MtoM #293: $250K Net Worth During Residency

How does a third-year orthopedic surgery resident, a stage where most physicians carry significant debt, end up with a net worth north of $250,000? In this Milestones to Millionaire episode, Aaron shares how a combination of early habits and a few candid, less conventional decisions got him here. He started his first IRA at 18 with money saved from a summer job, married a spouse who had been financially aligned with him from the start, and took advantage of in-state tuition rules that cut his medical school costs nearly in half. He is also honest about the role a $100,000 inheritance from his grandfather played in paying down his highest-interest loans, and about a concentrated bet on a gold mining stock early in the pandemic that worked out well, while acknowledging it is not advice he would give to everyone. He also discusses their decision to continue renting through residency rather than buying a home, weighing the flexibility and reduced risk against the potential upside of homeownership. Getting off to a disciplined financial start early, even with some good fortune mixed in, can put a resident years ahead of where most physicians find themselves at the same stage. Since April 2021, more than 650 physicians in the White Coat community have invested over $300 million with DLP Capital, a 12-time Inc. 5000 honoree that offers four private real estate investment funds—one of my favorite ways to invest in real estate. If you're eager to achieve success as a private real estate investor, DLP's impact-focused sponsored funds offer the potential to earn double-digit returns while making an impact on America's affordable housing crisis. Interested in learning more? Head to https://whitecoatinvestor.com/dlp today. Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

In this episode, Dr. Jim Dahle is joined by financial planner Dr. Tyler Scott to work through a wide range of advanced financial planning questions. They cover whether to open a single 529 account for multiple nieces and nephews or keep them separate, and why gifting appreciated shares to an adult child in a lower tax bracket can run afoul of decades-old IRS doctrines if the money comes back to the giver. Tyler walks through the legal reasoning behind assignment of income, substance over form, and step transaction doctrine, explaining exactly where these strategies cross the line. The conversation also covers upstream gifting to parents in hopes of a future step-up in basis, including the one-year survival requirement and the real risks involved, from asset protection concerns to unintended Medicaid eligibility issues. Later, they tackle listener questions on managing sequence of returns risk in retirement, choosing bond funds for a bucket strategy, and a caller with 33 times their annual spending saved who still feels anxious about rising grocery costs. The conversation closes with a personal reflection on a visit to the New York Stock Exchange and the 9/11 Memorial, and a reminder that even the country's most reliable wealth-building systems deserve gratitude rather than being taken for granted. This podcast is sponsored by Bob Bhayani at Protuity. 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. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today by email [email protected] or by calling (973) 771-9100. The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

How does a practicing OB-GYN go from $8 million to over $20 million in net worth in just four years? In this Milestones to Millionaire episode, Allen returns four years after his first appearance on the podcast to share how a combination of disciplined investing and a major practice buyout transformed his financial picture. He walks through his full portfolio breakdown, which is nearly all invested in equities. The biggest driver of growth, though, was a hospital system's buyout of his group's stake in a jointly owned single specialty hospital, which resulted in a payout north of $4 million pretax per partner. Allen also discusses why he continues working full time despite having far more than enough money, citing both income and a genuine sense of identity and purpose tied to his career. He and his wife are now navigating more complex estate planning decisions, working with an attorney to structure trusts for their six children and future grandchildren, while trying to strike a balance between generosity and enabling dependency. His advice for younger physicians pursuing a similar path: pay yourself first, live within your means, and marry well, since a long, stable career combined with consistent saving can produce outcomes far beyond what most people expect. This podcast is sponsored by Bob Bhayani at Protuity. 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. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today by email [email protected] or by calling (973) 771-9100. Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Is whole life insurance ever actually the right choice for you? In this episode, Dr. Jim Dahle breaks down how whole life insurance works, why it costs significantly more than term life insurance, and why survey data shows the large majority of people who buy it end up regretting the decision. He walks through the legitimate use cases such as buy-sell agreements between business partners, certain irrevocable trust strategies for estate tax planning, and people who genuinely value a lifelong guaranteed death benefit, while explaining why most young physicians have better uses for their money. Jim also answers listener questions covering what to do with a whole life policy a parent bought decades ago, how to evaluate riders and employer-sponsored executive bonus plans, and how to recover stuck cash value when an insurance company fails to properly process a cancellation. He closes with a detailed breakdown of a listener's employer-offered split-dollar variable universal life policy tied to a salary reduction, explaining how to evaluate whether that kind of benefit is actually worth taking. Whole life insurance is not inherently a bad product, but it is frequently sold to the wrong people for the wrong reasons. Understanding the difference can save you decades of paying for something you never actually wanted. This episode is brought to you by KeyBank! For six years, White Coat member benefit partner, Laurel Road, has been part of KeyBank. As of March 16th, that partnership becomes even stronger as Laurel Road is now officially under the KeyBank brand. With the transition to KeyBank, the same tools and services you rely on now come with enhanced resources and support and the same great experience you trust. WCI members can continue to enjoy the benefits and financial resources as they always have, with even more support from KeyBank. To learn more and for terms and conditions, please visit https://www.whitecoatinvestor.com/keybank The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

How do two orthopedic surgeons with no formal business training raise over $1 million to build a healthcare technology startup? In this Milestones to Millionaire episode, Todd and Justin, orthopedic surgeons who trained together and are just three and a half years out of residency, share how they went from starting a small coffee company during COVID to raising $1.6 million for an AI-driven medical technology startup aimed at reducing physician overhead and administrative burden. Justin explains his decision to step back from a seven-figure hospital salary to build the company full time, while Todd continues working in full-time private practice, illustrating two very different risk tolerances within the same founding team. They walk through how they structured the company, set up a Delaware C-Corp, used SAFE investments, and raised initial capital from friends, family, and fellowship alumni, all without an MBA or formal business background, leaning instead on AI tools, mentorship, and each other's strengths. They also discuss why physician-led startups statistically tend to outperform those built by outside innovators, since doctors understand the real pain points of practicing medicine firsthand. Building something new in medicine takes more than a good idea. It takes physicians willing to step outside the clinical world entirely and learn an entirely different set of skills. One of the most underrated financial moves in medicine is working locum tenens. It pays significantly more on average, and you can work locums full time or on the side of your full time. When you work with CompHealth, the #1 staffing agency, they cover your housing and travel costs —which on top of higher pay, really adds up. Locums also gives you more control of your career, allowing you to go where you want, when you want, with a schedule that works for you. It's the perfect way to get ahead financially while getting focused on what you love.  Whether it's locum tenens or a regular permanent position, visit https://whitecoatinvestor.com/CompHealth and build your career your way with the power of CompHealth. Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

What does it actually take to recover from burnout, beyond the standard advice to practice more self-care? In this episode, Dr. Jim Dahle talks with emergency physician, executive coach, and author Dr. Rob Orman about the realities of burnout in medicine. Rob shares his experience consulting on HBO's 'The Pitt' using real interviews from mass casualty responders, and discusses why he stepped back from full-time clinical practice to focus on coaching physicians through burnout, performance issues, and career sustainability. Rob explains why terms like "self-care" often fail doctors, since they don't address the actual sources of stress, and he shares a pivotal moment from his own career: screaming in his car during traffic on the way to a shift he dreaded, a moment that led him to finally admit he needed to make a change after 12 difficult years. He also offers concrete, usable tools, including a simple technique for defusing conflict by choosing curiosity over defensiveness, and the concept of the "drama triangle," a pattern of hero, villain, and victim roles that can trap people in unproductive conflict. The conversation closes with a look at medicine's historical roots in self-sacrifice, tracing back to clergy and early surgical training, and why that inherited mindset still shapes how doctors think about rest and limits today. Burnout isn't a personal failure. It's a mismatch that can be addressed with the right tools, the right support, and the financial capacity to actually make a change when you need one. Locumstory.com is a free, unbiased educational resource about locum tenens – it's not a staffing agency. They help answer your questions about the how-to's of locum tenens work on their website, podcast, webinars, videos, and they even have a locums 101 crash course. Locumstory.com is where you should go to find out if locums makes sense for you and your career goals. Locumstory is unique because it's more of a peer-to-peer platform, with real physicians sharing their experiences and stories – both the good and bad – about working locum tenens – hence the name, "Locum-story." See for yourself on their self-service platform with no obligation. Learn More at: https://www.whitecoatinvestor.com/locumstory The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

How does a fellow with no attending paycheck yet, and a spouse working as a teacher, build a $600,000 net worth before finishing training? In this Milestones to Millionaire episode, Matthew, a newly minted transplant hepatology and gastroenterology physician, shares how a combination of frugality, consistency, and a few key advantages added up over more than a decade. A former Marine Corps infantryman who deployed twice, including to Iraq and off the Horn of Africa, Matthew used the GI Bill to avoid medical school debt entirely, while his wife's teaching salary supported the family throughout his training. He explains how he started contributing just $50 a month to his kids' 529 plans during medical school and residency, before he was even saving for his own retirement, and how that small, automatic habit grew into roughly $60,000 over more than a decade. Matthew also discusses their approach to budgeting, living well below their means, embracing hand-me-down furniture and garage sales, and navigating their biggest ongoing money disagreement: her love of travel versus his instinct to save and invest. Matthew's advice for anyone starting later or without every advantage: know where your money is going, live on less than you make, and recognize that everyone is building wealth with a different mix of strengths and weaknesses. This podcast is sponsored by Bob Bhayani at Protuity. 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. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today by email [email protected] or by calling (973) 771-9100. Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

How much should you save in a 529 plan, and what happens if you save too much? In this episode of The White Coat Investor Podcast, Dr. Jim Dahle answers listener questions about 529 college savings plans, including how they work, why they can be such a powerful tool for physician families, and how to avoid some of the tax complications that can come from getting too clever with college funding. Jim starts with the basics of 529 plans, including state tax benefits, tax-free growth, qualified withdrawals, and how long-term compounding can dramatically increase the value of early contributions. He also explains what happens when a 529 is overfunded, including changing beneficiaries, using the money for future generations, and the newer ability to roll some 529 money into a Roth IRA. The discussion then gets more complicated. Jim addresses using appreciated investments to pay for college, the 0% long-term capital gains bracket, dependent status, support requirements, the kiddie tax, and gift-tax considerations. He also shares a personal example of over-optimizing a daughter's UTMA account and discovering an unexpected state tax bill. Finally, Jim explains how families can continue contributing to a 529 while a child is in college, how he handles withdrawals and receipts, and what alternatives make sense when a family is already on track to fully fund college. A 529 is a powerful account when you know the money is going toward education. The goal isn't to maximize every possible tax trick. It's to save enough, use the tax benefits available to you, and keep your financial life simple. Texas Loan Repayment Program: https://www.hhloans.com/physician-education-loan-repayment-program  Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to https://www.whitecoatinvestor.com/Sofi SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891. The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Can a pharmacist build a $10 million net worth without an extraordinary income? In this episode of the Milestones to Millionaire Podcast, Dr. Jim Dahle talks with a retired pharmacist who spent four decades building wealth through disciplined saving, long-term investing, and thoughtful real estate purchases. She shares how living below her means from the beginning of her career allowed her to become financially independent at age 52, even though she continued working for several more years by choice. Along the way, she navigated a divorce, cared for aging parents, invested through the 2008 financial crisis and the COVID market decline, and never abandoned her long-term investment plan. The conversation explores the power of compounding, balancing index fund investing with rental real estate, using market downturns as buying opportunities, and lessons learned while managing her parents' estate. She also explains why financial literacy within families matters and how open conversations can make estate transitions much smoother. Whether you're a physician, pharmacist, or any high-income professional, this episode demonstrates that building substantial wealth is less about chasing extraordinary returns and more about remaining disciplined over decades. Time in the market, consistent investing, and living below your means can create opportunities that are difficult to appreciate until compounding has decades to work. Resolve is the #1 rated physician contract team, reviewing 1000+ physician contracts every year. They empower physicians with location specific compensation data which leads to unparalleled leverage during the physician contract negotiation process. A physician contract lawyer is included and can negotiate on your behalf – alleviating the stress that can go along with reviewing complex legal terms. Flat-rate pricing and flexible schedules are designed for a physician's schedules. Use code WHITECOAT10 for 10% off! https://WhiteCoatInvestor.com/Resolve Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Is it actually too late to catch up if you did not start investing seriously until later in your career? In this episode, Dr. Jim Dahle answers a listener's honest question about starting late and wanting to retire within a couple of years. He walks through why there is no real shortcut, the math works the same for everyone, but there are still concrete levers you can pull: tightening your budget, making sure your accounts and investments are actually optimized, reconsidering your asset allocation, and in some cases taking on a reasonable amount of leverage. Jim also covers tools that can help someone with limited time before retirement stretch their income further, including single premium immediate annuities and TIPS ladders, both of which can lock in guaranteed income and reduce sequence of returns risk. He explains why working just a few extra years can dramatically improve nearly every part of the retirement equation at once, more savings, more compound growth, higher Social Security payments, and a shorter retirement to fund. The episode also covers a contract review correction, an introduction to turnkey real estate investing for out of state properties, and a detailed breakdown of tax loss harvesting, including when long short direct indexing might or might not be worth the added complexity. Starting late does not mean it is too late. It just means the plan has to be built around the time and resources you actually have. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to https://www.whitecoatinvestor.com/Sofi SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891. The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter