The large stage and video screens in San Antonio have been disassembled, all of the WCI merch has been positioned on pallets and shipped again to Salt Lake Metropolis, and all the things else from the Doctor Wellness and Monetary Literacy Convention (WCICON25) has been returned to storage till 2026. However we nonetheless really feel electrified from our time collectively in Texas, so let’s reminisce about our favourite moments and highlights from this yr’s convention, the sixth one The White Coat Investor has placed on in particular person (and the seventh total).
It was my fourth time attending WCICON, and but once more, it was enormously significant to be round so many good and motivated individuals who encourage us to stay our wealthy lives. The keynotes from Dr. Jim Dahle, Dr. Jordan Grumet, and Sarah Catherine Gutierrez had been memorable and touching. And the camaraderie among the many attendees and the constructive vibes left us hungering for subsequent yr’s convention.
For the primary time I can bear in mind, I noticed a number of infants being ferried across the periods. One lovely 7-month-old spent a few of her time mendacity on her again simply exterior the backstage/inexperienced room space, and as I’m penning this now, I can hear her cooing and grunting as she examines no matter object her dad and mom positioned in her fingers. As the daddy and I instructed one another throughout a espresso break, getting your children financially literate once they’re younger is so crucial.
For those who haven’t been earlier than (or for those who’ve solely attended nearly), make plans to return in particular person on March 25-28, 2026, once we return to Las Vegas on the JW Marriott Las Vegas Resort & Spa. I made a bunch of latest mates at WCICON25, rekindled a bunch of different relationships from earlier conferences, gave loads of handshakes and hugs, and had a blast total. Like typical, nearly everyone appeared actually pleased to be at WCICON.
My Favourite Moments from WCICON25
Right here had been a few of my favourite scenes from the week.
The Classes Discovered from Monetary Independence
Dr. Jim Dahle gave one among his greatest keynotes through the opening session within the massive ballroom when he mentioned the teachings he is realized from early monetary independence (contemplating 48% of WCICON25 attendees weren’t but millionaires and solely 17% thought of themselves financially impartial, this was an vital topic). It wasn’t a lot about him and Katie Dahle attending to monetary independence. It’s what they realized as soon as they received there.
First, he apologized upfront if something he was to say appeared like humblebragging, as a result of there wasn’t any technique to give his discuss with out speaking about their success and their excessive web price numbers.
In 2004, Katie had retired from educating with a brand new child, and Jim had completed his PGY1 yr. He learn Mutual Funds for Dummies, and he realized his monetary advisor was ripping off him and his household. He was making $38,000 a yr, and he had $6,795 in his Roth IRA and $540 in complete life insurance coverage money worth. He had $6,902 price of debt. He owed the navy 4 years of labor. Their web price was $432.
That they had a written monetary plan, they usually had their targets. They needed their investments to offer a $100,000 earnings by the point he turns 55 in 2030. They needed to be price $1 million by 2017 and $2.5 million ($4.3 million in in the present day’s {dollars}) by 2030.
After dwelling like a resident for 4 years within the navy and making a wage within the $225,000 vary, Jim and Katie grew to become millionaires in 2014. A few years later, WCI was making an earnings much like his doctor earnings. They purchased a eating room desk and a ship.
Then, life accelerated.
They paid off their mortgage in 2017, and by the tip of that yr, their web price was $3.5 million. Not counting taxes or charity, they had been spending $150,000 per yr. WCI placed on its first convention in Park Metropolis in 2018, and shortly after, Jim and Katie had been financially impartial with a web price of $5 million (not counting WCI). They had been spending $200,000 a yr.
By then, they had been of their early 40s with 4 children, they usually may have FIRE’d in the event that they needed.
In his keynote, Jim gave 20 classes he realized on his path to early FI. I’ll solely overview just a few of them. For those who attended WCICON25 and missed his keynote, you possibly can watch it on the WCI Occasions app. For those who weren’t there, you’ll have to attend for the Persevering with Monetary Training 2025 course when it comes out on April 1.
Lesson #1 You Most likely Gained’t Cease Working
One cause it’s tough to retire in your 40s? It’s not socially acceptable to take action. “Folks,” Jim stated, “name that unemployed.” For those who end your W2 profession, you possibly can grow to be a ski teacher or a blogger/podcaster or a river rafting information on a part-time foundation. You may even do locums.
Lesson #2 The Worst-Case Situation Most likely Isn’t Going to Occur
For on a regular basis we discuss the 4% rule and the Sequence of Returns Threat and the very best methods to start decumulating your portfolio, you virtually actually gained’t run out of cash in retirement. On common, for those who’re taking 4% out of your portfolio every year, you’re nonetheless going to retire with 2.7x the quantity you began with after 30 years.
Simply have a look at his dad and mom. As Jim stated, “They’ve extra now than they know what to do with.”
Lesson #3 Time Turns into a Restricted Asset
Cash, time, well being, and motivation are all a restricted asset. As you method FI, cash is not crucial facet of that foursome. Check out one among Jim’s favourite graphs—referred to as Wealthy, Broke, or Lifeless—that reveals that most individuals die earlier than they go broke (the inexperienced elements are how a lot cash they’ve, the crimson half goes broke, and the grey half is being useless).
Time, then, is what turns into the finite useful resource. That’s why it is best to discover methods to purchase your time, work much less, and outsource your private home chores (I talked to a couple individuals at WCICON about this very subject, and I’ll have an upcoming column on why outsourcing is so mentally uneasy for me).
Lesson #4 You Can Construct Your Superb Life
In 2016, Jim wrote down the next targets. The black writing is the objective. The orange writing is the place he stands now.
As you possibly can see, he’s made large progress, and he inspired attendees to attempt the identical train, being as particular as doable.
“You gained’t get there instantly, however take small steps towards it yearly,” he stated. “This may scale back burnout and enhance satisfaction, even earlier than FI.”
Be sure that to take a look at the remainder of his keynote. It’s properly price your time.
A Wrangler of Monkeys
In the course of the convention’s check-in course of, which was in an out of doors courtyard on the Hyatt Regency Hill Nation Resort and Spa on a sunny 80-degree afternoon, a few of my favourite moments occurred when registrants determined what to place for the “title” spot on their WCICON badges.
Most individuals’s badges appeared like this . . .
MICHAEL
Burkett
Psychiatrist
. . . with psychiatrist being the title they selected. Subsequent yr, we’d simply identify it “specialty” as an alternative of “title.”
Some received slightly extra artistic with the title. My 4 favourite titles:
- Wrangler of Monkeys: I assume this one got here from a partner who was caught watching younger children on the convention whereas their associate was contained in the air-conditioned ballroom studying about tips on how to money circulate any earnings, the facility of CBT, and the way to decide on which index fund you need in your portfolio. This title grew to become an inside joke for the WCI employees for the remainder of the convention.
- Tooth Hero: This, after all, got here from a cheeky dentist.
- CINCDAD: This attendee proclaimed himself because the Commander In Chief for the kids he’s elevating.
- Home CEO: This one doesn’t want a proof.
For WCICON26, I would go together with this:
JOSH
Katzowitz
Tesla proprietor/Jim’s nemesis
An Attention-grabbing Parable About Soccer, Flower Beds, and Ardour
In the course of the keynote presentation from Dr. Jordan Grumet on What the Dying Can Educate Us About Cash and Life, he instructed an fascinating story about how monetary habits can spoil one thing we love.
There was as soon as an previous man whose ardour was his garden and his flower mattress. Some native children, although, started taking part in soccer on his property, trampling throughout his flowers and tearing up his grass. Regardless of how a lot he pleaded and begged, the previous man couldn’t get the youngsters to cease taking part in soccer on his garden. They cherished the sport an excessive amount of.
However the previous man knew monetary psychology and habits, and he got here up with a plan.
He instructed the youngsters that their taking part in soccer helped his garden flourish, and he would pay them $10 per week to play as a lot soccer as they may on his grass and his flowers. The youngsters thought this was an incredible deal, they usually performed tons of soccer that week. After the primary week, their hearts had been full and their pockets had been full of all of the sweet that $10 may purchase.
However the previous man adjusted the deal within the second week. He stated, “Hey, you guys aren’t doing pretty much as good of a job on my garden as I believed you’d. Hear, you taking part in soccer remains to be serving to my garden. You possibly can nonetheless play as a lot soccer as doable, however now I’m solely going to pay you $5 per week.” The youngsters had been slightly miffed, however they nonetheless cherished taking part in soccer. After the second week, their hearts had been full (although possibly rather less than the week earlier than), and their pockets weren’t as stuffed with sweet.
After the third week, the previous man put the exclamation level on the deal. He instructed the youngsters they had been doing a horrible job serving to his garden. They might preserve taking part in soccer, however he wouldn’t pay them one other cent to make use of his garden. The youngsters huffed and puffed and stated they might by no means play soccer there once more. They usually by no means got here again. We assume his garden and flower beds (and the previous man’s psychological state) flourished.
Grumet’s conclusion: After we get monetarily rewarded for our ardour, typically it kills our motivation to do it.
This was solely a small a part of Jordan’s presentation, and it was a enjoyable little apart. You owe it to your self to take a look at the remainder of his keynote.
Jim’s Each day Bodily Remedy
Each night time at about 9pm at WCICON, the WCI employees gathered in one of many resort’s suites to debrief concerning the day that was and to speak concerning the day that’s to return. Usually, individuals eat popcorn and chocolate cookies whereas the following day’s assignments are divvied out (who’s scanning credentials at which ballroom, who’s on the registration desk within the morning and the afternoon, who’s introducing the shows, and so on.).
As Jim continues his thrice-a-day bodily remedy schedule, due to his falling off the Grand Teton final August, he was targeted on one thing else throughout these conferences—principally his left wrist. Whereas we mentioned suggestions from the day gone by, Jim was finishing workout routines involving dumbbells, mallets, some form of squishy rope wanting factor that may very well be rotated, and a dough cutter and one thing that appeared like foolish putty.
Here is what the latter train appeared like (and the PT instruments he is been utilizing).
Seven months after his fall, Jim remains to be spending loads of time and far of his day by day motivation doing his bodily remedy, however even he has limits. At one level I supplied to stretch him out like his therapist, however sadly, he declined.
You Guys Like April Idiot’s Day Posts?!?
In the course of the WCI columnist panel, the place we welcomed two of our latest panelists Dr. Adam Safdi (Rhymes with “artful”) and Dr. Genhee So (as in “I Dream of …”), we requested the viewers whether or not WCI ought to proceed with our annual April Idiot’s Day put up, particularly after the controversial blowback from final yr’s joke about PSLF.
Right here’s what the viewers stated.
Although I don’t consider that so few individuals are fooled, I discover these outcomes awfully fascinating.
The columnist panel (L to R): Dr. Jim Dahle, Dr. Genhee So, Josh Katzowitz, Dr. Julie Alonso, Dr. Adam Safdi, Dr. Tyler Scott
Fathers and Sons
I met a dad who introduced his 17-year-old child to the convention for some father-son bonding and they also may each be taught extra about finance collectively. The perfect information: his son is a part-time worker of the daddy so he may pay for each registration charges and use it as a enterprise expense.
Right here was one other father-son duo, one among whom wrote this poem after the opening reception was full and posted it on the WCI Occasions app’s social feed.
A Monumental Step
One of many largest rounds of applause on the ultimate day of the convention was for Dr. Dulce Heelan and Joey Mysliwiec, who paid off the ultimate $27,329 of their scholar loans simply because the convention began. Final yr, that they had $91,329 left to pay, and after attending WCICON24 in Orlando, they made the objective to finish their funds earlier than WCICON25.
After beginning with $478,505 of scholar mortgage debt, the 2 are formally accomplished paying their money owed.
Jim introduced it from the stage earlier than the ultimate keynote of the convention, and the group gave them a heat spherical of applause for his or her efforts, leaving Heelan in tears and Mysliwiec with a giant grin on his face.
Later, I requested Mysliwiec how that they had celebrated that remaining fee.
“We,” he stated, “ordered the appetizer.”
What had been your favourite moments from WCICON25? Are you contemplating attending WCICON26 in Las Vegas?
