Physician Cents

Hosted by Chad Chubb & Tyler Olson

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Sep 2026

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Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.

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October 1, 2026Episode 6229 min

Beyond the Basics: How Mid-Career Physicians Can Use Wealth to Buy Time & Live More Now, Ep #62

In this special mailbag episode, we dig into the concept of "Coast FIRE"—a financial strategy where you save aggressively early, then allow your investments to grow on their own while you step back from intense saving. We explain what it means to buy back time and how to maximize your savings. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 03:26 Your early retirement planning strategy 06:37 A few concerns about retiring early 11:25 Navigating your financial independence choices 15:48 Accessing funds before retirement age 18:31 Outsourcing tasks and enjoying life 26:01 Discussing Roth 401(k) and tax planning 27:11 How to understand Coast FIRE as a physician Understanding Coast FIRE Coast FIRE is a financial strategy where you save and invest substantially during your early working years, accumulating enough assets so that, by a certain point, compounding growth alone is expected to fund your retirement. Once you "hit your number," you can stop making hefty retirement contributions and let your investments do the heavy lifting—coasting into financial independence without additional savings pressure. With this approach, mid-career physicians are no longer bound to maximize 401(k), 403(b), or Roth IRA contributions if they don't want to. Instead, the focus shifts to maintaining lifestyle and exploring options like reducing income or reallocating time to non-work priorities. While FIRE (Financial Independence, Retire Early) is a popular acronym, the real value is in the "FI"—making work optional, rather than strictly retiring early. For most physicians, a late career start and a drive to stay productive means traditional retirement at 45 can be unrealistic or undesirable. What matters is obtaining the optionality that financial independence provides. Buying Back Time: The Soft Side of Money The most rewarding aspect of Coast FIRE is the ability to "buy back time," shifting away from relentless work toward pursuits that enrich life. This can mean reducing work hours (going to 0.8 or 0.6 FTE), outsourcing tasks at home (like lawn care or cleaning), or investing in meaningful family activities and hobbies. We recommend cultivating interests outside medicine and prioritizing pastimes now, so the transition to a less work-centric lifestyle feels natural when the time comes. Hobbies, travel, or spending lots of time with family can all become focal points. Practical Tax Strategy Overreliance on pre-tax retirement accounts has a potential downside—the substantial future required minimum distributions (RMDs) and tax headaches. Diversifying into taxable accounts provides both flexibility for early withdrawal and potential relief from future tax bombs. Roth conversions can be powerful, especially if timed well after market downturns, allowing for tax-free growth on a depressed portfolio. But as with all planning, a personalized approach tailored to your specific circumstances beats one-size-fits-all rules. Use frameworks like Coast FIRE as inspiration, not rigid templates. Build a financial plan rooted in your values, personal goals, and family needs. Enjoy today while planning for tomorrow, and don't let oversimplified labels define your path. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

September 15, 2026Episode 6120 min

Why $500k Feels Like Paycheck-to-Paycheck: Mastering Lifestyle Inflation, Ep #61

In the latest episode of the Physician Sense Podcast, we take listeners behind the curtain of a physician-teacher household with an annual income of $500,000. At first glance, this kind of income might sound like the ticket to unlimited financial freedom. But even with a hefty paycheck, many feel they're just barely keeping up. Here's what we uncovered—and what professionals in similar positions can learn from it. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 00:00 Exploring finance Reddit threads 03:28 The illusion of endless income 08:45 Balancing finances and lifestyle choices 09:54 Discussing household budget balance 15:01 Fair pay for household services 16:45 Sharing high-income budgeting ideas The Surprising Reality is That $500,000 Doesn't Feel Limitless Even a household earning $500,000 can still feel like they're living paycheck to paycheck. This is especially relevant for medical professionals and dual-income families who see taxes, debt, and lifestyle costs eat away at what appears—on paper—to be a substantial income. So, how does a $500,000 budget get allocated? Taxes: Roughly $110,000, or a bit over 20% Mortgage/Property Taxes: Around 11-12% (outside a high cost-of-living metro) Student Loans: 8% of income, or $40,000 per year, likely split between the physician and their spouse Car Payments/Expenses: About 6%, or $30,000 annually—even without luxury cars, this can add up with insurance and lease payments. The Lifestyle Factor Much of the online Reddit commentary about the household budget focused on spending for food, vacations, and daycare—which together made up 24% of income. Drill down, and you get $20,000 a year for groceries and $30,000 for restaurants. While this is a 50/50 split between eating in and out, for a busy medical family, convenience becomes a critical factor—and that comes with a cost. Redditors also discuss how much they spend on childcare, which takes up another $36,000 annually, and children's activities or education funds (such as 529s) together add up to about 10% of the overall budget. Vacations then come in at $35,000—a number that surprised us only for how reasonable it seemed given the rest of the budget. Scarcity Mindset Can Be Healthy Despite the "paycheck to paycheck" feeling, this Reddit thread demonstrates a well-constructed financial plan. Maintaining a bit of a scarcity mindset can be protective, helping prevent lifestyle creep from undoing long-term savings goals. For physicians or any high-earning professionals, the real lesson is about proactive management, intentional spending, and building systems that automate what matters. Even if the big numbers don't always feel big enough, clarity—and a little moderation—can go a long way. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned This is the Reddit story we're referring to: https://www.reddit.com/r/Salary/comments/1lcw4c8/personal_finances_making_500k/ Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

September 1, 2026Episode 6029 min

Biggest Financial Surprises After Buying Your First Home, Ep #60

Buying your first home is a momentous occasion, especially for physicians who've spent years on the move during medical training. But beyond the excitement lies a whole host of financial surprises that can turn homeownership from a joyful milestone into a source of stress, unless you know what to expect and plan accordingly. In this episode, we discuss the often-overlooked costs, share some real-life stories, and give you a few practical strategies to help you get ready to become a homeowner. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [04:03] Planning for home buying expenses [07:31] Discussing physician mortgages [10:33] Concerns about rising HOA fees [14:43] Unexpected expenses after home purchase [21:45] Budgeting for home maintenance [23:14] Advice for first-time home buyers Closing Costs & Upfront Fees One of the earliest and most substantial financial shocks for first-time homebuyers is the closing costs and upfront fees. So often people focus solely on the purchase price and down payment, but in reality, acquiring a home involves a variety of other fees—including appraisal, inspections, title insurance, recording fees, attorney fees, and prepaid property taxes. A rule of thumb is to plan for about 3% of the purchase price for closing costs. For instance, on a $500,000 home, that's $15,000 just to close the deal. And while physician loans are attractive for their low or zero down payment features, you still need to bring a significant amount of cash to the table for these fees—rolling closing costs into your loan only increases your debt and the interest you'll owe. Post-Closing Immediate Costs: Furniture, Fixes, and Fees The expenses don't stop once the keys are in your hand. Moving into a new home brings another round of costs—some mandatory, others optional. Typical immediate purchases and outlays include: Changing locks for security Deep cleaning the property Early lease termination fees if you're moving out of a rental before your lease ends Major furniture purchases and household goods Initial DIY adventures at home improvement stores—paint, window coverings, light fixtures, and small repairs First-time homeowners often underestimate these "little things," but collectively, they can easily tally into the thousands. Regular and Irregular Expenses Owning a home changes your cash flow dynamic. Beyond your monthly mortgage, there are recurring expenses such as property taxes, homeowner's insurance, and HOA fees. These outlays never disappear—even after the mortgage is paid off. The need for a maintenance savings bucket is vital. Major systems (HVAC, water heaters, roofs) eventually fail and require costly replacements. Even minor aesthetic upgrades—hardware swaps, landscaping, painting—add up over time. Prudent homeowners earmark funds monthly for routine maintenance and unexpected repairs, reducing reliance on high-interest financing or credit cards. Smart Strategies for New Homeowners So how can you prepare for these financial surprises? Budget for at least 3% of your purchase price to cover upfront and post-closing needs Consider multiple inspections for varied expert views on your property Prioritize your upgrades/repairs list and spread out non-essentials over 6–12 months Avoid draining your savings—leave a cushion for inevitable surprises Shop around for service providers to save thousands on repairs and upgrades Buying a home is exciting, but it's also a layered financial decision. With careful planning and an awareness of the not-so-obvious expenses, you'll hold onto the joy of homeownership without sacrificing your financial health. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned This is the Reddit story we're referring to: https://www.reddit.com/r/Mortgages/comments/1tjobzf/first_time_homebuyers_what_was_the_biggest/ Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

August 15, 2026Episode 5924 min

Physician Home-Buying Horrors: The $100k Mistake New Attendings Keep Making, #59

Buying a home is a major milestone, especially for physicians who've spent years renting and dreaming of settling down. However, jumping into homeownership right after landing your first attending job can carry serious risks—financial, professional, and even personal. On the show this week, we break down the real costs, challenge common assumptions, and equip you with strategies to make the right decision for your lifestyle. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [00:00] Understanding closing costs and commissions [04:21] Discussing home buying decisions [09:45] Understanding Non-Compete and Home Location [11:09] Understanding work-life balance factors [16:05] Discussing inflated housing markets [17:25] Challenges of settling for physicians Why Physicians Should Think Twice Before Buying a Home After Training Many new doctors are shocked to discover just how expensive it can be to exit a home purchase gone wrong. If you think closing costs are painful, wait till you find out what negative equity is—where the proceeds from selling don't cover your remaining mortgage and transaction fees, forcing you to pay out of pocket to leave your home. Closing costs on both buying and selling can easily reach $100,000 for a $1 million home. On buying, expect 2-3% for administrative fees, and on selling up to 5-6% in realtor commissions plus additional expenses, totaling between 7-10%. This doesn't factor in sudden market downturns that can leave homeowners with negative equity, multiplying financial stress and drastically limiting options. Knowing When You're Really Ready We talk a lot on the show about the danger of buying before you truly know your job and location. Many fall into the trap of assuming that once they become an attending, stability is guaranteed. But the reality is often different: about half of doctors leave their first attending job within a few years. As one story highlights, a physician purchased a home immediately after starting a new job, only to discover soon after that the workplace environment was toxic—and due to a non-compete clause, had to sell and absorb huge costs. What's more, your experience as a trainee in a city or at a hospital is not the same as being an attending. Even returning to a familiar place, the dynamics, expectations, and relationships can shift dramatically, catching many off guard. Renting Isn't Defeat—It's Strategic Flexibility It's understandable to crave permanence after years of training and relocation, renting for a year or more can be the single best way to test-drive your new life and protect your finances. Renting lets you: Assess job satisfaction and work-life balance without pressure Get to know neighborhoods, school districts, and commuting patterns Allow time to clarify actual income, bonuses, and lifestyle expenses Be nimble in case you need (or want) to pivot jobs or locations Don't be swayed by cultural or peer pressure that "successful people own homes." For physicians at this career juncture, flexibility is an underrated asset. Reviewing Contracts and Watching for Conflicts of Interest Physicians should never overlook the importance of having their employment contracts, especially non-competes, reviewed by a qualified attorney before making financial commitments. A restrictive non-compete could lock you out of entire regions if the job doesn't pan out, forcing an expensive relocation and home sale. Equally important is recognizing who stands to benefit from your buying decision. Mortgage brokers and realtors may encourage larger purchases because their commissions increase, but their incentives are not always aligned with your best interests. It's important to seek unbiased advice from professionals who prioritize your goals, not their commission checks. Any home purchased should fit seamlessly into your long-term financial plan. Compensation structures for physicians are often complex and unpredictable, making it all the more important not to overextend based on projected (but not guaranteed) bonuses. Consider basing affordability on your base salary alone, treating bonuses as welcome extras rather than essentials. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

August 1, 2026Episode 5827 min

Physician Side Hustles & Moonlighting in 2026: Extra Income Without Burning Out – And How to Structure the Business Side, Ep # 58

Is it possible to earn extra income without succumbing to burnout as a physician? We discuss business entity and liability implications, all the way through to breaking down tax considerations and retirement benefits. This conversation answers real-world questions doctors face when adding 1099 income streams. Whether you're a medical student contemplating your first side gig or an attending weighing S Corp elections, this episode is packed with practical insights into organizing your extra earnings, maximizing tax advantages, and sidestepping common pitfalls. Join us as we untangle the complexities behind "easy" side income and help you make informed choices for your financial journey. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 00:00 Exploring side hustle logistics 06:13 Discussing employment classification issues 09:48 Determining when to organize income 10:47 Understanding the QBI Deduction 15:18 Questionable tax advice on social media 19:19 Bookkeeping as a necessary chore 22:49 Comparing W2 and 1099 Expenses 25:35 Tax strategies for side hustles Why Doctors Pursue Side Hustles Wages in the profession have largely stagnated despite inflation, amplifying feelings of underpayment. For many, quicker student loan repayment is a necessity, especially as public service loan forgiveness (PSLF) opportunities become more limited and private loans play a bigger role. Crucially, over 55% of physicians report burnout, and diversifying income is seen as a buffer against financial strain and a means to pursue greater autonomy. Side hustles, whether consulting, locums, telemedicine, or unrelated ventures, are attractive because they seem to offer flexibility, financial upside, and professional variety. However, the reality is more complex than simply signing up for extra shifts or gigs. Understanding 1099 Income Unlike W2 income, 1099 earnings classify you as an independent contractor, a self-employed business owner, even for side activities. This brings both opportunity and responsibility. While there's high potential for financial gain and tax optimization, it's crucial not to view extra income through rose-colored glasses. Setting up a side business entails paying additional taxes, handling benefits independently, and navigating professional liability risks. There are also administrative requirements: invoicing, expense tracking, quarterly estimated taxes, and staying compliant with state and federal business regulations. Failing to account for the true time and effort required can erode the benefits. Physicians' high hourly rates further intensify the importance of factoring in opportunity cost when considering whether those extra hours of work pay off. Business Entity Choices One of the biggest decisions is whether to remain a sole proprietor, form an LLC, or elect S Corp taxation. The right answer depends not just on income but also on the anticipated longevity and complexity of your side work. Sole Proprietor/LLC: For those earning moderate or occasional 1099 income (less than $100k/year), a sole proprietorship or a simple LLC can suffice. LLCs require an Employer Identification Number (EIN) and create more organizational structure, which is especially helpful if you plan to contribute to a Solo 401(k). S Corp: Once side hustle income approaches $200k–$250k/year, S Corp status may provide meaningful tax advantages. S Corps allow certain profits to be distributed as dividends, potentially saving on self-employment (FICA) tax. However, the setup and administrative costs (payroll, separate tax filings, bookkeeping) mean that the savings often materialize only at higher income thresholds. Don't rush into complex structures based on advice you see on social media; one-size-fits-all guidance rarely stands up to IRS scrutiny. Bookkeeping, Professional Help, and Retirement Good recordkeeping is non-negotiable. Even for simple 1099 income, tools like QuickBooks and separate business accounts help avoid end-of-year headaches. Once you form an S Corp or have recurring income, a professional bookkeeper may be worth the investment—even at $3–$600/month—freeing up more physician hours for meaningful (and well-paid) work. Retirement vehicles, such as Solo 401(k)s and, for high earners, cash balance plans, are powerful tax-deferred options. These do require additional setup (often with an EIN/LLC in place), but can drastically improve long-term wealth-building opportunities. Physician side hustles can be incredibly rewarding—financially and personally—if approached thoughtfully. Remember that the goal isn't just more income, but a more balanced, sustainable, and fulfilling career. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

July 15, 2026Episode 5726 min

College Planning for Physicians: Values First Strategy & Advanced Tactics, Ep #57

On the show this week, we're taking a deep dive into college planning specifically tailored for physicians with children or grandchildren. Whether you're hoping to fully fund your child's undergraduate and graduate education or simply looking to balance saving for college with providing meaningful life experiences, this episode guides you through the real conversations every family should have, explores the most effective savings vehicles like 529 plans, and weighs the pros and cons of alternatives such as UTMAs, UGMAs, and new account types. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [05:28] Setting financial goals for education [12:55] Planning for children's education fund [14:10] Discussing the impact of savings on families [16:51] Handling children's financial responsibility [20:06] Possible tax impacts of investment fund [23:46] Discussing potential college plan changes What Does Support Mean for Your Family? Before crunching numbers or choosing account types, it's important to reflect on the kind of support you hope to provide. This requires real conversations with your spouse or partner about your goals and values for your children's education. Some families want to fully fund undergraduate and even graduate school, while others are comfortable letting their children take out some loans, prioritizing experiences, like family travel, during the formative years. Most commonly, families aim to cover the full cost of undergraduate education, but as we highlight, there's a broad spectrum, and it's essential to avoid setting expectations too early for how accounts will be used or how children's paths will unfold. Questions to Consider: Would you rather fund experiences now or prioritize saving for future expenses? How important is it for your children to have skin in the game when it comes to their education? How will you emotionally handle these funds if your children's plans differ from your expectations? The 529 Plan: The Go-To Vehicle for College Savings When it comes to funding college, the 529 plan is the favored tool for most physicians. Its advantages include: Tax-deferred growth and tax-free withdrawals for qualifying educational expenses Potential for state income tax deductions depending on your residence Flexibility in using funds, including for K-12 education (up to $20,000/year per beneficiary), and the possibility of transferring beneficiaries within the family Overcontribution is possible and should be monitored, as contributors should stay within the annual gift tax exclusion limits ($19,000 per person, $38,000 per couple in 2026; more with the five-year front-loading rule). Brokerage Accounts, UTMAs/Ugmas, and New Accounts While 529 plans are powerful, some families will want or need additional options: Joint Brokerage Accounts A parent-held brokerage account offers maximum flexibility and control. Funds can be invested for growth and allocated for education or other family priorities, with no requirement to turn over assets when a child reaches the age of majority. This avoids the risk of a large sum becoming available to a young adult before they're ready to handle it responsibly. UTMA/UGMA Accounts Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts can be useful for modest gifts, but we don't recommend them for substantial college savings. Once the beneficiary comes of age, they gain full control of the account—potentially undermining the intended use. "Trump Accounts" (530A) and Emerging Options Newer account types, such as the so-called "Trump accounts" (officially 530A accounts), have potential—particularly for long-term retirement savings for children—logistical limitations and a lack of state or federal tax deductions make them best viewed as a complement (not an alternative) to the 529 plan for now. Preparing for the Unexpected Keep long-term goals in mind, revisit your plan as your family grows and changes, and avoid setting rigid expectations for how your children will use educational funds. Your best-laid plans should empower your children without constraining their choices or causing resentment if their paths differ. For physicians, college planning is about more than maximizing a 529 plan. Begin by clarifying your values, then harness the right mix of accounts to support your goals. College savings accounts are tools; used thoughtfully, they can support both your children's futures and your family's financial well-being. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

July 1, 2026Episode 5624 min

529 Plans & College Savings for Physician Families: The Smart Way to Fund Kids' Futures, Ep #56

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 around what you know, and prioritize open family conversations. The 529 plan is just one tool in your financial toolbox. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [04:07] The 529 Plan is flexible, but not foolproof [05:48] Overfunding a 529 can create pressure [07:02] Planning college savings [12:18] Prioritizing financial goals [17:13] Discussing teenage financial responsibility [20:20] 529 plan and asset protection tips Smart Strategies for Funding Education 529 plans offer tax-free growth when funds are used for qualified education expenses. However, remember that you're dealing with children and you have no idea who they're going to become and what they're going to want to prioritize. Parents often feel pressure to guess the right amount to save, even though future interests and educational paths can't be predicted. Overfunding a 529 can create subtle, sometimes unspoken pressure on children to make choices, such as attending a particular type of school, just to use the money. It's important to tailor your contributions so the account serves your goals without dictating your child's life path. Setting Reasonable Goals: The 75% Rule and Beyond How much should you save? Aim to fund about 75% of projected college costs, knowing that things may change and that flexibility is critical. Tuition can vary widely depending on the institution, consider the difference between private schools and public options. It's equally important to realize that education paths are diversifying; not every child will take a traditional four-year university route. Some may pursue trade schools, gap years, military service, or entrepreneurial ventures. Keep your funding strategy nimble and reevaluate your goals as your children grow. Roth Transfers, K-12, and Changing Beneficiaries 529 plans have become more versatile in recent years. Now, up to $35,000 of unused 529 funds can be rolled over to a Roth IRA for the beneficiary, provided certain requirements are met, including that the account has been open for over 15 years. Additionally, funds can be used for up to $20,000 annually for K–12 education in some states. If one child doesn't use the funds, you can change the beneficiary to another child, cousin, or even future grandkids. This flexibility reduces the risk of "overfunding," but careful planning is still needed. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned Utah 529 Plan Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

June 15, 2026Episode 5518 min

Summer Survival: How Physicians Can Vacation, Enjoy Life, and Still Hit Their Financial Goals, Ep #55

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 intentional spending, making the most of your hard-earned days off, and enjoying guilt-free travel. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [00:00] Planning for your annual vacation expenses [04:20] Monthly contributions and cash flow planning for summer expenses [08:04] The philosophy of vacation spending and personal values [13:03] How vacation spending is incorporated into long-term plans [16:01] Monitoring and adjusting budgets for seasonal spending spikes [16:22] Cash flow analysis helps account for ups and downs in spending Building Vacations Into Your Financial Plan Instead of treating summer as a one-off expense or scrambling to cover costs on the fly, we recommend making travel a dedicated part of your annual or biannual spending plan. Our clients often split vacations into domestic and international line items in their financial planning, sometimes choosing major trips every few years and annual regional getaways in between. A big summer expense is also summer camps for kids—a not-insignificant line item that often gets grouped with travel for practical planning. The key is consistency and visibility. Link a savings account to your "vacation bucket" which is automatically funded monthly, which ensures funds are ready for family trips and children's camps. Over time, this system builds a guilt-free, stress-free process for planning—and paying for—summer fun. The Psychology of Guilt-Free Spending A recurring theme is the importance of "money mindset." Guilt can often creep in—should you really spend $15,000 on a vacation when there are other priorities? Embrace what matters most to you, whether that's a once-in-a-lifetime trip or simple downtime with loved ones. Guilt-free vacations, planned in advance, let you be fully present and savor every moment. Staycations or local hotel getaways can offer restoration at a fraction of the price. The key is intentionality: align your spending with your values while ensuring that big-picture goals remain on course. Staying On Track With Financial Goals When savvier systems are in place, most physicians can enjoy well-earned time off without derailing retirement, college savings, or investments. We advocate for robust cash flow tracking—from waterfall charts to custom spreadsheets—so clients can see that their regular savings for 403(b), Roth IRA, and 529 accounts continue uninterrupted alongside vacation spending. One-time splurges rarely move the long-term needle if the planning foundation is strong. Watch Out for Lifestyle Creep With schools out and days longer, extra spending can sneak in—whether on home projects, eating out, or impromptu outings. We recommend adjusting budgets to reflect seasonal upticks and reviewing cash flows over multiple months to set a realistic (and sustainable) average. Ultimately, the secret to summer satisfaction is balance. With proactive savings, clear value alignment, and honest self-reflection, physicians can vacation without compromising their financial trajectory. Be present, enjoy your well-earned break, and know you've planned to make every moment (and dollar) count. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned Mousehacking.com Holistiplan Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

June 1, 2026Episode 5434 min

One Portfolio, Many Accounts: Mastering Fund Selection, Rebalancing & Cross-Account Diversification Ep #54

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 investments should live. The episode dives into strategies like using brokerage accounts as a secondary emergency fund, treating the HSA as a long-term retirement asset, and maintaining aggressive growth in retirement-focused accounts if your situation allows. Complexity doesn't always add value—the real benefit often comes from sound, comprehensive planning and tax optimization. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 00:00] Prioritizing Simplicity in Investments [06:51] Creating custom client portfolios [08:06] Using third-party asset managers [13:24] Discussing wealth and business mindset [18:19] Planning investment allocations [21:51] Long-term HSA investment strategy [26:31] Building diversified investment portfolios [31:11] Rebalancing investment accounts regularly The Case for Simplicity in Portfolio Management Over time, we've found that complexity rarely adds commensurate value for most investors—especially for portfolios under $5 million. A portfolio made up of extremely simple, low-cost, diversified, indexed ETFs is often the best approach. This keeps things manageable while effectively balancing risk and growth. Excessively complex portfolios—with options trading, commodities, or too many actively managed funds—require constant attention and can often lead to stress and oversight. Instead, leaning towards index ETFs and well-diversified, low-cost funds allows investors to focus on the bigger picture, like their careers and personal lives, trusting their investments will quietly accumulate over time. Asset Allocation and Location One of the biggest questions when managing a portfolio across several accounts (such as an HSA, Roth IRA, 403(b), and taxable brokerage) is how to allocate investments thoughtfully and tax-efficiently. First, determine your broad mix between stocks, bonds, and cash. For example, if you're comfortable with 90% stocks and 10% bonds, divide that total allocation across all accounts combined. This is your asset allocation. Next comes asset location and deciding where to hold different types of investments, which can dramatically impact your after-tax returns. Taxable accounts are often best reserved for tax-efficient investments or municipal bonds, while long-term, qualified money like IRAs and 403(b)s can house more volatile, growth-oriented assets since taxes are deferred. For HSAs, often referred to as "extra retirement accounts", taking a long-term approach also pays off. Unless you need the money in the short term, investing the funds for growth allows you to leverage the triple tax advantage of HSAs for future high healthcare costs. The Art of Rebalancing Left unattended, portfolios can drift out of balance due to market movements. The process of rebalancing—resetting allocations back to targets—is crucial for risk control. Quarterly rebalancing (if automated) or annual rebalancing (if manual) is sufficient for most. In tax-advantaged accounts, rebalancing is straightforward. For taxable accounts, caution is warranted to avoid triggering unnecessary capital gains taxes. Whenever possible, new contributions or planned withdrawals provide natural opportunities to rebalance efficiently. Simplicity, discipline, and a clear plan are the pillars of successful long-term investing for physicians or anyone managing multiple accounts. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned Modern Portfolio Theory VTI-Vanguard Total Stock Market ETF Schwab US Broad Market Fidelity Total Market Index Fidelity Zero Funds Altruist Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK

May 15, 2026Episode 5311 min

Should You Invest During Residency/Fellowship? (The Real Answer for Trainees), Ep #53

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 physician trainees, we take a practical look at the benefits of prioritizing liquidity and mental health over early investment, explain the impact of matching contributions, explore the nuances between Roth IRAs and Roth 403(b)s, and debunk the pressure to start investing before you're financially ready. If you're feeling behind on savings or unsure where to put your next dollar, this episode offers clarity, actionable advice, and the reassurance that time is on your side. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our " Best of the Best " sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [00:00] The pressure to start investing early [04:57] Prioritizing wellbeing over early investing [05:57] When should you start investing? [08:13] Roth IRAs as backup emergency funds [10:25] Learning about your investment options The Pressure to Start Investing Early It's easy to feel left behind. Trainees—including those with years left in their residencies—often express anxiety about not having started retirement savings or investments. Social media and financial gurus echo the mantra: "Start investing as soon as possible. Time in the market beats timing the market." But trainees, especially future high-income specialists, will have ample opportunity to build wealth once they become attending physicians. The "wealth-building shovel" grows drastically larger after training, meaning the ability to contribute significant sums to retirement accounts is just around the corner. Even with the burden of student loans, there are often loan forgiveness programs, especially for those training in nonprofit settings. Don't let anxiety about being "behind" force hasty financial decisions during training. The future earning potential of physicians allows for ample catch-up. Foundation Before Growth Prioritize cash savings over investments because liquidity equals confidence and security. Emergencies don't wait for a bull market. Whether it's a car repair, a sudden move, or a family need, cash on hand allows for flexibility and peace of mind. While investing can technically begin with small sums, the psychological benefits of having an emergency fund are "massively more important than investing" during training. The relief of knowing you can weather a minor storm without going into debt or prematurely withdrawing investment funds outweighs the benefits of early compounding in most cases. With the drastic increase in income at the attending level, building up retirement accounts can be achieved quickly—sometimes in just a month —whereas it would take years to save as a trainee. When Should You Start Investing? It's important to learn about investing and, if possible, get into the habit with manageable amounts—especially when employer matching is available. A matching contribution, even a small one, is "free money," so if your training program offers a 403(b) or similar match, it's worth considering, provided you have some emergency cash on hand. Aim to have at least $1,000 in a high-yield savings account as a buffer, then consider investing any surplus, especially if it unlocks a match opportunity. The process should never overshadow your mental health or well-being: don't let investing become a point of stress or self-judgment. Roth IRAs, 403(b)s, and Hybrid Accounts Roth IRA contributions can be withdrawn if needed—but relying on retirement accounts as emergency cash can create behavioral pitfalls and complicate objective financial planning. Here's a potential structure for most trainees: Build $1,000+ in an accessible high-yield savings account Take advantage of a 403(b) match if available Consider a Roth 403(b) through payroll for simplicity, automatic contribution, and low friction Learning how each retirement vehicle operates, even without actively contributing, sets the stage for future financial decision-making For medical trainees, focus first on building a solid emergency fund—$1,000 or more in accessible cash. Learn about your investment options and take manageable, low-stress steps into retirement accounts, especially when a match is offered. Remember that your earning power is about to skyrocket, and your well-being matters more than squeezing a few extra dollars into a volatile market. Taking care of your present self lays the foundation for a far more prosperous and fulfilling future. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned Suze Orman Connect With Physician Cents WealthKeel LLC Olson Consulting LLC Tyler Olson on Twitter Chad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK