White Coat Investor Podcast: Milestones to Millionaire #253

Episode Title: A Dentist Acquires Enough to Run for Mayor and Finance 101: End of Year Giving
Date: December 15, 2025
Host: Dr. Jim Dahle
Guest: John, a General Dentist and Mayoral Candidate

Overview

This episode highlights the story of John, a general dentist from Coeur d’Alene, Idaho, who has reached a financial milestone significant enough to give him the freedom (both in time and resources) to run for mayor in his city. Dr. Jim Dahle and John discuss the journey to Financial Independence (FI), the unique mix of wealth and fulfillment that comes from building a practice, the realities behind “having enough,” and the motivations for serving the community beyond medicine and dentistry. The episode concludes with Dr. Dahle’s timely “Finance 101” on charitable giving and key updates to the U.S. tax code regarding charitable deductions.

Episode Sections & Key Points

1. Introduction & Guest Teaser

[00:00–03:02]

• Dr. Dahle introduces the White Coat Investor Champions program for medical/dental students.
• Teases a “unique milestone”—a guest currently running for mayor, linking financial independence with civic engagement.

2. Meet John – The Dentist-Mayoral Candidate

[03:03–04:04]

• John introduces himself—17 years out of training, practicing general dentistry.
• Offers humorous clues about dentistry:
  • “We do microsurgical procedures a fraction of millimeters and hundreds or maybe thousands of nerve endings…almost always are done while patients are completely awake.” (John, 03:09)
  • “Often we hear the phrase from patients, ‘No offense, but I hate you. I mean, not you, but what you do.’ So I’m a general dentist." (John, 03:59)
• John underscores the challenges and humanity in dental work.

3. Milestone Explained: “Enough to Run for Mayor”

[04:14–05:19]

• John originally applied to celebrate paying off student loans but was never selected.

• The real milestone: John now feels financially secure enough to run for mayor—affording the time and self-funding campaign, thus enabling him to pursue service without needing external donations or fearing loss of income.

  "Once you put yourself out there in the community and you're no longer the respected dentist, you're somebody who wants to move people's cheese…It takes some thought…it takes some prayer, and it takes some fortitude." (John, 04:37)

4. What Does “Enough” Look Like?

[05:19–06:56]

• John’s definition: If he liquidated everything today, he could live off assets for life, possibly leaving a legacy as well.

• Location: Coeur d’Alene, Idaho—beautiful, four-season town, major employer is the local hospital, with recruitment for physicians and dentists ongoing.

  "If we were to sell everything, liquidate today, like, we could live off of our assets for the rest of our life and still probably be in a situation where we're giving things to our kids or charity." (John, 05:28)

5. Financial Journey & Student Loan Humor

[06:56–08:10]

• John still has $6,000 in student loans at low interest (1.87%); keeps making payments.

• Attribution of holding onto the loan partly as a joke and out of inertia.

  “[Dave Ramsey] makes fun of people like me. They say you keep it around like it's your pet.” (John, 07:24)

  • Started in dental practice with father, initial salary ~$120k, now mid-six figures.
  • Consistent investing in real estate and practice ownership, careful financial management, and focus on setting incremental goals.

6. The Hedonic Treadmill & Fulfillment

[08:10–10:30]

• Achievement satisfaction is fleeting—setting higher and higher goals doesn’t ultimately bring lasting happiness.
• Pivot in focus from monetary gains to “giving back”—engaging with city issues, impacting the city of Coeur d’Alene positively.

7. Asset Allocation & The Anxiety of “Enough”

[11:05–13:07]

• John details his net worth:

  • 35% in dental practice
  • 35% in primary residence
  • 10% in retirement accounts
  • 15% in other real estate
  • 5% in cash

• Expresses lingering unease and risk associated with having a significant percentage tied up in illiquid or volatile assets.

  “Even though I feel like I'm in a position where I can take the foot off the gas, it still feels…a little bit risky.” (John, 11:41)

  • John’s retirement account just reached $1M at age 42.

8. Motivation for Running for Mayor

[13:07–14:56]

• Inspired by the social division post-pandemic and his desire to bring non-partisan, service-based solutions.

• Belief that local civic work—public utilities, parks—should transcend political divides.

• John campaigns on not taking a salary as mayor while the city has a budget deficit, planning to donate it to first responders.

  “…as professionals, as healthcare providers, we never consider any details about patients…related to their political leanings…So as I consider, like a city that provides water, sewer, streets, first responders, those things are the same. There's not such a thing as a Republican street or a Democratic park.” (John, 13:34)

9. The Trade-Offs of Public Service & Financial Independence

[14:56–16:27]

• Dr. Dahle relates with his own spouse’s service—a reminder that local civic duty is rarely financially motivating and often emotionally challenging; instead, it’s supported by personal financial well-being.

10. Advice for Younger Colleagues & Aspiring Civic Leaders

[16:27–18:40]

• John’s success advice for dentists (also relevant to other high-earners):

  • Find a mentor.
  • Invest in continuing education—standards and patient care evolve rapidly.
  • Live like a student, minimize debt, and steadily invest.
  • Practice ownership is a proven path to wealth but is all-consuming (“you own a job that owns you”).
  • Diversify income streams if possible, but don’t feel the need to chase complex asset classes to become wealthy.

  “Once you buy a practice, you own a job that kind of owns you like you're a slave to your business.” (John, 18:17)

• Emphasizes that sticking to basic investing and saving principles is enough for most.

11. Closing Interview – Congratulations & Takeaways

[18:40–19:02]

• Dr. Dahle thanks John for sharing his story, underlining the value in pursuing passions and community involvement once financial security is achieved.

12. Finance 101: End of Year Charitable Giving (with Tax Law Updates)

[19:03–end (~23:48)]

Key 2025/2026 Charitable Deduction Changes

• “One Big Beautiful Bill” act introduces:
  1. Above-the-Line Charitable Deduction: Now permanent. $1,000 (single), $2,000 (other filers), in cash, not requiring itemization. Not for shares or via Donor Advised Funds (DAFs).
     • “You can still take the standard deduction and deduct another thousand to $2,000 in charitable giving…Has to be cash.” (Dr. Dahle, 19:22)
  2. New Peacetime Floor: Starting 2026, first 0.5% of AGI given is not deductible.
     • “If your AGI is $300,000…first $1,500 you give is not deductible.” (Dr. Dahle, 19:48)
  3. Deduction Cap for Top Bracket: Capped at 35% benefit (down from the highest marginal rate), further disincentivizing large charitable deductions for high earners.

Giving & Smart Tax Moves

• Strong encouragement to give in 2025, not 2026, if seeking maximum deduction.
• Endorsement of DAFs for recordkeeping, anonymity, and flexible timing—“super easy to give anonymously via a daf…You can delay the period of time between when you get the deduction and when the charity gets the money…” (Dr. Dahle, 20:24).
• Reminder: Charitable giving reduces taxes but is not a net profit tool (“don’t get confused about that point. This is not some sort of wealth building tip…”).
• Tax-loss harvesting for charitable giving with appreciated shares remains a highly recommended strategy.

Notable Quotes

• “Once you put yourself out there in the community and you're no longer the respected dentist, you're somebody who wants to move people's cheese…It takes some thought…it takes some prayer, and it takes some fortitude.”
  — John, 04:37

• “If we were to sell everything, liquidate today, like, we could live off of our assets for the rest of our life and still probably be in a situation where we're giving things to our kids or charity.”
  — John, 05:28

• “Even though I feel like I'm in a position where I can take the foot off the gas, it still feels…a little bit risky.”
  — John, 11:41

• “…there's not such a thing as a Republican street or a Democratic park.”
  — John, 13:39

• “Once you buy a practice, you own a job that kind of owns you like you're a slave to your business.”
  — John, 18:17

Timestamps for Key Segments

• [03:03] John’s introduction (“Guess my profession!”)
• [04:14] Defining the milestone: “Enough to run for mayor.”
• [07:24] Discussion on still holding student loans (“Dave Ramsey makes fun of people like me…”)
• [11:05] Details on net worth breakdown & the anxiety of “enough”
• [13:34] Why run for mayor? Civic duty above politics
• [16:27] John’s advice for younger dentists and future civic leaders
• [19:03] Charitable giving segment: breaking down new tax law and charitable deduction strategy

Conclusion

This episode delivers a compelling narrative of how financial security can pivot high-earners toward new forms of service—here, in the form of civic leadership. John’s candor about his wealth-building journey, practical advice for peers, and honest reflections about risk and fulfillment provide valuable lessons for those seeking both success and significance. Coupled with actionable year-end charitable giving guidance, this installment embodies the White Coat Investor ethos: enabling medical and dental professionals to take control of their money and lives—with real community impact.