By Josh Katzowitz, WCI Content material DirectorThe enormous 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 individual (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 reside our wealthy lives. The keynotes from Dr. Jim Dahle, Dr. Jordan Grumet, and Sarah Catherine Gutierrez have 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 classes. One lovely 7-month-old spent a few of her time mendacity on her again simply outdoors 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 youngsters financially literate after they’re younger is so crucial.
In the event you haven’t been earlier than (or should you’ve solely attended just about), make plans to return in individual on March 25-28, 2026, after we return to Las Vegas on the JW Marriott Las Vegas Resort & Spa. I made a bunch of recent associates at WCICON25, rekindled a bunch of different relationships from earlier conferences, gave loads of handshakes and hugs, and had a blast total. Like regular, nearly everyone appeared actually blissful to be at WCICON.
My Favourite Moments from WCICON25
Right here have been a few of my favourite scenes from the week.
The Classes Discovered from Monetary Independence
Dr. Jim Dahle gave one in every of his greatest keynotes throughout the opening session within the huge ballroom when he mentioned the teachings he is discovered from early monetary independence (contemplating 48% of WCICON25 attendees weren’t but millionaires and solely 17% thought of themselves financially unbiased, this was an necessary topic). It wasn’t a lot about him and Katie Dahle attending to monetary independence. It’s what they discovered as soon as they received there.
First, he apologized prematurely if something he was to say appeared like humblebragging, as a result of there wasn’t any solution to give his discuss with out speaking about their success and their excessive internet value numbers.
In 2004, Katie had retired from instructing 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 value of debt. He owed the navy 4 years of labor. Their internet value was $432.
They’d a written monetary plan, and so they had their targets. They wished their investments to supply a $100,000 earnings by the point he turns 55 in 2030. They wished to be value $1 million by 2017 and $2.5 million ($4.3 million in right this moment’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 turned millionaires in 2014. A few years later, WCI was making an earnings just 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 internet value was $3.5 million. Not counting taxes or charity, they have been spending $150,000 per yr. WCI placed on its first convention in Park Metropolis in 2018, and shortly after, Jim and Katie have been financially unbiased with a internet value of $5 million (not counting WCI). They have been spending $200,000 a yr.
By then, they have been of their early 40s with 4 youngsters, and so they might have FIRE’d in the event that they wished.
In his keynote, Jim gave 20 classes he discovered on his path to early FI. I’ll solely assessment only some of them. In the event you attended WCICON25 and missed his keynote, you possibly can watch it on the WCI Occasions app. In the event you 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 Received’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.” In the event you end your W2 profession, you can grow to be a ski teacher or a blogger/podcaster or a river rafting information on a part-time foundation. You might even do locums.
Lesson #2 The Worst-Case Situation Most likely Isn’t Going to Occur
For on a regular basis we speak about the 4% rule and the Sequence of Returns Danger and the perfect methods to start decumulating your portfolio, you virtually definitely received’t run out of cash in retirement. On common, should you’re taking 4% out of your portfolio annually, you’re nonetheless going to retire with 2.7x the quantity you began with after 30 years.
Simply take 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 an important facet of that foursome. Check out one in every of Jim’s favourite graphs—referred to as Wealthy, Broke, or Useless—that reveals that most individuals die earlier than they go broke (the inexperienced elements are how a lot cash they’ve, the pink 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 property chores (I talked to some folks 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 Perfect 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 received’t get there instantly, however take small steps towards it yearly,” he stated. “It will cut back burnout and enhance satisfaction, even earlier than FI.”
Be certain to take a look at the remainder of his keynote. It’s effectively value your time.
A Wrangler of Monkeys
Through 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 would simply identify it “specialty” as an alternative of “title.”
Some received somewhat extra inventive with the title. My 4 favourite titles:
- Wrangler of Monkeys: I assume this one got here from a partner who was caught watching younger youngsters on the convention whereas their associate was contained in the air-conditioned ballroom studying about money circulation any earnings, the ability of CBT, and the way to decide on which index fund you need in your portfolio. This title turned an inside joke for the WCI employees for the remainder of the convention.
- Tooth Hero: This, in fact, 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 along with this:
JOSH
Katzowitz
Tesla proprietor/Jim’s nemesis
An Fascinating Parable About Soccer, Flower Beds, and Ardour
Through the keynote presentation from Dr. Jordan Grumet on What the Dying Can Train Us About Cash and Life, he instructed an attention-grabbing story about how monetary habits can damage one thing we love.
There was as soon as an previous man whose ardour was his garden and his flower mattress. Some native youngsters, although, started taking part in soccer on his property, trampling throughout his flowers and tearing up his grass. Irrespective of how a lot he pleaded and begged, the previous man couldn’t get the children to cease taking part in soccer on his garden. They liked 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 children that their taking part in soccer helped his garden flourish, and he would pay them $10 every week to play as a lot soccer as they might on his grass and his flowers. The youngsters thought this was an amazing deal, and so they performed tons of soccer that week. After the primary week, their hearts have been full and their pockets have been stuffed with all of the sweet that $10 might purchase.
However the previous man adjusted the deal within the second week. He stated, “Hey, you guys aren’t doing nearly as good of a job on my garden as I assumed you’d. Hear, you taking part in soccer remains to be serving to my garden. You may nonetheless play as a lot soccer as doable, however now I’m solely going to pay you $5 every week.” The youngsters have been somewhat miffed, however they nonetheless liked taking part in soccer. After the second week, their hearts have been full (although possibly rather less than the week earlier than), and their pockets weren’t as filled with sweet.
After the third week, the previous man put the exclamation level on the deal. He instructed the children they have been doing a horrible job serving to his garden. They may 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. And so they by no means got here again. We assume his garden and flower beds (and the previous man’s psychological state) flourished.
Grumet’s conclusion: Once we get monetarily rewarded for our ardour, generally 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 Day by day Bodily Remedy
Each night time at about 9pm at WCICON, the WCI employees gathered in one of many lodge’s suites to debrief in regards to the day that was and to speak in regards to the day that’s to return. Usually, folks eat popcorn and chocolate cookies whereas the subsequent 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 many others.).
As Jim continues his thrice-a-day bodily remedy schedule, because of his falling off the Grand Teton final August, he was centered on one thing else throughout these conferences—principally his left wrist. Whereas we mentioned suggestions from yesterday, Jim was finishing workout routines involving dumbbells, mallets, some kind of squishy rope wanting factor that could possibly 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 every day motivation doing his bodily remedy, however even he has limits. At one level I provided to stretch him out like his therapist, however sadly, he declined.
You Guys Like April Idiot’s Day Posts?!?
Through 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 submit, particularly after the controversial blowback from final yr’s joke about PSLF.
Right here’s what the viewers stated.
Although I don’t imagine that so few persons are fooled, I discover these outcomes awfully attention-grabbing.
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 might each study extra about finance collectively. The perfect information: his son is a part-time worker of the daddy so he might pay for each registration charges and use it as a enterprise expense.
Right here was one other father-son duo, one in every of 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 pupil loans simply because the convention began. Final yr, they’d $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 pupil 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 gang 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 they’d celebrated that ultimate fee.
“We,” he stated, “ordered the appetizer.”
What have been your favourite moments from WCICON25? Are you contemplating attending WCICON26 in Las Vegas?
