Personal finance

5 Physician-Specific Personal Finance Book Recommendations from The White Coat Investor

Estimated reading time: 5-6 minutes

“Five years from now, you’re the same person, except for the people you’ve met and the books you’ve read.” – John Wooden.

Dr. Jim Dahle, Utahn, author, blogger, and board-certified emergency physician, started his blog, The investor in a white coat, to help doctors get “a fair shake on Wall Street.” It has been incredibly successful over the past 10 years, reaching over 200,000 readers every month.

Jim established himself as an industry expert and thought leader in the field of physician wealth management, writing several books on physician personal finance and achieving millionaire status at the age of 38. year.

As a doctor first and a personal finance guru second, Jim takes a genuine approach to helping doctors achieve financial security. It does a great job of breaking down complex financial topics and jargon and distilling it down to precisely what physicians need to know.

He recently published a list of the best financial books for doctors, with a separate section for personal finance books specific to doctors. Let’s explore the list and highlight some essential takeaways.

1. “The investor in a white coat”

Written by Dr. Dahle himself, “The investor in a white coat“The book has over 2,000 Amazon reviews, with an average of 4.8 out of 5 stars. The book is a direct result of Jim’s passion for helping physicians achieve financial security and guides readers through what follows :

  • Limit medical school indebtedness
  • Become a millionaire in 5 to 10 years of residence
  • Minimize your tax burden.
  • Step-by-step advice on how to select the best investments for your situation.
  • Choosing between Sole Proprietorship, LLC, S Corporation, and C Corporation.

Jim has since written other books, which we’ll explore next, but this book is considered his primer or entry-level approach to physician financial success. It’s a quick read and a must-have for any doctor looking to take their financial knowledge to the next level.

2. “The white coat investor’s financial boot camp”

Second on the list is another book by Dr. Dahle, “The White Coat Investor’s Financial Boot Camp. “This is a much more comprehensive guide to financial literacy for doctors and is an excellent sequel to Jim’s first book. Throughout the book Jim highlights stories of doctors who have found financial success and uses the expertise of CFP® professionals to explain concepts in more detail.

Owen Vincent, a reader and reviewer, explained it best: “This book is excellent in its thorough but concise layout. Compared to Dr. Dahle’s first book, “The White Coat Investor: A Physician’s Guide to Personal Finance and Investing”, this book is certainly more comprehensive, including more reviews from financial professionals and other physicians. Both books have their place as solid resources, and if you’re into medicine, start ideally by the first book before or during medical school, then read that book before (ideally) or during residency.”

3. “The White Coat Investor’s Guide for College Students”

Last but not least from Dr. Dahle comes his third and most recent book, “The white coat investor’s guide for college students“, specifically for medical students on their path to financial well-being.

“It covers the financial implications of all the most important decisions made during medical school and your first year of residency.” Jim writes.

This is a phenomenal book for medical and dental students looking to limit their debt while maximizing their options while in medical school. Along with the technical side of finance, Jim touches on the less discussed emotional side, touching on topics like preventing burnout and making sure you’re a good fit for your specialty.

4. ‘Financial Freedom Rx’

RX financial freedom” was published in 2021 by two ophthalmologists and members of the Boglehead community – a community formed around the late Jack Bogle, the father of the low-cost index fund.

The book is designed to be a step-by-step guide for physicians and other healthcare professionals to build and preserve their wealth. Chapter topics include financial planning, jobs and contracts, student loans and debt, and more, all through the lens of high-income healthcare professionals.

Jim writes that although this book doesn’t cover any areas that his books haven’t covered, if you want to hear it from someone else, this is the best book he can direct you to.

5. ‘The philosopher’s guide to personal finance’

Published in 2019 with over 100 Amazon reviews and 4.7 out of 5 stars, the “Doctor’s Philosopher’s Guide to Personal Finance” is a great read for doctors, dentists and other healthcare professionals. The book is based on the Pareto Principle, where the author aims to give readers the 20% personal finance knowledge they need to achieve 80% of the results they are looking for by searching.

James Turner, MD, the author, is a husband, father of three and blogger at Physician Philosopher. He also paid off $200,000 in student loans in 19 months and increased his net worth by $250,000 just one year after his residency.

Jim Dahle reviewed the book publicly, writing, “I’ve often told doctors and dentists that the first really good personal finance and investing book you’ve ever read will probably be worth $2 million to you. in your lifetime… It’s a $2 million book.”

TrueNorth Wealth is here to help.

If you are a physician interested in working with a CFP® fiduciary professional to help define your unique investment plan, with a personalized financial plan to achieve your financial goals, then TrueNorth Wealth is here to help.

TrueNorth Wealth is a top wealth management firm in Utah and Idaho, with offices in Salt Lake City, Logan, St. George and Boise. At TrueNorth Wealth, we strive to help our physician clients build long-term wealth while maximizing their enjoyment of their money. To do this, we match our physician clients with a dedicated CFP® professional supported by an incredible team.

For our team at TrueNorth, it’s about more than money. It’s about serving families across Utah and helping them achieve freedom and flexibility in their lives. To learn more or schedule a free consultation, visit our website at TrueNorth Wealth or call (801) 316-1875.

Joe Griffin CEO, TrueNorth Wealth

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