Physician Cents

Hosted by Chad Chubb & Tyler Olson

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Aug 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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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

May 1, 2026Episode 5214 min

Two Big Pitfalls New Attendings Face (And How to Dodge Them), Ep #052

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 financial groundwork can lead to lifestyle creep and long-term financial headaches, and provide actionable advice for early-career physicians aiming to build a secure financial future. 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] Pitfalls during the transition to attending physician [05:48] Navigating lifestyle creep challenges [06:42] Benefits of delaying big financial decisions [07:53] Avoid neglecting foundational financial tasks such as cash flow management [11:58] Why to plan regular budgeting check-ins [13:29] Avoiding common business pitfalls The Temptation of "I Deserve It Now!" Decision-Making One of the most common traps physicians fall into occurs the moment those larger paychecks start rolling in. We call this the "'I deserve it now' decision making": after years of rigorous training and modest income, the urge to splurge is both understandable and dangerous. And the real hazard isn't any single extravagant purchase, but the compounding effect of multiple big decisions. Lifestyle creep factors such as: Moving into a large, expensive home before you're settled or confident in your new job or city. Leasing or buying luxury cars. Enrolling children in private schools due to perceived status or convenience, even before the need becomes clear. Taking costly vacations and elevating everyday lifestyle expenses. This stacking effect can quickly consume your newfound income and trap you in a cycle where your lifestyle must always match (or outpace) your earnings. Just because you technically qualify for a large mortgage, it doesn't mean you should commit to it immediately. Resist the urge to purchase a forever home or luxury vehicle during your first year as an attending. Allow time to ensure your new role and location are the right fit—renting or buying modestly can prevent costly missteps if circumstances change. Don't Skip the Financial Basics The second pitfall is perhaps even more insidious: skipping over the unglamorous but essential aspects of personal finance. Tasks like cash flow tracking, buying insurance, and organizing estate documents are seen as the "boring stuff," but these are the foundations of financial security. Financial Building Blocks 1. Cash Flow Awareness Many physicians don't thoroughly track their spending or understand where their money goes each month. This lack of clarity makes it impossible to assess how much you can truly afford for fixed obligations like a mortgage, or how much you could invest for the future. 2. Insurance Coverage Disability and life insurance may not feel urgent, but they protect your income and family from unforeseen tragedies. These protections should be in place before committing to new, ongoing expenses. 3. Estate Planning Estate documents may feel like a one-time hassle, but they are necessary to ensure your wishes are carried out and your loved ones are protected. Make a habit of reviewing your cash flow monthly or quarterly—even a simple check-in can uncover surprises and prevent overspending. Invest time in securing appropriate insurance and ensuring your estate documents are up to date. These "boring" tasks lay the groundwork for financial agility and resilience, giving you freedom as your career evolves. Putting It All Together By dressing the "I deserve it now" mentality and making the "boring stuff" a priority, early-career physicians can avoid common pitfalls and build a sustainable lifestyle. Once the financial foundation is set, you'll find even greater satisfaction in investing and enjoying your money with a sense of security, not anxiety. Laying the groundwork takes patience, but it unlocks decades of growth, opportunity, and peace of mind. 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 Monarch 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

April 15, 2026Episode 5112 min

Meet Your New AI Financial Advisor, Ep #051

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 your trusted human advisor with AI really the smartest move for your financial future? 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 AI replacing financial advisors 02:00 Why people might be tempted by an AI financial advisor 03:38 Importance of emotion, relationship, and people skills 06:29 The danger of relying on AI if you don't have a lot of financial knowledge 09:46 There's no accountability if AI gives faulty advice 11:03 AI is appropriate for quick queries, but not for comprehensive planning What AI Gets Right—and Where It Misses the Mark There are a lot of good use cases for AI. AI tools can help crunch numbers, surface data quickly, and even generate content like podcasts and blog posts. But there is a flip side, if you know a little bit about personal finance, and then you try to use AI to augment that or to help you to make decisions, then be sure to check the output because AI isn't always accurate. Without expertise, it's easy to fall into the trap of overconfidence, accepting what AI provides without realizing what you might be missing or misunderstanding. The Accountability Factor When you work with a human financial advisor, that person is accountable to you, to regulators, and to their own professional standards. If something goes wrong, you can talk to your advisor, ask questions, and yes, even hold them responsible. If you follow their advice and it goes sideways. AI tools all carry disclaimers, they're not licensed, not responsible for the outcome, and don't know your situation intimately. The Value of Human Advisors: Expertise, Empathy, and Accountability Perhaps the biggest limitation of AI isn't technical, but human: the inability to listen, intuit, and offer nuanced guidance tailored to your unique goals and fears. Good planners get to know their clients and have the insight and bravery to give timely advice, which you're definitely not going to get from AI. Financial planning is about more than just numbers. It includes the subtleties of your family life, your values, your fears, and the context that doesn't show up on a spreadsheet. Human advisors can hold you accountable in a compassionate way and help you make more confident decisions. AI is a fantastic tool for advisors and well-informed individuals to supplement their expertise, but it isn't ready to fully replace the empathy, insight, and accountability that a real advisor brings. If you value judgment, context, and a trusted relationship, your best move is still to keep a human on your financial team—and let AI play a supporting role. 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

April 1, 2026Episode 5034 min

18 Common Tax Mistakes Physicians Make (Part 3): The Quiet Errors That Create Massive Tax Bills Ep #50

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 Accounts HSAs. We're also helping you understand the intricacies of W-4 updates, evaluate Roth contributions versus pre-tax options, and recognize the importance of year-round tax coordination and impeccable documentation. Blending real-world stories with our expert insight, this episode is packed with the kind of practical advice that will help you minimize headaches, avoid unexpected tax bills, and keep your financial journey on track. 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... [06:20] Real estate tax benefits explained [10:08] Understanding HSA plans and trade-offs [11:08] High deductible plans and HSAs [16:49] Managing taxes with life changes [21:04] Retirement tax planning options [23:33] Comparing pre-tax and Roth options [31:05] Organizing tax documents [33:25] Balancing tax planning efforts Real Estate Professional Status is Not as Simple as it Seems Investing in real estate is often touted as a path to financial freedom and tax deductions, but achieving Real Estate Professional (REP) status is rarely straightforward. Most physicians can't deduct passive losses unless they or their spouse qualify for REP. This requires meticulous documentation and significant time spent actively managing properties. Record-keeping is paramount, and physicians should understand the rigorous standards—casual efforts, like buying an air filter, don't count. For married couples, there's some flexibility if one partner can take on the real estate workload, but many physicians jump in without researching the bones of the rules—sometimes after costly educational programs that yield little benefit. Learning the requirements before investing money and time is crucial. Triple Tax Benefits with a Caveat Health Savings Accounts (HSAs) are the only "triple tax-free account", yet many doctors use them like checking accounts, missing out on compounding growth for future healthcare costs. Before committing to an HSA, it's important to first assess your family's healthcare needs. High-deductible health plans are not right for everyone—especially those with ongoing medical expenses. For those who can manage high deductibles, investing HSA funds and keeping receipts for big medical expenses can yield powerful tax-free withdrawals later. There's little urgency to reimburse minor expenses—think of HSAs as a possible long-term care fund rather than an emergency account. Roth vs. Pre-Tax: Tax Bracket Matters Roth accounts get a lot of love, but the decision isn't always clear-cut. For doctors in the highest tax brackets, pre-tax contributions may be more beneficial. State taxes also play a role. Maximizing pre-tax tools is key for high-earning physicians; Roth is often best when pre-tax options are "maxed out." Tax diversification is more important than Roth obsession. Future tax rates are unpredictable, so having a mix of pre-tax and Roth accounts provides flexibility for future strategies, such as Roth conversions during lower-income years. Don't blindly follow internet advice—consult a professional for tailored guidance. Tax Planning vs. Tax Filing Tax filing is reactive; tax planning is proactive. Most CPAs focus on filing, not planning, unless you pay for that service. For complicated situations—business ownership, side work, etc.—planning ahead can save thousands. Proactive strategies—W-4 changes, retirement contributions, entity selection—are best addressed earlier, ideally with the help of a planner who understands physician finances. The IRS isn't interested in your busy schedule—they want proof. Saving lives won't excuse missing receipts. Audit defense requires organized documentation: physical or digital folders for each year and category. Even rare audits are stressful; good records bring peace of mind. Always err towards simplicity—understand the basics, seek guidance, and choose strategies that fit your life. 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

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