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By Dr. Rikki Racela, WCI Columnist
I have written previously of how being duped into purchasing whole life insurance torpedoed the financial lives of my wife and me, dual-income physicians who ended up in $31,000 dollars of credit card debt over seven years because of this financially deadly product. I am not alone as hundreds of doctors have documented their woes on one of the, if not the, longest WCI forum threads. It is hard to believe how phenomenally intelligent doctors could be financially illiterate, but it is even much more unfathomable to learn how many doctors like myself were fooled into buying the worst money-sucking financial investment product in the industry.
How does this happen? In short, our brains make us do it!
First off, a disclaimer.
Before I go on, I want to encourage those readers who were smart enough not to be duped, unlike me, to continue reading. The following will outline not only how doctors and high-income professionals make the mistake of a whole life purchase, but how they make bad financial decisions in general. It will also help you convince…
