Student Loan Refinancing Consolidation Guide
Fire Your Financial Advisor! The WCI Online Course
Category:FeaturedFinancial AdvisorsPersonal Finance
We are pleased to announce that the long-awaited White Coat Investor Online Course went live this morning and is available for purchase. The course is entitled:
Over the years that Ive been helping doctors and other high-income professionals stop doing dumb stuff with their money, Ive learned that most of them arent hobbyists. They dont find personal finance and investing all that interesting. In fact, if given the choice, theyd rather not do it at all. Ideally, they would hire a money guy (or gal) who would take care of all this for them for a reasonable price.
Unfortunately, one of two things usually happens. The first is that they hire a money guy, but that person either gives crummy advice or charges too much for good advice. The second is that they become so busy or so paralyzed about which money gal to hire that they dont do anything at all. Either way, they leave a lot of money on the table and go through life with a sense of unease that they are doing something wrong with their finances.
Does that describe you? If so, its time to get rid of that unease. I know youre busy. I know you dont actually enjoy this stuff. But you also know that you need to learn this stuff. Im going to help you do it in the least painful way possible.
This course is for you. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For 1/10ththe price and half the time of hiring a professional financial planner, this course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency, but never was.
When you finish the course, youll feel confident that:
You have all the insurance you need at the best possible price and none of the insurance you dont need
You are managing your student loans the right way, maximizing the benefits of government programs, minimizing interest paid, and getting out of debt as soon as possible
You are either capable of managing your investments yourself, or you are paying a competent advisor a fair price to do it for you
You are saving enough money to reach your goals and can spend the rest on whatever you like without feeling guilty
You arent paying any more taxes than you need to
Your children and your assets will be taken care of if something should happen to you
Your assets are protected from lawsuits as much as possible with a simple, straightforward, and inexpensive plan
You have a written plan to follow that will guarantee your financial success
The course includes 12 modules, covering all of the must-know subjects that belong in your financial plan. Lectures are presented as videos and screencasts, over 7 hours total. There is also a pre-test, a quiz for each section, and a final exam to help you know that youre mastering the material. Each quiz and the final exam include full explanations of why one answer is right and another is wrong. Most importantly, the course includes examples of what your financial plan should look like that you can modify and use as your own. Best of all, you can do the course as quickly or as slowly as you like. Each presentation is just a few minutes long and most of the twelve sections only last about a half hour. You can complete the course in any order, skip what you already know, and go back and review any material you struggle with later. Once you buy the course, its yours forever.
Includes a course description, a 25 question pre-test, some information about your instructor and other resources available through The White Coat Investor, a discussion of the importance of having a financial plan, an example of a complete financial plan so you will know what you are working toward during the rest of the course, and a worksheet to start your own financial plan with.
Learn about what advisors can do for you, how much they cost, how they get paid, how to choose a good one, and how to use one. Also included is a discussion of whether you need a financial planner and/or an investment manager at all. Then youre taught how to move your money away from an advisor to a low-cost firm where you can manage it yourself.
Discover what the pros and hobbyists know about insurance. Learn how to buy the types of insurance you need such as disability, term life, liability, property, and health insurance. Learn why you shouldnt mix investments and insurance. A screencast walks you through how to get your own life insurance quotes in seconds. Finally, I help you write the insurance portion of your written financial plan.
Learn when you should buy a house and when you should rent. Learn how much to spend and how to interact with realtors and lenders to get the best deal. Discover the benefits and downsides of a physician mortgage loan. Get a plan in place to pay off that mortgage early. Have a written plan for your housing, including any second or vacation homes.
Discover the secrets of the government income-driven repayment and forgiveness plans. Learn how and when to refinance loans during and after residency. Learn what you should do instead of forbearance or deferment. Learn how to be free of your student loans in less time than it took you to complete medical school. Put a plan in place tomanagedestroy your student loans once and for all!
Learn the secret to financial success as a physician. Hit the ground running for the most important year of your financial life! Learn how to plan your spending, manage sinking funds, develop an appropriate emergency fund, minimize your fixed expenses, and create a plan that ensures youre spending your money on what you value most.
The next three modules cover investing. Learn to set goals that wont end up like your New Years resolutions. Discover the three enemies of the investor. Determine how much you need to retire. Learn how Social Security will play in to your retirement and what savings rate you will need to reach your goals. Master financial calculations like Future Value, Payment, and Period.
Master the use of taxable accounts, 401(k)s, 403(b)s, 457(b)s, Defined Benefit Plans, SEP-IRAs, Individual 401(k)s, traditional IRAs, SIMPLE IRAs, and Roth IRAs. Learn how to do a Backdoor Roth IRA and to use the triple tax-free Stealth IRA. Dramatically decrease your tax bill while protecting your assets from lawsuits. Learn the rules behind using more than one 401(k) and how to use college savings accounts to your advantage. No longer will Americas crazy retirement scheme be like alphabet soup to you.
In the longest section of the course, learn about stocks, bonds, real estate, currencies, cryptocurrencies, collectibles, options, actively managed mutual funds, index funds, and dozens of asset classes. Become familiar with academic arguments for and against factor investing. Learn the merits of a simple investing approach and the pros and cons of adding complexity to the portfolio. Master asset location techniques and learn to invest as tax-efficiently as possible. Learn how to choose an asset allocation and how to implement it across multiple investing accounts. Discover how to rebalance and how investing during retirement years is different than the rest of your career.
Discover the purposes of estate planning and why you need a will and a trust. Learn how to avoid probate and designate beneficiaries. Minimize any tax due at the time of death. See how trusts can reduce the size of your estate and ensure your desires are carried out. Learn how and when to meet with an estate planning attorney.
Learn to evaluate your risks and put up a strong defense against professional and personal lawsuits. Learn the asset protection laws in your state. Discover the pros and cons of incorporating your practice. Separate your toxic assets from non-toxic assets. Learn about advanced asset protection techniques like overseas trusts, family limited partnerships and LLCs. Understand how to put together a simple, inexpensive, effective plan to keep what you have earned.
Learn market history, what to expect during your investing career, and how to stick with your plan through good times and bad. Discover the importance of initial and continuing financial education. Learn how and when to modify your financial plan and finalize it for use. Crush the final 50-question exam, marveling at how much you have learned since taking the pre-test back in Section 1.
Twelve modules containing 8+ hours of high-quality, high-yield, unbiased financial education. Think about how many books you would need to read to get all this information and adapt it to your unique situation. Think about how many hours you would have to spend perusing blogs and internet forums. Calculate how much your own time is worth. Consider how much a financial advisor would charge to do this for you $2,000-5,000 plus ongoing fees for years. Think about how much it would cost just for an hourly rate advisor to teach you these eight hours of material at $200-500 an hour. Then consider the value that this course could provide for you for just a few hundred dollars.
Rather than trying to pack as much information as possible into the course, I have only included high-yield, must-know topics so youre not wasting your time. My goal is to take you from having no financial plan, to having a straightforward, written plan you believe in and can follow the rest of your life in as little time as possible. Go from being financially illiterate without a clue to being the most financially knowledgeable doc in your group with an expertly written financial plan in hand.
$499 is a lot of money. I fully recognize that. But considering that the going rate for a financial plan is typically several thousand dollars and that this information is likely to save/make you hundreds of thousands or even millions of dollars over the course of your career, this course is a bargain at twice the price. As people, we value and we commit to what we are willing to pay for. I want to help you to commit to your own financial future, and this entire course, including its price, is designed to help you do that.
No more feeling clueless about personal finance and investing. No more wasting time and money on stuff that isnt making you happier. Lets get rid of your debt and start building wealth to eliminate financial stress from your life. Its time for you to become the rich doctor that your family, friends, and patients already think you are. Then you can focus on what you really care about- your family, your patients, and making the world a better place than you found it.
Not sure you want it? Hesitant to commit the time and money to taking control of your finances? How about this, Ill give you 7 days, risk-free, to decide. Thats right. For the first week after you purchase it, you can return the course and get every dime back if it isnt the life-changing experience I know it will be. I know I can trust you not to take advantage of me with this offer, because I know you will feel just like the tens of thousands of other high-income professionals I have helped over the years like those who left these comments on the blog just in the last few weeks:
No other bookI have EVER read kept me engaged afterward with a blog. Your blog is the only one Ive continued to read for years. Your blog teaches me something new every week. I recommend your blog to many, especially young doctors. Dude, you are just plain smart and dedicated. I am now a diligent White Coat Investor. You are a physician entrepreneur hero. My family thanks you for every month of my earlier retirement. You are teaching people to earn freedom.
I have such tremendous respectfor your workThank you forcontinuing to help us health care providers get a fair shake in this ever changing industry. Know you have personally been a tremendous help to me, and you have an ever-growing fan club of support here in my region because of your expertise.
Thank you for creating thisgreat community and for all I have learned. Itswonderful that you were able to find a way to help other physicians with the business you created.
My finances are in orderat the beginning of my career thanks to my WCI education so I will get rich slowly long before a normal retirement age. Thanks tons Dr. Dahle!
As an orthodontist,I have been a follower for over 4 years now and I have spread the word of the WCI empire along to all my other dentite and non-dentite friends and colleagues. I talk about Backdoor Roths, HSAs, and all the other abbreviations to everyone I know thanks to you and your site.
I think [you have] reallychanged my approachto life and money. Before I used to just think about saving and not overspending. However, after reading a lot Ive definitely adjusted my strategy to think long term about things like early retirement which Id never thought about before.
So, I have you to thank forre-igniting that spark, which has led to getting our financial plan in order. And, Ive even taken your advice on how to channel some of that financial energy after Id done most of the big things: teach others. Last month, I began teaching a personal finance curriculum for my departments residents! Hopefully, we can all take what you started to reach more and more physicians!
I have to beenable to pass 7 figuresfive years post-residency because of [you.]
The sooner you purchase and complete the course, the sooner you can apply this valuable information in your life and get a fair shake on Wall Street. Spend eight hours with me for just $499 and optimize your financial life.
Purchase the course today and lets get started. Its time to get financial stress out of your life.
What do you think? Who do you know whose life would be changed by taking this course? What other courses would you like to see from The White Coat Investor? Have you taken the course? Leave your testimonial here as a blog comment for those considering following in your footsteps. Comment below!
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Beautiful! I think you hit the nail on the head here. I love the title. The price is very reasonable.
I will be curious to see what segment this resonates with. My friends seem to have so little interest in personal finance that they wouldnt invest the time or money into a course like this no matter the actual value they would receive. Readers of this blog may feel they already have their financial ducks in a row. Given how many signed up within a week to your live course though, Im likely underestimating demand.
Sound like a great course. I hope you have a lot of buyers and that they improve their financial lives.
Well see if the interested segment is as large as I think it is, but even if it is a very narrow niche such as 5% of those who come to the site, it will have been worth it. I assure you there are plenty of readers of this blog who dont have their ducks in a row; most of them dont leave comments.
You should give people CME so that they can use their CME money.
Dont think I didnt think about that. That was the most difficult part of the live conference. It turns out that what people are most interested in learning is not the stuff that easily qualifies for CME. Try convincing someone that a lecture about asset allocation will improve patient care. The connection is there, but it isnt very direct.
In reading the table of contents I am not sure that retirement considerations are really discussed like SWR and Roth Conversions.
SWR is definitely discussed in depth. Roth conversions are also mentioned, although more briefly except as applied to Backdoor Roth IRAs which are covered in depth.
Now I am looking forward to future courses like:
Certainly, all of these topics can also be learned in an online course and done just as well in ones spare time!
It is a little disconcerting that my experience can be replaced by a four hundred dollar course. Gee-I did the following for nothing it seems:
Sixteen years of financial planning work-advising physicians and others almost daily on all the various aspects of their financial lives, while keeping up a stream of continuous learning.
I wish your twelve module course had been around to do instead!
1. The medical school, residency, and practice experience you list are common to those to whom WCI is marketing this course and dont necessarily bestow any financial literacy. The MBA and CFP certainly do. I trust you recognize that while you and your impressive credentials (and I mean that genuinely) fit under the umbrella of financial advisor, so does the failed toilet paper salesman who just picked up his first batch of Edward Jones business cards this week after passing the Series 66 on his 4th attempt. The financial world is full of incompetents and moral cripples (I dont imply either of you), and many clients would be better off avoiding them or at least knowing enough to pick a good one.
Would you not fire your plumber if he were charging you a $30,000 annual feet of PVC under management fee or made $25,000 by selling you a copper pipe insurance policy you didnt need? This is the reality for many of my friends using financial advisors. You may be one of the good guys, but there are plenty in your world you arent. I think providing physicians with the tools to avoid them is a great service by WCI. I wont be buying the course, but I can think of a lot of friends who would be well-served by doing so.
2. Would you not agree that there are plenty of physicians who are capable of doing the great majority, or even all, of their financial planning competently (perhaps using a CFP, tax planner, estate lawyer, etc sparingly)? Far more, at least, than the number who are capable of doing their own surgery or dentistry Plenty of people (including myself) fire their electrician, plumber, auto mechanic, etc. all the time with the help of 3 minute videos put on youtube by random teenagers weve never met. I think 8 hours from WCI could probably build a good base of financial literacy, especially if reviewed multiple times.
Certainly we can all do financial management for ourselves with a high degree of competency-IF we take the time to both initially and continuously learn. And there is plenty to learn: educational planning, estate planning, insurance issues, investments, asset protection, business development and more.
What I object to is the title and implications of the course-that you can pay a few hundred dollars, spend a few hours on an online course and replace the earned wisdom of a good financial advisor.
A more palatable approach would have been to offer the course as a basic introduction to financial literacy and a starting point for physicians to move out as far as they feel comfortable.
There are many financial planners that are absolute crooks -in fact, Id suggest that most people holding themselves out to be advisors are just salespeople out to enrich themselves. But there are plenty of good guys-you can find them at m.
course as a basic introduction to financial literacy and a starting point for physicians
Im betting that WCI sees it that way. But he is a great marketer. To get peoples attention you have to be a bit sensationalistic. The course wont help anyone if they dont click on it or buy it.
Im going to guess you wont be buying the course. Believe it or not, youre not actually the target market (although it has already been purchased by at least one advisor!)
I refer lots of doctors to advisors every day. This course can help those people to select and use an advisor.
However, the course is primarily designed for those with an interest in becoming do it yourself investors with as little time and effort as possible. Will there still be a need to do some continuing financial education? Of course, and theyre taught how to do that in the course.
The title is deliberately designed to be attention grabbing and appeal to those with an interest in learning to be do it yourself investors. Try not to take it personally. I still suspect that majority of physicians, including those who find this site, will still want to use a financial advisor in some fashion. A very important part of the course teaches them how to select and use a financial advisor. Even for those who plan to use a financial advisor, this course will be very helpful to them. Not only to help them get a good one, but also to teach them the language used and the issues involved so they can get better advice.
I understand where you are coming from. Youve done a great service to your readers for many years. Id make the following comments after my 3+ decades in both medicine and financial planning:
1) Investing alone can be both easy and inexpensive IF you have discipline.
2) You should try to at least understand some basics of your financial life, if only to avoid taking bad advice or making big mistakes. These areas are: asset protection, basic investment theory, retirement planning, estate planning, insurance issues and more. It looks like this course will be a great way to start.
3) Your financial planner/advisor should be doing much more than just investing your assets (see number 1). Choosing a CFP certificant who offers fee only financial planning (whether on an hourly basis, retainer fee, or on an assets under management fee) will be the key to that.
This exactly is why Im considering ordering (or, I should say, wanting to order/working on fitting into my life like a resident/young associate plan). My soon-to-be husband really wants to continue to use a financial advisor. I have great skepticism. The more I know, the better Ill be able to determine (a) if were receiving a decent value for services rendered, and (b) if were flat out getting hosed.
Its like the first time I had a contractor do work on my house I got a little hosed by industry standards that were hidden fees (while my house had a single working faucet, work had to be completed!). Older and wiser. Now I research what a job should entail for my house before hiring someone.
Certainly, all of these topics can also be learned in an online course and done just as well in ones spare time! Sort of like an online professional MBA? Truly, with interest and time, you can learn to do a whole bunch of things for yourself with online resources.
From your ADV form and brochure, it looks like you run a reputable firm and serve your clients earnestly and fairly. Are you honestly going to assert that many people who have accumulated at least $500k in investable assets (your firms threshold) arent intelligent enough, if interested, to spend a little bit of time and manage their own finances? Sure, to hang a shingle and build a financially successful firm like yours you need credentials and should have a very broad understanding of the infinitely variable scenarios relevant to those whose money youll manage for a sizeable fee. However, an individual only needs to understand 1 scenario their own. With a little bit of personal effort and some good resources (like this course from WCI), its readily within the grasp of most to become an expert at managing their own wealth without obtaining a credential or paying thousands in fees to someone who has.
If you truly provide a value added service, youll actually benefit from this as more knowledgeable clientele should seek out the good guys like you that you mention, while putting the absolute crooks you describe out of business.
ZC, thanks for the comments. I certainly welcome clients who have a good basis of knowledge on financial matters. They already get it. But, not everyone has the time and aptitude to grasp the essentials of even their own personal situation.
Im all for the course and financial education in general (see the articles on our web site), but the title kind of set me off. Steve
Will be interested to see how this does on your next state of the blog update in a year!
I know that the people I feel need this most Id have to pay for it for them to get them to buy it. I do think there are some people out there that need some help and this is much more likely to be a better alternative than paying someone 1% for bad advice.
Please send out more reviews as people use the product!
I am sure many people will benefit from the course, $400 is nothing compared to learning some basic concepts that can save hundreds of thousands in fees for bad financial advises. Ive never had a financial advisor therefore I wont need this, always did everything myself, the key is invest early in low fee index funds.
Does this mean you will no longer have the Asterisk at the end of your posts or emails stating they you are not a financial advisor?
Of course not. The course is titled Fire Your Financial Advisor not Hire Me As Your Financial Advisor. Students in the course will be very much aware of what I am licensed to do and not licensed to do, just like blog readers, book readers, podcast listeners, and those I speak to live.
May I share a quote from Warren Buffetts letter to shareholders in 2016:
That professional [Financial Advisor], however, faces a problem. Can you imagine an investment consultant telling clients, year after year, to keep adding to an index fund replicating the S&P 500? That would be career suicide. Large fees flow to these hyper-helpers, however, if they recommend small managerial shifts every year or so. That advice is often delivered in esoteric gibberish that explains why fashionable investment styles or current economic trends make the shift appropriate.
Also, I like the drop down entitled WCI Plus! Great idea.
I bet you think that was a great idea, it was yours!
I do feel a little less like Kylo Ren though now that I have a Plus instead of an Empire.
I could not agree more. No advisor is likely to beat a simple, inexpensive disciplined portfolio. Pick any robo advisor portfolio or one from several books and stick with it for many years, you will do as well (or better) than anyone else.
BUT, you need the discipline to avoid buying because things are going up and vice versa. In 2008-9, my major job was to hold hands and prevent selling due to fear. That paid off as a giant multiple of fees paid.
In addition, a financial planner should be planning, not just providing an investment platform. If you have an advisor that is not talking to you about educational planning, estate planning, insurance issues, investments, asset protection, business development and more, you dont have an advisor.
I would argue you took Jims title too seriously. Obviously, you are correct. My interpretation of the title is that it is catchy, thought provoking, and perhaps slightly controversial. All of these lead to a superior marketing result which is consistent with the WCI mission statement. My vision is that high income professionals that take the course will have a framework to seek additional advice if required, from an operation such as yours. However, a doc that approaches the course in med school may develop a foundation on which she can build her knowledge and enjoy a life of self planning. It is like that old Sims Furniture commercial An educated consumer is our best customer.
And I agree that not only does an educated client get better advice (and enjoy more success and financial peace), but they are more fun and more rewarding to advise.
Any suggestions on when to p