Physician Family Finances Podcast

A physician has made the decision to buy a house, so what’s the next step? How should physicians acquire a mortgage? What is the difference between a preferred lender vs. a standard bank loan? What type of loan is the best option for a physician? Tune in to learn the seven recommended steps for physicians in the home buying process that, with planning and preparation, can help physicians get the b...

Most physicians–even those well into their career as an attending–will face decisions about student loans. What is the difference between refinancing and consolidating student loans and which one is better? What should physicians consider before they refinance their student loans? Are lower interest loans actually worth it? Should physicians pay one debt off at a time or pay smaller amounts toward...

Changing jobs is common for physicians, but is money the main motivator? What are some other driving factors that lead physicians to change jobs? What if a new job requires a physician to move their family across the country to a city they’ve never been to and what types of factors should a physician consider if they are offered a new position? Tune in to learn why a giant sign-on bonus for an unf...

Emergency funds are essential for unexpected events that happen in life. Every physician should have one, but how much money should be in that emergency fund? What constitutes an emergency and what doesn’t? Should physicians worry about an emergency fund if they are trying to pay off debt or buy a house and what is the best type of account for an emergency fund? Listen in to learn about S.A.F.E. M...

Index Funds have numerous benefits for overtaxed doctors. But what is an index fund?  Should doctors invest in index funds or keep their taxable account? What makes index funds different and what if a doctor wishes to sell their taxable accounts to invest in an index fund? Tune in for insight into how doctors can analyze their investment accounts and learn when it’s worth it to invest in an i...

Backdoor Roths are useful, tax-free strategies for physicians to invest in their futures. But what exactly is a Backdoor Roth and how does it differ from a traditional IRA account? Does ‘Backdoor’ mean it’s illegal? Can everyone set up a Backdoor Roth? Tune in to learn how you can set up a Backdoor Roth IRA. If set up early, Backdoor Roth IRAs have the potential to drastically impact a physician’s...

What was once a privilege in the past, college seems more like a necessity in today’s society. And a plan to save for college takes discipline, however, it is a worthwhile investment.  So, how should physicians prepare to pay for college? Realistically, how much does college cost? What types of accounts are best for saving for education and should physicians expect their child to pay their wa...

Bitcoin has grown both in popularity and in value, but should doctors invest in Bitcoin? Are cryptocurrencies a safe investment? Is Bitcoin a diversified investment? What if a doctor just wanted to purchase a tiny stake in Bitcoin, would that be a worthwhile investment? Tune in to learn if Bitcoin belongs in the portfolio of a serious physician family investor or if you should pass up this current...

As a physician, preparation for a disability is a must. So, how do you prepare for a disability?  Will group coverage be enough to get you and your family through a disability? How much should a physician save for an emergency fund? Listen to learn what you should do if you still owe money on student loans and become disabled and what kind of policy you should choose.  An emergency can u...

Whether it’s a buyout, a bonus, an inheritance or even the gradual piling up of cash in your bank account, many physicians are wondering what to do with a large chunk of money. Should you invest it? Pay down debt? Save for college? Or use it as a cushion for a job change? Even if you haven’t hit the extra million mark, you need a plan to make the most of it. Listen now for a discussion on emergenc...

As a physician, have you felt an obligation to save large amounts of money to give your children when they’ve become an adult or graduated college? This gesture may seem like a no-brainer, an act you’ve never questioned. It’s led to the excitement you’ve felt as you’ve thought of this gesture of giving to your children. And while it’s easy to only dream of the fantastical outcome you’ve conjured i...

As a physician, are you and your partner confident with the finances in your marriage? Are you sure you're confident? Let’s test that! Which of these scenarios best describes your financial marriage circumstances? You and your partner don’t see eye to eye. One consistently drags the other to the financial “finish line” with only their financial goals in mind, while the other is hung out to dry. Or...

For physicians, retirement may be little more than a byproduct of a life well-lived since the work you do can bring meaning and purpose to your everyday existence. Still, it's a good idea to give some thought to life after medicine, and even ask how much you should be saving for retirement. Given the complexities, it's easy to reach for a rule of thumb about saving but that might not be the best a...

You conquered a big goal when you became a doctor, so setting financial goals should come easy to you, right? Maybe not. A goal that’s not specific, measurable, attainable, rewarding, and timely is just a dream. So, how specific do goals need to be for them to come true for you?  Listen for a discussion about goals versus intentions, accountability partners, and how to build good habits. Lear...

Doctors are smart people, and personal finance isn't rocket surgery, so you might be curious about whether you really need a financial advisor or not. A good advisor can help you get a better outcome and a great one can make a huge difference in your life. But what if you have what it takes to be your own best financial advisor? You can skip the hassle, expense and potential frustrations of hiring...

As a doctor, does the word “budget” spark a sense of dread? Your days in Residency were the epitome of frugality but now that you’re an attending, the financial responsibilities have piled up. When you look at paying off your student loans, investing for retirement, saving for college, paying down your mortgage and even taking a vacation, you might begin to think you need a budget. If you don’t ha...

Should doctors invest in passive income? Those two words spark curiosity in many doctors' minds, the elusive, “how can I make money without working?” But is passive income all it’s cracked up to be? Can it benefit you as a physician? Real estate investments sell as the passive income end-all, but that’s not the only option. Listen to an analysis of multiple types of passive income such as index fu...

Should I rescue my child from money mistakes? Dr. Foster Cline, Adult and Child Psychologist and author of, Parenting with Love and Logic, joins us to discuss his concepts to teach children from a young age the value of money. Dr. Cline proposes we give our children responsibility with their money and allow them to make mistakes from which to learn and grow. Listen as we provide examples from our...

What is PSLF, and is it worth it as an attending physician? PSLF stands for Public Service Loan Forgiveness, and we explain what you need to know about PSLF and if it is suitable for you as a physician. We use real-life examples and numbers to show the benefits of PSLF and deliver insights into what you can expect through the PSLF process. We will help clarify your Public Service Loan Forgiveness...

Hunter Clarke-Fields, a mindful parenting mentor with over 20 years of experience in meditation practices, joins us to discuss mindfulness as a parent and how to help guide your child to start saving money. Hunter provides daily mindful strategies you can use with your kids and shares how to journal with intention.  She explains ways to create boundaries around money that allow freedom within...

Are you a physician who’s trying to decide how much house to buy? Buying a home is a big deal, so Ben and Nate pose important questions to ask yourself when looking to purchase a home. Questions range from the practical, such as calculating your earnings and expenses, to the intuitive, digging deep within yourself and identifying the reason behind this purchase and how it serves your family. Befor...

Financial Independence Retire Early (F.I.R.E.) is one way to approach your financial life but it might not be the best way. Understand the pros and cons of FIRE. Know the difference between "getting rich" and gaining control of money. Hear how financial independence offers you the freedom to practice your way without walking away from  the work you love. Is FIRE right for you? Listen to the e...

Using the Answer Line, Margie, a physician mom practicing in Texas, asks a common but difficult question about when to start talking about money with kids. Learn how to start the conversation as Ben and Nate offer real life examples of teachable moments you might see in your own household. Even better, we tell what NOT to do when teaching your kids about money. Listen in to avoid the big mistakes...

Physician moms and dads: wouldn't it be sweet if there was a podcast made just for you? We hope this is it. Welcome to the Physician Family Financial Advisors Podcast, where we turn today’s worries about money into a comfortable feeling of financial security to last you and your family a lifetime. As CERTIFIED FINANCIAL PLANNER™ professionals, we are here to answer your questions about how to beco...