Estimated reading time: 5-6 minutes
“Five years from now, you are the same person except for the people you have met and the books you have read.”—John Wooden.
Utah-based Dr. Jim Dahle, an author, blogger, and board-certified ER physician, started his blog, The white coat investor, to help doctors get “a fair deal on Wall Street.” It has been incredibly successful for the last 10 years, reaching over 200,000 readers each month.
Jim has established himself as an industry expert and thought leader in the medical wealth management space, writing several personal finance books for physicians 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 boiling it down to precisely what doctors need to know.
It recently published a list of the best financial books for doctors, with a separate section for personal finance books specifically for doctors. Let’s explore the list and highlight some essential points.
1. ‘The white coat investor’
Written by Dr. Dahle himself, “The white coat investorThe book has over 2,000 reviews on Amazon, 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:
- Limit medical school debt
- Become a millionaire within 5 to 10 years of residence
- Minimizing your tax burden.
- Step-by-step advice on how to select the best investments for your situation.
- Choose between sole proprietorship, limited liability company, S corporation and C corporation.
Jim has since written other books, which we will explore below, but this book is seen as his basic or basic approach to financial success for physicians. It’s a quick read and a must-read for any doctor 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 by Dr. Dahle, “The financial boot camp for white coat investors.” It’s a much more comprehensive guide to financial education for doctors and is an excellent follow-up to Jim’s first book. Throughout the book, Jim highlights stories of doctors who have found financial success and brings in the experience of professionals of CFP® to explain concepts in more detail.
Owen Vincent, reader and critic, explained it best: “This book is excellent in its comprehensive yet concise layout. 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 noticeably more reviews from financial professionals along with other medical doctors.Both books have their place as solid resources, and if you’re in medicine, ideally start with the first book before or during med school, and then Please 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 medical students on their path to financial wellness.
“It covers the financial consequences of all the major decisions made during medical school and your first year of residency.” Jim writes.
It’s 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, tackling topics like preventing burnout and making sure it matches his specialty.
4. ‘Financial Freedom Rx’
“Financial Freedom RXwas 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 maintain their wealth. 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 haven’t covered, if you want to hear it from someone else, this is the best book he can recommend.
5. ‘The Physician Philosopher’s Guide to Personal Finance’
Posted in 2019 with over 100 Amazon reviews and 4.7 out of 5 stars, the “Medical 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, in which the author aims to give readers the 20% of personal finance knowledge they need to get the 80 % of search results searching.
James Turner, MD, the author, is a husband, father of three, and blogger at 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 after residency.
Jim Dahle publicly reviewed the book, writing, “I have frequently told doctors and dentists that the first really good book on personal finance and investing you read in your life will probably be worth $2 million to you in your lifetime. .. This is a two million dollar book.”
TrueNorth Wealth is here to help.
If you are a physician interested in working with a CFP® fiduciary professional to help you design your unique investment plan, complete with a personalized financial plan to achieve 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 are focused on helping our medical clients build long-term wealth while maximizing the enjoyment they get from their money. We do this by pairing our medical clients with a dedicated CFP® professional backed by an amazing team.
For our team at TrueNorth, it’s about so much more than money. It is about serving families across Utah and helping them achieve freedom and flexibility in their lives. For more information or to schedule a free consultation, visit our website at True North Wealth or call (801) 316-1875.