Self-publishing a book can be a lot of work. Not only do you get to be the author, but you also get to either be or hire out everything else including editing, cover design, e-book convertor, marketer, layout specialist, publisher etc. Luckily, Amazon and similar companies take care of the printing and distributing for me (don't worry, they're getting a nice fat cut for their trouble.) The marketing of a book that is essentially only sold online can be a little bit tricky. I decided to utilize a “virtual book tour” contacting every willing investing or physician related website or blog owner to do reviews, interviews, or guest posts in order to help publicize The White Coat Investor: A Doctor's Guide to Personal Finance and Investing. The following are excerpts and links to some of these reviews:
From Allan Roth at The Wall Street Journal: (google “Physician Heal Thy Wealth” if you're not a subscriber)
Doctors often make the worst investors. They beat the odds by making it into and through medical school and are then treated almost as gods. That leads to overconfidence, which can be fatal when it comes to investing. I spend a great deal of time getting physicians out of hedge funds, complex insurance investments, private investments and other so-called sophisticated products they were once confident would provide high returns with low risk.
But there are exceptions to every rule. James M. Dahle, an emergency-medicine physician in Utah, offers his colleagues some great advice in his new book, “The White Coat Investor,” and in his blog of the same name. The book is not for doctors only: It provides some crisp, useful takeaways for anyone with a high income.
From Mike Piper at The Oblivious Investor:
Long-time readers of this blog will recognize Jim Dahle (of the blog The White Coat Investor) as one of the writers I link to most frequently in my weekly roundup articles. He’s also the author of the IRA-related chapter in The Bogleheads’ Guide to Retirement Planning and a prolific poster on the Bogleheads forum under the username EmergDoc.
Just this week, Jim released a new book: The White Coat Investor: A Doctor’s Guide To Personal Finance And Investing. I haven’t yet had the chance to read the whole thing, but from what I’ve read (as well as what I’ve read of Jim’s other work) I highly recommend it to anybody in the target market.
From Harry Sit at The Finance Buff:
I link to posts by Dr. James Dahle on his blog The White Coat Investor from time to time. Dr. Dahle published a book The White Coat Investor: A Doctor’s Guide To Personal Finance And Investing. It went on sale this week. I’m half way through my review copy. He did a very good job. Although it’s written for a doctor audience, non-doctors will find it equally useful.
From Dennis Bethel at Nest Egg Rx:
After years of expensive medical education and residency, it is not uncommon to see physicians saddled with the financial burdens of large homes, luxury vehicles, private schooling for their children, and multiple other expensive toys. In fact, many medical professionals do not follow the number one rule for investing. They don’t live on less than they make.
Enter stage right is Jim Dahle….who has recently authored a book entitled, “The White Coat Investor – A Doctor’s Guide to Personal Finance and Investing.”….
Let me start by being effusive with my praise. Jim has made it his mission to increase the financial literacy of all health care workers. He’s not some financial “guru” doing infomercials at night living an extravagant lifestyle while telling the rest of us to pinch pennies. As an active emergency medicine physician, he is one of us. He lives his advice and has become an invaluable financial resource for so many health care providers.
From Jordan Grumet at In My Humble Opinion:
As physicians go, I feel like a relatively savvy businessperson. Although I don't talk about it on this website, I have owned and run a number of small businesses and been a landlord for years. So when James Dahle sent me a copy of his book, The White Coat Investor, A Doctor's Guide to Personal Finance and Investing, I was both curious and skeptical. What was the guy going to teach me?
Before diving in, I took a few moments to glance at his blog. My few moments turned into hours. The site is a trove of important and often perplexing subjects that physicians (as well as other small business people) face….
The book is an easy read. In the first few chapters, James sets the stage for why we need to learn this important information. Physicians are facing the Big Squeeze of rising tuition, low reimbursements, and increasing regulatory hassle. Becoming a millionaire by age forty is quite feasible, but takes a certain amount of planning and know how. One must be aware of how to convert high income into wealth….
In conclusion, for the medical student, struggling resident, or new attending with little financial knowledge, I believe this book is a must read that will save a small fortune both in terms of monetary well being as well as frustration. For the more advanced investor like myself, these chapters form a stellar check list for us to rate ourselves against. After reading this book, I clearly understand the strength and weakness of my own financial plan. I've made a few changes already!
From Jim Ludwick at Swim with Jim:
Doctor Jim Dahle has previously been a guest on our show. Now he's published a best seller on Amazon and other venues and we want to ask him some questions about financial advice not only for doctors but those in other occupations. (This is a 15 minute interview on the radio show.)
From Josh Mettle at The Physician Financial Success Podcast:
You bring an interesting point that becoming a millionaire is somewhat anticlimactic and that’s because through consistently following a plan, and it’s not like there’s one big fireworks moment where all of a sudden, you cross that line. It’s all about consistency, creating a plan and following it, and therein lays my next question for you. As I was reading that original manuscript, what I kept thinking to myself was this information is vital to get in the hands of the younger professionals. I mean, in residency, in college. That’s really where this book – I mean it should be required reading for everyone going through residency ‑ but the way you wrote it as a step-by-step guide, that’s what I was impressed with. (This is a 38 minute podcast interview which I'll be featuring as its own post soon.)
From Taylor Larimore on The Bogleheads Forum:
Jim Dahle, MD, practices emergency medicine full-time and is a part-time financial adviser. His book, The White Coat Investor, is written primarily for doctors; nevertheless, its Boglehead Philosophy is valuable for ALL investors. These are excerpts:
“Never worrying or fighting about money is an important part of living the good life.”
“Show me what happened to the money you made in your first year out of residency and I can predict your financial future with surprising accuracy.”
“In personal finance, there is little that is more important than you and your spouse being on the same page.”
“You can be financially successful without investing in anything but a handful of index funds.”
“The worst part about real estate investing is that it is a combination of an investment and a second job.”
“80% or more of those who buy whole life insurance get rid of it prior to death.”
From dleung on Sermo.com: (must be a member to read)
I just bought and read The White Coat Investor: A Doctor's Guide To Personal Finance And Investing By Dr. James M Dahle. It is only $9.99 at Amazon, for the Kindle version. This is a MUST READ for all pre-meds, medical students, residents, and new attendings. Not a bad read for older docs either. It is concise but covers all the needed topics. I was able to finish the book over a weekend.
From Aaron at The Hero Complex blog:
I finished The White Coat Investor: A Doctor’s Guide to Personal Finance and Investing in two sittings. Although I have some knowledge and a previous interest in the world of finance, this book is accessible for even the biggest novice. This is ultimately the book’s greatest achievement. Most of us in medical school or practicing medicine do not have the time or energy (or desire) to read a book about money and retirement. However, Dr. Dahle does a great job of breaking down this incredible complicated topic into relevant, easy to digest chapters….
If you have to read one financial book during medical school or residency, this is it….
I loved that this book was tailored exactly to my situation. It is something I could see medical schools gifting to their students on graduation day, and they should!
In his new book, The White Coat Investor, Dr. Dahle condenses much of his blog content into a high yield read along with new information on how to achieve a six figure net worth by age 40 and build a portfolio than enables living the good life. My wife is about a year away from finishing medical school, which is what initially attracted me to the site. While my wife and I share our finances and jointly make financial decisions, I am the nerd who loves reading about all the intricacies of IRA’s, 401(k)’s, 529′s, and index investing. Because of my financial geekdom, and my wife’s crazy busy schedule and study commitments, she defers a lot of the learning in financial aspects to me. Stay at home parents; if you have a busy, professional spouse they might very well not have the time or energy to worry about personal finance and investing. Regardless of if your spouse earns $50,000 or $250,000 a year, Dr. Dahle’s book offers valuable insight into prioritizing frugality while building your household new worth.
Thank you to many of you who have participated in this effort by leaving reviews and comments at Amazon and Barnes and Noble. One of my favorites came from a skeptic who thought I was leaving all the great reviews myself. Someone jumped on to defend me (and then 40 more of you left reviews over the next couple of weeks.) The virtual book tour continues and I expect a part two to this post in the future since there are a number of bloggers that have not yet posted their reviews. If you are a blogger, website owner, or other media member and would like a review copy of the book (plus one to give away to your readers), please contact me. If you're wondering what all the fuss is about, pick up your own copy of the book at Amazon today!