James M. Dahle, an emergency physician, learned the hard way that growing your wealth begins with having good advice and understanding the wealth creation process. In general, James says that doctors like him save too little, buy too much house, rush into employment contracts rather than seeking an ownership position, get bad financial advice from commissioned salesmen who are usually peddling loaded mutual funds or whole life insurance, pay too much for good advice, and have disorganized investing plans. To help his colleagues, James started The White Coat Investor, a blog that offers doctors and other high-income professionals advice on personal finance and investing.
In today's episode, James and I discuss the first steps that dentists should take to start to grow their wealth. We discuss the ideal percentage that should be saved and invested to ensure financial freedom, as well as the mindset that someone must have to be financially free. James shares investment strategies as well as strategies that you can use with your kids to start them on a path of investing. This episode is packed with lots of value, and you'll want to make sure that you listen to the very end.
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