What percentage of MD's curate/track/save/invest at the rate as your typical WCIer?

[burritos]

I'm assuming that if WCIism is rubbing off on you in any reasonable/rationale manner, you've dumped your whole life insurance policy and are at least on the B+ path to physicianfireesqueness. Is this a fair estimate? In terms of financial behavior for MD's, would WCIism safely put you in top 11th percentile? Note, I don't mean total NW, but approaching FIRE'd relative to what you've earned and will need/spend/don't spend.

[Hatton]

I think taking the time to learn the basics of personal finance is the key. What percentage of docs have done this I have no clue. I do think the people who post on this forum seem to have started becoming money aware at a young age and will be ok. I also think the phrase "live like a resident" is a wonderful early career mind-set.

[Tangler]

Live like a resident + Learn like a student = Compounding toward freedom and life changing $.

[Lordosis]

yes

[Bev]

I think it is a much lower percentage than you can imagine. "Big Hat and No Cattle"

[burritos]

I think it is a much lower percentage than you can imagine. "Big Hat and No Cattle"

lower than 11% of MDs are doing it right?

[Peds]

its low. without a Lordosis poll well never know.......

[Tangler]

I like the Lordosis polls!

[Bellescamp]

Was talking with a room of coworkers
1/6 of them knew what backdoor Roth was
none of them knew about mega backdoor Roth (our plan allows us to do this)
I tried to spread the word...

[StarTrekDoc]

What WCIer -- FB vs Reddit vs Forum vs Blog. Wide range.

Taking the FB bar -- 10% is even generously high IMHO. Docs aren't the most business and worse financially savvy

[Anne]

Does WCI rub off on people or do doctors who like to save/invest gravitate here because it’s our tribe?

[Lithium]

Does WCI rub off on people or do doctors who like to save/invest gravitate here because it’s our tribe?

I think the latter are the “pro bowlers” here on the forum, and the former are the casual blog readers/podcast listeners.

I’m curious to think about what the disciplined/motivated MD investor would have been like a generation ago before this kind of education was available. Would I have just been stuck trying to figure out stock picking or at the mercy of the empty suit in the Edward Jones office in town? Unfortunately we can’t all be Miss Cleo and emulate billionaires.

[racelari]

I think the latter are the “pro bowlers” here on the forum, and the former are the casual blog readers/podcast listeners.

I’m curious to think about what the disciplined/motivated MD investor would have been like a generation ago before this kind of education was available. Would I have just been stuck trying to figure out stock picking or at the mercy of the empty suit in the Edward Jones office in town? Unfortunately we can’t all be Miss Cleo and emulate billionaires.

I would have still been with Northwestern Mutual paying $28k in annual insurance premiums for whole life insurance with $31k of credit card debt.

Man I'm so glad for WCI!

[AR]

I’m curious to think about what the disciplined/motivated MD investor would have been like a generation ago before this kind of education was available. .

Save a bunch of money and just invest it in broad index funds has been widely available advice long before WCI. I assume that many were doing it before they even got here. Maybe it was a little harder to find 20-30 yrs ago, but not much. If you were motivated to figure out what to do with your money, it would not have been hard to find.

[Tangler]

I think the latter are the “pro bowlers” here on the forum, and the former are the casual blog readers/podcast listeners.

I’m curious to think about what the disciplined/motivated MD investor would have been like a generation ago before this kind of education was available. Would I have just been stuck trying to figure out stock picking or at the mercy of the empty suit in the Edward Jones office in town? Unfortunately we can’t all be Miss Cleo and emulate billionaires.

Before WCI the lucky folks (myself included) stumbled upon books by Bogle, William Bernstein, Charles Ellis and others.

In 2005 i found Dave Ramsey, and the millionaire next door and got out of debt.

By 2009 I was debt free and confused. Dave Ramsey recommend terrible load high fee active mutual funds..... seemed fishy.

I meet with a representative of these high fee funds (called American funds) and he seemed like a salesman. He was a Dave Ramsey endorsed local provider but he seemed slimy and these fees...... I told him i needed to sleep on it and he gave me some pamphlets.

That week at work i asked (literally) every doc i ran into: Are these funds ok? (handed them the paper pamphlet ) they would glance at it and shrug, hand it back.

I was close to transferring all my money from a prior 401k and my taxable into these awful funds .

I was sitting in the lounge and a young CC doc from midwest walks in, looks at the pamphlet and says: “dude, those are terrible funds, you need to read this book by John C Bogle “

Life changing!

WCI has been a catalyst. Bogle started the reaction.

Sad that Dave Ramsey did not embrace Bogle’s philosophy.

Anyway, in 2010 I read William Bernstein, Jason zweig, Charles Ellis, Berton Malkiel, Robert Kiowsaki,

then The Wealthy Barber, a few other less memorable books and then this wonderful white coat investor guy shows up and he was fantastic.

That was my journey. Luck playing a big part.

I saw the CC doc at a meeting in Florida and i gave him a hug and told him that his Bogle recommendation was life changing and probably saved me a million $.

he said: “thank Bogle, not me, i was just passing along what i learned”

I think that is what made me so interested in “passing along the message”

Summary: Before WCI there was the Bogleheads. before the Bogleheads it was a wasteland.