r/whitecoatinvestor

Just wondering if some physicians have done this, and realized it was a good decision. Dual physician household here, just started attending practice 1 and 2 yrs ago, with HHI of $1M annually. We’re enjoying our life, traveling when we can, spend on things we want but we’re not buying anything luxurious. No debts. Has $360k in brokerage, $160k in retirement/IRA, $120k in hysa for emergency fund, started 529 this year for one with $38k, $9k HSA. All needed insurances in place. Family and friends would ask us why we have not bought a house yet. We feel like we don’t want all the responsibilities of being homeowners. The house we’re renting is a really nice house in a nice neighborhood for $2300/month. Been here for 2 yrs already, and our landlord said we can rent this out for as long as we can. He lives in a bigger city and does not have plans of selling this house. Even if rent increases over the years, we don’t think it will be high enough that will let us think about it. We are at peace and ok renting for a longer period of time, maybe even 5-10 yrs. That will give us so much freedom too in case we want to move. We both love our jobs so we want to stay, but I mean we can be flexible if things change. Just want some insights for people who opted to rent for a long while too before becoming homeowners. Thank you!

31yo man, not really any medical problems. Have few prescriptions that can also be obtained over the counter. Could you help me choose what employer health plan is best for me?

HDHP: $0 deduction from paycheck. Employer provides $500 annual HSA contribution

Deductible: $3500

Out of pocket max: $7000

Preventive care (once a year): $0 copay

Primary care office visit: $20 copay after deductible

Specialty care office visit: 10% after deductible

Hospital ER visit: 10% after deductible

Hospital admission: 10% after deductible

Urgent care: 10% after deductible

Ground ambulance services: 10% after deductible

Lab office visit: $0 after deductible

Independent lab: $0 after deductible

X-rays: $0 after deductible

Advanced imaging (eg. MRI, CT): 10% after deductible

Allergy testing: 10% after deductible

PPO: $88.72 biweekly deduction from paycheck

Deductible: $700. $2300 if outside my employer facility

Out of pocket max: $3500. $7000 if outside my employer facility

Preventive care (once a year): $0 copay

Primary care office visit: $20 copay. $40 if outside my employer facility

Specialty care office visit: $30 copay. $55 if outside my employer facility

Hospital ER visit: $500 copay

Hospital admission: 10% after deductible. 30% after deductible if outside my employer facility

Urgent care: $35 copay

Ground ambulance services: $0 copay

Lab office visit: $0

Independent lab: $0

X-rays: 10% after deductible. 30% after deductible if outside my employer facility

Hi all. Me and my partner both recently finished our trainings and became attendings. As you can imagine the salary jump has been insane, exciting and also terrifying. We both are combined making close to seven figures. My question is I think im doing everything by the book yet would appreciate advice.

Planning on maxing all both of ours retirement accounts, then putting into backdoor. Also planning on mildly upgrading our lifestyle, not going crazy for now. We have plans for kids and a house so mainly our focus will be those two fronts. I do plan on venturing a little into business as well with either airbnbs or a pet grooming service (just a hobby of mine), love animals but I think that may take some time. Any advice appreciated in general for this exciting chapter!

Hello! I have 330k in student loans at average of 5.5%, my current RAP payment is $5000 a month, I make about 600k yearly as an employed physician. My employer does qualify for pslf, but I don't get benefit from it at my income level. I can afford to pay another 3k/month on my loans on top of the RAP payment. For reference I am a 3 yrd year attending supporting a family of 4 on one income in a HCOL, my mortgage is about $7500 a month. I max out my 401k, Roth IRA, put away 30k/a year in kids college fund and save about 2k a month in the market. My question is, does it make most sense to continue finishing off the student loan vs just making the minimums and letting inflation work for me and putting the extra in the market? Thanks!

Similar to Desert Island Disks - do NOT include high salary (all of us), prayer to G-d or higher power (most of us).

I think mine would be (in order of importance):

1. Having a spouse on the same page (thrifty and watches expenses closely)
2. Tracking our expenses (used Kakiebo method) to ensure we were living within our means
3. Working for an employer who paid nearly all of my student loans off tax free (VA - EDRP and PSLF).
4. Maxing out tax advantaged accounts starting early in career
5. Geographical arbitrage - live in a low cost region of the country (Southeast) close to decent public schools.

Looking at jobs after residency and trying to figure out what appropriate compensation is for supervising a midlevel in an outpatient specialty.

Hi all. I recognize the above is a bit of a silly question from the get go. There's a lot of variables in play (potential moves, etc) that make this a difficult situation. I'm just trying to plan out my financial future and wanted some external input.

I'm 30 years old, and currently in a postbacc premed program. I'm taking classes on the GI Bill and by the time I finish I'll have roughly 3.5 years left of benefit for med school. I'm in Philly, which has 4 MD schools, 1 DO, and a few in the broader region. I'm taking a gap year to work and apply after I finish the postbacc, and I've been thinking long and hard about the fact that med school and residency mean I likely won't be buying a home until I finish training at 38/39, which for a first time home buy feels a little awful.

I'm considering trying to buy a home with my long term partner in the gap year, and hopefully get into a med school in my city and residency as well. We like the city, its affordable despite being on the East Coast, and I personally feel there's a lot of potential for the city in the years to come. Being able to pay the mortgage with GI Bill/residency income would be nice, but I'm struggling to see if this is unwise given the risks involved, so I thought I'd reach out for some external perspective.

Any thoughts are appreciated.

Edit: It seems the overwhelming consensus is that this is a bad idea, which I suspected. Sucks that I have to wait and that mortgage interest rates are so high right now, but I suppose it simply is what it is.

Or what age are you expecting to hit it?

Hello all,

I'm curious to hear from physicians / CRNAs / other high earners who were already established during the 2008 crash and recovery.

For context: I’m a CRNA in my mid-late 30s. with just shy of $1 million invested at this point in the typical mixture of pre/post tax vehicles. All low cost indexes. Nothing cute. My base-case income is around $350k/yr with a mix of W2/1099, but I have the ability to flex that above $400k if/when it actually makes sense to work more. Debts include our modest home at 3%, an investment piece of land (read - no income) at 3% and a new car loan at 1%. No revolving credit.

That said, I feel like I am secure enough in my job and have the stomach to weather a downturn, but I've never had this much skin in the game. I’ve never actually lived through something like 2008 as an adult with substantial money invested, a mortgage, kids, and a career producing this kind of income.

I’m not really asking “what should I do if the market crashes?” I know the standard answer. Keep liquidity, don’t panic, keep buying, etc.

I want to hear what it was actually like for those of you who were in a similar position to mine during our last major downturn. I'm excluding 2020 and 2022 simply because of their brevity.

I'm hoping to hear from those of you who were in a similar position in 2008-2012. That would be those who had high income, were still working and building wealth, but were not yet financially independent or ready to punch out of work entirely

Did your income stay stable? Did you lose hours, bonuses, cases, reimbursement, or even your job?

Did you actually keep investing aggressively while the market was getting crushed, or was that much harder psychologically when financial institutions were failing and nobody knew where the bottom was?

Did you increase your workload because suddenly the extra cash was more valuable?

Were you able to take advantage of cheap stocks, real estate, land, businesses, etc.?

And looking back now, did you ultimately come out of 2008 better off because you had a high income and could keep buying assets at depressed prices? Did the losses, career uncertainty, housing market, or something else set you back more than people like me probably appreciate looking backward? I was just graduating high school and knew everything was scary, but I had nothing really to lose and my family wasn't in a position to lose or gain much either.

I’d especially like to hear from people who had young families, mortgages, and maybe somewhere around the equivalent of a high six-figure / low seven-figure portfolio today. Doing very well, but still very dependent on earned income.

If you’re comfortable sharing rough numbers, I’d love to hear how things went for you.

Lastly: Knowing what you know now, what would you have done differently?

Long post, I know. Thank you for coming to my TED [question].

I *****d up and went to medical school vs dental school. I don’t care about medicine, enough to deal with the insane hours/standards/high stakes exams/evaluations etc. I get it, hell id want the same out of my Dr, but I just wanted a stable gig to earn income and have a decent life. Not at the nonsensical theatrics that come with medicine - academics, prestige, research, mental masturbation.

is there anyway I can make a pivot or am I royally fucked until I get weeded out and take on a pharma job? I’m 31 and third yr MD failed step 1/passed on second attempt, hated every single rotation ive been on. Maybe psych just because the hours aren’t dogshit

I got a copy of the white coat investor from a co resident. They aren’t sure how long they’ve had it for. I saw online that the book has been continuously updated since it was originally released, but that in order to preserve reviews online, instead of releasing different editions of the book, the book itself has just been updated and kept under the same listing page. My question is, how do I know which version of the book I have? I mostly want to find out if I have the original, outdated version of the book, or if mine is a newer more updated copy

I’m a new grad healthcare professional starting a new job that will require me to relocate. Are there any renting discounts for healthcare professionals?