Interview with Dr. David Yeh
In this week's podcast episode, Dr. David Yeh describes how to invest wisely when preparing for a career pivot.
David is a practicing physician, speaker, author, investment advisor, and founder of The Wealthy Doctor Institute. He is also a Registered Investment Advisor.
He is an alumnus of Cornell University and New York University School of Medicine. Following medical school, he completed residencies in radiology at SUNY Stoney Brook University Hospital and Nuclear Medicine at the University of Pennsylvania Health System. And he is board certified in Radiology and Nuclear Medicine
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After discussing David's background, he quickly gets into the basic principles that we should apply to long-term investing. The most basic way to invest wisely is to adopt an approach that limits losses.
Having a plan, even a simple one-rule plan such as dollar-cost averaging, gives you an edge over investors who have no plan. – Dr. David Yeh
According to David's analysis, the best outcomes come from following a plan, reviewing your portfolio, and applying adjustments monthly. Focussing only on trying to identify winning investments does not work.
Writing His Book
David explains the process he used for writing and publishing his book, The Busy Doctor's Investment Guide. With the assistance of his publisher, Advantage Media Group, he was able to capture his idea and complete the book quickly. Its staff helped him to organize the content, and teach readers how to invest wisely.
The book is clearly written and highlights several loss-mitigation strategies. It also covers the basic principles that every investor should know. One chapter is devoted to investor psychology.
Preparing for a Career Pivot
David recommends we stick to the basics when preparing for a career pivot. It is likely that there will be a temporary reduction in or loss of income. So, it's best to be debt-free. And you should have a sufficient emergency fund and capital for living expenses, based on the projected time needed to complete your pivot.
If starting a new business, a business plan and financial projections must be prepared. And you should double the projected time to break-even and expenses during the first year. An overly optimistic business plan has sunk many small businesses.
Wealthy Doctor Institute
Today, David still practices part-time radiology. He considers himself semi-retired from clinical practice. He also runs his business, Wealthy Doctor Institute, and manages an investment fund. His philosophy is to be a coach to his clients and to be transparent in how funds are invested.
Dr. David Yeh successfully balances two careers: medicine and investing. In this week's interesting interview, we learn how he accomplished it. And we've identified a resource that physicians might use to help direct their long term investments.
Links for Today's Episode:
- The Busy Doctor's Investment Guide
- Advantage Media Group
- Wealthy Doctor Institute
- Wealthy Doctor Institute Facebook Group
- Dr. David Yeh's LinkedIn Profile
Download This Episode:
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The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.
The information presented on this blog and related podcast is for entertainment and/or informational purposes only. It should not be construed as medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career.