The White Coat Investor – Book Review

5-14-2014 8-29-27 PM

I will read just about anything. So among the various fiction works most often on my eReader, sometimes a non fiction book magically appears. I started to have a little more interest in investing lately, and by “a little more” it is really a vast amount of interest considering my prior interest was zero. As you can guess by the title, this book is a) about investing, b) geared toward doctors.

I’m not a doctor; however, this book still has some basic, clear information on how to grow your assets. I previously didn’t know squat about what to do for retirement other than take “some” out of my paycheck each week and dump it into my employer’s retirement fund. I now have a much better understanding of how that works and what I should be contributing rather than a vague “some” money. I previously did not know that you could bank money in a HSA (if you don’t know what that is, read the book or Google it), and it can be used like an ongoing medical fund (tax free medical savings) since the money will roll over year to year if you don’t spend it all. I always looked at the HSA as a short term, year by year, put some money aside to cover prescriptions and copays. This book outlines a different, and yes, still legal, way to maximize the benefits of an HSA. I didn’t understand what it meant for assets to go into probate upon one’s death if a will is not available; now I do.

The book, again is geared toward doctors or those with a hefty income, which SO is not me, but it still has great info in it. Plus I came away with way more knowledge about investing and ways to save than I had at the start. I won’t be playing the stock market anytime soon, but I do have a plan for building assets with the goal to retire early. For me, I’m not trying to amass a million bucks for retirement by age 40 which is what this book promotes. I’m already 40 and don’t have these kinds of assets. I don’t make $200K/year which is the example salary used in the book. And I don’t wear a white coat. BUT, I have more knowledge about things that have always been a mystery to me before, and that’s always a good thing.

This book is an easy read. Written so even I could understand the investing/money lingo. Even if you don’t meet the white coat criteria, it’s still a good read with great information in it. Give it a whirl. I bet you learn something!

 

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