← White Coat Investor Podcast
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A
This is the White Coat Investor Podcast, Milestones to Millionaire Celebrating stories of success
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along the journey to financial freedom.
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Milestones to millionaire podcast number 277. Since April 2021, more than 650 physicians in the White Coat investor community have invested over $300 million with DLP Capital, a 12 Time Inc. 5000 honoree that offers four private real estate investment funds. One of my favorite ways to invest in real estate. If you're eager to achieve success as a private real estate investor, DLP's impact focused sponsored funds offer the potential to earn double digit returns while making an impact on America's affordable housing crisis. Interested in learning more? Head to whitecoatinvestor.com DLP today. All right, welcome back to the podcast. This is a podcast where we feature you and your success to inspire the rest of the audience to do what you've done to accomplish their financial goals and to make one more step, one more milestone on the pathway to financial success. If you'd be interested in coming on this podcast, you can do that. Go to whitecoatinvestor.commilestones to apply. By the way, it is now summertime, right? So what does summer mean at White Coat Investor? It means it's scholarship time. We do our scholarship contest every summer and we're looking for judges to help select the winners for the scholarship. If you'd like to do that, email scholarshiphitecoatinvestor.com now, there's a few rules. You can't be a student. You can't be a resident and be a judge. Okay? You got to be an attending physician or retired physician or something else. You don't have to be a physician even, but you need to be out in your career or retired, et cetera. You can't be still in training. Too much conflict of interest. But we loved our judges, right? We want to give this money away. We want to give these prizes away. We don't want to have any of our own bias involved. So instead we use all of your collective biases in order to choose who the winners are going to be. And this is a beautiful program for a couple of reasons. One, reduces the indebtedness directly of 10 students, which I think has value, right? We've been sending thousands of dollars. We literally just write them a check for 10 students every year for years. But it also just the promotion of this scholarship program in each of their schools helps build financial literacy and financial discipline, helps them to know about the White Coat Investor and the resources available to them over the years. So we appreciate your support of this. You will be insp. As you read these scholarship applications. There are incredible people in medicine and similar careers you will be thrilled to recognize. You will be re inspired and reminded of why you went into it in the first place. So please volunteer to be a judge. Just email scholarshipinvestor.com, put judge in the title, and we'll get you signed up. No, we don't pay you to be a judge, but we don't request too much work from you either. You do have to read some of their essays and help us choose the winners. But we'd love to have you along to help judge. Now, for those of you who are students, not residents, Residents can't win this scholarship. But if you're a student, right, you're full time, you're in good standing. Medical student, dental student, whatever you can apply whitecoatinvestor.com scholarship. Now, obviously not everybody wins, but those who do get cash, we figure that's going to reduce your indebtedness, that's going to help you pay for school. That's going to help you get to the other end of this long training tunnel that you're in. We're thankful for what you're doing. We want to support you directly. Mostly our way of giving back most of the money that comes that pays for this scholarship is basically white coat investor profits. That's what it is. It's just our chance to give back to a community that has given us so much. All right, we've got a great guest on today for the Milestones podcast. Let's get them on. Our guest today on the Milestones to Millionaire podcast is Kennedy. Kennedy, welcome to the podcast.
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Thanks, Jim. It's a thrill and an honor to be here.
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Introduce us a little bit to yourself. Where are you at in your training and, you know, what part of the country are you in and what's going on with your financial life?
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C
Yeah, yeah. So I'm a orthopedic surgery resident. I am in the military, as I'm sure we'll get into in a little bit more detail. But I'm in my last year of residency, so graduating in just a couple months.
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A
Awesome.
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C
And my program's located in San Diego.
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A
Okay. So I think this runs. I think we're going to drop this on June 1st, so you'll be a month out from graduating, graduating from residency at that point. So tell us what milestone worth celebrating here now in your final year of residency.
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C
Yeah. So I guess the milestone itself is probably graduation. And it just so happens that that corresponds with my wife and I accumulating a net worth of a little north of 200k.
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$200,000 before you're even out of residency. That's pretty awesome. Keep in mind, I don't know that we have averages, but about 33 out of four doctors borrow to pay for school. So that means that most of them are coming out with a negative net worth. And certainly it wouldn't be unusual for a graduating resident to have a net worth of minus $200,000. That would not be unusual at all. And certainly we've seen people that have, you know, two or three times that much in negative net worth. Meanwhile, you're on the other side of the ledger. Not only do you not have a negative net worth, but you have one that's very positive. I mean, there's plenty of doctors out there that have been out for a few years that don't yet have a $200,000 net worth. So tell us the story. How'd you manage to do this?
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C
Yeah. So again, like I mentioned, I'm a resident in the Navy, so I think that is a huge part of it. Pretty much all of it. Number one, they paid for med school, so no student loans. And number two, you know, there's a little bit of a salary arbitrage between military residents versus civilian residents. And I recognized that early and knew I had to take advantage of it. And here we are.
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Okay, so did you go to school on the HPSP program? Did you go to usus? How did you do school?
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C
I was hpsp.
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A
Yeah, hpsp. So essentially, you traded a year for a year of school. So you owe the military. What, what do you owe them now, four years, or do you owe them five for the five year residency?
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C
Oh, the four years. Engineers awash, I guess.
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Engineers awash. So the other four years count. Okay, so they paid for what? I mean, what was your stipend when you were in school? This has been five years ago since you got that. But what was your stipend when you were in school?
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C
It was about $2,100 a month.
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Well, it seems like a lot. I only got like 800 something. Yeah, maybe it was 900 something by the time I got out.
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C
It was certainly plenty to live off of. So, you know, we weren't gaining any ground during that time, but at least breaking even.
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A
Okay, so $2,100 a month you're getting to spend on whatever. And then they're covering what? They're covering your tuition, your fees. They bought some equipment for you. They bought all your books, they pay for health insurance for you?
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C
Yeah, all I just covered.
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Okay, so did you feel like that was enough? Did you feel like I really could have used some more money? If I'd had some student loans available to me, I would have taken out some additional loans. Or is that enough?
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C
That was plenty for me. So a little bit more background. I'm from Wisconsin, Milwaukee specifically. And that's where I did all my schooling. So a relatively low cost of living area. I think my rent throughout med school was somewhere between 800 to $1,000 a month. And then had the rest of that stipend to spend on other living expenses, which was plenty.
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A
Now you're using a plural pronoun at times. Is there somebody else in this family we should know about?
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C
Yeah. So I am married. We've celebrated our five year anniversary on paper.
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Congratulations.
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C
Celebrating our ceremonial anniversary next month. And we have two kids as well who are both pretty young.
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A
So some other people have been along for this journey. Is your spouse working?
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C
She currently is not. She was for the first two years of residency until we had our son.
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A
Okay, was she working while you were in school?
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C
She was.
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But you guys weren't necessarily together then because you've only been together five years. Okay, so very cool. All right, so you didn't invest all this money while you were in school, right? I mean, half of it was going toward rent, and the other half, I presume, you were using to eat mostly. So what was your net worth when you came out of school?
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C
Net worth was probably just about even. I did accumulate about a little over 20 grand of undergrad loans that I'm actually still paying off and then just had like a little bit of cash on hand. So at the end of med school was just about break even.
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A
So you're a break even coming out of medical school. And tell us what your salary has been during your residency program in the Navy.
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C
So my salary has steadily increased throughout the years, which is great. And as you know from your time in the military, there's a little bit of, I guess, adjustment in your pay based on where you live in terms of your housing allowance, living in San Diego, pretty high cost of living. So my salary has ranged from about 90,000 when I was an intern up to this year's probably simply put, about like 140k.
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Okay, 90 to $140,000 as a resident, which sounds awesome to everybody out there making 65 and sounds incredible to me, who signed a contract for 34. You know, it tells you how old I am, but. Okay. Did you moonlight at all during those five years?
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C
No, we are not allowed to.
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Not allowed to. So it wasn't an option. All right. So they figure if you can't live on 90 to $140,000, you're just out of luck. Okay. And so basically for the last five years, you've made $100,000 a year or so. You made about $500,000 and you've got about 200,000 of it left, which is pretty awesome. So tell us how you did that while living in San Diego.
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C
I think the main thing is we did the first couple of years take advantage of the high housing stipend and we lived in a lower cost apartment for a while. So you're able to save some extra money that way. The biggest thing has been taking advantage of the TSP or the government 401k program. I knew coming in that I just wanted to max that out right away, never even see that money, and also collect a match. And that's where a majority of our assets are right now.
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Yeah, it's pretty awesome to get that match, isn't it? Yeah, it wasn't available to me. Pretty awesome to have a Roth TSP account too, isn't it?
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Absolutely.
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Yeah, that wasn't available for me either, so. Very cool. And I assume most of this is going on the Roth side?
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C
Yeah, all of it. And then as you know, they just started allowing for a Roth conversion. So all of the match money goes into a traditional account. But I did just initiate transfer of all that into Roth, or I guess converting, I should say all into Roth.
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That's going to make it easier when you get deployed and get some, you know, tax free deployment pay in there. You can just convert all that as well the fact that you don't have any tax deferred TSP money. So I think you'll be really happy about that. All right. How have you invested that TSP money? What's it been invested in?
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C
It is currently 100% in stocks and that's a combination of the C fund, the S fund, and then the I fund, which is like total stock market, small market, a little bit of a tilt there. And then the international market funds.
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Very cool. Okay, so advice for others. Right. There are people out there that are considering the HPSP program and I would describe you as having received kind of all the benefits right now and very few of the downsides. You did have to go through the military match, which is not insignificant so far. But you haven't seen the lower paychecks you typically get as a military doc. You haven't seen any deployments yet. You've had all the upsides. What would you talk to somebody considering the HPSB program? What would you tell them if they're like, should I have the military pay for my medical school?
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C
Yeah. So I think you on this podcast and in your blog post as well, several guests have just really described how I would not do this program for the financial benefits alone. You really got to do some soul searching and figure out if this is right for you. Like you mentioned, my pay once I graduate will be significantly less than my civilian counterparts. So I do think that it will even out or, you know, eventually I'll be in the hole compared to if I did this all basically my own way. But I do think if, you know, serving your country, something that's important to you or, you know, you're okay with receiving a little bit lower salary as a attending physician for a while is a great way to get school paid for.
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A
To be fair, this works out just fine for a lot of specialties, right? If you're in pediatrics or preventive medicine or family practice, you don't get paid that much less in the military than you'd make in the civilian world. Ortho, Obviously, there's a big difference because orthopedists tend to make lots of money. But what would you expect to make next year, your first full year as a military attending orthopedic surgeon still in payback? What do you expect your total income to be next year?
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C
My total income is going to be right about $190,000.
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A
And if you look at salary surveys for the average orthopedic surgeon, you'll see it's more like something like half a million. So there's a big difference between half a million and 190,000. You can pay a lot of student loans off with that. And I think that's a good demonstration of exactly what you said, which is this probably isn't something you do primarily for the financial reasons. It's for desire to serve and some of the unique things that you can only do in the military. But the beautiful thing about it is it's much more of a traditional career and financial path in that you don't have the classic doctor path where you're in this massive debt when you start, and then you don't get paid all that much in residency. And so you start your life minus 300,000. Instead, you're starting your life 200,000. On the plus side, so you've already got money working for you, not to mention all the tax benefits of military service. So what advice do you have now for somebody that's already say they're in the HPSB program or they're attending USUS or they're in a residency program. Now, whether they're deferred to a civilian residency or whether they're in a military residency, what advice do you have to them to make sure they take advantage of those early financial advantages that you get by going the military route so they can make up for the later financial disadvantage of being paid a little bit less while you're in payback?
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C
Yeah, I think again, just recognizing that we are paid pretty well in the military as residents and particularly if you're going to use this, you're on salary while you're in school, which is incredible. But take advantage of that because these are still going to be relatively low cost of living times of your life. You know, as residents we're super busy, which you know, stinks because we don't have any free time to ourselves. But that also means we're not out there spending money because we don't have any time to do so. But get your financial ducks in a row. You know, I would highly encourage anybody to, you know, go through your site, read your books, get something of a financial plan in place just so that it's all kind of automated when you do get into residency to just again, like you said, accumulate a little bit of investments and let your money start working for you as early on as possible.
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A
Well, I mean, the military, it's not just everything in life isn't about finances. Tell talk to us a little bit about what going the military route for training has meant to your family from a non financial perspective.
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C
You know, when I joined, I was single, it was just me. So, you know, this sounded like a great opportunity to, you know, travel the world while practicing medicine, which is, you know, what I knew I always wanted to do. Now with a wife and kids, I'm more concerned about, you know, the potential for deployment and you know, the negative aspects of being told when and where we're going to be moving for our next, you know, duty station, that kind of thing. So those are certainly things to be mindful of going into this. I think one thing that I've really grown to appreciate going through medical school and I'm sure you can attest to this is just how much your life changes from when you start this training pipeline to when you eventually get out of it.
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Yeah, it's hard. It's hard to know at 25 what's going to make you happy at 35, isn't it?
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Yeah, for sure. And just where your life is going to be at. If I may, on the positive side, you know, it's. It's offered chances for my family to live in areas that we probably wouldn't have otherwise considered living, like San Diego. I don't think we ever would have imagined coming here if it wasn't for the military. And next year we're actually going to Jacksonville, Florida. So we're kind of hitting all corners of the country.
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A
Yeah. Two places that are very different from Wisconsin.
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C
Yeah.
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A
Tell us a little bit about your upbringing and your journey to financial awakening.
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C
I grew up, like you mentioned, in Wisconsin. I was the oldest of four kids. My dad was actually a financial advisor by profession. So my parents did instill in me pretty early on the importance of saving. You know, as I got a little older, the importance of what credit cards are actually supposed to be used for and that kind of thing. My dad did give me some lessons early on about what he does. Just having your money work for you, which I do carry with me, obviously to this day and have since built upon. I remember the first time he told me what he does, he's like, yeah, I take people's money and I put it in places and it grows. And I literally thought he took a lot of cash, put it in like file cabinet drawer or something, opened it up a couple of years later and the stack of cash grew. And I was like, well, let's do that for me. Obviously I've grown a little since then, but those lessons early on really helped instill in me some self discipline. And then beyond the financial aspects, they strongly encouraged just great life virtues, hard work, humility, being kind to others. And I think that also kind of translates to financial behavior as well.
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A
So, I mean, you come from a different place than a lot of people. A lot of people, you know, the first doctor in their family or whatever, and no one ever taught them about finances. You know, they were just signed up for Monopoly money when they go to. When they go to medical school and take out these loans. And it's kind of a rude awakening when they first realized, I don't know anything about money. Did you feel like you'd been given as much of an advantage as you should have been given your dad's profession? Or do you feel like there was maybe more that he could have taught you? And if so, what would you have liked to learn before you left home?
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C
Oh, That's a good question. As I've gone on and gotten more financially literate myself, I have noticed there have been probably some gaps that I feel like he could have taught me some more specifics about. At least, I would say my financial awakening really happened during undergrad. I got a minor in business just for the sake of at least getting some kind of grasp on how businesses run. And honestly, one of my favorite classes from undergrad was Finance 101. We had a super passionate professor who, you know, taught us about time value of money calculations and all that. And I'm convinced that his curriculum was based on the book A Random Walk Down Wall Street. So after that course finished, I picked up that book, and that's when I really, I think, started to learn about how simple investing can be and general approaches to investing. And then that sort of snowballed into med school. You know, I stumbled across a bunch of other financial books as well as yours, and that really was kind of the springboard for me feeling comfortable managing my own finances.
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A
Pretty awesome. All right, talk to us about some of your future financial goals. What else do you want to accomplish financially?
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C
Yeah, I guess short term, my lofty goal is to hopefully be a millionaire by the time that I get out of military service, which will be in about four years, like we mentioned.
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A
Very cool. Well, I wish you the best of luck on that, and hopefully we'll have you back on here for another episode in about four years and celebrate that with you. Thank you so much for being willing to serve. I hope any deployments you may be assigned to go well and that I wish you safety as well as a sense of purpose as you go about your work, and a great deal of camaraderie as you work with the teams you'll be assigned to work with. Thank you so much for being willing to come on the podcast and share your story with others.
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C
Yeah, thanks, Jim. I appreciate being here.
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A
Okay. I'm so grateful for those of you out there in the military, those of you in some sort of public service like that. Thank you so much. I know a lot of times it means you're actually making less money than you would be otherwise, and. And so I'm grateful that there's some benefits that lessen that impact, whether that's public service, loan forgiveness or loan payback programs, or things like the HPSP program or usus, or some of the tax benefits you get from being in the military. It's nice to kind of soften that blow a little bit, but particularly those who go into relatively highly paid specialties in the military. They're not coming out ahead to do this, so they need to take advantage of what advantages they do have. You know, the money you make in medical school and the, you know, increased income you have during residency to make up for part of that lower income later. Now, it's nice you don't pay nearly as much in taxes, but at the end of the day, if you have more after you pay the taxes, that's a little bit more of an advantage for sure.
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Hello, my name is Tyler Scott with White coat planning, and Dr. Dali has asked me to come share a principle with you today. I'm excited to talk about target date funds. Target date funds are the ultimate in set it and forget it investing because they do three really useful things for us that require no additional work or management on our part. First, they give us an appropriate asset allocation for our age. By asset allocation, I mean our mix of stocks and bonds. For example, I'm 40 years old, so I invest in the 2050 Target Date Fund in my Vanguard 401. The year 2050 is about the year that I'll turn 65. So the fund knows I'm roughly 40 years old, and thus it gives me an asset allocation of about 90% stocks and 10% bonds. About 2/3 of the stock are US and the other third are international. So I get a very reasonable, highly diversified, low cost mix of US and international stocks and bonds that's appropriate for my age. The second thing target date funds do for us is adjust our asset allocation automatically as we age. It's one thing to have a 90:10 stock to bond portfolio at age 40. It's an entirely different thing to roll with that aggressive of a portfolio at age 60. At 40 years old, I don't care at all if the stock market loses half of its value tomorrow morning because I'm more than 20 years away from needing those assets. In fact, perversely and selfishly, I kind of want the market to do bad so that all those juicy stocks I want to buy go on sale anyways. The stock market crash for a young person is synonymous with Black Friday after Thanksgiving. It's the sale we've been dreaming of. However, I do not want to wake up on my 65th birthday to see that half of my lifetime savings has disappeared in a stock market crash. In order to mitigate against this, we want to shift our asset allocation slowly and deliberately as we age. So we drop from holding 90% highly volatile stocks to more like 50 or 60% stocks with a corresponding increase to 40 or 50% of more stably priced bonds. That way, if a stock market crash occurs in my 60s, I might see a decrease of 10% of my portfolio, not 30 or 40%. Well, you can adjust your asset allocation manually over the years if you're confident in managing your own portfolio. Or you can just choose a target date fund to do it for you. Each year I get closer to the year 2050. The fund slowly ratchets up the percentage of bonds that I own. I don't have to do anything. This concept of adjusting your asset allocation over time is known as a glide path. We glide from a 9010 portfolio to a 6040 portfolio as we age. A target date fund will follow the glide path for you. The final way a target date fund aids us in setting it and forgetting it is that it automatically rebalances itself through the year. What I mean by rebalancing is that we want to maintain our desired percentage of assets at all times. Let's say that desired percentage is 60% stock for us, 30% stock internationally, and 10% US bonds. If you purchased three individual index funds in those relative percentages, they would stay at your desired ratio for a pretty short period of time in most cases. And that's because the U.S. bond market and the international stock market do not have perfect correlation with one another. They rise and fall at different rates. And that's a good thing. That's diversification that we want. The problem is that if the international economy goes on a tear and the US Bond market has a terrible year, then you don't have 30% international stocks and 10% US bonds anymore. You might have something like 35% international stocks and 5% US bonds. That's not the asset allocation you want. That's the wrong balance of your funds. So you have to go into the account and rebalance by selling some portion of the overperforming asset and buying the underperforming one until you achieve your desired balance again. Well, a target Date fund rebalances itself regularly every month or every quarter. You don't ever have to go into the account and buy and sell anything. So that's what makes target Date funds awesome. They give you a rational asset allocation. They follow a rational glide path and they rebalance at a rational interval. Now that I've got you hopefully pumped up on the glory of target date funds, let's talk about some important nuances. First, there can be a terminology trap here. These funds are also known as target retirement funds because the date you are often picking is allegedly your retirement date, but I actually hate that term of target retirement funds and do not recommend thinking of your retirement timeline at all when choosing a target date fund to use. The reason for that is some people will retire at age 45, some at 55, some at 75. This retirement timeline should not really be our primary concern when it comes to the longevity of our nest egg. Rather, the point of retirement savings is to make sure we don't run out of money before we die. When we die has nothing to do with when we retire. In financial planning, we do our math to create a nest egg to support us until age 95. I very well may retire in 2040, but I will always use a 2050 target date fund because the year 2050 is when I turn 65. I think these should be called target 65th birthday funds. That would be more clear and aligned with their intended purpose. This brings us to another question I see clients wrestle with. Let's say one spouse is age 40 and the other is age 30. Which target date fund should the household use? The answer is to take the average age of the couple in our example, the couple should think of themselves as 35 years old collectively, and maybe they would use a 2055 target date fund. I think that is the simplest way to think about it. Otherwise it becomes very difficult to know and to manage the overall asset allocation of the family if one spouse has X dollars in one target date fund and the other spouse has Y dollars in a different target date fund. Another wrinkle with target date funds relates to risk tolerance. Occasionally I'll get a client that says, well, yeah, Tyler, I totally get it, but I want to take more or less risk than this glide path will take me on. So maybe a target date fund is not the right thing for me. To that I say just pick a slightly different target date fund if you're 40 years old and that would correlate to the 2050 fund like I've talked about and you want to take more risk, Great. Pick the 2055 or 2060 Target Date Fund instead, which will keep more of your assets in stocks for a longer period of time. Conversely, if you want to take less risk, maybe you pick the 2045 or 2040 fund that will have more bonds now and shift you away from stocks faster as the years go by. One thing to be mindful of with target date funds is they are not all created equal. Some are awesome and some are awful. You really have to look under the hood and understand what the funds in the target date fund are actually using and buying to create the underlying asset allocation. And most importantly, you want to pay attention to what the fees are. The fees are often expressed as an expense ratio, and that's a term I have described in a different one of these videos. But basically an expense ratio is a fee to you that you pay the firm who has created the investment. It's expressed as a percentage of the total dollars you have in that investment. So if the expense ratio is 1%, you must pay 1% of your total holdings to the investment company each year. So expense ratios are important to pay attention to. They erode your wealth. You want to keep them low. Some target date funds, like the ones at Vanguard have very low expense ratios. The 2050 fund I use has an annual fee of 0.08%. So 8/100 of a percent. That's pretty awesome. So if I have $100,000 in the fund, I pay 80 bucks a year to have the benefit of using the target date fund. That's a pretty dang good deal for a fund that guarantees a good asset allocation, follows a good glide path and automatically rebalances. Some target date funds have terrible expense ratios like 0.75% or all the way up to 2%. Let's say you had one that was 1.5%. Now, if you've got $100,000 in there, you have to pay $1,500 a year for the benefits of the target date fund. If you have a million dollars in there, you have to pay $15,000 every year and it goes up each year as the account grows. That is not a good deal. Don't do that. Find a lower cost alternative. Maybe that's individual funds. And then you have to manage the account yourself or find a financial planner to help you do it. I do this all the times with clients. I tell them to stop using really awful target date funds and teach them how to adjust the asset allocation themselves so they don't waste thousands of dollars in some crappy target they fund each year. Big brokerages like Vanguard, Fidelity and Schwab typically have good low cost target date funds. Another thing I like about target date funds is the ease when it comes to estate planning. I could follow my own glide path and rebalance my own accounts. I'm a finance nerd. I love this stuff. My wife, she is not a finance nerd and she barely tolerates this level of detail. She decidedly does not want to create and follow a glide path with any kind of quarterly rebalancing. So even though this is my professional field. I use target date funds in almost all of our accounts because if I die, no one needs to do anything. Nothing needs to be changed. The investments will just roll forward on a good track into the future. Forever. Awesome. My closing thought after all that hype about target date funds is do not use them in your taxable brokerage account for myriad technical reasons that transcend this intro lesson. Just know that they are not typically a smart choice in your taxable brokerage account. They're awesome in tax protected accounts like 401ks, 403bs, 457 HSAs IRAs also in 529s for your college savings. Often we call them target enrollment funds with the target year being the year the child finishes high school or starts college. Just don't use them in a taxable account. They are nearly ubiquitous in employer retirement accounts these days, which is good except for the ones that are awful. So watch out for those. They're almost always available in your HSAs and definitely in your IRAs. As long as you're with Vanguard, Fidelity Schwab, Target date funds are pretty cool. Give them a long look. If you are into maximum simplicity and low stress, they are the ultimate in set it and forget it investing.
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Trusted by more than 3,500 accredited investors in all 50 states, DLP Capital's strategic focus on attainable workforce housing in fast growing Sunbelt markets gives you the potential to earn consistent monthly income, diversify away from stocks and bonds and generate double digit returns. DLP's current offerings include both private credit and equity strategies, making it easy to find the right fit for your risk tolerance and investment goals. And don't forget, DLP offers lower investment minimums exclusively for white Coat investors. Discover more@whitecoatinvestor.com DLP all right, head up, shoulders back. You've got this. We're here to help. See you next time on the Milestones to Millionaire Podcast. The White Coat Investor Podcast is for your entertainment and information only and should not be considered financial, legal, tax or investment advice. Investing involves risk, including the possible loss of principal.
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You should consult the appropriate professional for
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specific advice relating to your situation.
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It.