The Physician's Guide To Financial Wellness

Tax planning in retirement doesn't always get the same attention as tax planning during your working years, which is too bad because, for many people, there's potential to lower your lifetime tax bill by tens or even hundreds of thousands of dollars through proactive planning. In this episode, we discuss the three key tax planning windows in retirement and share some tips and suggestions for what...

Navigating the world of insurance as a physician can be challenging. While insurance is a key part of any comprehensive financial plan, it can be difficult to understand what you need and don't need, especially since there's no shortage of "financial advisors" happy to sell you policies. In this episode, we discuss the types of insurance physicians actually need, the purpose each serves, how to th...

While successfully managing your finances is about more than just avoiding the big mistakes, if you can at least start there you'll have a good foundation and will be moving in the right direction. In this episode, we discuss seven of the biggest mistakes that can trip up physicians when it comes to their finances. We explain each mistake, why it's important, how it happens, and what can be done t...

One of the biggest changes when making the transition to retirement is giving up the steady paycheck from your employer. In retirement, the responsibility of replicating this paycheck shifts to you, but it can be difficult to understand how to use your investments and income sources (like Social Security) to create your retirement paycheck. In this episode, we explain the entire process, including...

Many employed physicians earn side income from things like moonlighting, speaking, consulting, writing, and more. However, not everyone understands the financial planning opportunities this side income provides, particularly the chance to save on taxes while saving even more for retirement. In this episode, we explain how to make the most of your side income, including setting up a "business," ope...

While the idea of becoming a 403b or 401k multimillionaire might seem like a hard-to-reach goal, it's actually easier than you might think if you follow the right plan and stick with it over time. In this episode, we share four simple steps (or behaviors) that can help you reach 403b/401k multimillionaire status. We also discuss the thinking behind these and explain why they are so powerful. Resou...

Student loans are often the most significant planning item in the financial life of a younger physician. In this episode, we walk you through our process for putting together a student loan game plan. We discuss the difference between public and private loans, explain the Public Service Loan Forgiveness program and its requirements, talk about some of the things to consider when deciding whether o...

Regardless of whether you plan to retire at age 45 or age 65, there are some key questions that everyone should consider when thinking about retirement. Answering these questions will help you avoid mistakes and make the transition as smooth as possible. In this episode, we walk through our retirement checklist and discuss how to think about six of the most important areas of retirement planning,...

When it comes to financial planning, one of the hardest things can be figuring out the best way to allocate your cash flow across different uses. Should you pay ahead on debt? Save and invest more for retirement? Put more toward another goal? In this episode, we talk about cash flow allocation and share tips and guidance for figuring out the right balance for you, one that helps you leverage your...

When thinking about retirement, or financial independence, it can be difficult to know whether you're on track and what it takes to reach your goal. In this episode, we talk about using your investments to create a retirement "paycheck" once you're no longer receiving a paycheck from your job, understanding how much you can safely withdraw from your investment portfolio each year, and figuring out...

Many people have heard of the Pareto principle, which states that 80% of the outcome often results from 20% of the effort. In this episode, we explain how this principle applies to investing, emphasize the importance of focusing on factors that will actually move the needle, discuss how many of the common narratives we hear about investing are misguided, and share five key principles that we belie...

There are many different ways to save for college, but we've found that a 529 plan is often the best option. In this episode, we explain what a 529 plan is, share why it tends to stretch your college savings dollars further, discuss the numerous tax benefits it offers, and address some of the frequently asked questions around 529 plans. We also talk in detail about the two 529 plan options specifi...

For any professional with an above average income in an above average tax bracket, the value of proactive tax planning and not "overpaying" the IRS is magnified. In this episode, we explain the difference between tax planning and tax preparation, and share six strategies for employed physicians to consider when looking to minimize their tax bill. Resources & People Mentioned: Blog post - tax plann...

The process of creating your own financial plan can seem intimidating, but it doesn't need to be. By breaking things down into individual steps, then tackling those steps one at a time, it's possible for anyone to create a financial plan that allows them to leverage their financial resources and align their money with their vision of life. In this episode, we explain why having a financial plan is...

Welcome to the first episode of The Physician's Guide to Financial Wellness! With this being the first episode, we share some background on ourselves, why we decided to launch the podcast, the format/frequency of the show, and our focus in terms of the topics we'll cover and what you should and should not expect to hear from the podcast. Thanks for checking us out and we hope you enjoy it! Connect...