White Coat Investor Financial Course Review
It was the fourth year of my residency and the seniors were deep in preparation for the oral boards. The day’s afternoon teaching conference would not be the typical didactic image presentation and resident pimping. A disability insurance specialist would be speaking to us about why we needed to buy a specialty specific plan as early as possible. “What is that?” I remember thinking. After the talk, everyone hung around to pepper the advisor with questions and several of us ended up purchasing a disability plan. That was the first and only finance teaching I’ve ever received in my entire 10 years of medical education.
Fast forward to today. I consider myself relatively knowledgeable and sophisticated in issues of personal finance. But it didn’t start out that way. A lot of what I’ve learned was self-taught through books, magazines, blogs, seminars, and podcasts. But it’s taken many years of piecing bits and pieces of knowledge together to create a patchwork financial plan for me and my family. I never hired a financial advisor, though I’ve interviewed several in the past. The main reason being that personal finance is a hobby for me, so I take the time to learn about it and discover all the options that are available to me. Even so, my knowledge is fragmented and there are holes in my financial plan that could use shoring up.
High income individuals are often left to themselves to determine their own best financial course of action. If he or she does not have sufficient financial knowledge, or have no interest in learning, where do they turn? A financial advisor. There are all kinds of financial advisors, good and not so good. Many are glorified sales people peddling whatever financial products and services their company sells. Others are fee for service with different financial incentives.. The thing they all have in common is they are expensive. You will pay for their services in one form or another, whether it’s back end or front end.
Think about it. We pay a lot of money and spend many years in school to get prestigious, high-paying jobs. Then we work long hours, so we can make a lot of money. We trade our time for money. We sacrifice blood, sweat, and tears for money. We sacrifice precious time away from our loved ones for money. We endure long mind-numbing commutes for money. We subject our mind and bodies to stress for money. But once we earn the money, many people are not very good stewards of that money. It may be because of lack of education, or poor financial habits. So they have to work longer and harder to make more money. Time to put an end to that. It’s time to take control of your life. I’m sorry this sounds like an infomercial but I’m a passionate advocate of sound personal finance. That’s one of the reasons I started this blog.
Jim Dahle of The White Coat Investor has created an online course entitled Fire Your Financial Advisor. Now, I wish there was something like this back when I was a resident in training. I could have saved a lot of time and money by starting my financial plan earlier. Instead, I stumbled around for years trying to build my financial castle. This course will serve as a solid foundation for YOUR financial castle.
Full disclosure: As an affiliate, I was granted free access to review the course. If you purchase this course through my link, I will receive a small commission at no additional cost to you.
Nothing in this online course is a secret. All the information can be found in books and blogs for free. Heck, all the info is pretty much on the WCI website scattered amongst the thousands of posts. All of the information in this course is great, but the true value of this course is that the WCI puts everything you need to know in one convenient, easy to access location. This makes it valuable, because YOUR time is valuable. This course will save you gobs of time.
Who is this course for?
Any high income professional. The course is geared towards physicians and some of their unique financial situations, but a lot of the information can benefit any high income professional. These include engineers, lawyers, and business owners. If you already have a solid financial foundation, this course may not be for you. For me, I already have adequate disability, life, auto, home, umbrella, liability insurance. My expenses are less than my income. I own a home and a rental property. I have several retirement vehicles where I invest in stocks and bonds. I have paid my student loans down. I carry no consumer debt. I invest in alternative investment vehicles. I know basic tax strategy and planning. Even then, I learned many new things in this course and I would buy it to fill in my knowledge gaps.
So even if you are financially savvy, I’m sure you will still learn a thing or two.
I also think this course would be extremely helpful to couples where one person is financially knowledgeable but the other is not. This applies to me and I’m excited to share some of the modules with my wife.
What’s in this course?
This online course is composed of 12 modules presenting over 7 hours of crucial financial subjects. These include:
- Introductory material
- Financial Advisors
- Student Loans
- Investing Accounts
- Asset Allocation
- Estate Planning
- Asset Protection
- Staying the Course
There is also a guide to creating your own financial plan. The material is presented as video and screencasts which are well-paced and easily navigable. You can listen to the whole course from beginning to end, or jump to any section that interests you. The best thing is you own the course for life and can reference it whenever you like.
$499. This is expensive, but the information has the potential to save or make you tens of thousands to millions of dollars over your lifetime. The reward to price ratio is skewed toward your favor. Physicians spend hundreds of thousands of dollars for a college and medical school education. They then spend another 3 to 7 years learning their medical craft. But they are taught zero hours of financial education. It’s almost criminal. Taking this course is a no brainer. Still thinking about it? There is a 7 days, risk-free, money back guarantee, no questions asked.
The MD Opinion:
This is a comprehensive course which is packed with value. At over 7 hours in length, the course is best consumed over several sittings. Residents and early to mid-career attendings would benefit the most, but anyone would come out financially smarter and more confident after taking the course. There is some self-promotion to the WCI affiliate empire, especially in the areas of student loan refinancing, disability, and financial planning, but I see this more as a valuable service. The listener is directed to the website where they can find a list of curated and vetted third party financial service providers.
This course is not for people who already know personal finance material. It’s not for people who prefer other mediums like books and podcasts.
So do you need a financial advisor? Only you can answer that after completing the course. My personal opinion is no. You can navigate personal finance yourself. You may still need to build a team of experts like an insurance agent, CPA, and lawyer to assist you in constructing parts of your financial plan. But as far as investing, this can easily be done on your own.
I highly recommend this course so click below and take a look.
Invest in Life