8 Reasons Why the First Million Is the Hardest
If the first $1 million of your net worth is the hardest to reach, why does the next million dollars you add feel so much easier?
If the first $1 million of your net worth is the hardest to reach, why does the next million dollars you add feel so much easier?
I used to think my baseball cards would make me rich. That didn't happen. Here's why my collection (and yours) won't reach seven figures.
If you're leaving your employer and you have a 401(k), what should you do? There are six options, some of which are better than others.
My parents live in Mexico and know next to nothing about investing. Here was my journey in helping set them up for retirement.
An interview with leadership coach Rutherford Pascal, where we talk about why burnout happens; why traditional fixes often fall short; and how concepts like deliberate rest, autonomy, and leadership skills play a meaningful role in long-term career sustainability.
Medical school may not have taught you about money, but we will.
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Get ready to take control of your financial life. You can do this, and we can help.
We won't sell your information. Modify your preferences or unsubscribe at any time.
If you want to reduce your tax burden, here are some alternatives to paying capital gains taxes. Most of them have significant downsides.
I get all kinds of questions coming from internet forums and my email inbox that are relevant to the WCI community. Let's answer some.
I don’t think I’ve ever really fit in. Perhaps moving to a foreign land and continuing to work instead of retiring will make the difference.
Here are some appropriate times to use debt to your advantage in your financial life. The trick is to know when the risks are too great.
If you plan to get rid of your I Bonds, here are step-by-step instructions on how to sell them via the TreasuryDirect website.
Enroll in WCI Financial Boot Camp, a FREE 12-week email course to improve your financial life.
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The goal of many physicians in the past was to own their own practice. It's different now. Here's what docs have to say about the change.
Answering listener questions about direct indexing with short and long extensions, taxes in real estate, and how a solo 401(k) works alongside a 403(b) and 457 plan.
My wife's new job benefits are fantastic, including access to a 457(b). Now, it was decision time. Should we actually use this account?
Let's talk about what a UIT is, how it is different from an ETF, and whether those differences really matter in an investor's financial life.
Let's determine whether it makes sense to buy whole life insurance for retirement spending instead of using an IRA or 401(k).
Tax-loss harvesting is a strategy where you sell losing positions to get a tax deduction. Here's how to tax-loss harvest with Vanguard.
Why are people scared about the decumulation phase in retirement? It has more to do than with how much money they have. Let's explore why.
I've done the things that people say they'd do if they didn't have to work—travel, hobbies, time with family. Sometimes, I'm still not happy.
Our Health Savings Account has grown and grown and grown. Now, it's into six-figure territory. Here's how we did it and what we'll do next.
If you let a season of your life go by without having an experience that is only available in that season, you've lost your chance.
Medical school may not have taught you about money, but we will.
We will never sell your information. Modify your preferences or unsubscribe at any time.
Get ready to take control of your financial life. You can do this, and we can help.
We won't sell your information. Modify your preferences or unsubscribe at any time.
Two White Coat Investor columnists—one older and one younger—go head to head to discuss their views on investing and retirement.
How much longer can I do this job? I'd wondered that for years, but now I needed to make a choice: retire early or find something else to do.
The contribution limits for 401(k)s, 403(b)s, IRAs, and HSAs will change for 2026. Here's what you need to know.
Now that the Secure 2.0 Act has been signed into law, here's everything you need to know about the changes for high-income earners.
Your financial and fitness goals often share the same principles. Here's what to know about getting in shape—with your body and your money.
Knowing what we know about cryptocurrency and its volatility, should you invest in it? Let's explore the issue here.
According to a new survey, the average doctor's salary rose slightly in 2024. Here's what doctors make in a year.
Many beginning investors feel overwhelmed when trying to design and implement their investment portfolios. This detailed plan should help.
In the US, it's better to be an owner than an employee. Utilize these ownership strategies to accumulate wealth through non-taxable income.
Get a tax plan in place to better manage your wealth in 2026. Start by understanding the 2026 tax brackets and how they work.
Parents with fantastic intentions often hurt their children by giving terrible financial gifts. Here's how to change that.
Learn the basics of real estate investing—from hard money loans to mezzanine debt, capital stacks to waterfalls, depreciation, 1031 exchanges, strategies, and lots more.
Too many docs never build significant wealth despite their high incomes. Make plans now to ensure you aren't in that category when you retire.
Want a bunch of discounts available for doctors and other healthcare workers? Here's how you can cash in on all kinds of savings.
How much money will you need to retire? Let's run through all the information you'll need to calculate your target number.
Start implementing critical strategies NOW to lower your S-Corp taxes this year. Here are 10 ways to use your business to keep more of your money.
Reach financial goals with the least amount of risk by implementing an Investing Plan. Here's how and why to get it done now.
Here's how top physician earners in typically lower-income specialties are killing it and commanding over 2X+ the average.
Yes, the rich do take advantage of their knowledge of the tax code to pay less in taxes. But six of their seven techniques are available to everyone.
Every doctor needs an asset protection plan. The best are simple, inexpensive, and highly effective at protecting you from financial loss.
Learn what tasks to do first using these waterfalls for residents and attendings, so you can manage your money.
Get as mad at debt as I am! Do the math, make a plan, take control, and seize the life you want by paying off your debt FAST.
Too many investors have never taken Investing 101. Here's your chance. Learn it from me or learn it in the school of hard knocks, but you will learn it.
There are much better things to do with your time than hunting down 0% financing deals. Once quantified, they just look like clipping coupons.
Most of my portfolio is invested in index funds. I hope that's not news to you. Here are 10 of the reasons why.
What are the most unbiased, accurate, high-yielding, current, and entertaining financial books for doctors and other high income professionals? Here you go!
Whole life insurance is pitched to almost every high-income professional. Arm yourself with the facts so you don't fall prey to a decision you'll regret.
Disability insurance is crucial insurance for the vast majority of physicians to secure. Buy it right the first time, and you may never have to do it again.
We had a money hemorrhage a few years ago. It was bad. There was a lot of fun involved, but we did learn some lessons.
What do you do with the pennies your money earns between the contribution and conversion to a Backdoor Roth IRA? Not much.
Tax-deferred retirement accounts can reduce taxes, protect assets, plan your estate, and boost returns. Ignore them at your peril.
Guess what? You can have multiple 401(k) accounts, saving you thousands in additional taxes every year. But it can get pretty complicated.
A good investment portfolio is diversified, low-cost, passively managed, and consistent with your risk tolerance. Which one is best for you?
This Backdoor Roth IRA tutorial takes you step-by-step through the contribution process including Form 8606, tax implications, common mistakes, and lots more.
Doctors should follow these 10 steps to reach financial independence. Let's call them the 10 commandments of The White Coat Investor.
There are LOTS of reasonable budgets. Learn to create one to fit YOUR priorities and values as you use money as a tool to bring happiness.
Many Americans aren't rich because of what kind of car they drive. Don't be like them. You aren't what you drive.
How much money will you need to retire? Here are 9 reasons it may be a lot less money than you think.
While it’s a personal decision with lots of factors, here’s what to consider when deciding if you should pay off student loans or invest.
Let the government share in your investment losses. Here is a step-by-step guide to tax-loss harvesting so you can take advantage of market downturns.
I've said "Stay the course" a thousand times, and I meant it every time. It doesn't matter if stocks are up or down, stay the course!
When doctors don't talk about money, they end up making the same dumb mistakes. Stop the cycle and learn from others.
There are a few important financial chores every busy resident would be foolish to ignore. Get these 6 things done and checked off on your "to-do" list.
"Don't buy stuff you can't afford" is so simple it's laughable, yet too many of us live with debt we think acceptable. Here's how to change.
Uncompensated investment risk doesn't increase, and may even decrease your expected return. Avoid it through diversification.
Don’t make these seven common mistakes that cause doctors to fall short in reaching financial success.
Want to successfully reach your investing goals and build the life you dream of? Here are 7 numbers you need to know to make it happen.
The most complicated routine question for investors is the annual dilemma about Roth contributions and conversions. Here's what to know.
Should you use your money to pay off debt or invest? Unless you're 100% debt-free, you've got a dilemma. Resolve it with this algorithm.
Debt is an important part of our financial system, but it can also cause financial ruin. Let's talk about debt and see if it'd work for you.
Financial knowledge isn't enough. Without the X Factor, you'll never reach financial success. Here's how to get to the next level.
Estate planning is a critical part of your financial life. Nobody gets out alive. The basics aren't that complicated. Here's what you need to know.
How do you reach financial goals while taking the least possible amount of risk? By implementing an Investment Plan. Here's why and how to get it done.
Here's everything you need to know about Mega Backdoor Roth conversions and whether they're the right move for you in the long run.
What's a physician's best strategy for buying life insurance? It's easy if you avoid common sales tactics and know exactly what you want.
Celebrating the principles of Financial Independence Retire Early (FIRE). Decide if joining the movement for financial freedom is in your future!
The best 529 plans will give you a state tax credit, low fees, and great investment options. Find the best plan available for you.
I've often asked myself, "If you could design a financial planning firm from the ground up, what would it look like?" Here's the answer.
Financial advisors cost a lot of money. Learning to be your own advisor may save you time, money, and hassle. Here are eight reasons why.
I have no problem with using a financial advisor as long as they charge a fair price for good advice. Otherwise, you should fire them.
Here's the information a physician needs to manage student loan debt. We're talking private & Fed loans, PSLF, RAP, IBR, refinancing, and how to pay them off fast!
If you're working for a 501(c)(3), PSLF is the federal debt forgiveness program most physicians should be looking at, offering tax-free forgiveness in under 10 years if you qualify.
Should your tax preparer also be giving you advice about how to live your tax life? In other words, do you actually need a tax strategist?
What should you do with legacy holdings you no longer want? Sell them and pay the taxes? Hold them for a while longer? Here's our advice.
Here's everything you need to know about giving to charity, why you should do so, and the tax benefits available to those who give.
If you’re one of those who needs to loosen the purse strings a bit, this post is for you. Here are some tips for how to spend your money.
Spending your investments in retirement can be a tricky business. Here are some guidelines to help you figure it all out.
Here's how to calculate your required minimum distribution and reduce your fear of potential RMD tax burdens.
Every year, millions face one of the most challenging math questions in personal finance. How do you figure out whether to take an HSA?
If you've been considering an investment in private real estate, here's a little bit of experienced advice on how to get started.
We know you can and should take some risk when investing in stocks, but does that same principle apply to real estate investing?
Every investor needs a written Investment Policy Statement. Here are a few pieces out of mine and ideas for what you ought to consider including in yours.
Here's everything you need to know about Qualified Charitable Distributions and whether it's the right move for retirees.
Saving up for luxuries is an important financial habit to get into. Boats, ATV's, horses, airplanes, expensive cars... if you take up these luxuries before you are wealthy, they can prevent you from ever becoming wealthy.
In broad strokes, asset protection includes tax saving, estate planning, and even investment strategies, and it will help preserve your nest egg in case of a malpractice suit. See Posts
Estate planning is the process to ensure that your assets go where you want after your death, that your desires are carried out after you can no longer make decisions, and that the estate taxes you pay to the government are minimal. See Posts
Whether it's life, disability, auto, home, or malpractice, high-income professionals need insurance to make sure life's biggest costs don't substantially hurt their nest egg. See Posts
There are so many ways to invest successfully that the most important thing is to just pick something reasonable and stick with it. But it's key to know which approach to take and why you're picking that option. See Posts
Beginning your financial journey and learning about personal finance can seem awfully overwhelming. But instead of trying to solve the entire puzzle at once, it'll be easier (for your mind and for your psyche) to break it down into sections that are more easily digestible. See Posts
Ownership matters, whether it's owning profitable companies, owning your own home, or owning your job. Most of the time, medicine is better—for the docs and for the patients—when docs own their jobs. See Posts
A full, happy, comfortable retirement is where so many WCIers have been aiming since they began working. The main questions: what's the best way to get there, and once you arrive, how do you begin to live and fund your new life? See Posts
While it's entirely possible to finish an undergraduate education debt-free, it's become less likely that physicians and other high-income professionals can do the same. That's why it's so important to know how to manage student loans and the programs that provide student loan forgiveness—especially in a political world that constantly makes changes to them. See Posts
Recent studies show that more than 50% of physicians have experienced burnout, marking a notable increase in the past decade. This trend is alarming and shows why the intersection of burnout and how high earners can keep themselves healthy has never been more pertinent. See Posts