look at. Although he was not a doctor, he lived like a resident before he even heard the expression. This allowed him and his wife to retire at age 50. This book is subtitled “Solid Advice from a Father, Husband and Friend”. It is essentially the “How-To” book that he leaves to his children. A longer book, it offers a more comprehensive view of saving and investing than most. Like many books, it includes a list of mistakes to avoid:

    1. Zero to financial freedomSpend every penny
    2. Overspending on housing
    3. Carry a balance or accumulate credit cards
    4. Not saving for retirement
    5. Contribute to 401(k) but not IRAs
    6. Withdraw money from IRAs/401(k) sooner
    7. Investing too cautiously for long-term goals
    8. buy too many cars
    9. Follow the Joneses
    10. Not having an emergency fund
    11. Not having insurance

If you’re a long-time reader of this blog and financial books, you’re not going to learn a lot of new information in this book. But if any of the above concepts are the least bit foreign to you, you will find this book useful. It’s also a great book to hand out to your adult children, the younger the better.

Buy Zero to Financial Freedom today!

Financial literacy is within your reach. Initial financial education is important, but so is ongoing financial education. Make yours this week with the rest of the White Coat investing community.

What do you think? Have you read any of these books? What did you think of them? Questions about WCI product sales this week? Comments below!

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