In a previous article, we highlighted 5 doctor-specific personal finance book recommendations from The White Coat Investor. Now, we’re back with four bonus doctor-specific personal finance book recommendations.
Dr. Jim Dahle, a practicing board-certified emergency physician, author, and personal finance blogger at The White Coat Investor, is committed to helping physicians achieve and understand financial independence. On his website, you can find tools and resources for every step of your financial journey, from how to start investing, whether or not you should buy disability insurance, creating multiple income streams, and retiring early.
Dr. Dahle covers it all and has proven himself a consistent and reliable source of personal finance recommendations for physicians. At TrueNorth Wealth, we’re proud to be one of the top financial advisors recommended by The White Coat Investor and enjoy highlighting Dr. Dahle’s work for the physician community.
Here are four bonus doctor-specific personal finance book recommendations from The White Coat Investor.
1. The Physician’s Guide to Personal Finance
The Physician’s Guide to Personal Finance is written by anesthesiologist Jeff Steiner specifically for medical students, residents, and young staff physicians. In his review, The White Coat Investor notes that it’s a quick read, coming in at just 104 pages of “high-yield material.”
The book is broken into three sections. Section 1 includes the basics of personal finance, highlighting basic budgeting, setting up emergency funds, home mortgages, student loan debt, and saving for retirement. It is a financial primer and lays the foundation for the rest of the book.
Section 2 is all about the residency years. This is where Steiner explores how various personal finance topics relate to residents, covering the following:
- The transition from medical school to residency
- Managing medical school loans
- Setting up your budget
- How moonlighting fits into your financial situation
- How to financially prepare for your first “real” job as a staff physician
- How to successfully transition from resident to staff physician
Lastly, Section 3 covers the young staff years. This includes considerations for young staff physicians who find themselves earning more money than they ever have before. It takes a more detailed look at retirement planning for doctors, avoiding common physician money traps, and navigating expectations around your time and your money. Section 3 also includes a bonus chapter on part-time work and job sharing.
Steiner’s book is rated 4 stars on Amazon and is said by readers to be “A must-read for medical students, residents, and even attending physicians.”
The Physician’s Guide to Personal Finance is geared towards medical students, residents, and young staff, so it may not be a great fit for more established physicians. But, if you know any young physicians, this personal finance book may be exactly what they need to establish healthy financial habits early and achieve a thriving career.
2. The Physician’s Guide to Investing
The Physician’s Guide to Investing, written by Robert Doroghazi, MD, FACC, has 4 stars on Amazon and is designed as a practical approach to building wealth. This book is a deep dive, at 444 pages, spanning topics such as:
- Risk in investing and the power of compounding
- Arrogance, ego, greed, and envy and how they relate to your finances
- Funding your children’s education
- The impact of fees over time
- How to invest in a variety of asset classes
- Common pitfalls to avoid on your journey to reach our financial goals
These topics and more are examined through a physician’s lens, and The White Coat Investor writes that “If my book was too short for you, you might want to consider this one by cardiologist Robert Doroghazi. This is one of the few in the genre that ever had a second edition.”
Dr. Dahle does note that, in his opinion, the book breaks down a bit during the investing section, as the author explores individual security selection and market time, but says overall, the book is a worthwhile read, especially the section on frugal living.
3. The Doctor’s Guide to Eliminating Debt
Written by Dr. Cory Fawcett, The Doctor’s Guide to Eliminating Debt is a practical guide to paying off debt. It’s book 2 of 5 for surgeon Cory Fawcett and is a quick read at just 170 pages. The entire book is focused on eliminating debt, and The White Coat Investor describes it as “Dave Ramsey for doctors, but without the bad investment advice.” In the book, you’ll find topics such as how to pay off debt in four simple steps, recognize biased financial advice, and get compound interest working for you instead of against you.
This can be an excellent read for physicians at any stage, especially those interested in eliminating current debt and avoiding future debt. As you might expect, there is a focus on paying off student loan debt and even a section on why it can make sense to pay off your mortgage early. Dr. Fawcett’s book has 5/5 stars on Amazon and over 60 reviews.
4. Dealing with Student Loans
Rounding out the pack is neuroradiologist and blogger Ben White’s Dealing with Student Loans. This is a specialized deep dive into student loans and a great fit for physicians looking to navigate student loan debt. In the book, White covers topics like public service loan forgiveness, income-driven repayment plans, refinancing, consolidation, and more. Reviews of the book give it 4.1 stars and highlight how detailed and thorough the book is.
Dr. Dahle writes: “…this is THE BOOK on the subject (of student loans).”
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