Physician Cents

In this episode, we're tackling the often-confusing world of advisor fees, clearing up the "alphabet soup" of terminology, fee-based, advice-only, flat fee, assets under management (AUM), commissions, and fee-only. You'll get essential insights into what these different fee models mean, which conflicts of interest to watch for, and how to figure out which advisor structure suits your needs. We highlight the importance of understanding exactly what you're paying for and encourage you to look beyond just price, reliability and value matter, too! If you've ever wondered how financial advisors really get paid, or how to choose one that's right for you, this episode delivers all the answers. 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 fee terminology basics. 05:41 Financial incentives shape decisions. 06:24 Advisor relationships and compensation insights. 12:55 Comfortable self-directed investment management. 14:23 Challenges of the advice-only approach. 19:58 Hybrid fee models explained. 20:56 Questions to ask financial advisors. 27:48 Advisory fees vs. investment returns. Understanding the Types of Advisor Fees The financial planning universe is more nuanced than ever before, with new compensation models and hybrids popping up every year. It's important to distinguish between the various structures: Fee-Based: Advisors can sell products, earning commissions (like insurance), and also charge direct client fees. Advice-Only: Advisors provide flat-fee advice but don't manage investments or sell products. Flat Fee: Clients pay a straightforward dollar amount for services, either monthly, quarterly, or annually. AUM (Assets Under Management): Advisors charge a percentage of the investments they manage. Commission: Advisors are paid strictly by selling financial products. Fee-Only: All client costs are direct; no commissions from products or other entities. Advisors may offer a blend of these models, so understanding what each entails, and the incentives they create, is a crucial first step. Fee-Based Advisors: Wearing Two Hats Fee-based advisors can earn money from both commissions (such as insurance, mutual funds, and annuities) and traditional fee arrangements. This hybrid approach is common among newer physicians who lack the assets for larger minimum fees but still need financial guidance. While fee-based relationships aren't inherently bad, it's essential to be aware of the underlying incentives. If you go this route, clarity and full disclosure are your best protections, know what you're buying, the commission structure, and what (if any) ongoing service you'll receive. Fee-Only and Advice-Only: Minimizing Conflicts of Interest For physicians who want a relationship free of commission-driven biases, fee-only (especially advice-only) models are a breath of fresh air. In these setups, compensation flows exclusively and transparently from the client, limiting hidden conflicts. Advice-only advisors focus solely on comprehensive planning, not asset management. This is ideal for the confident DIY investor, if you can stick to the plan without emotional reaction or procrastination. The challenge isn't getting a plan, but sticking to it as life and career inevitably create surprises and competing priorities. AUM and Flat Fee: Clarity is Key AUM-based fees charge a percentage of the investments managed. This "traditional" approach makes fees a moving target, but may align advisor incentives with your portfolio's growth. However, it's vital to understand whether these fees also cover ongoing financial planning or simply investment management. Too many physicians overpay for limited service out of habit or inertia. Flat fee models, on the other hand, provide absolute clarity. Whether it's a single annual charge or a tiered structure based on income or complexity, you always know your costs.  Look for Reliability and Transparency Choosing an advisor is about more than price, it's about aligning on values, expectations, communication, and service levels. Ideally, you're working with that advisor for decades...spend your time doing the research once. The ideal advisor relationship isn't just about minimizing costs or maximizing returns, it's about trust, longevity, and peace of mind. Whether you're a new resident or a seasoned attending, the goal is the same: to understand what you're paying, what you're getting, and to feel empowered to periodically re-evaluate as life evolves. 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

Estate planning is often one of those "I know I should, but…" tasks that lingers on the to-do list, especially for busy professionals like physicians. So this week we're joined by Kyle Claussen, founder and owner of Resolve, for an in-depth conversation focused on estate planning for physicians. Kyle brings a wealth of expertise, tackling the complexities of estate planning, including guardianship, asset protection, and the all-important topic of ensuring your wishes are followed should the unexpected happen. From explaining when physicians should start thinking about estate planning (hint: don't wait until it's too late!) to breaking down the difference between wills and trusts, this episode is packed with practical advice tailored to doctors at every stage, whether you're a med student, resident, or practicing physician. The discussion goes beyond the basics, exploring how estate planning intersects with asset protection, and why proactive rather than reactive planning is so critical. Expect actionable tips on structuring beneficiaries, avoiding costly mistakes with property ownership across multiple states, and even some myth-busting around legal costs and DIY online tools. If you've ever put off estate planning or found the process intimidating, this episode will give you the clarity, and nudge, you need to get started.  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... [06:21] Estate and trust distribution insights. [09:14] Life insurance beneficiary risks. [12:16 Trusts for asset protection. [15:29 Managing multi-state property probates. [16:34 Estate planning essentials. [21:17 Top physician asset protection tips. [22:43 Risk management tips for rentals. [29:16 Why estate planning matters. When Should Physicians Start Estate Planning? When's the right time to get your estate plan in order? The answer is surprisingly straightforward, if you have kids, now is the time. Even if you're single or married without kids, the default "intestate" rules determined by your state may not align with your preferences, potentially leading to lengthy probate processes and undesirable outcomes. Many physicians delay estate planning, thinking it only becomes necessary when they're older or have amassed significant assets. But the reality is that life insurance proceeds, custody of children, and guardianship arrangements in the event of untimely death all hinge on these critical documents, regardless of your age or net worth. Wills, Trusts, and Beneficiaries: Avoiding Common Pitfalls A major focus of the discussion was the mechanics of passing on assets, particularly for families with young children. Too often, physicians mistakenly list minor children as direct beneficiaries of life insurance policies or retirement accounts. This can create legal headaches, since minors cannot legally inherit large sums outright or manage those funds.  Kyle emphasized the importance of designating a trust, either by establishing a revocable living trust or including a contingent trust in your will, as the beneficiary for minor children. Doing so not only streamlines the process and potentially avoids multiple probate cases (especially important if you own property in multiple states), but it also allows you to set parameters around when and how young beneficiaries receive assets. You can't change the rules after the fact. That's why proactive planning, rather than reactive scrambling after a crisis, is essential. Estate Planning Costs and What to Expect  One common myth is that estate planning is prohibitively expensive. According to Kyle, basic estate plans, which include powers of attorney, a will, and potentially a revocable trust, typically range from $500 to $2,500. While more advanced plans for those with multi-million dollar estates may cost more, most early- and mid-career physicians can secure peace of mind with a modest investment. He advises reviewing estate documents every five years or after major life changes to ensure guardians, beneficiaries, and special instructions are up to date. Key Tools Every Physician Should Consider for Asset Protection While estate planning determines what happens after you're gone, asset protection is about proactively safeguarding your wealth during your lifetime. The two are often linked, but not all estate planning tools (such as revocable living trusts) provide creditor protection. Kyle outlined several primary strategies: Malpractice Insurance: Ensure you're adequately covered at or above your state minimums. Tenancy by the Entirety: If available in your state, this joint ownership option for married couples provides powerful protection of your primary residence against individual creditors. Umbrella Insurance: An affordable way to layer extra liability protection atop existing policies. LLCs for Rental Properties: If you dip into real estate, holding properties in a limited liability company helps isolate risk, protecting your personal assets from lawsuits related to a rental. DIY vs. Professional Estate Planning: Which Is Right for You? AI-driven or online DIY estate plans can be a starting point, certainly better than nothing, but may miss crucial nuances, especially for physicians with multi-state property or complex family needs. Professional attorneys can flag issues like multi-state probate and tailor documents to cover unique scenarios, offering a far greater return on investment in the long term. For physicians, robust estate planning and asset protection aren't just for the ultra-wealthy, they're foundational for safeguarding your family, your practice, and your legacy. Take the time to get these essentials in place. And remember to check in every few years, a small investment of time can spare your loved ones significant financial and emotional strain down the road. 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 Resolve.com  Connect with Kyle Claussen Kyle Claussen on LinkedIn  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

This week, we're exploring how moments of uncertainty and adversity can shake our priorities and remind us not to let financial goals overshadow our relationships and overall well-being. Whether you're a medical student, resident, or practicing physician, this episode encourages you to regularly reassess your work-life balance and ensure your financial decisions support, not compete with, the life you truly want to lead. Be proactive, not reactive, in aligning financial strategies with what matters most. So settle in and get ready for honest insights, personal stories, and actionable advice on blending smart financial planning with a fulfilling and authentic life. 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] Balance financial independence and meaningful living. [03:07] Value of life versus the value of financial planning and wealth creation. [06:30] Unique pressures and time demands of the medical profession. [07:47] The emotional, relational, and personal dimensions of financial planning. [08:52] Reevaluate your priorities to optimize life. [09:58] Financial planning as a tool for life optimization. When Life Overshadows Money We open the episode sharing a personal experience: a scary moment when Tyler's son fell and suffered a head injury during a family trip. Although the outcome was ultimately okay, it was a stark reminder that, in moments when our loved ones are in danger, money suddenly feels meaningless. After all, no matter how much money we've accumulated, none of it matters when someone we love isn't ok. These experiences, whether direct or vicarious, force us to reevaluate priorities. Physicians often feel a tension: striving for financial independence or early retirement, versus the die with zero philosophy that advocates for using resources to enrich life today. Setting the right priorities is not always easy, which is why reflective conversations like these are valuable. Work-Life Balance: More Than a Buzzword Work-life balance is especially elusive for many physicians; the grind can easily take over, often leading to missed family moments and a skewed sense of what truly matters. Life moves quickly, and loved ones won't always be around. The true value in life isn't found in dollar signs, but in the relationships and memories we create. While financial security is vital, letting it dominate our decisions can leave us out of balance, personally and professionally. Be Honest About What You Want Effective financial planning does require introspection and honest conversations. Good financial planners will routinely ask clients about their time commitments and priorities, not just their investment strategies. Physicians (and anyone) should establish a "supporting cast," whether it's a spouse, friends, or a planner, to keep themselves accountable for how they spend their time, not just their money. These conversations help prevent years from slipping by without regular reassessment of what truly matters. Making Intentional Choices Periodically consider questions like, "If I could go down to 0.9 or 0.8 FTE and still reasonably reach my goals, would you do it?" For those with steady savings and clear financial plans, there's often hidden flexibility to adjust work commitments and make space for life's priorities. We also share stories of clients who took pay cuts or changed careers to reclaim quality time with their families, and how these moves were celebrated not just financially, but also personally. Financial planning principles are crucial, but only insofar as they enable a life well-lived. Money is the tool, not the destination. Tyler sums it up: "Value financial planning principles, but value them in the context of the value of life and making the most of it for yourself." In medicine and beyond, it pays to be intentional about how we invest our resources, especially the ones we cannot earn back. Are you assessing your priorities regularly? What changes could you make today to give first place to what matters most in 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

The Mega Backdoor Roth isn't for everyone, but when available, it's a physician's superpower. Whether you're a W2 employee, an independent contractor, or running your own solo 401k, we discuss how to add it to your financial strategy and explain the potential pitfalls. In this episode, we talk through how to check your plan details and crunch the numbers to see whether it's right for you. After all, balance is key to financial wellness. If you've ever wondered how to get more into your Roth bucket or whether after-tax 401(k) contributions could benefit your long-term plan, this episode is for you. 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... [04:37] Mega Backdoor Roth limit constraints. [09:04] The tax efficiency debate: after-tax vs. brokerage. [13:03] Mega Backdoor Roth strategies. [14:07] Qualifying for a Mega Backdoor Roth. [17:28] Maximizing income for retirement planning. What is the Mega Backdoor Roth? The Mega Backdoor Roth is an advanced retirement savings tactic that enables high-income earners to invest much more into Roth accounts than what standard Roth IRA or Roth 401(k) contribution limits allow. For 2025, the total 401(k) contribution cap is $70,000, which includes your $23,500 employee contribution, employer match, profit-sharing, and, where available, the after-tax contributions that make the Mega Backdoor Roth possible. In practical terms, if your employer plan allows both after-tax contributions and in-service rollovers or conversions to a Roth, you could move up to $70,000 into your Roth 401(k) or IRA annually, subject to subtracting your standard contributions and employer match. This "mega" savings opportunity can significantly boost your tax-free retirement nest egg, if you're eligible. Why Isn't Everyone Doing This? The excitement about the Mega Backdoor Roth on online finance forums makes sense, but not everyone can access this perk. Most 401(k) plans (especially in private practice or academic settings) do not offer the required plan features. Out of every ten clients, maybe only two or three have plans that permit Mega Backdoor Roth contributions. What's more, high employer contributions can limit your after-tax space. If your employer already maxes out your account with generous matching or profit-sharing, there may be little to no room left for after-tax contributions. How Does It Work? Here's the basic playbook: Check Your Plan Rules: Ask HR if your 401(k) permits after-tax contributions and if it allows in-service rollovers or conversions to a Roth. Calculate Your Limit: Subtract your employee plus employer contributions from the $70,000 limit. The difference can be contributed after-tax. Act Quickly on Conversions: Ideally, you want to roll over your after-tax contributions to a Roth as soon as possible. This ensures all growth also becomes tax-free, not just the original contributions. Watch Out for Pitfalls: If you overcontribute before employer matching goes in, you risk missing out on those contributions or breaching the annual cap, which can trigger headaches and require corrective distributions. Solo 401(k)s and Mega Backdoor Roth For independent physicians or those with significant 1099 income, a Solo 401(k) may create even more flexibility. Some people can combine cash-balance pension plans with Solo 401(k)s for both pre-tax and Mega Backdoor Roth contributions. However, not all off-the-shelf plans allow these advanced moves; customized plan setup may be required, and using the right provider can make a big difference. Spouses who work in the practice might also be eligible, potentially doubling the family's Mega Backdoor Roth opportunity, a major win for highly compensated couples. Is It Always the Right Move? More Roth savings sounds great, but don't prioritize future tax-favored accounts over your present cash flow or liquid needs. If contributing the maximum would squeeze your lifestyle or short-term goals, scaling back is wise. Plus, for some, a taxable brokerage account, especially for low-dividend investments, might be more tax-efficient if after-tax-only options are the alternative. Remember, you don't have to max out your after-tax contributions for the strategy to be worthwhile. Even smaller amounts add up and diversify your retirement tax picture. 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 carry.com  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

The ever-changing world of student loans is a subject at the top of every doctor's mind right now. With new regulations rolling out, interest resuming, and federal repayment plan changes looming, there's a lot of confusion about the best steps to take next. On this episode, you'll hear the latest updates on student loan forgiveness programs, shifts in income-driven repayment plans, and the tricky decisions surrounding refinancing versus sticking with federal loans. We're also sharing real-world examples, client scenarios, and fresh insights from the front lines of financial planning for physicians. Whether you're nearing Public Service Loan Forgiveness, exploring your repayment options, or debating a move to private lending, this episode is packed with the clarity and practical advice you need to make informed, confident decisions. 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... Evaluating PSLF strategy options [05:15] IBR payment caps removed [08:34] Physician loan forgiveness challenges [13:33] Navigating uncertainty in physician careers [16:37] Refinance strategy - do you want flexibility or a cushion? [20:04] Evaluating PSLF viability for careers [25:20] Loan interest comparison example [26:12] Two Paths: PSLF Seekers and Beyond The current financial environment leaves most borrowers in one of two camps: Those pursuing PSLF, looking to maximize forgiveness via public service employment Those planning a private payoff, who may consider refinancing to lower their interest rates The ideal strategy depends on your career path, household income, family size, and how many qualifying payments remain if you're hitting the PSLF 120-payment threshold. For PSLF-Bound Physicians: Strategy Amidst Change If you're aiming for PSLF, several changes directly affect your repayment game plan, especially with the phasing out of certain plans like PAYE and changes to the Income-Based Repayment (IBR) plans.  Interest Is Not Your Enemy: For those close to 120 payments for PSLF, accrued interest will be forgiven if you stick with the forgiveness programs. Therefore, for many, remaining on SAVE until you're forced to switch (anticipated between December and June) might be optimal, even as interest grows. Shifting Eligibility: New IBR rules will eventually remove the "partial financial hardship" requirement, broadening eligibility—but also eliminates the "payment cap" that protected high earners from excessively high payments. This can significantly impact high-income households, so careful cash flow planning and timely re-application are crucial. Application Backlogs and Buyback Realities: The PSLF Buyback process has proven slower and sometimes more expensive than anticipated, with actual "buyback" costs coming in higher than expected. Advisors now recommend proactively starting or restarting your PSLF payment clock, rather than waiting for an uncertain buyback windfall. Complexity in Tax and Filing Considerations: Married filing separately, AGI adjustments, and state-specific community property rules can all impact monthly payment calculations. As Tyler noted, coordination with tax professionals is increasingly essential. For Those Not Going for PSLF: Refinancing and Payoff Considerations If PSLF isn't on your horizon, perhaps due to private practice plans or employer type, the private refinancing market may seem appealing. But it's not a step to be taken lightly: Don't Jump for Minimal Savings: Unless you can achieve a meaningful rate reduction (at least 1% or more), it's usually not worth giving up federal protections, flexibility, and the slim-but-real possibility that your future career path could shift back into PSLF-eligible territory. Opt for Flexibility: Even when refinancing, it may be better to lock into a longer (e.g., 10-year) term for lower required monthly payments, but pre-pay aggressively at the 5-year rate if possible. This provides cash flow safety in case of income disruption without locking you into a punishing payment schedule. Don't Ignore Lump Sums: If transitioning to private loans, paying down accrued interest at the time of refinance can save on total costs and prevent additional negative amortization. Knowledge, Intentionality, and Professional Support There is no universal "best" solution. The student loan landscape is changing fast, and even professionals need to re-educate themselves regularly as new details and government guidance emerge. Physicians should work closely with knowledgeable advisors, invest time in understanding options, and remember—sometimes peace of mind is worth a higher payment to put debt stress behind you. Whether you are actively pursuing PSLF or considering refinancing, do your homework, seek personalized advice, and stay adaptable. As the rules shift, knowledge and strategic flexibility are your best assets for financial well-being in your medical 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. Resources & People Mentioned The College Investor Laurel Road Credible Loan Refinance   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

In this episode, we're opening our mailbag and answering some of the most common and nuanced financial questions facing doctors and medical trainees today. Let's break down the real numbers behind everything from choosing the right future rate of return for investment planning and calculating safe withdrawal rates in retirement, to tackling student loan strategies for dual-income families and navigating the ever-popular "Should I buy, lease, or finance a car?" debate. We make sense of the numbers and provide guidance you can actually use—no matter where you are in your medical or financial journey. Whether you're a med student, a resident, or a seasoned attending, you'll walk away with actionable insights and food for thought on building your financial well-being. 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... [05:55] Relying solely on savings is risky due to inflation, which erodes purchasing power over time. [08:57] Reevaluating the 25% retirement rule. [11:07] Consider tax brackets when transitioning to retirement. [16:01] Balancing living costs and retirement. [19:35] Student loan refinancing case study. [23:25] Strategizing loan payoff and savings. [25:20] Buying vs. leasing a car. Future Growth and Real Returns One of the hottest topics from the mailbag revolves around the math underpinning financial planning: What's a reasonable assumption for future investment growth ("real return"), and what role does inflation play in your projections? While the S&P 500 has historically returned close to 9% annually, prudent planners—especially with an eye on maintaining expectations and avoiding unpleasant surprises—tend to use more conservative figures, usually in the 7% range. This is before accounting for inflation. Even if your portfolio earns a 7% return, with inflation running around 3%, your real return is closer to 4%. This is crucial: over long timeframes, underestimating inflation or overestimating returns can dramatically erode your buying power and derail retirement plans. Always plan with conservative estimates and remember that inflation is an ever-present headwind. Safe Withdrawal Rates: The 4% Rule (and Why It's Not Always 4%) Perhaps one of the most debated topics among planners is the "safe withdrawal rate," or the percentage of your savings you can spend each year in retirement without running out of money. While the classic "4% rule" is widely cited, it was developed when bond yields were higher and may be a touch optimistic today. A range closer to 3–4%, depending on market conditions, yields, and individual circumstances, is more realistic. For those retiring in their early 50s, a 3% withdrawal rate is safer, creeping up toward 4% for retirees in their 60s. Planning should remain agile—with adjustments made for market swings, unexpected expenses, and shifts in spending needs over time. A key rule of thumb for physicians: estimate annual retirement spending, multiply it by 25 or 30 (depending on comfort with risk and market outlook), and use that as your retirement savings target. Planning for taxes and Social Security timing is vital, too. Student Loan Drama: PSLF or Private Payoff? Listener questions often circle back to student loans—and for good reason. Our case study involves an anesthesia resident (with a high-earning spouse and $130k in loans) prompts a discussion on PSLF (Public Service Loan Forgiveness) versus private refinancing and aggressive payoff. With relatively "modest" debt (by physician standards), high dual income, and the diminished PSLF benefit after factoring in tax strategies, private refinancing with a low monthly payment is attractive. Paying down the debt efficiently, possibly using resident-specific refinance deals, frees up future cash flow and mental energy—a valuable tradeoff given the physician's strong earning potential. Car Buying Strategies: New, Used, or Lease? We're also diving into the classic "should I buy new, buy used, or lease?" question. For residents and those who don't rack up heavy mileage, a lease can make sense—minimal hassle, lower upfront costs, and fewer worries about repairs or moving across the country for training. For those set on keeping a car for 7+ years, buying new (especially with favorable financing terms) or gently used can provide value. Know Your Numbers—And Ask for Help Mailbag episodes like this showcase the diversity of financial questions and the value of thoughtful, detailed planning. Physicians juggle long careers, high debt burdens, and complex compensation structures—but with the right strategies, clear-headed math, and a willingness to get help, financial freedom is well within reach. Remember: conservative assumptions, flexible planning, and periodic check-ins with a trusted advisor can make all the difference on the journey to 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. Resources & People Mentioned Laurel Road 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

If you're wondering what's really happening with Public Service Loan Forgiveness (PSLF), curious about creative strategies for paying down your loans, or stressed about how your med school debt might impact buying a home, we've got your back. This week, we're breaking down the current state and future of Public Service Loan Forgiveness (PSLF), discussing student loan management strategies—including some lesser-known tactics—and sharing practical advice for navigating major life decisions, such as marriage and real estate, while carrying significant medical school debt. We wrap up with some solid insights into how debt-to-income ratios affect home purchases, and provide the latest guidance on disability insurance options for residents at top institutions, such as the Mayo Clinic. Whether you're just starting med school, deep in residency, or well into your attending years, you won't want to miss the practical tips and real-world scenarios packed into this insightful episode. 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... [03:10] Current state of PSLF based on legislative updates as of July 2025. [05:32] Distinction between student loan repayment options (IBR, RAP) and discussion of potential changes. [11:09] Practical benefits and drawbacks of refinancing federal loans in small chunks. [15:37] Why your med school debt shouldn't stop you from buying a home with your spouse. [19:32] How physicians can secure income protection with disability insurance. The Current State of PSLF for Incoming Interns Given all the buzz about Congressional reforms, we're covering whether the Public Service Loan Forgiveness (PSLF) program is still accessible to the next generation of physicians. PSLF is not on the chopping block for anyone who is out of medical school. If you're an intern or a senior resident fellow attending, the rules for PSLF are fundamentally the same. If you're an intern, resident, or attending, PSLF stays intact for existing borrowers. However, the fine print for income-driven repayment plans (such as IBR and the possible new 'RAP' plan) is still in flux. Stay alert for legislative updates, though—especially if you're right at the beginning of your medical education. Final details are still emerging, with significant updates potentially rolling out in 2026. Nonetheless, for those starting training now, PSLF remains a safe and viable option. Should You Refinance Student Loans in Chunks? Another question in the mailbag is whether it's savvy to take only a portion of federal debt ($30,000 at a time) into a private loan for better rates, while retaining more favorable federal protections for the remainder. The honest answer is that we both think this is unnecessarily complex for minimal upside. Federal loans can always be paid down aggressively, and moving smaller chunks into private loans means navigating possibly shifting interest rates, repetitive refinancing paperwork, and little real financial gain. In most real-world cases, the time, risk, and administrative hassle simply aren't worth it, unless private rates are remarkably better (which, in 2024, they often aren't). Refinancing federal student loans incrementally is more trouble than it's worth for most physicians. Our advice is to assess your full financial picture and consider a clean, one-time refinance if private rates and circumstances are truly compelling. Debt, Marriage, and Physician Mortgages Most lenders only count the debt and income of applicants actually on the mortgage. Both partners don't need to be on the loan, even if married. This means the non-indebted partner could be solely on the mortgage (with both still on the deed), sidestepping issues with student loan debt affecting loan approval. So the good news is that your med school debt needn't tank your partner's real estate dreams. Still, loan requirements change, so the best thing to do is to consult lenders who understand physician loan nuances, and remember you have flexibility as a couple. Disability Insurance—The GSI Advantage for Mayo Clinic Trainees Mayo Clinic incoming residents, listen up: You have exclusive access to Guaranteed Standard Issue (GSI) disability coverage. Your most valuable asset as a young doctor is your earning potential. The latest Milliman survey underscores the growing difficulty of getting fully underwritten disability insurance—over half of applicants face modifications or outright denials due to even minor health history blips. That's where GSI plans (like those at all Mayo Clinic locations) are game-changers: They offer a strong monthly benefit, no invasive health checks, and a smooth process into higher coverage as your salary grows. We recommend working with specialized agents who focus on physician disability insurance to protect your income early—don't assume you'll qualify later. 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 2025 Milliman Surveys  Physician Financial Services  About Us | MR Insurance Consultants  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

It's easy to assume you're prepared for an emergency just because you have credit cards, a 401 (k), or home equity available—but those options can quietly turn an urgent expense into a long-term financial headache. In this episode, we delve into why these seemingly convenient backstops often come with significant costs, including high interest rates and lost investment growth. We outline exactly how relying on credit or tapping into retirement funds in a crisis can derail even the best-laid financial plans. But we don't just talk about what to avoid—we get practical about what works. We share our top strategies for building a real emergency fund, from high-yield savings accounts to money market funds and conservative taxable brokerage allocations. By the end, you'll have a clear sense of how to move beyond risky assumptions, choose safer, more effective options, and build a plan that truly protects your peace of mind no matter what life throws your way. 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) Think your emergency fund situation is all good? (01:03) The worst emergency fund options: credit cards, stocks, HELOCs. (06:40) Deep dive: why credit cards fail as an emergency fund. (08:56) 401 (k) hardship withdrawals and their hidden costs. (10:48) Nuanced take on using HELOCs as a backup option. (14:30) The best emergency fund options revealed and compared. (22:58) Wrapping up: final thoughts, practical advice, and resources. Why Most Emergency Funds Fall Apart When You Need Them It's tempting to think you're covered just because you have access to credit cards, a 401 (k), or a home equity line of credit. But those options are loaded with hidden costs and risks that can turn a short-term emergency into a long-term setback. I want to make sure you see how easy it is to lean on what feels accessible without realizing how expensive or disruptive it really is. When you're in crisis mode, you don't want to be scrambling to pay 30% interest, taking taxable, penalized withdrawals from your retirement plan, or eroding your home equity. In this episode, I lay out why those "plans" aren't really plans at all. Instead, they're signs of avoiding the uncomfortable truth that your safety net isn't built yet. The Smarter, Simpler Tools for Emergencies I know that building a true emergency fund can feel like just another chore on your financial to-do list, especially with the demands of a physician's career. That's why I'm a big advocate for approaches that keep it simple while truly protecting you. High-yield savings accounts and money market funds offer security, liquidity, and a decent return with almost no hassle or risk of temptation. I also make space in the conversation for using taxable brokerage accounts, but with an intentional, conservative allocation. This isn't about chasing growth—it's about backing up your primary emergency fund with an extra layer of security that can help you avoid more drastic moves. How to Put Your Emergency Plan in Place Today If there's one thing I want you to take from this episode, it's that you can design an emergency fund strategy that actually works for you. I walk through clear steps on how to decide your priorities, how much to set aside, and where to park those dollars so you're not losing out on interest or risking a panic sale when something goes wrong. It's about getting proactive now, so you're not forced into bad decisions later. We also talk about how to recognize your real "order of operations," including how you might preemptively secure something like a HELOC as a backup, without ever planning to lean on it first. It's not about ruling out every tool forever, but about understanding their real costs and risks so you use them wisely. My goal is to make sure you can handle life's surprises with confidence—knowing your plan is solid, intentional, and built for you. 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 https://www.morningstar.com/personal-finance/10-sources-emergency-cash-ranked-best-worst -  Christine Benz's original article, inspiring the episode topic on best and worst emergency fund ideas. https://www.whitecoatinvestor.com - physician finance community. https://www.ally.com - high-yield savings account example. 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

Many physicians don't realize they're leaving extra money on the table by "tipping" Uncle Sam through simple, avoidable tax mistakes. While it's easy to assume your accountant has everything covered, the truth is even experienced professionals (and software) often miss key physician-specific issues. This episode shines a light on common errors doctors make, from mishandled Backdoor Roth contributions to missed 1099 forms and state tax complications. If you've never double-checked these items, you might not even know you're paying more than you should. Recognizing these pitfalls is the first step toward smarter tax management. We talk through why backdoor Roth errors are so prevalent, like incorrect Form 8606 filings or failing the pro rata rule, and how even seasoned accountants may overlook them if they're not used to working with doctors. We also explain how underpayment penalties happen (especially with 1099 or K-1 income), why S-corp elections are often misused or badly set up, and how moving states complicates your filing. These aren't just minor technicalities; they can mean real dollars lost. Finally, we give practical advice for catching and avoiding these errors, stressing the importance of proactively reviewing drafts, coordinating with your accountant and advisor, and understanding safe harbor rules. The goal isn't to turn every doctor into a CPA, but to empower you with the questions and vigilance that keep you from accidentally overpaying. This episode is your invitation to take control of your tax planning so you can keep more of what you earn, without leaving tips for Uncle Sam. 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) Are you tipping Uncle Sam? (03:05) Backdoor Roth IRA errors. (11:36) Missing 1099 income. (12:49) S-corp election mistakes. (21:15) Underpayment penalties. (28:59) State and local tax issues. The Biggest Tax Mistakes Physicians Make (and Why They're So Common) As physicians, you're busy enough without memorizing the tax code. But that's exactly why so many doctors unknowingly make the same costly mistakes year after year. We see this all the time: backdoor Roth IRA errors because Form 8606 is ignored or filled out wrong, pro rata rule surprises because advisors forget to warn you about old IRA balances, and S-corp setups with unreasonably low salaries that scream audit bait. These aren't gotchas you can shrug off; they're real money leaks, often in the thousands, that persist because no one stops to check the details until it's too late. That's why we think it's essential to actually talk through these issues out loud. When you hear about these missteps, from underpayment penalties caused by ignoring quarterly estimates, to forgetting 1099 income from side gigs or bank interest, it's not meant to shame anyone. It's meant to arm you with the right questions for your accountant, to catch mistakes before they cost you. As physicians, you know small oversights can have big consequences. The same is true for your taxes. Why Your Accountant (or Software) Might Miss It Even with a professional in your corner, there's no guarantee your return is error-free. Many accountants don't specialize in physician finances, so they may not recognize the red flags unique to your situation. And if you're using software like TurboTax, you're on your own to answer questions it doesn't even know to ask about your multiple states of work, backdoor Roth moves, or S-corp salary calculations. You need to understand that you can't outsource vigilance completely; you have to be part of the conversation. How to Avoid These Errors and Keep More of What You Earn  Our goal isn't to turn you into a tax expert, but to help you avoid tipping Uncle Sam. That starts with proactively reviewing your tax drafts with your accountant before filing, catching Backdoor Roth errors, checking that all 1099s and K-1s are accounted for, and confirming your W-4 or estimated payments keep you out of underpayment penalty territory. It means questioning whether an S-corp election is really right for you, and staying alert if you're moving states or practicing in multiple locations so you file properly everywhere you need to. Ultimately, this is about claiming your role as the financial steward of your career. You've worked too hard to let the system nickel-and-dime you through preventable mistakes. A little planning now saves a lot of stress and money later. So let's commit to catching these issues before they become expensive lessons, and make sure you're only paying what you truly owe. 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 https://www.irs.gov/forms-pubs/about-form-8606 https://www.turbotax.intuit.com 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

Most physicians assume qualifying for a mortgage is straightforward; after all, you're highly educated, creditworthy, and well-compensated. But buying a home as a doctor comes with hidden pitfalls that can leave you paying way more than you should, getting rejected unexpectedly, or locking in a rate you'll regret. Many don't realize that standard mortgage rules aren't designed for your unique career arc, training debt, or 1099 income, leading to confusion and frustration in an already stressful process. Today, we get into those problems head-on with mortgage expert Josh Mettle, who explains why physicians are often at a disadvantage in conventional lending and what mistakes cost them thousands. We unpack the difference between negotiating price vs. concessions, strategies for buying down high interest rates, and how to safely navigate adjustable-rate or "stepped" loans without getting burned. Josh also sheds light on the challenges self-employed or partnership-track doctors face, and what to do about it. Josh offers concrete solutions that go far beyond "find a physician loan." He and his team specialize in helping doctors across nearly every state understand their true options, run custom analyses, and move quickly in competitive markets. By the end of this conversation, you'll know what questions to ask, what traps to avoid, and how to set yourself up for financial security, not surprise headaches, when buying your next home. If you're serious about making the smartest move possible, this episode is your blueprint. 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) Intro. (01:00) Why elevated rates aren't a 30-year problem and how to negotiate seller concessions. (08:50) Risks and downsides of stepped or subsidized mortgage payment strategies. (17:10) Solving self-employed and 1099 income challenges for physician borrowers. (23:00) Physician mortgage 101: what it is and how it really works. (26:30) Fake physician mortgages and how to vet lenders. (33:40) Comparing physician loans to conventional loans with total cost analysis. Why Physicians Need to Rethink the Mortgage Process Buying a home as a physician isn't as straightforward as most people think. So many doctors assume they'll just walk in and get approved thanks to their income, only to run into problems unique to their field. Between student debt, training contracts, and even being self-employed or 1099, there are roadblocks that a typical lender won't understand. That's why it's so important to have these conversations about negotiating smarter, anticipating payment changes, and understanding the real cost of a mortgage beyond the interest rate you see advertised. Negotiating Smarter in a High-Interest Rate Market Many clients are worried about buying at today's higher rates. The reality is, it's not a permanent 30-year sentence. There are real strategies, like negotiating seller concessions to buy down the rate temporarily, that can create meaningful monthly savings right when you need them most. By understanding how to work with local market data and partner with a lender who knows these tactics, you can offset a lot of the pain of a high-rate environment. But there is also the risk of stepping into payment plans that increase over time. You need to plan for the worst-case payment and make sure it still fits. It's like a built-in stress test for your budget. If you're not comfortable with that future payment, it's better to know now than get squeezed later. This approach isn't about gambling on rates falling; it's about making sure you have a safe, predictable plan no matter what happens in the market. How to Choose the Right Mortgage Strategy for Your Situation It's not enough to just hear "physician loan" and assume it's the best option. That name alone doesn't guarantee a good deal. Always compare the physician mortgage terms with conventional options, analyzing total costs over time, making sure they're leaving room for savings, student loans, and life expenses. It's also critical to vet your lender carefully, look at reviews, ask for referrals, and make sure they know physician-specific pitfalls. When you get that right, you're not just buying a house, you're securing your overall financial plan. 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 https://www.neohomeloans.com https://www.whitecoatinvestor.com https://www.bcuscaptial.com Connect with Josh Mettle https://joshmettle.neohomeloans.com/ 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

If you're a freshly minted physician just stepping out of residency or fellowship, the last thing you need is another decision demanding your urgent attention. But there's a flurry of emails, conversations in hospital cafeterias, and ads in your inbox pushing one message hard: "Get disability insurance now, or else." It's intense, it's relentless, and it's not the full story. What's often left unsaid is that while disability insurance is crucial, potentially one of the most important financial decisions of your early career, you're not on the clock in the way you've been led to believe. The notion that your opportunity to secure discounted coverage vanishes on July 1st? That's marketing pressure, not reality. The smarter approach begins by pulling back from the noise and focusing on what actually matters: long-term income protection that aligns with your career and health profile. Guaranteed Standard Issue (GSI) policies often represent a one-time shot at securing coverage without the scrutiny of traditional underwriting. The problem? Most physicians are unaware that their program may already offer this, or they're being steered away by agents who either lack access or prioritize their own commissions. This conversation cuts through the noise, giving you the context, timing, and key signals to watch for, so you can make this choice with the clarity it deserves. 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) Before you sign anything for disability insurance. (01:10) Debunking the July 1st deadline myth. (02:45) How much time you really have and what to do with it. (04:55) Why GSI policies are a once-in-a-lifetime opportunity. (07:00) Common pitfalls and how to avoid bad advice. (09:20) The truth about who controls GSI access (and why it matters). (11:35) Locking in GSI now vs. hoping for second chances later. Why You're Being Pressured, and Why You Can Take a Beat Every year around graduation, there's a wave of messaging that tries to convince physicians they need to lock in disability insurance immediately or risk losing everything. The emails sound urgent, the reps sound convincing, and the deadline, July 1st, is treated like it's carved in stone. But that sense of panic is manufactured. What's really happening is that disability insurance is both important and profitable, and that combo makes it ripe for pressure tactics. You don't need to jump the moment someone flashes a discount. Most programs that offer discounts, especially GSI access, give you a runway of 90 to 180 days after graduation. That's built-in breathing room. So if you're just trying to get your feet under you post-training, know that you're not too late. The people who rush this decision often end up with the wrong coverage, or worse, locked out of better options. GSI Policies Aren't Just Nice to Have, They Might Be Your Only Shot The idea that you can just "upgrade later" or "shop around" doesn't hold water when it comes to GSI policies. These aren't something you can casually circle back to once you've settled into your attending role. If your training program offers a GSI, that might be the only window in your career to secure disability coverage with zero medical underwriting. That means no bloodwork, no exams, no questions about your health history, just locked-in coverage based on your job and income potential. And here's the kicker: a lot of physicians never even hear about these options because their program doesn't officially publicize them. The access point isn't the hospital or university; it's the insurer and its appointed agents. If you don't know the right person, you won't even know what you're missing. That's why relying on generic advice, or worse, pressure from someone who doesn't have access to GSI, is a fast way to lose out on your strongest coverage option. Smart Strategy Beats Fast Action Every Time It's tempting to equate speed with responsibility, especially when you've just stepped into the world of attending paychecks and adult-sized decisions. But strategy wins in the long run. Taking time to verify whether your program offers a GSI, learning who has access to it, and comparing your options before signing anything? That's what puts you in control. A GSI policy can be your foundation. You can always layer on a traditional policy later if your income or needs change. What matters most is locking in insurability while it's still on the table. Not because someone told you to do it today, but because you made a calm, informed choice in your best interest. 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 Tyler Olson's advisory firm - https://olsonconsulting.com GSI policy provider - https://www.guardianlife.com GSI policy provider - https://www.standard.com Stephanie Pearson's insurance team - https://www.physiciandisability.com 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

You might think that making more money solves more problems, but early-career physicians know it can have the opposite effect. The moment you or your partner graduate, sign a contract, or even get engaged, your financial world shifts. And if one of you has massive student loans tied to forgiveness programs like PSLF, those life events don't just change your lifestyle; they can completely upend your loan strategy. In this episode, we examine how a personal decision like marriage can lead to substantial changes in your repayment plan, tax filing decisions, and long-term financial outlook. And we don't stop at hypotheticals, we walk through actual numbers and scenarios, including couples holding off on marriage for years, all in the name of student loan optimization. But it's not just about marriage. From the confusion around SAVE plan forbearance to the overlooked tax traps in your first attending year, we break down the key decisions that tend to sneak up on you the moment your income goes up. This isn't about turning you into a financial planner, it's about giving you the clarity to act (or not act) with purpose. We talk about what to avoid, when to wait, and how to spot the quiet mistakes that could cost you thousands. Whether you're transitioning out of fellowship, newly navigating PSLF, or just trying not to mess up your first six-figure paycheck, this episode gives you the financial footing you didn't know you needed. 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) Intro and Jeremy's student loan + marriage question (02:00) PSLF, joint income, and tax filing decisions (05:30) Should couples delay marriage for a loan strategy? (09:20) SAVE plan uncertainty and dual-loan households (13:40) Tax moves when going from fellow to attending (23:20) Are DFA and Avantis worth the cost? Understand how your partner's student debt changes your financial reality If one of you has six figures of med school debt and the other's making solid income, your financial life just got way more complicated. I lay out how your partner's loan situation can impact PSLF eligibility, how your tax filing status plays into it, and why your state's laws might push the numbers in a direction you didn't expect. This isn't just about love and money, it's about knowing how the system treats you once you're linked on paper. Know when to act, and when to chill, on student loan plan changes With the SAVE plan in limbo, making a move right now could do more harm than good. If you're in forbearance, stuck in application purgatory, or wondering whether to jump plans, this part is for you. A lot of borrowers feel stuck, but sitting tight might actually be the smart play. I walk through why filing new forms too early can lock you into the wrong plan, what "waiting it out" should actually look like, and how to stay informed without stressing daily. The key is knowing what to watch for and how to be ready the second new rules drop. Reacting early could cost you forgiveness dollars down the line. Stop the tax + investment mistakes that trip up new attendings When your pay triples overnight, so do your financial blind spots. I walk through common errors I see first-year attendings make: over-contributing to retirement accounts, accidentally triggering Roth IRA penalties, and getting blindsided by taxes on forgivable bonuses. Add in SAVE changes or leftover training-year quirks, and things get messy fast. If you're trying to stay organized while your income spikes, this is how you do it without leaving money on the table or owing it back in April. 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 https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service https://www.irs.gov/payments 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

Imagine waking up tomorrow and not being able to work, no more surgeries, clinic, or call shifts. For most physicians, your ability to earn an income is your single greatest financial asset, yet few stop to consider how vulnerable it is. If you've never heard of "own occupation" disability insurance or assumed your employer coverage is enough, this episode is your wake-up call. Hosts Chad and Tyler explain why disability insurance isn't just another box to check; it's a cornerstone of financial security, especially early in your career. Whether you're still in medical school, knee-deep in residency, or just landed your first attending job, they unpack the real-world scenarios that could derail your income and why coverage matters more than you think. They even dive into misunderstood details like Roth IRA withdrawals, 401(k) loans, and the tradeoffs of different insurance riders. By the end of this episode, you'll not only understand why disability insurance is crucial, you'll also know what kind to get, when to get it, and how to avoid the most common (and costly) mistakes. Because protecting your income isn't pessimistic, it's smart. 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) Why they recorded the episode from a hotel room. (01:39) Using Roth IRA funds for a first home. (06:51) Comparing Roth withdrawals to 401(k) loans. (09:50) When med students should buy disability insurance. (13:32) Making disability premiums manageable in training. (17:03) Is disability insurance truly necessary? (24:09) GSI policies vs. fully underwritten ones. Your Roth IRA Isn't a Down Payment Strategy We get why people look to their Roth IRA when buying their first home; it feels accessible, and technically, the IRS allows up to $10,000 of gains to be withdrawn penalty-free for a qualifying first-time purchase. But that move comes with big trade-offs. You're not just taking money out; you're giving up the compounding, tax-free growth that makes the Roth so powerful over time. For physicians, especially, whose earnings potential compounds alongside their investments, pulling from a Roth early is almost always a step backward. Instead, we suggest exhausting smarter options first, like physician mortgages that offer zero percent down and avoid private mortgage insurance. If you're tempted to touch the Roth, it's likely a sign that the timing of your purchase might be too soon. The takeaway: your Roth is a long-term asset. Treat it that way. Disability Insurance Isn't Optional - It's Foundational Too many physicians treat disability insurance like an afterthought, something to handle later when they're making more or finally "settled." But the risk of becoming unable to work, even temporarily, is real. And unlike life insurance, the odds of needing disability insurance during your working years are much higher. That's why getting coverage early isn't just smart, it's essential. The younger and healthier you are, the better your pricing and options. Wait too long, and even a small health issue could disqualify you or lead to costly exclusions. We also dig into how to make this work on a resident's budget. Graded premium structures let you start with lower monthly costs that rise over time, giving you solid protection without gutting your cash flow. If you're in training or transitioning into your first attending role, this is the moment to get it done. Don't wait for "later" to turn into too late. GSI Policies Are a Great Start - But Don't Stop There Guaranteed Standard Issue policies are a gift for trainees, they don't require medical underwriting and ensure coverage even if your health history isn't perfect. But once you've locked in a GSI, the smart move is to see what else might be available. We often recommend comparing it with a fully underwritten policy to check for better pricing, added benefits, or more tailored coverage. You've got nothing to lose and possibly a lot to gain. And keep in mind, it doesn't have to be either-or. For many physicians, keeping the GSI as a foundational policy and layering on another plan is the best way to maximize benefits. Especially if your career and income are about to scale, make sure your disability coverage scales with it. 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 https://www.guardianlife.com 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

It's not like physicians wake up thinking about disability insurance. But you might wish you had. Today, Dr. Stephanie Pearson shares a raw, firsthand account of the career-ending injury that forced her to trade the OR for the insurance world. Her story doesn't just highlight the importance of coverage, it exposes the hidden traps in policies that too many doctors assume are solid. The goal here isn't fear; it's preparation. And her lived experience lays out a compelling case for why most physicians walk around with a false sense of security. We also get into what "true own-occupation" means, why group policies might leave you stranded, and how terms like "specialty-specific" can change everything when it comes time to file a claim. Alongside co-hosts Chad Chubb and Tyler Olson, Stephanie unpacks how to evaluate a policy, which riders matter, and why being a non-proceduralist doesn't mean you're safe. If you're a physician who thinks you're already covered, this conversation may be the wake-up call you didn't know you needed. 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... (0:00) When "covered" doesn't mean protected (06:28) Losing a career—and finding a calling (09:28) Why her team doesn't work on commission (10:59) What "own-occupation" really covers (14:44) The fine print that costs doctors everything (24:55) The rider that looks helpful, but isn't (34:42) Why cognitive issues can end any career The injury that ended her clinical career and launched a mission Dr. Stephanie Pearson was an OB/GYN who thought she'd retire on her own terms. But one emergency delivery changed everything. After being kicked during a high-stakes birth, she suffered a torn labrum, nerve damage, and frozen shoulder, ending her surgical career. Then came the shock: her group policy didn't cover work injuries, her private policy had gaps, and workers' comp denied her. What began as devastation became a mission. She studied policy fine print, passed exams, and built a firm advocating for physicians. Her story isn't just about injury, it's about a failed system and the purpose she got out of it. Why your disability policy may not mean what you think it does Physicians often assume they're covered, especially through an employer plan, but most don't realize how misleading policy language can be. Stephanie explains how terms like "own occupation" or "specialty-specific" vary by carrier, and how group plans often include pitfalls like two-year limits or shifting definitions. Some define your job using national data, not what you actually do. That means you might still be able to work, but not in your specialty, and lose benefits. Payouts aren't automatic. Underwriting can be slow and frustrating. Stephanie shares questions physicians should ask: What's excluded? How long is mental health coverage? Does the definition of disability change? If the answers aren't clear, your policy might not catch you. Disability insurance isn't just for surgeons It's a myth that non-proceduralists don't need coverage. Stephanie shares stories of psychiatrists, internists, and pathologists whose careers were derailed by illness or injury. Most claims her firm sees aren't about physical limitations. Cognitive issues, mental health struggles, and chronic illness can be just as disruptive. If your income supports your life, you need protection. Whether you're building wealth or are already financially stable, the goal is the same: if something happens, you'll need a trustworthy plan. 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 PearsonRavitz official site - https://pearsonravitz.com Stephanie Pearson bio page - https://pearsonravitz.com/team/stephanie-pearson-md/ Connect with Stephanie Pearson Connect with Stephanie Pearson on LinkedIn 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

Physicians assume that once their income stabilizes and their savings plans are in place, they will have peace of mind. But what if that peace never shows up? What if, despite doing everything "right," they still feel anxious, distracted, or perpetually behind? In this episode, we explore a surprising culprit: the emotional toll of financial noise - the relentless stream of news, updates, social media posts, and peer chatter that quietly chips away at your well-being. Today, we'll walk through real-world examples of clients with rock-solid plans who nonetheless feel like the sky is falling, often because of a tweet, a headline, or a half-baked take on PSLF. They highlight how easy it is to internalize fear and stress derived from sources of information that are inaccurate and irrelevant to your financial reality. The problem isn't a lack of money, it's a lack of mental margin. You'll leave this episode with two core takeaways: a reminder that boring investing is often the smartest kind; and second, a clear strategy for reclaiming control over what information you let into your brain. Because in a world where financial anxiety can be manufactured by a bot on a Sunday, the ability to filter noise isn't just a nice-to-have, it's essential. 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... (0:00) Financial stress that isn't about the numbers (3:30) How news and social media hijack our financial decisions (4:45) Why "boring investing" beats trying to time the market (7:00) The disconnect between being financially fine and feeling financially fine (8:50) Rules and boundaries around news and social media consumption (13:10) A real-time example: PSLF panic caused by a website glitch (17:00) Refocusing on what you can control when the financial world feels chaotic The Hidden Stressor in Your Financial Life No One Talks About Most of us assume that we won't have to worry about our finances once we've hit a certain income level or dialed in our investment strategy. But time and time again, we meet with physicians who are doing all the right things - saving, investing, managing debt, and still feel uneasy. That stress often stems from something intangible: the constant noise in the financial atmosphere. Whether it's a headline about student loans, a friend's market hot take, or a viral tweet about PSLF vanishing overnight, this kind of input doesn't just inform us, it can overwhelm us, hijack our sense of control, and leave us in a persistent state of financial unease. How to Filter the Noise Before It Hijacks Your Decisions It's not the presence of information that's the problem, it's the volume and velocity. With social media platforms and news alerts pinging us 24/7, our brains are stuck in a loop of reacting rather than responding. We've seen this happen firsthand: clients with airtight plans suddenly spiral over a rogue tweet or misinterpreted update. The solution isn't to bury your head in the sand, but to build intentional filters. That might mean muting certain keywords, uninstalling apps from your phone, or limiting your news intake to one reliable source, once per day. You don't need to know everything the moment it happens. You just need a clear enough head to make good decisions when it counts. The Power of Re-Centering on What You Can Control When the noise around you gets louder, the smartest move is to tune it out and refocus on your own financial plan. We remind our clients to concentrate on what they can control, like how much they save, how consistently they invest, their daily spending habits, and the strength of their cash reserves. These are the levers that truly drive progress in your financial life. Ruminating on policy changes, market predictions, or viral rumors won't. That kind of anxiety doesn't just cloud your judgment, it can chip away at your health. And we all know: health is wealth. The goal is a life where your finances support your peace of mind, not compete with it. 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 StudentAid.gov – https://studentaid.gov 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

Physicians don't realize they're financially exposed — not just to malpractice, but to everyday events like fender benders, lawsuits, or even divorce. Asset protection sounds like something complex or reserved for the ultra-wealthy, but in reality, there are basic, easy-to-implement steps that can make a big difference. This episode starts by opening your eyes to just how vulnerable your assets might be right now — especially if you haven't taken any proactive measures to protect them. As the conversation unfolds, hosts Chad Chubb and Tyler Olson break down four practical and approachable strategies: using ERISA-protected retirement accounts, adding umbrella insurance, titling assets under Tenancy by the Entirety, and yes — prioritizing date nights to reduce divorce risk. They emphasize how these simple tools offer high-impact protection without requiring legal complexity or advanced financial strategies. Even if you're still in training, these moves can strengthen your financial foundation early. 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... (0:00) Asset Protection for Physicians 101 (2:11) The four simple strategies they'll unpack — previewed (4:00) ERISA-protected retirement accounts: Why not all tax-deferred accounts are equal (9:23) Umbrella insurance: The overlooked, high-leverage layer of protection (17:08) Tenancy by the entirety: A small checkbox with big consequences (24:44) Why divorce is often the biggest financial threat — and how to be proactive (30:32) Recap of the 4 steps and why simplicity is the real win Asset protection doesn't have to be complicated to be powerful When people hear "asset protection," they often think of trusts, lawsuits, and estate attorneys. But there are a handful of basic moves that can go a long way without requiring any legal background. I walk through four of them that we see overlooked all the time: using ERISA-qualified accounts, adding umbrella insurance, using the right account title if you're married, and paying attention to your relationship. You don't need to be ultra-wealthy to benefit — you just need to take a few small actions most people skip. Retirement accounts aren't all created equal There's a big difference between where your retirement money lives and how well it's protected. A lot of people move old 401(k)s or 403(b)s into IRAs without realizing they're giving up a layer of legal insulation. ERISA-qualified plans often have stronger protection from lawsuits and creditors, and that matters when your name and profession make you a target. It's not just about shielding against the worst-case scenario — it's about stacking the odds in your favor. If something happens and you're named in a lawsuit, the type of account your money sits in could determine whether it's accessible or untouchable. This is also one reason we suggest keeping those workplace plans intact rather than rolling them over the minute you change jobs. On top of that, there are ripple effects. Moving money into a traditional IRA can also interfere with other planning tools, like the backdoor Roth strategy. So what looks like a simple admin task — consolidating accounts — can actually weaken both your tax planning and your protection. Better to know that now than later. The biggest threat to your wealth might not come from a lawsuit People worry about malpractice or getting sued in a car accident, and they should. That's why umbrella insurance and proper account titling matter. But we also talk through something even more common: divorce. It's not just an emotional disruption — it's a financial event. We touch on how intentional time together can reduce that risk and why asset protection includes relationships, not just accounts. It's easier to maintain connection than to repair damage. 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 ERISA (Employee Retirement Income Security Act) - https://www.dol.gov/general/topic/retirement/erisa Umbrella Insurance Overview – National Association of Insurance Commissioners (NAIC) - https://content.naic.org/article/whats-umbrella-policy 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

You've matched—congrats! But now what? As you transition from med school to residency, financial decisions are about to get real, and the steps you take now can make a huge difference in your financial future.  Many new residents don't realize how much financial planning matters at this stage—things like student loans, budgeting, and even insurance may seem like details you can handle later, but getting ahead now can save you serious money (and stress) down the road. Federal student loans, private refinancing, and income-driven repayment plans all come with deadlines and fine print that can affect how much you pay long-term. Credit card debt and budgeting also need attention, especially with the gap between your last med school disbursement and your first residency paycheck. Employer benefits like 403(b) contributions and disability insurance can offer protection, but knowing which options to choose makes all the difference. By the time residency starts, the goal is to have a plan in place so financial worries don't pile up on top of patient care. Small moves now can put you in a stronger position for the years ahead. The transition from med student to resident is big, but getting organized financially can make it a whole lot easier. 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... (0:00) Matched, Now What?! (2:30) Student loans (13:20) Credit cards & budgeting (23:10) Employer benefits (24:45) Disability insurance (27:50) Final thoughts 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 StudentAid.gov – Federal student loan consolidation and repayment plans Laurel Road – Physician-focused student loan refinancing and banking Michael Relvas – Disability insurance specialist for physicians 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

Most physicians assume their first contract is a "standard agreement" that everyone signs without question. But as Kyle Claussen, CEO of Resolve, reveals in this episode, there's no such thing as a truly standard physician contract.  From compensation structures to non-compete clauses and tail coverage, every detail can significantly impact your financial future and career flexibility. Yet, many doctors accept these contracts at face value, unknowingly leaving money on the table or committing to restrictive terms that could hinder them down the road. By the time a physician realizes a contract term is unfair, it's often too late. That's why Kyle emphasizes the importance of negotiation—even for new attendings who feel they have little leverage.  With insights into compensation benchmarks, legal loopholes, and real-life examples of contract pitfalls, this episode equips physicians with the knowledge they need to advocate for themselves. Whether you're reviewing your first contract or renegotiating your current one, this conversation is a must-listen for any doctor who wants to be treated—and paid—fairly.  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... (0:00) Why 'Standard Contracts' are anything but standard (2:30) Do residents need an attorney for training contracts? (4:00) Your first attending contract: Why "standard" is a myth (7:10) Compensation pitfalls & the long-term impact of a low starting salary (9:10) The hidden dangers of tail coverage (16:00) The biggest red flags in physician contracts (24:50) Side gigs, burnout, and financial freedom 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 Resolve Bain & Company Report CMS Compensation Guidelines Connect with Kyle Claussen Resolve's website Kyle Claussen on LinkedIn 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

Lots of physicians wonder: If I can manage my own investments, why pay an advisor? It's a fair question. If you're comfortable picking index funds and setting up automated contributions, what's left for an advisor to do? This conversation unpacks the real value of financial planning beyond investments. From student loans and tax decisions to asset protection and estate planning, there's much more to consider than just growing a portfolio. Many assume an advisor's worth is tied to investment management alone, but the real benefits show up in unexpected areas—especially as life and finances become more complex. We break down when it makes sense to hire an advisor, how to recognize a good one, and whether paying for professional help actually leads to better financial outcomes. Whether you're just getting started or re-evaluating your financial team, this discussion helps bring clarity to an often misunderstood topic. 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... (0:00) Why Pay an Advisor at all? (1:20) When to hire a financial advisor (3:29) Flat fee vs. AUM: Key differences (7:41) What to look for in an advisor (14:20) Misconceptions about financial advice (25:10) Spotting red flag advisors (34:40) Finding the right long-term fit 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 Certified Financial Planner (CFP) Board Tyler Olson's Personal Finance Resources List National Association of Personal Financial Advisors (NAPFA) 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

Managing your own investments can feel empowering—especially when you've done the research and built a solid plan. But when does the complexity of financial planning cross the line from DIY-friendly to requiring professional help? That's exactly what Dr. W is wondering. As a resident who's been diligently managing an all-equity portfolio, he's now questioning when and if a financial advisor would be worth the cost. What's the real value of professional advice, and how does it stack up against a well-educated, self-managed approach? We unpack the tangible and intangible benefits of working with a financial planner, from tax management and asset allocation to the critical role of behavioral coaching. The answers may surprise even the most financially savvy physicians.  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... (4:50) The financial industry's value problem (7:10) The gap between advisor cost and value (9:10) How to tell if an advisor adds value (13:30) The hidden cost of bad advice (18:00) Why behavior & tax strategy matter (22:40) What to ask when hiring an advisor (27:30) Tax planning: the advisor's edge (36:20) Final thoughts on advisor selection 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 Vanguard Advisor's Alpha Michael Kitces Bogleheads Community 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