There are many reasons why a young professional would want to start investing their money – it could be financial freedom, it could be passive income, or it could simply be growing your personal finances and portfolio. Today, we speak to a medical doctor who learned the ropes of investing so he can earn passively. James Dahle, the founder of The White Coat Investor, tells us about his advocacy of helping fellow doctors to understand the financial world, become financial literate, and be connected with the good guys in the industry.
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In this episode, James shares with us how you can fit real estate in your traditional investing portfolio. James shares that the key to any investment is the operator and not the deal. He also talks about the biggest mistake people who primarily focus on real estate make and that is they don’t have a background in portfolio construction. He emphasizes the need for you to look at the asset, classes, returns, and how different asset classes interact together. He also shares how he became an accidental landlord at one point. Tune in!
Key Points From This Episode:
- James elaborates on what The White Coat Investor is about and how real estate became part of his portfolio.
- How James helps people think through their portfolio and how is real estate part of that?
- James shares how much of your portfolio should you be investing in real estate.
- What would James have done differently knowing what he knows now as far as investing in real estate back in 2011?
- What should a young professional’s personal finances look like before investing?
- How James chooses his operator in real estate investment?
- How to determine an operator’s ability to walk through a downturn?
- What makes an operator stands out?
- James’ predictions in the investment market over the next six to twelve months.
- The daily habits that helped James achieve success.
- James’ best source for meeting new investors, the number one thing that contributed to his success, and how he likes to give back.
“As a doc, I was gonna continue to be taken advantage of my entire life if I didn’t learn something about financial investment and business. So, I kinda embarked on that process.”
“Probably the biggest mistake I see people primarily focus on real estate make is they don’t have a background of portfolio construction.”
“The key to any investment is the operator, it’s not the deal. A good operator can save a bad deal, but a bad operator can screw up a good deal.”
“Communication is one of those things that’s very individual and you want to match yourself to an operator that will communicate in the amount and way that you prefer.”
Links Mentioned in Today’s Episode:
About James Dahle
James M. Dahle, MD, is a practicing emergency physician and veteran from Salt Lake City, UT. He became interested in personal finance and investing after becoming disillusioned with the way he was treated by several unscrupulous financial professionals. To help his fellow physicians and other high-income professionals avoid the same errors, he started The White Coat Investor website in 2011. It rapidly grew into the most widely-read, physician-specific personal finance and investing website in the world. He has written three Amazon best-selling books, publishes a weekly podcast, developed multiple online courses, and holds an annual conference all aimed at helping his fellow physicians become more financially literate. He is convinced that increasing the financial security of doctors enables them to be better partners, parents, and doctors along with reducing burnout, decreasing suicide risk and improving patient care. He has been featured in Forbes and CNN and is a regular columnist for ACEP Now. Dr. Dahle enjoys canyoneering, skiing, biking, and spending time with his wife and four kids.
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