James M. Dahle, MD, FACEP, founder of The White Coat Investor, joins the show to talk about common financial mistakes that physicians make — and what they should be doing instead.

For more financial advice, check out Dahle's Medical Economics article, "Achieving financial success as a physician: Mastering 5 money activities."

Also, learn how to "divorce-proof your marriage" with these eight tips from Physicians Practice. 

Oh, and be sure to check out Medical Economics Pulse, a quick-hitting news podcast that keeps busy physicians in the know.

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Introduction to the Podcast (00:00:13) 

Overview of the podcast and introduction of Jim Dahle, MD, FACEP, discussing financial mistakes for physicians.

Vision of the White Coat Investor (00:01:02) 

Dahle explains the mission of The White Coat Investor to help doctors manage their finances.

Handling Market Shocks (00:02:10) 

Discussion on how to approach investments during economic uncertainties and market volatility.

Financial Stress and Burnout (00:04:23) 

Exploration of the connection between financial issues and physician burnout.

Four Contributing Factors to Burnout (00:05:19) 

Dahle outlines the main factors contributing to physician burnout, including financial stress.

Financial Planning as a Solution (00:06:16) 

Emphasis on how good financial planning can alleviate burnout and improve career choices.

Promoting Clinical Resources (00:07:57) 

Mention of sister sites for clinical information and practice management resources.

Managing Medical Student Loans (00:08:27) 

Advice for young physicians on balancing student loan debt with building a financial foundation.

Current Student Loan Landscape (00:09:32) 

Analysis of the evolving situation regarding medical student loans and repayment options.

Strategies for Paying Off Student Loans (00:10:43) 

Recommendations for managing and paying off student loans effectively.

Financial Independence for Primary Care Physicians (00:12:42) 

Discussion on how primary care physicians can achieve financial independence despite lower earnings.

Increasing Income as a Primary Care Physician (00:14:58) 

Advice on negotiating salaries and improving income potential in primary care.

Common Financial Pitfalls for Physicians (00:15:58) 

Overview of frequent financial mistakes made by physicians and how to avoid them.

Qualities of a Good Financial Advisor (00:19:06) 

Guidance on what physicians should look for when selecting a financial advisor.

Stock Market as Gambling Trend (00:21:34) 

Concerns about treating stock market investments like gambling, particularly among younger physicians.

Understanding Long-Term Investing (00:22:20) 

Dahle explains the difference between short-term trading and long-term investing in profitable companies.

Speculative Investments Explained (00:24:14) 

Discussion on the risks of investing in speculative assets compared to legitimate businesses.

Evaluating Investment Opportunities (00:25:29) 

Dahle shares insights on how physicians should assess investment opportunities.

Importance of Insurance for Physicians (00:27:44) 

Highlighting the necessity of proper insurance coverage for financial security among physicians.

Finding White Coat Investor Resources (00:28:24) 

Information on where to access The White Coat Investor’s content and resources across various platforms.