I’m looking forward to seeing as many of you as possible at the ACEP Scientific Assembly this year in Las Vegas. I’ll be giving a talk aimed at graduating residents and new attendings on Monday morning, but ACEP is also sponsoring an all-day workshop on Saturday before the conference starts. More details on that soon, but if you’re not confident in your current financial plan, come to ACEP24 and we’ll help you build one that you can be confident will allow you to reach your goals.
Explore This Issue
ACEP Now: Vol 43 – No 02 – February 2024
Dr. Dahle blogs at www.whitecoatinvestor.com/classic-blog/ and is a best-selling author and podcaster. He is not a licensed financial adviser, accountant, or attorney, and recommends you consult with your own advisers prior to acting on any information you read here.
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One Response to “The Truth About Index Funds”
February 19, 2024
Todd B Taylor, MD, FACEPDr. Dahle
Thanks for confirming what I have been saying for 30 years. There’s a bit more to it, but the premise is sound advice. Investigate fees charged for index funds. Some can range from .25% to as much as 1.5% for the same portfolio. That’s real money. Also beware of scams (individual solicitation). Always purchase via a legitimate broker. Discount (on-line) brokers (such as Schwab) are just as good as any for this type of investing, where you are not seeking advice.
As for “your “financial guy” who was selling cars two years ago?”, that was a bit of a cheap shot & not to be taken seriously. The vast majority of certified financial advisers (like doctors) are competent professionals, doing what they have learned (been told), with the best interests of their clients. Many people find them helpful, especially when it comes to tax savings, retirement planning, etc. Then there is the comfort factor, not dissimilar to the “worried-well” we see as doctors.
But how to you choose a good financial adviser (assuming you desire one)? Ask them to show you their own personal net worth growth graphic (removing the numbers). If it does not show an average of 8-12% increase over 10 years (2X to 3X increase), look elsewhere. If they cannot manage their own finances to that degree, what chance do they have doing so for you? Same can be said of, those giving “free” financial advice. As Shakespeare said in McBeth, “Look into the seeds of time, and say which grain will grow and which will not, (then) speak then to me.”