Physician Cents

When it comes to preparing for your child's education, the 529 plan remains one of the most powerful tools available. But with great power comes great responsibility—and plenty of questions. In this episode of the show, we discuss the fundamentals and nuanced considerations of using 529 plans. Education savings shouldn't be a rigid, anxiety-inducing experience. Start early, revisit often, plan aro...

On this episode, we're talking summer survival and exploring how physicians can enjoy vacations, family time, and relaxation without sacrificing their financial goals. We break down practical strategies for budgeting summer trips, managing the costs of family and kids' camps, and staying on track with long-term savings plans. Also on the show are tips for balancing lifestyle choices and intentiona...

Managing multiple investment accounts doesn't have to be complicated. This week, we're discussing the value of a simple, low-cost, diversified approach and why you should resist the urge for complexity. Asset allocation and asset location both play important roles. We cover how to view all your accounts as part of one portfolio and why tax considerations matter when deciding where different invest...

Navigating finances as a medical trainee can be overwhelming. The pressure to save for retirement while managing intense workloads, student debt, and low salaries creates a confusing landscape. In this episode of the Physician Cents Podcast, we dig into whether trainees should focus on investing early or whether building an emergency fund is more valuable.   Drawing on real-life questions from phy...

Transitioning from training to practice is an exhilarating milestone for physicians—one marked by a dramatic increase in income and, often, new financial responsibilities. With a big jump in income, it can be tempting to make big purchases right away or skip over the foundational "boring stuff" like insurance and budgeting. We break down how the "I deserve it now" mentality and avoiding critical f...

Artificial intelligence has seeped into almost every aspect of our lives, from the smartphones we carry to the way businesses make decisions. It was only a matter of time before the concept of an "AI financial advisor" became a reality. It might be tempting: tireless, fast, available 24/7, and—maybe best of all—not prone to human judgments about our spending habits or life goals. But is replacing...

Welcome to a milestone episode of the Physician Sense Podcast! In this 50th edition, we cap off our three-part miniseries on tax planning with actionable, nuanced strategies tailored specifically for physicians. Whether you're a medical student, attending, or anywhere in between, you'll find value in our tips on navigating real estate tax advantages and maximizing the power of Health Savings Accou...

This week, we dive into the second part of our three-part series on the most common tax mistakes doctors make. Today, we pick up where we left off last week, tackling mistakes 6 through 12—ranging from Roth IRA contribution blunders and retirement account coordination errors to the complexities of state taxes for locums and practice owners. You'll hear practical tips on avoiding the pitfalls of di...

Physicians are some of the highest earners in the country—and often some of the biggest overpayers in taxes. Not because they lack intelligence or discipline, but because the tax code punishes complexity. Multiple income streams, inconsistent withholding, overlooked deductions, and misunderstood retirement strategies quietly create five-figure mistakes that compound over time. This episode kicks o...

As a physician, your most valuable asset isn't your car, your home, or even your impressive degree—it's your ability to earn an income through a unique skillset you've spent years (and sometimes decades) developing. We're discussing disability and term life insurance with special guest Michael Relvas, an expert who has spent nearly twenty years advising physicians on these crucial protections. We...

Physicians, medical trainees, and other healthcare professionals walk a uniquely challenging financial path. High educational debt, income variations throughout career stages, and complicated tax policies are just the start. We're joined by tax expert and Certified Student Loan Planner (CSLP) Adam Markowitz to tackle a complicated topic all physicians have to deal with: how taxes and student loans...

Managing finances as a physician can feel overwhelming, especially when transitioning from years of intense training into the responsibilities and opportunities of attending-hood. In this episode, we wrap up our popular three-part series on building financial independence as a physician. We dig into some of the most critical, yet often overlooked, steps in financial planning: avoiding the all-too-...

Financial planning is a lifelong journey, especially for physicians who face unique challenges far beyond medical school.  Below, we'll expand on their candid advice for steps five through eight, tackling student loans, protecting your future, maximizing retirement savings, and mastering the art of tax efficiency. We continue our three-part miniseries focused on foundational financial steps for ph...

We kick off a special three-part miniseries designed to help physicians fast-track their journey to financial independence. Inspired by one of Tyler Olson's most popular tweets, this conversation breaks down the first four steps every physician should take once they finish training.  From avoiding the "I earned it" trap to setting your savings rate and building your emergency fund, we share practi...

In this episode, we're tackling the often-confusing world of advisor fees, clearing up the "alphabet soup" of terminology, fee-based, advice-only, flat fee, assets under management (AUM), commissions, and fee-only. You'll get essential insights into what these different fee models mean, which conflicts of interest to watch for, and how to figure out which advisor structure suits your needs. We hig...

Estate planning is often one of those "I know I should, but…" tasks that lingers on the to-do list, especially for busy professionals like physicians. So this week we're joined by Kyle Claussen, founder and owner of Resolve, for an in-depth conversation focused on estate planning for physicians. Kyle brings a wealth of expertise, tackling the complexities of estate planning, including guardianship...

This week, we're exploring how moments of uncertainty and adversity can shake our priorities and remind us not to let financial goals overshadow our relationships and overall well-being. Whether you're a medical student, resident, or practicing physician, this episode encourages you to regularly reassess your work-life balance and ensure your financial decisions support, not compete with, the life...

The Mega Backdoor Roth isn't for everyone, but when available, it's a physician's superpower. Whether you're a W2 employee, an independent contractor, or running your own solo 401k, we discuss how to add it to your financial strategy and explain the potential pitfalls. In this episode, we talk through how to check your plan details and crunch the numbers to see whether it's right for you. After al...

The ever-changing world of student loans is a subject at the top of every doctor's mind right now. With new regulations rolling out, interest resuming, and federal repayment plan changes looming, there's a lot of confusion about the best steps to take next. On this episode, you'll hear the latest updates on student loan forgiveness programs, shifts in income-driven repayment plans, and the tricky...

In this episode, we're opening our mailbag and answering some of the most common and nuanced financial questions facing doctors and medical trainees today. Let's break down the real numbers behind everything from choosing the right future rate of return for investment planning and calculating safe withdrawal rates in retirement, to tackling student loan strategies for dual-income families and navi...

If you're wondering what's really happening with Public Service Loan Forgiveness (PSLF), curious about creative strategies for paying down your loans, or stressed about how your med school debt might impact buying a home, we've got your back. This week, we're breaking down the current state and future of Public Service Loan Forgiveness (PSLF), discussing student loan management strategies—includin...

It's easy to assume you're prepared for an emergency just because you have credit cards, a 401 (k), or home equity available—but those options can quietly turn an urgent expense into a long-term financial headache. In this episode, we delve into why these seemingly convenient backstops often come with significant costs, including high interest rates and lost investment growth. We outline exactly h...

Many physicians don't realize they're leaving extra money on the table by "tipping" Uncle Sam through simple, avoidable tax mistakes. While it's easy to assume your accountant has everything covered, the truth is even experienced professionals (and software) often miss key physician-specific issues. This episode shines a light on common errors doctors make, from mishandled Backdoor Roth contributi...

Most physicians assume qualifying for a mortgage is straightforward; after all, you're highly educated, creditworthy, and well-compensated. But buying a home as a doctor comes with hidden pitfalls that can leave you paying way more than you should, getting rejected unexpectedly, or locking in a rate you'll regret. Many don't realize that standard mortgage rules aren't designed for your unique care...

If you're a freshly minted physician just stepping out of residency or fellowship, the last thing you need is another decision demanding your urgent attention. But there's a flurry of emails, conversations in hospital cafeterias, and ads in your inbox pushing one message hard: "Get disability insurance now, or else." It's intense, it's relentless, and it's not the full story. What's often left uns...