Since WCI started in 2011, we’ve got revealed a State of the Weblog every January reporting on our progress towards our targets. Because the enterprise has expanded over time, these posts have grow to be lengthier. This 12 months we will attempt to do what took >6,300 phrases final 12 months in fewer than 3,000.
Thank You!
First, we need to thank each considered one of you readers, listeners, viewers, college students, attendees, and neighborhood members. With out you, there isn’t any WCI. YOU are the white coat buyers. We love listening to about your successes and making an attempt that can assist you by means of your challenges. There are actually a whole lot of hundreds of you on the market, serving to one another to have profitable private, skilled, and monetary lives. You deserve a spherical of applause. On a private be aware: with out you, Katie and I’d have by no means had this unimaginable journey that WCI has been in our lives for greater than a decade. We really consider within the Imaginative and prescient and the Mission of The White Coat Investor.
The Imaginative and prescient of The White Coat Investor
“To function probably the most trusted, authoritative, and helpful useful resource for monetary info and companies
for docs and different excessive earners.”
The Mission of The White Coat Investor
“To strengthen and assist The White Coat Investor neighborhood on the trail to monetary success by
#1 Offering partaking, helpful, and correct content material and
#2 Connecting white coat buyers with best-in-class monetary assets
to empower the creation of significant private {and professional} lives.”
We hope that WCI will reside on for a few years after we’re executed working right here, each time that is perhaps.
2022 Accomplishments and Notable Occasions
We’ll go class by class.
The Weblog
12 months 12. We’re nonetheless right here. I am nonetheless writing my ordinary variety of weblog posts every year (about 100). It is really my favourite a part of working at WCI. Nevertheless, that is solely a tiny a part of the story today. We now have 2,953 revealed items on the positioning, a rise of 498 (20%!) Suffice it to say, extra WCI written content material was produced in 2022 than in any prior 12 months. So who’s writing the items that I am not? White coat buyers, that is who. They embrace individuals like WCI Community companions Leif Dahleen (The Doctor on FIRE) and Peter Kim (Passive Revenue MD). They embrace individuals like WCI Ambassador Disha Spath and WCI Content material Director Josh Katzowitz. They embrace columnists like:
They embrace paid contributors like:
- TJ Porter
- Jamie Johnson
- Stacey Ritzen
- Dan Miller
- Joe Dyton
- Eric Rosenberg
- Phil West
Plus, there have been one other 50 or so visitor posts this 12 months from all types of members of The White Coat Investor neighborhood, starting from docs to monetary advisors. Not counting the WCI Discussion board, we had 8.63 million pageviews (a 16% enhance) from 3.46 million people (a 34% enhance). Mixed with the Discussion board, we’ve got had 82.9 million pageviews from 18.3 million people since we began this in 2011. That is significantly spectacular on condition that there are solely about 1 million docs within the US. We’ve got had greater than 100,000 authorised feedback on the positioning. I’ve learn each considered one of them, and so far as I do know, answered each considered one of your emails (which can very nicely be the same quantity!). The most well-liked publish this 12 months (and of all time with 1 million web page views) was the Backdoor Roth IRA Tutorial, and the most well-liked publish that was written this 12 months was a visitor publish by Dr. Taylor Christensen titled The Least expensive Solution to Personal a Automotive.
The Newsletters
We ship out loads of emails. Most of those are electronic mail copies of the day by day weblog posts (nearly 30,000 of you get these) or an occasional advertising publish (“Hey, Purchase Our New Course” or “Come to WCICON!”). However there are two particular emails that exit each month—the WCI Publication began in 2012 and the WCI Actual Property Alternatives Publication began in 2020. We do not need to ship you emails that you do not need, so we’re really fairly ruthless about these electronic mail lists. If you happen to do not open emails from us for just a few months, we ship you a collection of three emails asking should you really need them. If you happen to do not click on on a hyperlink in these emails, you are faraway from the record. This helps hold the “open charge” excessive (80%+ for the e-newsletter) and ensures emails get delivered into white coat investor electronic mail bins. Regardless of that draconian coverage (and much of people that unsubscribed as a result of, heaven forbid, we invited them to come back to our convention), we nonetheless noticed the WCI Publication record develop to 61,284 (a ten% enhance) and the Actual Property Publication develop to 12,488 (a 39% enhance). By the way in which, you possibly can subscribe to all of our electronic mail lists right here.
The Podcasts
We’ve got now put out 393 White Coat Investor and Milestones to Millionaire podcasts, a rise of 104 (two per week) from final 12 months. We had 7.59 million downloads this 12 months (an 82% enhance), and we’re averaging 45,565 downloads per episode. We’ve got had 18.4 million all-time downloads. We’ve got had 2,119 critiques averaging 4.8 stars, and we rank No. 37 for investing podcasts on Apple.
The Videocast
The WCI YouTube channel continues to develop, with 331 extra movies revealed this 12 months for a complete of 985 (a 51% enhance). We now have 20,500 subscribers (a 42% enhance), and we’ve got had over 1 million views of our movies—together with 416,000 in 2022, a 19% enhance from the prior 12 months.
WCI Communities
The WCI Discussion board is now over seven years outdated and boasts 9,981 customers (a 4.8% enhance) who posted 4,276 new threads this 12 months, with 60,222 replies on these threads. Most customers, after all, are doing neither, simply lurking within the background. That they had 4.01 million pageviews by 311,378 people. That is a lower from final 12 months, sadly. On-line boards are too boomer, I suppose (and Google now hates boards). All of the younger of us want subreddits now. Due to the volunteer moderators: ACN, canadianoutlaw, CordMcNally, Doc Partner, Hank, Hatton, ibadmin, jfoxcpacfp, Jim, Kamban, Larry Ragman, and MPMD.
The WCI subreddit now has 27,200 members (a 39% enhance) with greater than 1.8 million pageviews (a 23% enhance). Due to the volunteer moderators there, RadOncDoc and DrPayItBack.
The WCI Fb group at all times has one thing fascinating being mentioned. No shock when there are 85,900 members there (a 25% enhance). They posted 8,974 posts (0% enhance) with 148,127 feedback (a ten% enhance) and 402,439 reactions (a 17% enhance). That is loads of liking occurring. Or possibly disliking. Due to the volunteer moderators there (Donna White, Greg Morgan, Invoice Younger, Paula Archer, Andrew Parada, and Diem Ephee) for a really tough job. On a much less quantitative be aware, the tone and content material of the group dramatically improved over the past 12 months so thanks to each moderators and members for that.
To summarize the communities, we’ve got this candy report we take a look at every month in our staff conferences.
Social Media
We’ve got tried very laborious this 12 months to not simply recruit individuals to the web site and podcast on social media however to truly present them with helpful content material on every platform to spice up their monetary literacy. Primarily based on the expansion seen, it appears to be a profitable effort. As an alternative of textual content, let’s simply publish the cool chart all of us take a look at. Take a look at that TikTok progress charge! That is what occurs while you begin with a really low quantity.
Thanks to our followers for following/liking/pinning/sharing WCI on social media. It actually does assist unfold the message.
Books
Guess what? All of our books have been up to date, rewritten, and made prettier in the previous few months. Writing books over the past decade has been a really fascinating research of pronouns. Within the authentic e-book, we used the “common he.” We began getting an increasing number of complaints about that over time (“Do not you recognize there are ladies docs?”). When the second e-book got here round, the then-recommended model was to make use of both she or he, so we determined to simply use all female pronouns to offset the primary e-book. However for the third and fourth books, the now present model was to not use any singular pronouns. We have now rewritten the entire books in that vogue (together with extra substantial updates). We do not name them “second editions,” however they beautiful a lot are. So, do not be stunned if a not too long ago bought copy of the unique is not precisely just like the one you got years in the past. The advantages of self-publishing, I suppose.
- The White Coat Investor: A Physician’s Information to Private Finance and Investing (2014) bought 8,443 copies, a 13% lower. It is nonetheless #6 in its class and has 2,525 critiques, 94% of that are 4 or 5 stars.
- The White Coat Investor’s Monetary Boot Camp: A 12-Step Excessive-Yield Information to Deliver Your Funds As much as Velocity (2019) bought 3,731 copies, a 23% lower. It ranks #20 in its class.
- The White Coat Investor’s Information for College students: How Medical and Dental College students Can Safe Their Monetary Future (2021) bought 870 copies (plus the tens of hundreds given away) and ranks #36 in its class. The audiobook was new this 12 months, however I am unsure the 107 copies of it we bought really paid to make it.
- The White Coat Investor’s Information to Asset Safety: Tips on how to Defend Your Life Financial savings from Frivolous Lawsuits and Runaway Judgments (2022) bought 3,085 books in its first 12 months, making it #1 in its class.
WCI Programs
In 2022, we bought seven whole on-line programs on the WCI Faculty, together with two model new for 2022. These embrace:
In 2022, we had a complete of 1,558 new paid college students (a 6% enhance) within the WCI Faculty. That does not embrace those that got a free course as a part of convention attendance or from profitable a prize.
Convention
The 2022 Doctor Wellness and Monetary Literacy Convention was, by far, our greatest ever. We had an superior time in Phoenix, together with over 1,200 (605 in particular person, 619 digital, the most important ever) of you. Final I checked, there are already greater than 550 individuals coming in particular person to WCICON23 (come be part of us!) and 200+ attending nearly. It’ll be simply pretty much as good.
WCI Retailer
We had 1,023 orders (a 140% enhance) from the WCI Retailer in 2022.
Talking and Writing Gigs
I wrote 5 columns for the AAEM Widespread Sense publication in 2022 and 5 extra for ACEP NOW. I additionally did six reside displays and 4 digital ones.
Scholar Mortgage Recommendation
In 2021, we began a enterprise with pupil mortgage specialist Andrew Paulson to make sure WCIers may get high-quality, flat-fee recommendation in sophisticated pupil mortgage situations. StudentLoanAdvice.com did a whole lot of consultations in 2022. You will get yours with 12 months of free follow-up questions for simply $559. With a satisfaction score of 4.89/5, I would say we have been profitable at reaching our purpose right here.
WCI Community
Passive Revenue M.D. loved one other wonderful 12 months of progress in 2022. A lot of the main focus was on rising its communities centered on actual property investing and entrepreneurship. PIMD placed on two profitable conferences—Monetary Freedom Via Actual Property (PIMDCON) and the Leverage and Development Summit. For the primary time, PIMDCON was a hybrid convention, attended by a whole lot in particular person whereas broadcast to almost a thousand others at residence. Tons of extra joined the signature course, Passive Actual Property Academy, and the Platinum Investor Membership neighborhood now consists of hundreds of educated buyers. It launched a model new web site to deal with its weblog and podcast content material, and The Passive Revenue MD Podcast was downloaded almost 500,000 instances in 2022 (it can quickly surpass the massive milestone of 1 million downloads). Peter Kim continues to get pleasure from life in southern California working towards anesthesia on his personal phrases and training his youngsters’ sports activities groups whereas working the PIMD empire. We proceed to suggest his weblog, podcast, neighborhood, programs, and conferences for these excited by extra earnings (and who is not?).
Outreach Efforts
We attain out and provides again in quite a lot of other ways.
WCI Champions Program
Maybe an important factor we have ever executed is distribute a replica of The White Coat Investor’s Information for College students to each first-year medical and dental pupil within the nation, through a “champion” of their class. The champion will get a WCI T-shirt and presumably a WCI tumbler however, extra importantly, supplies a lifetime worth of maybe 9 figures to their classmates. In case your class would not but have a champion, enroll right here. For the 2021-2022 faculty 12 months (the category of 2025), we gave away 18,457 books (a $553,000 worth) and hope to beat that report this 12 months.
WCI Scholarship
Whereas Katie has established a everlasting pre-med scholarship at our alma mater, additionally referred to as The White Coat Investor scholarship (whose recipient not too long ago knowledgeable us that he did certainly get into med faculty), that is not The White Coat Investor scholarship we’re speaking about. This one is funded yearly by us and weblog sponsors. This 12 months we gave away $7,841 every to 10 scholarship winners in two classes (Inspirational and Monetary). Congratulations once more to the winners:
- Lily Nguyen
- Nina Fukuma
- Emma Sand
- Omar Alzayat
- Anima Shrestha
- Brayden Gaston
- Allison Jue
- Josiah Warner
- Rosemary Vergara
- Tracy Tang
and thanks to the sponsors, particularly the platinum stage sponsors.
Monetary Educator Award
This 12 months’s WCI Monetary Educator Award (together with its $1,000 prize) went to Dr. Stephen Pamatmat. Congratulations once more!
Free Scholar Webinar
I get invited to talk at a number of medical faculties and residencies, most of which might’t even afford to fly me out a lot much less pay me to come back. I’ve to show most of them down, so yearly, I attempt to attain all of them nearly on the identical time with a webinar. Final 12 months’s was an enormous success, so Andrew Paulson and I are going to do one other one on February 15 at 6pm MT. Join right here!
Charitable Giving
We had WCIers assist us give cash to charities once more this 12 months. The ten charities you chose have been:
-
- Docs With out Borders
- St. Jude’s Kids’s Analysis Hospitals
- Feeding America
- Habitat for Humanity
- Wikimedia Basis
- World Imaginative and prescient
- Make a Want Basis
- GiveWell
- Salvation Military
- Boys and Ladies Membership
A considerable donation is being made to every of them.
WCI as a Enterprise
Sure, regardless of the entire outreach talked about above, WCI remains to be a for-profit enterprise. As soon as extra, we have been profitable in producing a revenue this 12 months. Regardless of a difficult financial surroundings and pushing some income ahead into 2023 as a consequence of altering fee fashions, we managed to extend top-line (income) progress by 11.9%. We proceed to reinvest so much within the enterprise so our backside line “progress” seems worse than possibly it ought to at -3.1%. Technically, 2022 was the primary 12 months that our revenue hasn’t grown over the earlier 12 months, however we do not count on that to be a development.
Most significantly, we met payroll each month and supplied our staff a top-notch advantages program (together with the world’s finest 401(ok)) and a beautiful retreat in Jamaica. We had our first worker stop this 12 months. It turned out {that a} work-from-home surroundings did not work out very nicely with Morgan’s workstyle and life-style. We’ll miss her, however her shifting on did give us the prospect to fulfill Ashriel, who wasted no time working Brett, Cindy, and me into the bottom once we went mountaineering along with her on the “get to know you weekend” after being employed. These of you coming to WCICON23 will get to fulfill her. We additionally misplaced a contractor as we moved our graphic design in home. We’ll miss you, Ashley, however we’re additionally excited to be working with Katie F. You might have seen the WCI stuff is way prettier than it was once. That is a results of the laborious work of those ladies. One other massive occasion this 12 months was the promotion of Megan to podcast producer. Cindy was very happy to take away one more of the hats she has been carrying right here for years.
Listed here are the good of us we get to work with.
First row: Andrew (StudentLoanAdvice.com), James (CTO). Second row: Megan (podcast/e-newsletter), Lauren (digital advertising director), Michelle (communities/social media), Cindy (gross sales director), Josh (content material director), Ashriel (merchandise assistant), Disha (WCI ambassador), Katie D. (chief product officer). Third row: Brett (COO), Jim (Founder/CEO), Katie F. (graphic design), Chrislyn (convention). Not pictured: Emily (books/modifying), Wendel (AV/YouTube).
Connecting You with Greatest in Class Monetary Assets
As you’ll recall, the primary a part of our mission is to give you an superior monetary training. The second is to get you one of the best monetary assets on the market. Main updates proceed to be executed behind the scenes with our pupil mortgage refinancing companions, incapacity insurance coverage companions, mortgage companions, monetary advisor companions, and actual property investing firm companions—all to serve you higher.
Whereas {our relationships} with all of those companions clearly assist us to make payroll and to be a worthwhile enterprise, we additionally see it as a helpful service. We join you with the great guys within the business and assist run the dangerous guys out of enterprise. While you want these companies, we might admire it should you would no less than think about using those that promote on the positioning. They’ve had some preliminary vetting by us and a few ongoing vetting by your fellow readers. The 2 new ones this 12 months are Surveys and Credit score Playing cards. You could find most of them below the advisable tabs on the high of the positioning.
Conflicts of Curiosity
We can’t run a worthwhile enterprise with out conflicts of curiosity. I am not keen to do that work free of charge, and I am constructive none of our employees members are keen to do this. So, we’ve got to handle these conflicts as finest we are able to; balancing our want to be as unbiased as attainable with our must be worthwhile. Full disclosure of those conflicts is essential to me, so yearly, I remind you, our employees, and myself of those conflicts of curiosity. They do not change a lot from 12 months to 12 months, however yearly or so, I handle to think about a brand new one.
- We’re incentivized to run content material that pertains to our advertisers’ companies (and particularly these with whom I’ve an online marketing relationship) extra often than different content material. The content material staff is generally separate from the enterprise staff, however the battle nonetheless exists.
- We’re incentivized to simply accept visitor posts from monetary professionals who promote with us extra often than those that don’t, though the one “sponsored posts” this web site has ever run are these by the 5 platinum scholarship sponsors every year (and 100% of that income goes to the scholarship recipients). We’ve got a coverage to evaluate visitor posts purely on the idea of the content material, and we do our greatest to observe it.
- We’re incentivized to suggest you buy time period life and incapacity insurance coverage insurance policies, particularly by means of our advisable brokers.
- We’re incentivized to suggest you refinance your pupil loans when maybe it might not be an excellent transfer for you (which is terribly uncommon should you’re not going for PSLF, however the final couple of years are a notable exception given the “non permanent” modifications with federal pupil loans since 2020). I do not suppose we have ever executed this, however we’re definitely incentivized to take action.
- We’re incentivized to suggest you search out skilled assist with insurance coverage, monetary planning, funding administration, pupil mortgage recommendation, buying and promoting actual property, negotiating contracts, getting teaching, and making ready your taxes when maybe you could possibly do a few of that by yourself.
- Since we’ve got actual property advertisers, we’re incentivized to debate actual property investments extra often than we in any other case may or greater than we focus on conventional investments like index funds or various investments, for which we don’t have promoting companions. Let’s be sincere, we may get promoting companions for EVERY various funding on the market, and we routinely flip many down. What we can not seem to do is get Vanguard, Constancy, Schwab, or iShares to promote their index funds right here.
- We’re incentivized to simply accept advertisers that don’t meet our excessive requirements for advice to family and friends.
- We’re incentivized to suggest you employ a doctor mortgage mortgage over a traditional one.
- We’re incentivized to suggest you learn monetary books, together with and particularly our personal.
- We’re incentivized to suggest you are taking our monetary programs and people of our affiliate companions.
- We’re incentivized to suggest you attend WCICON both in particular person, nearly, or ideally each!
- We’re incentivized to get you to buy from the WCI Retailer.
- We’re incentivized towards recommending content material by others who’ve the identical online marketing companions or who compete for a similar advertisers until I’m additionally a partial proprietor of their web site.
- I’m incentivized to suggest the content material and merchandise of the WCI Community weblog companions, through which I’m a minority companion.
- We’re incentivized to suggest you employ the WCI discussion board over different boards, the White Coat Traders Fb group over others, and the WCI subreddit over different subs.
I did not meet my purpose of preserving this below 3,000 phrases, however it’s half the size of final 12 months’s report. That additionally appears price celebrating.
What do you suppose? What did you get pleasure from most on The White Coat Investor in 2022? Remark beneath!
