Estimated read 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 practicing board-certified emergency physician, started his blog, The White Coat Investor, to help doctors get “a fair shake on wall street.” He has been incredibly successful over the past 10 years, reaching over 200,000 readers each month.
Jim has positioned himself as an industry expert and thought-leader in the physician wealth management space, writing multiple physician personal finance books and achieving millionaire status at the young age of 38.
As a physician first and personal finance guru second, Jim takes an authentic approach to helping physicians achieve financial security. He does a great job breaking down complex financial topics and jargon and distilling it down to precisely what physicians need to know.
He recently released a list of the Best Financial Books for Doctors, with a separate section for doctor-specific personal finance books. Let’s explore the list and highlight a few essential takeaways.
1. ‘The White Coat Investor’
Written by Dr. Dahle himself, “The White Coat Investor” book boasts more than 2,000 amazon reviews, averaging 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 the following:
- Limiting medical school debt
- Becoming a millionaire within 5 to 10 years of residency
- Minimizing your tax burden.
- Step-by-step advice on how to select the best investments for your situation.
- Choosing between Sole Proprietorship, Limited Liability Company, S corporation, and C corporation.
Jim has since written other books, which we will explore next, but this book is seen as his primer or entry-level approach to physician financial success. It is a quick read and a must-have for any physician 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 from Dr. Dahle, “The White Coat Investor’s Financial Boot Camp.” It is a much more comprehensive guide to physician financial literacy and is an excellent follow-up to Jim’s first book. Throughout the book, Jim highlights stories of physicians who have found financial success and brings in 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 yet concise layout. As 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, with notably more revisions from financial professionals along with fellow physicians. Both …….