White Coat Investor Podcast

High-income doctors often assume that earning more money will naturally lead to wealth—but for many physicians, that never happens. In this episode of the White Coat Investor Podcast, bestselling author David Bach explains why simple, automatic money systems consistently outperform willpower, budgeting, and complex investing strategies.
We break down the core ideas behind The Automatic Millionaire, including why automation matters more than motivation, which investments work best for busy professionals, and how small, consistent decisions compound into real wealth over time. We also clarify the often-misunderstood Latte Factor, explaining what it really means—and what it doesn't—especially for high earners who already save a significant amount.
This episode applies these concepts directly to doctors, exploring why many physicians still struggle financially despite strong incomes, delayed gratification, and long careers. We discuss the behavioral traps unique to medicine, why simplicity wins, and how automation removes emotion from investing decisions.
We also cover a bold proposal to simplify retirement saving in the U.S., the challenge many retirees face when it's time to start spending their money, and a personal story from David about how a temporary move abroad unexpectedly turned into a permanent life change.
If you're a doctor, dentist, or high-income professional looking for a clear, practical, and proven approach to building wealth without obsessing over money, this episode lays out a system that actually works.
Locumstory.com is a free, unbiased educational resource about locum tenens – it's not a staffing agency. They help answer your questions about the how-to's of locum tenens work on their website, podcast, webinars, videos, and they even have a locums 101 crash course. Locumstory.com is where you should go to find out if locums makes sense for you and your career goals. Locumstory is unique because it's more of a peer-to-peer platform, with real physicians sharing their experiences and stories – both the good and bad – about working locum tenens – hence the name, "Locum-story." See for yourself on their self-service platform with no obligation.
The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles.
Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
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Twitter: https://twitter.com/WCInvestor 
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Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

00:00 Why Simple Money Systems Matter More Than Income
01:58 Why Automation Beats Willpower With Money
03:10 The Automatic Millionaire Explained
12:47 The Best Automatic Investments for Busy Professionals
19:41 The Latte Factor: What It Really Means
26:00 Why High-Income Doctors Still Struggle Financially
35:41 How a Temporary Move Turned Into a New Life Abroad
42:15 A Radical Idea to Fix Retirement in America
50:00 Why Spending in Retirement Is Harder Than Saving

In this episode, we talk with a two doc family who renovated their home entirely in cash, including a full indoor basketball court so their kids can play inside during freezing Minnesota winters. They waited a few years after building the house before finishing the basement, choosing patience and planning over debt. Along the way, they also reached millionaire status by staying intentional with their money. His advice for anyone wanting to follow a similar path is to save up and pay in cash and not take on unnecessary debt.
If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners to use the tax code more intelligently so your structure, deductions, and planning help you keep more of what you earn. As a White Coat Investor reader, you can book a free strategy intro at https://joingelt.com and receive 10% off your first year with Gelt. It's time to start using your tax plan as a lever for growth.
Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors.
Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones 
Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
TikTok: https://www.tiktok.com/@thewhitecoatinvestor 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 
00:00 MtoM Podcast #261
01:45 Two Doc Couple Pays Cash for Home Renovation
12:36 Advice For Others
14:40 What is a Stock?

In this episode we talk through big money topics like cash balance plans, revocable trusts, and what peak spending years really means and when it happens. We talk about where non-docs should start if they are new to White Coat Investor content. Dr. Dahle talks about a recent posts that got some people fired up when he shared his opinion that if doctors do not retire with millions they have failed financially.
This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today by email [email protected] or by calling (973) 771-9100.
The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles.
Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
TikTok: https://www.tiktok.com/@thewhitecoatinvestor 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
00:00 WCI Podcast #457
01:41 Investing in Taxable vs. Cash Balance Plans
04:25 Setting Up a Cash Balance Plan
11:55 Are You a Bad Doctor If You Care About Money?
19:22 Revocable Trusts
25:00 Peak Spending Years
29:17 WCI for Non-Doctors

In this episode, we talk with a contractor who built a millionaire net worth without sky-high incomes or an inheritance. He and his wife have paid off their home, invested consistently, and recently took the leap to start a contracting business just nine months ago. Starting out making a combined $70,000 and never earning more than $210,000 in a year, they prove you do not need a massive salary to build real wealth. They have an impressive 65 percent savings rate, and their story is a powerful reminder that consistency beats income alone.
This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today by email [email protected] or by calling (973) 771-9100.
Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors.
Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones 
Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
TikTok: https://www.tiktok.com/@thewhitecoatinvestor 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 
00:00 MtoM Podcast #260
02:23 General Contractor Becomes a Millionaire
07:00 Advice For Others
11:53 How Does Dental Insurance Work?

Today we're diving into all the stuff everyone seems to be arguing about lately: AI and whether it is actually a bubble, why nobody wants small value, international, or bonds anymore, and what to say to the growing crowd of S&P-500-only investors. We also break down the world of alternative investments in a way that is simple and actually useful, from real estate and crypto to reinsurance, annuities, peer-to-peer loans, commodities, and all the messy complexity in between. And of course, we talk about your new book Enrich Your Future. It is a packed episode, so settle in and enjoy.
Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too.
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The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles.
Website: https://www.whitecoatinvestor.com 
YouTube: https://www.whitecoatinvestor.com/youtube 
Student Loan Advice: https://studentloanadvice.com 
TikTok: https://www.tiktok.com/@thewhitecoatinvestor 
Facebook: https://www.facebook.com/thewhitecoatinvestor 
Twitter: https://twitter.com/WCInvestor 
Instagram: https://www.instagram.com/thewhitecoatinvestor 
Subreddit: https://www.reddit.com/r/whitecoatinvestor 
Online Courses: https://whitecoatinvestor.teachable.com 
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 
00:00 WCI Podcast #456
03:43 Larry Swedroe Interview
08:17 AI MAG7 Bubble
24:36 Investing in Real Estate
38:28 Investing in Crypto?
42:06 Investing in Reinsurance
54:27 Investing in Private Credit
01:04:44 Optimizing vs. Satisficing
01:07:32 Larry Swedroe's "Enrich Your Future"