At the Money: Doctor's Orders - How to Change Careers

This episode explores William Bernstein's career transition from neurology to finance, highlighting his journey from managing personal investments to becoming a published author and financial advisor. Against the backdrop of lacking a robust social safety net, Bernstein began researching finance to secure his own retirement, eventually sharing his knowledge online at the suggestion of Frank Armstrong. This led to unexpected opportunities in writing and money management, prompting him to leave medicine for a more intellectually stimulating career. Bernstein candidly discusses his initial investment mistakes and the development of tools like rebalancing strategies, emphasizing the importance of selling high and buying low, particularly with volatile assets like precious metals. The conversation pivots to the skills he gained as a doctor, which include scientific training and respect for data, while also addressing the stereotype of doctors as poor investors due to overconfidence and a lack of serious study of financial principles. Bernstein advises those considering a career change to first achieve financial security, allowing them the freedom to pursue their passions later in life.