Physician Family Finances Podcast

Have you ever hired a babysitter? You know, someone you trust to love and care for your child while you’re away?     Well, hiring a financial advisor is a lot like that. If you’re looking for a new financial advisor, you’ll undoubtedly want to ask all the right questions. In this episode, Ben and Nate give you seven questions you can use to choose not just a good advisor but a great one....

Doctors are smart and real estate is real but is real estate the right investment for real smart doctors? The answer is no.   Listen in as Ben and Nate discuss the four reasons why physicians – at least those who want to focus on their marriages, their children and their practices – can just say NO to the problems, perils and broken promises of real estate investing.       ARE...

Is “physician happiness” an oxymoron? Sometimes it may seem that way but you may be surprised to hear that some physicians have cracked the code on happiness. On this episode, Ben Utley, CFP® and Nate Reineke, CFP® discuss the Medscape Physician Lifestyle & Happiness Report 2023 in an effort to understand why physicians reported being less happy this year.     ARE YOU GETTING ALL THE...

If you’re a physician, you’ve probably heard of F.I.R.E. (financial independence, retire early). It sounds amazing, but do physicians *actually* retire early? Why or why wouldn’t you? On this episode, Nate Reineke, CFP® is joined by Chelsea Jones, CFP®, our in-house Retirement Planning Specialist,  to discuss the balancing act between working to save like crazy versus enjoying more life early...

If raising a physician family is like a circus, then physician moms are the jugglers keeping all the balls in the air. “You’ve got to know which balls are glass and which ones are rubber so you know which one it’s okay to drop,” says Dr. Sandra Rood, our guest in this episode. As a pediatrician, a wife and mother to a special needs child, Sandra walks us through her journey of physician motherhood...

What do neurosurgeons and otolaryngologists have in common? Beyond the polysyllabic nature of their titles, they are both high earning physicians AND four out of five of them are making a BIG tax mistake with their 401ks.     Specifically, they’re choosing the Roth 401k, not the right one or the “Traditional” 401k.       Listen in as Ben and Nate walk through the basics an...

How was your tax bill this year? Was it smooth and easy? Or did you get a nasty surprise?     If you have ever felt the shock and awe that comes from a surprise tax bill bomb, this episode is for you.       Listen in as Ben and Nate  discuss the top three reasons why young physicians, mid-career physician investors and self-employed doctors sometimes get hit with unne...

When it comes to financial stuff, the US government usually gets a bad rap. But the Federal Employees Retirement System Thrift Savings Plan (FERS TSP) is a major exception. Ben and Nate field a question from a US Air Force Reserves flight doctor about how to invest in the TSP. Tune in to learn why this 401k-like plan is so awesome and why one of the funds in the lineup is so unique it’s worth a se...

Bonds are boring, aren't they? Well, not anymore.     Recent rate increases make bonds more interesting than they've been in years. Better, some bonds yield interest that's tax-free, making them a match for many overtaxed physician families.       Listen in as Ben and Nate answer questions like:       • What is a bond?       • How do they work...

Do you remember that guy? You know, the friendly insurance agent you met when you were a resident? That was back when you thought everybody was as honest and well-intentioned as doctors are. And that was at a time when you and your family were vulnerable not only to the whims of fate but the advances of greedy life insurance agents, too. They should have sold you a load of inexpensive term life in...

For Valentine’s Day, we thought about getting you a big box of chocolates, but we decided to give you something less fattening and more fascinating: five tips to rekindle the flame of financial intimacy in your monetary marriage. We scoured the internet in a search for “how to talk about money with your spouse” but we came up practically empty handed. What we found instead was loads of advice abou...

The tax code is so complicated that even doctors–some of the smartest people on the planet–struggle to make sense of it all. And the one person who is supposed to help, your tax preparer, doesn’t seem to care. Join Ben and Nate as they break down the three “tax things” most physicians want and discuss why the average tax preparer won’t give you the one thing you really need: a solid strategy to ac...

As we look forward to 2023, we also look back on 2022. We found many physician families who are so happy they’ve been with us for years, and decades even, while others move on after a brief engagement. This got us thinking about who is a match for us and who might be happier elsewhere. At Physician Family Financial Advisors, we hope our advice will help you live a more bountiful, less taxing life...

What do you need to focus on throughout your career to enjoy a happy retirement? Today, it’s time to hop in the “Physician Retirement Time Machine” to see how things might look a couple of decades from now. How can you graduate from a successful career with a smile on your face, a song in your heart and an unexplainably healthy glow about yourself? Tune in to gain some vital inspiration and a quic...

What is the simple truth about college savings for doctors? When do physicians need to start saving for their children's college education? How much should a doctor save for public or private college and how can you use a 529 plan to save money? Tune in to learn the answer to these questions and become an informed parent surrounding your child’s college savings.      ASK A QUESTION...

There are three new tax changes happening for 2023. Although they may seem insignificant, the changes can have big impacts for financial security down the road. Tune in to learn what you as a physician need to know about these changes and how to adjust your IRA, 401K, and HSA accounts accordingly. These small adjustments are a necessity and could put money in your pocket.     GET OUR NEW...

Nowadays, investments are looking unfavorable, which leads to the question: should physicians keep investing? The answer is yes! You should continue to invest. The state of the economy is creating an ideal time to purchase investments, trusting that the market will rise again as it has in the past. Are you prepared with a spread of investments? If all of your money is in stocks, it’s time to recon...

Through strategy, habits, and mindset change, physicians can easily double their money in half the time to create a comfortable retirement. Using the rule of 72, you can determine the amount needed to invest to reach your retirement goals, and how long it will take to get there. Tune in today to learn how doctors can feel confident they are on track for retirement, and how to shift your mindset to...

What might be the single best tax break for a physician’s family? Surprisingly, a health savings account (HSA) may be the right option for your physician family. An HSA account is a vehicle where a physician can save on taxes when money is deposited for future health care expenses. So, how does a physician qualify for an HSA account? What is the tax break of an HSA for a physician? Tune in to lear...

What does a physician need to know about life insurance? What is the difference between cash value and term insurance? Do you have at least the average amount a physician needs to have in a life insurance policy? Tune in for answers to these important life insurance questions and to find out how much life insurance a physician family really needs. Getting started is easier than you think.   &...

Too often physicians will overlook benefits that can boost their retirement. A cash balance plan offers huge tax savings and is a type of defined benefit plan. So what are defined benefit plans, and how can a cash balance plan offer these huge tax savings? A physician who skips over a defined benefit plan could miss out on a large sum of money. Tune in today to learn more about how a physician can...

I-Bonds are an excellent component of a physician’s fully-funded emergency fund. They are state income tax-free and they pay interest that is very similar or exactly the same as the inflation rate. But what are I-Bonds and how do they work? Why would a physician want to buy an I-Bond? Tune in today to learn more about how I-Bonds work and why they are a great aspect of an emergency fund.  &nb...

What would it look like if you never retire? What are the pros and cons of working for the rest of your life? What if there was a reason you could not retire? How might a physician structure their life? An eternal physician opens the potential for more family time, time with children in their younger years, and longer time for investment decisions. Tune in to hear the thought experiment of the ete...

UTMAs can seem appealing to a physician for the tax break. However, using this account to hide money and present it to a child when they reach adulthood is a no-no. So then are UTMAs still a valuable tool for physician moms and dads? How might they help physicians in the process of giving their children money? Tune in today to learn more about the UTMA account and the best way to use it for physic...

A physician has made the decision to change jobs or move out of state. What answers should a physician receive before they accept a new position? What key factors should a physician know before they establish new residency, such as taxes, insurance, debt, and retirement? How should a physician plan their move to avoid huge impacts to their life? Every physician's situation is different, tune in to...