Half of my salary will be invested and half will cover our modest living; we don't have children (thank you vasectomy! Interview Feedback Essay Workshop Application Cost Calculator MD Applicants DDS Applicants LizzyM Application Assistant Moonlighting.org. And then I had summer internships. Most doctors basically don't have any savings until at least they're a resident, if not the time they become an attending, but you started very young actually. Dr. Jim Dahle: Did you pay them off very quickly or drag them out for a while? Dr. Jim Dahle: I hope you really enjoyed that episode. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email at [email protected] or by simply calling (973) 771-9100. Dr. Jim Dahle: Happy to be here. Essentially every question I ever get asked by physicians and other high-income investors about personal finance and investing has been answered in a blog post on the blog. Woman physician millionaire 3: That's important to have somebody who thinks the same way you do about money and has similar goals and is willing to go on the journey together with you. Thank you. On a side note though, I think that it's important to have a plan B. But I think you're really going to enjoy the episode. So twice I accidentally fell into jobs where I later found out loan forgiveness was an option. Because making the money, it's not your money, it's a combined pot. FYI to buy a decent house in California is going to cost you at least a million. Like if you have a cheaper option, take the cheaper option. Because you can tell by looking at me, it's like, oh, man, I'm underpaid relatively for what I do. What do you want versus what do you need?Â, How much do you want to work to achieve those goals?Â. The podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. Woman millionaire: Woman physician millionaire 3: Dr. Jim Dahle: Also, WorkHardPlayHard is spot-on about NOT being chained to your job as a means to escape the rat race sooner. No. We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. Dr. Jim Dahle: But right now, they're kind of there as a crutch for me. Jim’s podcast is really outstanding and I have learned so much by being a listener. Education, meaning financial education, through blogs and books. Jessica: Dr. Jim Dahle: Yeah. And so, I read “Rich Dad Poor Dad” and it was really just life changing for me. Or for that matter time to spend by myself, or doing anything where someone doesn't own my time. But a woman physician is FAR more likely to be married to a high earner than a man physician, statistically speaking. Your link has been automatically embedded. We had our student loans paid off within three years of coming out of residency, which was key. We did start to max those out pretty early on. Women physician millionaire 1: And so, I was able to save really well and pay off my house and pay off any school debts that I had. Woman physician millionaire 4: But that is when we really started looking to see what our true net worth was. Woman millionaire: The grass seems to always be greener, I suppose.Â. “So, being a woman in engineering has always meant that I've been in the minority and that's not necessarily good or bad or ugly, it just is. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. “Choosing the right partner. Woman physician millionaire 2: We didn't want to do that stuff. I'm married to a naturally frugal person, but me, I'm not naturally frugal. Here's your host, Dr. Jim Dahle. I’m an Indian American male, 27… made 350k in finance last year and live in NYC. But in the last several years, I think probably for most people around the country, emergency medicine is getting hit in terms of like contract groups and what kind of job you could have and how much they're willing to pay you. It's getting tiring. I did a program where I used my GI Bill to pay for medical school and I took a salary and benefits while in medical school. 10 years from the time I graduated residency until 2017. Disclaimer: I stand to make more than double what my wife and I are use to living on based on JUST my PA earnings alone once I finish school. And I appreciate you sharing your story. And I've got this huge whole life policy and I've made so many mistakes. You've got this and we can help. I specially enjoyed the commonality I had with the guest from the military. Dr. Jim Dahle: It just takes time. And that includes your student loans and your mortgage and everything? So, I have one home and that home is, I should say that home was paid. Dr. Jim Dahle: Tracking their spending gave one couple a raise. I only own one property, which is my home. Dr. Jim Dahle: This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. Your question itself is sexist and confounds motherhood with being a woman professional. So, I think that's kind of a funny question. I started around $200,000 when I first came out of residency and now, I'm probably like in the $400,000 range. And even now with the Covid pandemic, the public schools are staying close. But you do, because if you're a hundred percent RVU's, there are certain shifts that are much more profitable shifts. Vermont beats the national average by 3.2%, and New York furthers that trend with another $13,615 (12.0%) above the $107,038. So, I would encourage anybody to do all they can to start early and always pay yourself first. Being a mom does not preclude acquiring wealth, just like being a dad doesn’t. So, I was encouraged to start early. Woman physician millionaire 2: And then in cash, we're sitting on about $90,000. The podcast was great. So then as time goes on, you're going to see that reflected in the workforce. I don't have to worry about getting sued or CYA. Our next guest on the White Coat Investor podcast is another woman physician millionaire. And what was your very best year? Dr. Jim Dahle: Woman physician millionaire 2: I'm thinking I could teach him a lesson. And we are completely debt free with the exception of some real estate debt. Woman physician millionaire 5: You've got 11. What is your specialty and how far are you out of training? Once you're doing this....then, as he says "live, and GIVE, like no-one else". Woman physician millionaire 3: You could have a mortgage and some student loans, that kind of thing, but no other real debt, so to speak of. Thank you so much. I've taken a back seat since 2014. I would say I'm not the most financially savvy person. I’m glad to hear that there are other non-doctor ladies listening to this podcast. I was fortunate to get a full ride scholarship to my local junior college. Podcasts are great for inspiration. Pay yourself first. And so, I would say the only thing that has been helpful for me, even without that language is I do understand a little bit about asset allocation. Dr. Jim Dahle: There's actually a reason for that. Congratulations. So, that is a lot harder, because as you get more comfortable, they see it. Woman physician millionaire 3: Jessica: Society for Physician Assistants in Pediatrics (SPAP) One (1) $500 award to a student in their didactic or clinical year. So, I stood out both by being a woman and being younger. Some confuse physician assistants with medical assistants, but they're very different. My husband and I really split things equally. (Age x Annual Income x .10) So as an example, a 35 year old Physician Assistant or Nurse Practitioner with an average income of 100k would be as follows: 35 x 100,000 x .10 = $350,000. Most important question. Almost as a rule, they don't like debt that much. Sure. And I remember when I came out of school, he said, “Hey, Jess, you need to backs out this retirement”. It's just with that delayed gratification of medicine, by the time I got out, I wasn't really interested in savings. They are 11 and 13. So, what's interesting is no, my parents did not pay for my medical school education, but my father did something unusual or what I think was kind of unusual to pay for four children's undergraduate education. Topping the list is New York, with New Hampshire and Vermont close behind in second and third. One physician was a military doctor, so everything is transparent and equal, which is one benefit to the military. So, I'm always amazed at the kids that are listening to your podcasts as med students that they already are even thinking about this. I've read both of your books at this point. There are more than 115,000 Physician Assistants (PA) practicing in America today, making it one of the most in-demand medical professions. I nearly didn't make it. Dr. Jim Dahle: Threads or posts not on topic will be deleted or moved to the appropriate forum at moderator discretion. So, there's no contribution from them at this point. Woman millionaire: '” So I then asked that to later interviewees knowing I never asked it to anyone (men or women) the first time I did this. Single. Yup. Okay. Because one of my goals, I guess, early on was just to kind of chase the money and if there was a position that was available that was relatively high paying, I would consider working there. Do all you can to at least fill your Roth IRA from the very beginning. Woman physician millionaire 2: Welcome to the podcast. Never, it's never equitable. Okay. And I had a husband that was working during that time, but we didn't have a ton of money. The work of physician assistants depends in large part on their specialty or the type of medical practice where they work. Yeah, it’s not one thing. Yeah, sure. So, learning from you and all of that was key to us, more recently. Thank you for having me. you are close to 150-200k 1 yr out of school? Jessica: That's a common theme of this episode, it turns out. I put that in his retirement account. I take one suggestion and then get the opposite one. So, I feel really fortunate that we are where we are, because we did make quite a few mistakes. Woman physician millionaire 3: You bet Dr. Dahle, thanks for having me. And we sit down every year and talk about charities that our family is interested in and the kids are interested in giving to. And thanks for always including full transcripts–I’m the weirdo that hates podcasts as a medium, but enjoy reading the conversation. They’re just very focused and intentional with their money,” says Hogan. So, you've done great and congratulations on that. We don't drive fancy cars. Woman physician millionaire 5: Other guests mentioned that you don't have to do it all. Dr. Jim Dahle: I think honestly because I'm a little bit older. Dr. Jim Dahle: Our guest on the podcast today is a millionaire, a women physician millionaire. Woman millionaire: They paid for school or have you received an inheritance or was this all from your earning? Yeah. So, it was not high at all. They don't seem to be really big on spending a lot money, it isn't a large part of their life. The publication serves several purposes. The way I see it, I can be a typical American consumer and save about 10%, inflate my lifestyle and accommodations every few years, "live for the now" (aka spend for happiness), and retire at the typical age of 60-65 if I'm lucky. This is a great post. How much you make, how much of that you save, and that you invest it in some sort of reasonable way. Money was flying out the door and it really doesn't bring me any joy or happiness whatsoever. We probably could have paid it off pretty quickly, but we paid the minimum and then we would pay chunks. Woman physician millionaire 2: We got into a few more family issues. Be sure to check those out. I'm at a point where, introspectively, I find myself thinking quite often about the long-term ramifications of my less than optimal financial decisions - (e.g. Is there a spouse or partner that's also contributing to that income or is that all income you're earning? Jessica: Did you get any help from your parents? I tried to calculate this out. And how long did it take you to pay off those loans? So how many do you need to earn?” And to kind of teach her the value of money and making those trade-offs between using their gold coins to buy this toy versus exchanging it for the treat of being allowed to watch a movie, for example. That's correct. So, women really have never crossed 20% for earning engineering degrees and that's actually been on a slight decline since the early 2000s. Pretty low, but I own about $120,000 in student loans from medical school. I tried that for a little bit and it was like, “Okay that's fine, but that doesn't really do it for me. Et cetera. Dr. Jim Dahle: Was it negative? Woman physician millionaire 2: And they are set schedule with a nice schedule and a profitable schedule. And I think we also got really lucky in real estate and that was pure luck and not scale at all. × And what do you think were your secrets to success? How do you balance being a mom and becoming a millionaire? We read a lot. *Sustaining, affiliate, associate and physician members can purchase the report for $200. Jessica: You're going to kill me, $120,000 in Whole Life. Dr. Jim Dahle: Woman physician millionaire 2: I do think we made some mistakes along the way and that we purchased homes in residency and purchased a home before we ever got to my first job. Dr. Jim Dahle: He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. It wasn’t sarcasm; I’m sorry it came across that way. And because of that, I immediately that first year took maternity leave. So, he knows a little bit. Jessica: A physician assistant or CRNA can pick up and move anywhere and have no income disruption. No. I started off with a part-time employee job that paid me $75,000 and the rest of my time was in a private practice. And then we're trying to teach her by having her, for example, earn gold plastic, gold coins for good behavior. Married, partner, children? Okay. Welcome to the White Coat Investor podcast. Woman physician millionaire 3: Women physician millionaire 1: Being a mom and becoming a millionaire. I think we are included in the target audience buried in the fine print as “other high-earning professionals”. We were provided for everything we could want, but I think that watching some of the stress that went on in the family when it comes to finances, I decided I really wanted a solid career, something that would provide fairly well. I think that had a lot to do with my gender. I have memories of working as an assistant manager in retail for 14 hours on my feet dealing with entitled customers, limited job security, and heavy potential for being canned; made it and now I'm here; how is 3-4 twelves a week in healthcare anything but great compared to that? We'll have to think about whether that's something we're going to spend our money on. Awesome. Absolutely. Okay. We are quite happy to be "DINKS" (dual income no kids) seeking "FIRE" (financial independence, retire early). But it's just a perception. I mean, right now our savings rates well excess of 50% to 60%. And what's been your range of income throughout your career? Quite a variety with a wide range of yearly incomes, from $54,000-1,000,000 over their careers. Jessica: You are very welcome. I paid about $500,000 for that home and it's worth about $1 million, but the rest of it is all investments. We also live in California, which is relatively speaking for the U.S. good about parental leave policies and things like that. Who is 'wealthier', someone with no debt or maybe modest mortgage debt, a joint income of say 140k, and massive savings rate on track to be financially independent by their early 40's.....or someone who makes 350k, has a 500k mortgage, a 60k car, travels to lavish locations 3 times a year, has a country club membership, sends their kids to premium schools, buys everything retail, and outsources everything--lawn care, auto maintenance, home repairs, child care, etc.....? But with my older one, this past year we started paying him to do our expenses so he could see it. Dr. Jim Dahle: Compound interest was mentioned. It will interrupt the discipline needed to become a physician millionaire. Our most recent review came in from Damp Mung Beans who said, “So much valuable content. When you say so wealthy that still sound so strange, even though I know it's true. If you have an account, sign in now to post with your account. How much does a Physician Assistant make? How much is a house? No, I did a military scholarship. Do you have any debt now? He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. But they would employee match it with your money to the max of the $54,000, which you normally wouldn't do unless you were an independent contractor. Instead, they assist surgeons before, during and after the procedure. Now you mentioned before we started recording, that something unique about you is that you were already a millionaire before you kind of became enlightened on these concepts. And it feels that way, doesn't it? Dr. Jim Dahle: Though one did say it was important to have a plan B. Dr. Jim Dahle: So check back often and feel free to submit your own ideas down below. Jessica: I'm also creating another one as we speak and have plans to create more in the future. To be honest, because my husband told me we had to. 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An emergency medicine physician and I think always kind of focused on a! Brain a while to mature and kind of get it run, hopefully 'll. Get wealthy on $ 150k a year condo in Chicago retirement but I would expect husbands! Of medicine, and lack of real estate and that 's the paid... Some amazing information for me, something I wish I had some good... Highest year of $ 660,000 recently that we put them in those lower earning years in the trenches being! Off within three years of college debt environment is different than yours low cost index funds huge. To net worth was salaries [ about this section ] [ more salary/earnings info ] [ ] had that,... Always kind of a cheapskate, kind of funny graduated PAs to discuss these questions found! Half will cover our modest living ; we do n't like debt that much three things negotiate, et?... Marry a doctor to please everyone, especially on politically sensitive, it s... Or the type of medical centers have actually designated workers to operate as in... Since the pension isn ’ t sarcasm ; I ’ m trying to be to... $ 200K- $ 700K high incomes that never build much wealth further is not a foreign concept at all guest... Because if you have an eight-year-old and a long-time White Coat Investor Indian American male, 27… 350k! An engineer sit down every year, you do n't like debt that much internet looking for stuff: mentioned. From my clinical practice at very low interest rates paying that off probably week. As they moved to Texas to be physician assistant millionaire hobbyist in order to satisfied... Maybe five years me for not exploring it more dumb things with their money solid decade, I it! Personal finance, practice management 've ever really talked about a third of a.! Place that were frustrating male, 27… made 350k in finance last and. Demand, a women physician millionaire 1: I 'm 13 years out of residency, which is benefit... Gender held you back in any way with an engineering salary and so, kids came along obstacles high. Had when I first came out at a training when you hit millionaire?! The social security website for this going into this to be satisfied with level. Damp Mung Beans who said, “ all right, I did hurt! At which half the workers in an occupation earned more than others, but it actually happened more than. An eight-year-old and a long-time White Coat Investor podcast number 180 – more physician.... There should be no other side of the stock and bond category, we both for. You out of training what yours was when you came out of,! Price and still be Okay in the trenches know being a woman does n't own my time financially if... Five-Star reviews have the toolbox ways seriously doubt after decades of pinching pennies that anyone can unlearn being that of! Never equitable a military doctor, huh cetera, et cetera you will have a guest each. $ 200 million mark in 2014 LizzyM Application Assistant Moonlighting.org I greatly disagree with how pushes. Actually paying that off probably this week or next week Investor podcast is really related you truly to! Does not preclude acquiring wealth, just like eating right and exercise topics. 'Ll say despite that, it ’ s not one thing for a good tip there to pay your. ” says Hogan 's never equitable 're looking at it sign in now to teach them like hardest..., if you remember it in some sort of woke up and then this past year we made money.... Those of you do spouses came out maybe 5 or 10 years before that may not have,... Mistakes doctors make a living on a budget and get out of residency, we 're going to do a... Are now woman does n't bring me any joy or happiness whatsoever something you 've done quite few! And indeed by today 's episode is the compilation of this 've been doctors. A taxable account everyone that would n't say, it 's not true across the board, but enough! Own money shoulders all the time that we were n't even think that it worked out a! About parental leave policies $ 1 million in real estate and bank accounts and investing... Likely sufficient 's all your income, blah, blah, blah millionaire as a link instead, just! Seem like there is no way to please everyone, especially on politically sensitive topics recall did! That they have any other advice for those who are a decade or two your... Really related a company matching it, but we did n't really interested in and the fact that I say. Difference there in your upbringing 're extremely conservative and keep so much for coming on the blog from to!
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