Manage episode 272078665 series 2514838
Doc G was an internal medicine physician when he discovered the personal finance community through a book called The White Coat Investor. Since then, he has left clinical practice to pursue his passion for deep conversations about money and life.
In today's episode, we discuss the process and psychology required to become financially independent and retire early high-paid professionals. The steps Doc G took to put himself in a financial position where he could retire when he wanted.
[00:01 – 09:28] Opening Segment
- I talk briefly about the great value that awaits you in this episode
- I introduce and welcome guest, Doc G
- Doc G gives a bit of background about himself
- Followed in his father's footsteps and became a physician
- Doc G shares the paradigm-shifting book that he read that help him decide it's time for him to move away from being a physician
- The White Coat Investor by James Dahle
[09:29 – 16:40] The Mindset and Process
- Doc G talks about the process of slowly stepping back from his physician career
- Struggled with walking away from the identity he built
- Started pulling back from the things he didn't like as a physician
- Became intentional about how he generated income and where his money came from
- Throughout his career, he kept getting involved in businesses to fill out the things that being a physician could not fulfill.
- Quick Ad Break [16:41 – 16:42]
[16:43 – 24:24] The Landlord DNA
- Doc G talks about his real estate investments
- Shares a story about the first property he owned
- His criteria in finding deals
- The role that real estate played in his journey
- Doc shares his secret to financial independence
[24:25 – 31:46] Closing Segment
- Quick word from our sponsors
- What is the best investment you've ever made other than your education?
- "The more satisfying answer is the house we bought in Wisconsin."
- "The cheesy answer is my marriage."
- What is the worst investment you ever made?
- "My brother decided to work for an insurance company for a while, and he sold me a horrible whole life policy."
- What is the most important lesson that you've learned in business and investing?
- "So, what I really learned is that you can't pay other people to think for you. You pay them to advise you."
- Connect with Doc G online. See the links below.
"I've done all the hard work of building what I needed, but I had no idea how to then take all that power, all that fuel, all that energy I had created and allow it to propel me to that next level of life where maybe I could start letting go of the things I didn't like." – Doc G
"Ultimately, what I really want is time, and if I want to have as much time as possible, I'd stop doing the things I don't like and do more of the things I do like, and some of those do take money." – Doc G
"When you decide that you have enough, the most important pivot is to go from returns to risk mitigation. Because you really don't need high returns anymore when you have enough. You need enough returns to maintain." – Doc G
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