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SFB097 Why We Should Talk, Part 4 - I Hit the White Coat Window

| June 18, 2018
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Episode Summary

In part four of this 10 part series, Why We Should Talk, Paul and Cory talk about the “White Coat Window,” the period of time in any person’s career where they’re making more money than they’ve ever had before.  There is a critical window of six months to one year where the decisions you make during that period of time are going to set the tone for where you’re at financially for the rest of your career.

Although physicians are usually the ones people think of when it comes to White Coat Window, any person in a high income earning occupation will benefit from listening to this episode. 

What Was Covered

  • 01:47 - Paul explains the White Coat Window
  • 02:51 - The reputation of physicians among the professional community
  • 07:55 - How long it takes someone in the medical field to earn their first paycheck
  • 09:51 - What a physician in a specialized field of study makes per year
  • 11:59 - Paul tells the story of a physician/client of his who he urged not to live the lifestyle he could afford to live
  • 18:30 - Paul’s advice to doctor’s and entrepreneurs whose incomes just jumped
  • 20:51 - Cory reflects on the income his spouse will soon start to provide once she finishes med school
  • 21:46 - Cory talks about his strategy for buying cars
  • 29:44 - Paul and Cory’s thoughts on purchasing a home

Tweetables

"Physicians are largely known among the professional community as the people that are worst with your money."

"Most doctors will leave school with three, four, five hundred thousand dollars of debt."

"“Afford” is a strategy of the people marketing things to you."

"The more consumption you have the higher amount of capital at work that’s required to sustain the lifestyle that you’re originally after."

"What I would encourage most of you to do is look at your total cost of housing right now. If it’s higher than 15% of your gross income you need to be very, very worried."

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