$399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

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confusedinvestor
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$399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by confusedinvestor » Thu Jan 18, 2018 2:59 am

Hi,

1. Has anyone taken this new $399 course ' Fire your Financial Advisor' by WhiteCoat Investor (line below) ? If yes, is the course worth the value $399?

https://www.whitecoatinvestor.com/fire- ... ne-course/

2. Are there any similar 'paid' courses such as this beside our wiki ?

Any feedback would be much appreciated - thanks.

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triceratop
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by triceratop » Thu Jan 18, 2018 3:08 am

"A strange game. The only winning move is not to play. How about a nice game of chess?" --AI in WarGames (1983) :D

I want to emphasize that our wiki is very much not 'paid'. It is a volunteer effort and all information is provided freely (gratis). The same goes for all assistance on the forum. And at the risk of ruining my own snark with even more explanation: the idea of spending $399 on a course on how to fire one's financial advisor appears to this reader to be an exercise in NewSpeak.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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eye.surgeon
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by eye.surgeon » Thu Jan 18, 2018 3:09 am

Haven't taken it but can speak to whitecoatinvestor, he's a forum member and a great resource and based on his reputation alone I would recommend it for those looking for help.
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by iceport » Thu Jan 18, 2018 4:13 am

triceratop wrote:
Thu Jan 18, 2018 3:08 am
"A strange game. The only winning move is not to play. How about a nice game of chess?" --AI in WarGames (1983) :D

I want to emphasize that our wiki is very much not 'paid'. It is a volunteer effort and all information is provided freely (gratis). The same goes for all assistance on the forum. And at the risk of ruining my own snark with even more explanation: the idea of spending $399 on a course on how to fire one's financial advisor appears to this reader to be an exercise in NewSpeak.
I wholeheartedly agree.

WCI, or "Emergdoc" as we knew him when he was an active forum member, provided a great deal of insight here in the past. He was open and generous in sharing information, and for that I am truly grateful. However, now that he only maintains a token presence, there are plenty of other intelligent and wise people here still willing to share their insight for free.

This is still the best place to come for wisdom in investing and personal finances, donated by folks that have no profit motivation whatsoever other than the satisfaction of helping others.The only place I recommend to others without reservation is the Bogleheads forum, whether they're high income doctors or not.
"Discipline matters more than allocation.” ─William Bernstein

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TomatoTomahto
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by TomatoTomahto » Thu Jan 18, 2018 6:31 am

I am a capitalist. I do not resent anyone monetizing their knowledge or skill. Nevertheless, I read of this course offering with some sadness.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by HueyLD » Thu Jan 18, 2018 6:46 am

Why would any Boglehead pay so much money just to be told to fire his/her financial advisor?

As a capitalist, I think the money can be better utilized by investing in index funds.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Grt2bOutdoors » Thu Jan 18, 2018 7:17 am

Here’s a tip on how to fire your financial advisor. Pick up the phone and call Vanguard- tell them you want to move all of your assets to them in-kind. After the assets have been moved, call the financial adviser or drop them an email - You’re FIRED! $399 sounds a bit over the top, but then again I haven’t seen what is being offered, will they fill out the forms for you? What other services are part of this?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by strafe » Thu Jan 18, 2018 7:30 am

Grt2bOutdoors wrote:
Thu Jan 18, 2018 7:17 am
Here’s a tip on how to fire your financial advisor. Pick up the phone and call Vanguard- tell them you want to move all of your assets to them in-kind. After the assets have been moved, call the financial adviser or drop them an email - You’re FIRED! $399 sounds a bit over the top, but then again I haven’t seen what is being offered, will they fill out the forms for you? What other services are part of this?
Remember there is much more to financial planning than investments.
-life ins
-disability insurance
-kids education savings
-student loans
-estate planning
-tax optimization
- ...

Like bottled water, the value added here is in the packaging.

Yes, a busy physician could spend hours slogging through free resources like the forum to figure this out.

Or, they could drop some loose pocket change on a tailored course. Remember the target audience is already shelling out $10-20k+ per year on an adviser.

strafe
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by strafe » Thu Jan 18, 2018 7:33 am

HueyLD wrote:
Thu Jan 18, 2018 6:46 am
Why would any Boglehead pay so much money just to be told to fire his/her financial advisor?
Finance nerds / Bogleheads are clearly not the intended market.

EvelynTroy
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by EvelynTroy » Thu Jan 18, 2018 7:47 am

Confused - not sure if it would make the topic more confused, but..
On opposite end the forum's well respected FinanceBuff is offering a service to help you find a low-cost investment advisor in your area.
Interesting concept - I’m offering to be your personal scout to search and screen for advisors in your area who meet these Advice-Only criteria there is whole list of them. This service is $200 to screen and find 3 advisors in your area that meet the criteria.

https://thefinancebuff.com/ top navigation bar is the link to Find Advisor

Evelyn

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Leemiller » Thu Jan 18, 2018 7:49 am

strafe wrote:
Thu Jan 18, 2018 7:30 am
Grt2bOutdoors wrote:
Thu Jan 18, 2018 7:17 am
Here’s a tip on how to fire your financial advisor. Pick up the phone and call Vanguard- tell them you want to move all of your assets to them in-kind. After the assets have been moved, call the financial adviser or drop them an email - You’re FIRED! $399 sounds a bit over the top, but then again I haven’t seen what is being offered, will they fill out the forms for you? What other services are part of this?
Remember there is much more to financial planning than investments.
-life ins
-disability insurance
-kids education savings
-student loans
-estate planning
-tax optimization
- ...

Like bottled water, the value added here is in the packaging.

Yes, a busy physician could spend hours slogging through free resources like the forum to figure this out.

Or, they could drop some loose pocket change on a tailored course. Remember the target audience is already shelling out $10-20k+ per year on an adviser.
These sound like excellent reasons to get professional tax and accounting advice. To rely on a course by a non-professional in this space, that doesn’t take into account individual circumstances or variances in state law would be foolish. As for learning a baseline prior to getting professional help, this forum, other blogs and many excellent books (some my actual professionals in this space) offer good advice.

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HueyLD
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by HueyLD » Thu Jan 18, 2018 7:56 am

strafe wrote:
Thu Jan 18, 2018 7:33 am
HueyLD wrote:
Thu Jan 18, 2018 6:46 am
Why would any Boglehead pay so much money just to be told to fire his/her financial advisor?
Finance nerds / Bogleheads are clearly not the intended market.
I guess that makes Bogleheads smarter than the intended audience.

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HueyLD
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by HueyLD » Thu Jan 18, 2018 8:03 am

EvelynTroy wrote:
Thu Jan 18, 2018 7:47 am
Confused - not sure if it would make the topic more confused, but..
On opposite end the forum's well respected FinanceBuff is offering a service to help you find a low-cost investment advisor in your area.
Interesting concept - I’m offering to be your personal scout to search and screen for advisors in your area who meet these Advice-Only criteria there is whole list of them. This service is $200 to screen and find 3 advisors in your area that meet the criteria.

https://thefinancebuff.com/ top navigation bar is the link to Find Advisor

Evelyn
That’s a different situation.

There are plenty of people who do not feel comfortable managing their own investments. And it is better for them to get some help finding competent advisors at reasonable costs than going to advisors who are conveniently located in the neighborhood.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Silk McCue » Thu Jan 18, 2018 8:07 am

It is apparent that people aren't clicking on the link and taking time to get an informed understanding of what is being offered and are just responding to the headline. This course isn't meant for most folks on this forum. It clearly has a target audience that would likely greatly benefit from the nominal cost given the authors experience and reputation.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by bottlecap » Thu Jan 18, 2018 8:13 am

I'm sure it’s mean for "busy" doctors who a) have hundred dollar bills dangling from their chins after eating at nice restaurants, b) don’t feel they have the time to learn by roaming either this site or whitecoatinvestor.com, and c) don’t value any advice unless they pay for it.

If you have time to post on Bogleheads.org, you probably don’t fit this category, but I would venture to say that the course is well worth the money for someone who feels they do.

JT

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Sockpuppet » Thu Jan 18, 2018 8:32 am

bottlecap wrote:
Thu Jan 18, 2018 8:13 am
I'm sure it’s mean for "busy" doctors who a) have hundred dollar bills dangling from their chins after eating at nice restaurants, b) don’t feel they have the time to learn by roaming either this site or whitecoatinvestor.com, and c) don’t value any advice unless they pay for it.

If you have time to post on Bogleheads.org, you probably don’t fit this category, but I would venture to say that the course is well worth the money for someone who feels they do.

JT
Studies have shown doctors are among the most financially illiterate groups out there. So this could be value for them, especially as physicians are often short on time.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Da5id » Thu Jan 18, 2018 8:40 am

Sockpuppet wrote:
Thu Jan 18, 2018 8:32 am
Studies have shown doctors are among the most financially illiterate groups out there. So this could be value for them, especially as physicians are often short on time.
Most people here don't need this. In fact, most people here probably don't have a financial adviser. Some people like to hear a real person make a case and get more comfort/confidence from that than from reading what random folks post on the internet. Perhaps people who have advisers are more likely to be of this category. I'd also note that many people have an implicit bias against things they get for free (hence "you get what you pay for"), paying for something for whatever reason adds weight to it. While I'd not pay for this seminar myself, I don't have an adviser. If the target audience (presumably doctors with little time to spend on investing) needs to spend $399 to get this message, so be it. I'd not pay thousands for Vanguard PAS either, doesn't mean it doesn't have value for some. But I'd agree this isn't all that useful for bogleheads. WCI posts useful articles on his site and has no doubt helped many doctors escape high fee financial advisers...

[edit] - I see it is an online course, not live. But still, it provides 7 hours of training on how to do it yourself, and has a no questions asked 7 day money back guarantee. Not my cup of tea in the slightest, but perhaps valuable to the target audience -- folks who have an adviser, not lots of time, and need what this has to offer.
Last edited by Da5id on Thu Jan 18, 2018 9:02 am, edited 2 times in total.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Strayshot » Thu Jan 18, 2018 8:42 am

$399 buys a lot of books, including “The White Coat Investor”, both bogleheads books, everything jack bogle has ever written, Ben Graham’s intelligent investor, and probably everything Bernstein has written as well.

This is clearly a “sell” to “busy physicians” who can’t read and smells of an infomercial. 7 day money-back guarantee!

I will pass.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by goblue100 » Thu Jan 18, 2018 8:55 am

I will pass as well, but I don't begrudge WCI from making the offering. As I am reminded often, not everyone thinks like I do, and many people may find $399 to unwind a complex relationship with a FA to be the biggest bargain of their lives. I suspect in most cases it's not like transferring a 3 fund portfolio from the FA to Vanguard, there might be all kinds of positions to liquidate or move in kind.
Some people are immune to good advice. - Saul Goodman

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by ThriftyPhD » Thu Jan 18, 2018 9:10 am

Silk McCue wrote:
Thu Jan 18, 2018 8:07 am
It is apparent that people aren't clicking on the link and taking time to get an informed understanding of what is being offered and are just responding to the headline. This course isn't meant for most folks on this forum. It clearly has a target audience that would likely greatly benefit from the nominal cost given the authors experience and reputation.
++

The website is quite clear on what the course is and who it would benefit. There is a lot more to the course than "Call up Vanguard and have them call your advisor to transfer your account". The price does not seem out of line for the amount of material covered, especially since it is tailored for a niche audience and therefore a limited customer based to spread the costs across.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by CyclingDuo » Thu Jan 18, 2018 9:13 am

HueyLD wrote:
Thu Jan 18, 2018 6:46 am
Why would any Boglehead pay so much money just to be told to fire his/her financial advisor?

As a capitalist, I think the money can be better utilized by investing in index funds.
We're pretty sure that is exactly what WCI is planning on doing with every $399 he receives. :mrgreen:

That being said, I think we can all relate to the oft quoted advice here on the forums for people to find a side hustle to increase income, and sock away the additional money into your savings. For that reason alone - here's to WCI and his side hustle. :beer

Can't really fault him for that. And it probably beats teaching a yoga class. 8-)

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by lostdog » Thu Jan 18, 2018 9:13 am

Please remember bogleheads are not the norm. Personal finance is a taboo discussion to most people. I hear excuses from friends and family that they don't have the time or interest but yet they waste a lot of time on social media and watching TV etc... Most people need their hand held when it comes to this stuff and unfortunately they get preyed upon by salesman. Bogleheads are a rare breed and I feel very fortunate to have this forum available to learn and participate.

With that being said, the service white coat investor is offering is way better than the alternatives out there. Good for him offering this service and I wish him success.
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by FBN2014 » Thu Jan 18, 2018 9:22 am

I'm sure WCI appreciates all the free publicity he has received with this thread. This is essentially free advertising for his course. Is that allowed by the BH administrator?

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Grt2bOutdoors » Thu Jan 18, 2018 9:25 am

strafe wrote:
Thu Jan 18, 2018 7:30 am
Grt2bOutdoors wrote:
Thu Jan 18, 2018 7:17 am
Here’s a tip on how to fire your financial advisor. Pick up the phone and call Vanguard- tell them you want to move all of your assets to them in-kind. After the assets have been moved, call the financial adviser or drop them an email - You’re FIRED! $399 sounds a bit over the top, but then again I haven’t seen what is being offered, will they fill out the forms for you? What other services are part of this?
Remember there is much more to financial planning than investments.
-life ins
-disability insurance
-kids education savings
-student loans
-estate planning
-tax optimization
- ...

Like bottled water, the value added here is in the packaging.

Yes, a busy physician could spend hours slogging through free resources like the forum to figure this out.

Or, they could drop some loose pocket change on a tailored course. Remember the target audience is already shelling out $10-20k+ per year on an adviser.
Point well taken. And if it's not on an adviser, they are easily shelling that out on loans, rent and car leases. As noted by moderator Tri up above, all of this information can be found here, it's tailored in the wiki and the advice is "cutting edge" by folks who either practice it for a living or spend an inordinate amount of their free time diligently researching it and posting it up on the wiki. Paying it forward for reasons or reason unknown, nonetheless doing it to ultimately benefit all. There will always be those who want things delivered on a platter to them and are willing to pay for it, that is their choice and applaud EmerDoc for providing it - at least it's not the $2,500 consultation come-on you'll get from alot of places, with additional fees along the way. However, for most folks, they can use the $380 to apply to their onerous medical education loans and use the difference to pick up a copy of WCI's book instead. It's not a particularly difficult book to read or understand.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by fishndoc » Thu Jan 18, 2018 9:26 am

As has already been mentioned several times, Bogleheads are not the norm. Physicians, despite years of education, are just as clueless as the general public on investing basics.

For 90% of the docs I know, this would be the best $399 they will ever spend.
" Successful investing involves doing just a few things right, and avoiding serious mistakes." - J. Bogle

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macchiato
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by macchiato » Thu Jan 18, 2018 9:27 am

Right from the Four Hour Work Week playbook...

These things suffer the patina of
- Long, one page marketing-speak with artificial scarcity and soon-to-expire discounts,
- Affiliate programs that unleash fake YouTube testimonials read by actors,
- Forum moderators having to strip referral codes from future links to this,
- and much much more!

Generally, anathema that triggers the gag reflex of most here.

But! On the other hand, perhaps that's the point! This marketing approach is actually proven, so I hope that a bunch of people who otherwise don't want to teach themselves are steered in the right direction.

In other words, the universe has room for this. I'm sure the content is fantastic and wish WCI well.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Grt2bOutdoors » Thu Jan 18, 2018 9:31 am

Sockpuppet wrote:
Thu Jan 18, 2018 8:32 am
bottlecap wrote:
Thu Jan 18, 2018 8:13 am
I'm sure it’s mean for "busy" doctors who a) have hundred dollar bills dangling from their chins after eating at nice restaurants, b) don’t feel they have the time to learn by roaming either this site or whitecoatinvestor.com, and c) don’t value any advice unless they pay for it.

If you have time to post on Bogleheads.org, you probably don’t fit this category, but I would venture to say that the course is well worth the money for someone who feels they do.

JT
Studies have shown doctors are among the most financially illiterate groups out there. So this could be value for them, especially as physicians are often short on time.
You sure about that? My doctor must be a rarity, he advised me to keep working as long as I possibly can, save as much as possible.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by CollegePrudens » Thu Jan 18, 2018 9:32 am

I cringe at the harsh tone that we (forum members) sometime use on these thread. Obviously not everybody uses a harsh tone. But even so... I fear that it serves to drive knowledgeable posters away.

I have learned a ton from being here, including from WCI and TFB mentioned upthread. I hope that they will not take this thread too hard and continue to be active members of this forum.

PS: I have no affiliation with WCI, have never communicated with him and don't always agree with his take on a situation (but that would be normal for any two people).

Edited for typos
Last edited by CollegePrudens on Thu Jan 18, 2018 10:23 am, edited 3 times in total.
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by pepperz » Thu Jan 18, 2018 9:34 am

I am not a doctor but I appreciate WCI's content / teaching so much that I purchased his book from Amazon.

One time I paid $50 for a single file PDF "e-book" that teaches you how to transform your body. (Increase muscle, decrease fat.)

A lifetime friend of mine was so impressed by my results and (also happened to be overweight and unhealthy) asked me how I did it... I told him about the $50 ebook and suggested he buy it.

He laughed so hard calling me a sucker. As he was mocking me he said "I can Google search and get all that information for free!"... my response was "Sure but what is your time worth?"... He is still overweight and unhealthy.

A professional body builder would probably find little "new stuff" out of that $50 PDF I purchased but it sure did help me learn and implement at an accelerated rate... NOW when I Google search and browse forums around the topic, I know exactly how to qualify the information and what applies to me vs. what doesn't.

If the product appeals to you and you think it may help, I wouldn't think twice about purchasing. What do you really have to lose? Usually those kinds of products have some sort of money-back guarantee that I'm sure someone like WCI would honor.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by dbr » Thu Jan 18, 2018 9:44 am

I am not going to advise someone not to spend $400 to get a start on good financial planning. I know it is not necessary to spend this money but it could also be that making a commitment in money also means a commitment to action. These days responsible financial advising, if this is such, is hard enough to come by that every bit of help is welcome.

As far as the course itself, I am not spending $400 to get access to review it, so potential customers will have to wait for someone who is signed up.

Moderators will have to walk a thin line between objective information and infomercial.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by peterwantstosave » Thu Jan 18, 2018 9:47 am

In the two or so months since I've found this forum, I've learned more about investing on my own than ever before. Based on this forum, and what I've watched and read, here is my financial plan. Feel free to copy it if you wish.

Three Month Emergency Fund (50% Big Bank Checking, 50% Credit Union Savings)
As little consumer debt as possible (put all expenses and spending on two CCs, pay each off in full each month).
403b to Match (TIAA, 55% Total Stock, 35% Intl Stock, 10% Bond)
Roth IRA (T Rowe Price, 100% PBDIX)
Vanguard Mutual Fund Account (100% VFIFX)

This is my plan going forward. I am 34 and I hope it lasts me 31 years, until I retire @ 65.

It's taken me forever to realize that my plan works for me, and it's far from perfect. In fact, I'm not fully satisfied with any aspect of it. I wish I could hold everything at one institution, but doing that makes me nervous. I wish I could stack 6 months into my EF, but I look at all that cash and say why. I wish I could be without credit cards, but I think what if I need to make an unexpected purchase. I wish I could contribute beyond the match to my 403b, but I feel like I am giving my employer too much money. I don't love PBMIX, but I like TRowe Price and it's cheaper to get into their Bond Fund ($1000 vs $2500) than into Fidelity's. I know T Rowe Price's BFund is actively managed, but expenses are still OK (not great). And I wish I could stomach only VTI in Vanguard but I like VFIFX because it is easy, all in one and gives me some bonds for security and some intl exposure. And I feel like the above is a plan that I'm more likely to stick with it than with anything else I've ever had. I doubt I could stomach being all stocks in a recession or correction, it would make me feel really nervous. I'm not as resolute financially as I wish I was.

I have very little debt because of Dave Ramsey, I have the asset allocation as I do in my 403b because CyclingDuo walked me through it and Taylor convinced me to do it. I have all Bonds in my Roth IRA because I watched the Getting Started videos recommended in response to my questions. And I have VFIFX because I spent most of last night reading postings in the group about how it's hard to go all stock with the threat of an impending correction.

I say all of this to say that I've gained a TON from listening to Dave Ramsey, the Bogleheads, especially Taylor L. and Cycling, and so many others. I'm working my way through a plan that works. I wanted to share with you because I thought it might save you $400. I'm not opposed to the course, but I just wanted to put in my perspective.

This group is incredibly helpful. And it's free :-)

Peter
Last edited by peterwantstosave on Thu Jan 18, 2018 10:54 am, edited 1 time in total.

TylerS7
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by TylerS7 » Thu Jan 18, 2018 9:52 am

The snarky responses in this topic are pretty ironic. They mock physicians that don't have time or want to take the time to educate themselves about their finances, but don't even take the time themselves to learn about the intended target audience, what the course offers, or how much time and resources went into producing the course.

I listened to WCI podcast this morning, immediately knew the course wasn't intended for me, and went on with my day. It seems like a nice service, and he pretty clearly spells out who he thinks it would help if you have the patience to make it past the title.

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Alexa9
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Alexa9 » Thu Jan 18, 2018 9:57 am

Fire your financial advisor and hire me as your financial advisor for only $399?
I would be hesitant to pay that much for financial advice when it's free on this forum.

Mike Scott
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Mike Scott » Thu Jan 18, 2018 10:01 am

First note: WCI has not tried to sell this to bogleheads or even mentioned it on this site as far as I know. This seems to be an independent snark thread.

Second note: I find it disturbing sometimes to see a pervasive attitude from many members of this board that information has no $$ value.

Third note: I am not in the WCI target audience and very little of his information applies directly to me. However, if you visit his website and forums, much information is freely available.

Fourth note: There are other forum members who also have their own businesses, web sites and products for sale. Why the hate for WCI?

student
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by student » Thu Jan 18, 2018 10:04 am

WCI: If you are reading this, please do not let the negative comments bother you. I enjoy reading your posts and I understand that the course is not aimed at bogleheads in general.

dbr
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by dbr » Thu Jan 18, 2018 10:05 am

I am always a strong advocate for going to well written systematic discussion of a topic in addition to or even in preference to asking questions and getting open ended discussion on a forum. Forum discussion by its very nature can be diffuse, esoteric, and sometimes even contradictory. If this course effectively implements systematic understanding and advice, then pending an actual review of the content, I think it should be looked on as a positive option. I can't comment on the cost except to say people should not be expected to just donate everything they do if significant time and effort is required in the preparation. I'll repeat what I said before, which is that every little bit helps.

peterwantstosave
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by peterwantstosave » Thu Jan 18, 2018 10:10 am

I didn't mean to be snarky, I hope OP uses the program if it helps them. i wish I would have had the program long ago, I was just sharing my experience to say that I've gotten a lot out of the Bogleheads advice.

Hope this helps, P

desiderium
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by desiderium » Thu Jan 18, 2018 10:11 am

The "tuition" I paid for financial education was a lot more that $399.

TTBG
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by TTBG » Thu Jan 18, 2018 10:13 am

CollegePrudens wrote:
I cringe at the harsh tone that we (forum members) sometime use on the forum. Obviously not everybody uses a harsh tone. But even so... I fear that it serves to drive away knowledgeable posters away.

I have learned a ton from being here, including from WCI and TFB mentioned upthread. I hope that he/they will not take this thread too hard and continue to be active members of this forum.

PS: I have no affiliation with WCI, have never communicated with him and don't always agree with his take on a situation (but that would be normal for any two people).
+1
Thanks for expressing exactly what I was thinking as I read this thread.

flyingaway
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by flyingaway » Thu Jan 18, 2018 10:21 am

Looks like the White Coat Investor is going to retire soon and get some side gigs going. That is his choice and I am happy for him, if it is.

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TomatoTomahto
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by TomatoTomahto » Thu Jan 18, 2018 10:36 am

CollegePrudens wrote:
Thu Jan 18, 2018 9:32 am
I cringe at the harsh tone that we (forum members) sometime use on these thread. Obviously not everybody uses a harsh tone.
Perhaps you could identify the specific harsh tones that you have read here. I don't think that the posts here have 1% of the harshness that we generally reserve for insurance salespeople, financial advisors, Dave Ramsey, etc.

I don't think that admitting to feeling a bit sad to hear of the course is harsh. I would feel sad if nisiprius, or livesoft, or Valuethinker, or any number of other forum members monetized the knowledge that they previously shared for free. As I say, I'm a capitalist, and I understand it, but that doesn't mean that I have to do cartwheels publicly or be quiet.

dbr
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by dbr » Thu Jan 18, 2018 10:44 am

TomatoTomahto wrote:
Thu Jan 18, 2018 10:36 am
CollegePrudens wrote:
Thu Jan 18, 2018 9:32 am
I cringe at the harsh tone that we (forum members) sometime use on these thread. Obviously not everybody uses a harsh tone.
Perhaps you could identify the specific harsh tones that you have read here. I don't think that the posts here have 1% of the harshness that we generally reserve for insurance salespeople, financial advisors, Dave Ramsey, etc.

I don't think that admitting to feeling a bit sad to hear of the course is harsh. I would feel sad if nisiprius, or livesoft, or Valuethinker, or any number of other forum members monetized the knowledge that they previously shared for free. As I say, I'm a capitalist, and I understand it, but that doesn't mean that I have to do cartwheels publicly or be quiet.
I would assume it costs money to put that course online and that there is a commitment of time to maintain the operation. If someone wants to post here they can also go away for an hour, a day, a month, or whatever whenever they want and no one has to answer a PM either if they don't want to. I would be quite confident no meaningful net income is going to be made by this.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Dottie57 » Thu Jan 18, 2018 10:49 am

TomatoTomahto wrote:
Thu Jan 18, 2018 6:31 am
I am a capitalist. I do not resent anyone monetizing their knowledge or skill. Nevertheless, I read of this course offering with some sadness.
+1

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CollegePrudens
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by CollegePrudens » Thu Jan 18, 2018 10:54 am

Hi TomatoTomahto

Let me start by saying that I enjoy your posts on the forum - specially those on the college process.

Second, I read your post above and don't consider it harsh. You have a point of view and your are expressing it. Reasonable people can disagree on the point of view and that's ok.

Third, I think it will be counterproductive to point to actual posts on a live thread. My goal was provide (a very small) nudge to maintain the excellent (relative to other online forums including email) tone that we have on this forum.

My apologies if I rubbed you the wrong way.
TomatoTomahto wrote:
Thu Jan 18, 2018 10:36 am
CollegePrudens wrote:
Thu Jan 18, 2018 9:32 am
I cringe at the harsh tone that we (forum members) sometime use on these thread. Obviously not everybody uses a harsh tone.
Perhaps you could identify the specific harsh tones that you have read here. I don't think that the posts here have 1% of the harshness that we generally reserve for insurance salespeople, financial advisors, Dave Ramsey, etc.

I don't think that admitting to feeling a bit sad to hear of the course is harsh. I would feel sad if nisiprius, or livesoft, or Valuethinker, or any number of other forum members monetized the knowledge that they previously shared for free. As I say, I'm a capitalist, and I understand it, but that doesn't mean that I have to do cartwheels publicly or be quiet.
Live as if you were to die tomorrow; learn as if you were to live forever - Gandhi

jibantik
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by jibantik » Thu Jan 18, 2018 10:58 am

If nisiprius and livesoft monetized their posts, they'd be richer than buffet :shock:

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by LeeMKE » Thu Jan 18, 2018 11:04 am

Every new doc I know, I buy White Coat Investor's book as a gift to them. If one of them was a family member, I might buy the course for them.

Honestly, medical professionals need help, and WCI is prudent and wise beyond his career cohort. If he can save them from the Dumb Doctor Tricks they get sucked into, we will all be better off. I feel sorry for them because they are exhausted by school and residency, and then are preyed upon by quasi-professionals to "invest" contrary to their own best interests. It is shameful the full on rush of solicitations they get.

Then to top it off, their careers are often much shorter than I realized before reading WCI's book. So I'm happy to see another way for WCI to reach out to Docs who are open to hearing his lessons.
The mightiest Oak is just a nut who stayed the course.

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by tesuzuki2002 » Thu Jan 18, 2018 11:22 am

strafe wrote:
Thu Jan 18, 2018 7:33 am
HueyLD wrote:
Thu Jan 18, 2018 6:46 am
Why would any Boglehead pay so much money just to be told to fire his/her financial advisor?
Finance nerds / Bogleheads are clearly not the intended market.
exactly!!!

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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by nisiprius » Thu Jan 18, 2018 11:33 am

Well, the actual subject material seems to be how to create your own financial plan. The "Fire your Financial Advisor" is just the hook.

I'm reading the material correctly, this course does not include any direct human interaction; it's basically a book with online interactive worksheets and tests. You can't ask questions, and you don't get personal correction or comments on your assignments.. Is that correct?
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Rowan Oak
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by Rowan Oak » Thu Jan 18, 2018 11:38 am

dbr wrote:
Thu Jan 18, 2018 10:44 am
TomatoTomahto wrote:
Thu Jan 18, 2018 10:36 am
CollegePrudens wrote:
Thu Jan 18, 2018 9:32 am
I cringe at the harsh tone that we (forum members) sometime use on these thread. Obviously not everybody uses a harsh tone.
Perhaps you could identify the specific harsh tones that you have read here. I don't think that the posts here have 1% of the harshness that we generally reserve for insurance salespeople, financial advisors, Dave Ramsey, etc.

I don't think that admitting to feeling a bit sad to hear of the course is harsh. I would feel sad if nisiprius, or livesoft, or Valuethinker, or any number of other forum members monetized the knowledge that they previously shared for free. As I say, I'm a capitalist, and I understand it, but that doesn't mean that I have to do cartwheels publicly or be quiet.
I would assume it costs money to put that course online and that there is a commitment of time to maintain the operation. If someone wants to post here they can also go away for an hour, a day, a month, or whatever whenever they want and no one has to answer a PM either if they don't want to. I would be quite confident no meaningful net income is going to be made by this.
I think having the information organized in a way a new investor can start from scratch the right way is worth a good amount. In the beginning a lot of time/money can be wasted trying to sort this information out yourself. Since the target audience is doctors this makes more sense for them than anyone else.

And while the Bogleheads forum is an incredible resource, when you're just starting to figure this stuff out the hardest part can be just knowing what questions to ask.

I do believe a very early step for every investor should be reading Jack Bogle's "Little Book of Common Sense Investing--10th Anniversary Edition"
viewtopic.php?f=10&t=230617#p3587425
Last edited by Rowan Oak on Thu Jan 18, 2018 11:59 am, edited 1 time in total.
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Re: $399 - New Course - Fire your Financial Advisor - By WhiteCoat Investor - Anyone?

Post by triceratop » Thu Jan 18, 2018 11:39 am

nisiprius wrote:
Thu Jan 18, 2018 11:33 am
Well, the actual subject material seems to be how to create your own financial plan. The "Fire your Financial Advisor" is just the hook.

I'm reading the material correctly, this course does not include any direct human interaction; it's basically a book with online interactive worksheets and tests. You can't ask questions, and you don't get personal correction or comments on your assignments.. Is that correct?
The answer to this question is only available to Triceratop Platinum clients.

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