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December 17, 2012

The "White Coat" Investor

I recently stumbled on a very nice financial advice website for healthcare professionals - http://whitecoatinvestor.com/.

The website was started by Dr. Jim Dahle, a practicing, full-time, board-certified emergency physician just a few years out of residency.  When Dr. Dahle came out of residency over six years ago, he didn't know anything about business management or personal finance in medical training. Still, he had the foresight to seek out a financial adviser to help him manage his personal finances before his career kicked off.

However, the adviser put him in high-load, high-expense ratio funds, as well as high-cost, high-commission insurance. He soon realized later that this adviser was ripping him off. So Dr. Dahle began educating himself about personal finance and business -- an effort that evolved into whitecoatinvestor.com, a website that educates physicians about smart money management.

"I've made some financial mistakes like anyone else," said Dahle. "But through the website, I've been able to interact with hundreds of doctors who have made financial errors and are looking to correct them or at least not make any more."

I encourage you to check out this webiste. Even if you don’t want to do this personal financial planning stuff yourself, it is important to know at least a little about it so you can evaluate what your adviser(s) is telling you.

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