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 books have their place as strong resources, and, if you're in medicine, ideally start with the first book before or during medical school, and then read this book before (ideally) or during residency."
3. 'The White Coat Investor's Guide for Students'
Last but not least from Dr. Dahle comes his third and most recent book, "The White Coat Investor's Guide for Students", specifically for physician students on their path to financial wellness.
"It covers the financial consequences of all of the most important decisions made during medical school and your first year of residency." Jim writes.
It is a phenomenal book for medical and dental students looking to limit their debt while maximizing their options during medical school. In addition to the technical side of finances, Jim touches on the less discussed emotional side, broaching topics such as preventing burnout and making sure you match your specialty.
4. 'Financial Freedom Rx'
"Financial Freedom RX" 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 doctors and other medical professionals to grow and preserve their wealth. The chapter topics include financial planning, jobs and contracts, student loans and debt, and more, all through the lens of high-income medical professionals.
Jim writes that while this book doesn't cover any ground that his books have not covered, if you'd like to hear it from someone else, this is the best book he can point you towards.
5. 'The Physician Philosopher's Guide to Personal Finance'
Published in 2019 with over 100 amazon reviews and 4.7 out of 5 stars, the "Physician Philosopher's Guide to Personal Finance" is an excellent read for doctors, dentists, and other medical professionals. The book is based on the Pareto Principle, where the author aims to give readers the 20% of personal finance knowledge they need to get 80% of the results they're seeking.
James Turner, MD, the author, is a husband, father of three, and blogger at the Physician Philosopher. He also paid off $200,000 of student loans in 19 months and increased his net worth by $250,000 just one year out of residency.
Jim Dahle reviewed the book publicly, writing, "I have frequently told physicians and dentists that the first really good personal finance and investing book you ever read is likely to be worth $2 Million to you over the course of your life... This is a $2 million book."
TrueNorth Wealth is here to help.
If you're a physician interested in working with a fiduciary CFP® professional to help outline your unique investment plan, complete with a custom financial plan to deliver your financial goals, then TrueNorth Wealth is here to help.
TrueNorth Wealth is among the top Wealth Management firms in Utah and Idaho, with offices in Salt Lake City, Logan, St. George, and Boise. At TrueNorth Wealth, we focus on helping our physician clients build long-term wealth while maximizing the enjoyment they receive from their money. We do this by pairing our physician clients with a dedicated CFP® professional backed by an incredible team.
For our team at TrueNorth, it's about so much more than money. It's about serving families all across Utah and helping them achieve freedom and flexibility in their lives. To learn more or schedule a no-cost consultation, visit our website at TrueNorth Wealth or call (801) 316-1875.