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The Physician's Guide To Financial WellnessHigher Interest Rates - Opportunities and ImplicationsOver the past two years, there has been a dramatic increase in interest rates from historically low levels, the impact of which has been felt by everyone, regardless of stage of life. In this episode, we take a closer look at this dynamic. We start by explaining what an interest rate is, provide some historical context for how the current environment compares to prior periods, talk about how the impact of higher interest rates varies depending on the stage of life you’re in, and wrap things up by sharing some potential strategies and opportunities that are presented by hi...2023-11-1018 minThe Physician's Guide To Financial WellnessWhy We Love Health Savings AccountsAs we head toward open enrollment season, this episode is dedicated to a deeper dive into Health Savings Accounts (or HSAs). As the title implies, this is one of our favorite financial accounts, and in this episode, we explain why. We start by outlining exactly what an HSA is, talk about the triple tax benefit of it, discuss the investment component of an HSA, touch on some of the different things you can spend HSA money on (including a surprising expense in retirement), and then bring it all together by sharing some of the strategies around an HSA and...2023-10-1015 minThe Physician's Guide To Financial Wellness5 Common Investment Mistakes (And How to Avoid Them)In this episode of the podcast, we discuss five of the most common investment mistakes people make: 1) Waiting for the “right” time to invest, 2) Anticipatory selling, 3) Buying into (or buying more of) the latest “hot” stock or investment trend, 4) Concentrating in one stock or one area of the investment universe, and 5) Chasing income, yield, or a similar theme. For each mistake, we explain what drives it, how it typically materializes, and what you can do to avoid falling victim to it. The universal theme underlying each mistake is human behavior and emotion, which makes for an interesting discussio...2023-08-1028 minThe Physician's Guide To Financial WellnessBreaking Down Health InsuranceIn this episode of the podcast, we do a deep dive into the topic of health insurance. We start out by reviewing some of the key definitions and terminology related to health insurance. We then transition into discussing how to think about your health insurance coverage and how that thought process changes over time. From there, we move on to a breakdown of the two key phases of health insurance (pre-65 and post-65) and talk about the planning opportunities that are available within each phase. And lastly, we wrap up our discussion by explaining how to apply t...2023-07-1021 minThe Physician's Guide To Financial WellnessLife Insurance - How Your Need Evolves Over TimeIn this episode of the podcast, we dive into the always-fun topic of life insurance. We start out by sharing an overview of life insurance and discussing the purpose of it. We then transition into the three general life stages (early-career, mid-career, and late-career/retirement), explaining how your life insurance need changes at each stage and sharing tips and strategies for how to ensure that you have the coverage you need, for the time you need it, while paying as little as possible for it. Resources & People Mentioned Episode #14: Insurance for Physicians – What Types & Amounts You Actu...2023-05-1019 minThe Physician's Guide To Financial WellnessWhere to Save Once You’ve Maxed Out Your Retirement AccountsWhen it comes to saving and investing for retirement, we all have a certain amount of tax-advantaged saving space available to us through a combination of employer retirement accounts and personal retirement accounts. However, for many physicians there comes a point where you’re maxing out all of these retirement accounts and still have money left over to save and invest, so it’s natural to wonder “What’s next?” in terms of where you should then allocate money. For us, the answer is often a taxable investment account, and in this episode, we explain why. Outline of this episo...2023-04-1226 minThe Physician's Guide To Financial Wellness7 Ways to Save Over $7,000When it comes to financial planning, there’s often a fair amount of “low-hanging fruit” in terms of easy ways to save money. In this episode, we discuss seven of these items. Whether it’s parking your cash in a high-yield savings account, shopping around home & auto insurance, harvesting losses in a taxable account, revisiting your life & disability insurance relative to your needs, evaluating your health insurance options versus your usage, rebalancing your investments, or optimizing your credit card benefits, by implementing a few simple tweaks and strategies the cost savings can really add up. Resources & People Mentione...2023-03-1026 minThe Physician's Guide To Financial Wellness10 Things to Do if You’re Within 10 Years of RetirementIn this episode, we share our list of ten things to do if you’re within ten years of retirement. The list includes taking inventory of your financial situation, reflecting on your current vision of retirement, projecting your future expenses in retirement, understanding your healthcare options, running retirement projections to see where you stand, taking advantage of tax-advantaged retirement accounts and catch-up contributions, revisiting your investment portfolio and asset allocation, checking in with your spouse or partner to see if you’re on the same page, and doing a “trial run” of retirement to see how it feels. We’re big pro...2023-02-1033 minThe Physician's Guide To Financial WellnessHow to View Investment PerformanceWhile it might not seem like it, understanding and contextualizing investment performance can be surprisingly difficult. In this episode, we share our framework for doing just that. We explain what makes up investment performance, how to have proper context around investing, the different ways to calculate investment returns, how to understand whether your investment return is “good” or “bad,” and how to tie it all together to the big picture and what matters for your situation. Resources & People Mentioned Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial...2023-01-1020 minThe Physician's Guide To Financial WellnessShould I Buy or Lease My Car?In this episode, we tackle the question of whether it’s better to buy or lease when looking to get a new car. We start with a high-level overview, walk through some of the pros and cons of leasing, explain the pros and cons of buying, and based on that discussion tie it all together by sharing our overall thoughts on which option is best for which situations. As with most things in financial planning, there isn’t a universal “black and white” answer since there are both financial and non-financial considerations, but our goal is to help you understa...2022-12-1022 minThe Physician's Guide To Financial WellnessYear-End Financial Planning ChecklistIn this episode, we share our checklist of financial planning items we’ve found helpful to address (or revisit) as you approach the end of the year when managing your finances and looking to optimize the many moving parts. While it’s not an exhaustive list, we cover things such as confirming employer retirement account contributions, making backdoor Roth IRA contributions, confirming 529 plan contributions, checking FSA balances and HSA contributions, reviewing your investments, reviewing your charitable giving, and revisiting your overall goals and life situation. Our aim with this episode is to provide some helpful food for thought as we a...2022-11-1029 minThe Physician's Guide To Financial WellnessA Four-Step Process to Save for Any GoalWhether it’s a new car in a year, college for the kids in five years, or retirement in 10 years, we all have goals that are important to us. And while being aware of our goals is an important first step, there’s much more that goes into actually planning for and achieving a goal. In this episode, we share a four-step process for saving for any goal. From outlining the goal and its time horizon, to projecting the required savings, to planning and automating those savings and revisiting and adjusting over time, we walk through the entire process from...2022-10-1019 minThe Physician's Guide To Financial WellnessHow to Manage Your Retirement Paycheck During a Market DeclineAs much as we all like to see the stock market go up, periodic pullbacks and bear markets are inevitable. And while these periods don’t feel great for any type of investor, they can be especially stressful if you’re retired and are withdrawing from your investments to fund your lifestyle (what we call your “retirement paycheck”). With that in mind, this episode is dedicated to managing your retirement paycheck during such market declines. There are certain things to do and certain things to avoid doing, so we explain how to approach these periods and not just survive them, bu...2022-09-1028 minThe Physician's Guide To Financial WellnessThe Pros and Cons of Target Date FundsTarget date investment funds are an increasingly common option in many employer retirement savings plans (such as 401ks and 403bs). Yet despite their prevalence, not everyone understands exactly what they are and how they work, so this episode is dedicated to a deeper dive. We start out by explaining what target date funds are, switch gears to discussing the pros and cons of them, and finally wrap up by sharing our overall perspective on the people/situations for which they do and don’t make sense. Our goal is to provide a framework for evaluating whether or not target da...2022-08-1021 minThe Physician's Guide To Financial WellnessMaking Sense of Your Retirement ProjectionsWhile retirement (or financial independence) projections are a cornerstone of any comprehensive financial plan, not everyone understands what goes into them, the different ways to run them, or how to interpret and make sense of the output. In this episode, we start by providing a high-level explanation of retirement projections, then proceed to do a deeper dive touching on these different items. Our goal with this episode is to help you understand the ins and outs of retirement projections so that you can better leverage and interpret them within the context of your own financial plan. Resources...2022-07-1125 minThe Physician's Guide To Financial WellnessHaving a Plan for Long-Term CareWhile it’s not the most exciting topic to discuss, long-term care is an important one given how common long-term care events are and their ability to impact a retirement plan due to their potential cost. In this episode, we start out by providing some background and overview of long-term care and some of the numbers around frequency and cost. Based on that, we explain why it’s important to have a plan for how to protect against long-term care risks. We then wrap things up by talking about the different options for how to actually protect against this risk...2022-06-2024 minThe Physician's Guide To Financial Wellness5 Ways to Have a Better Relationship With MoneyWhether we like it or not, money tends to be an emotional topic and each of us has our own relationship with money based on our personal life experiences. When managing your finances, one of the best things you can do is to minimize the amount of stress that money adds to your life. With that in mind, this episode is dedicated to sharing tips and suggestions for what you can do to improve your relationship with money. We discuss giving yourself a cushion and living within your means, understanding the purpose of money, understanding your personal money script...2022-06-0620 minThe Physician's Guide To Financial WellnessLump Sum of Cash to Invest – All at Once or Gradually?It’s not uncommon to find yourself in a situation where you have a lump sum of cash (from selling a home, an inheritance, savings having built up in the bank, etc.) that you want to invest but are having trouble deciding whether to do it all at once or in a gradual manner. It can be easy to get hung up on this decision, especially if you don’t fully understand the pros and cons and each approach and how they apply to your situation. And in fact, the uncertainty can often become enough of a roadblock that it l...2022-05-2320 min
The Physician's Guide To Financial WellnessEstate Planning 101While it’s not always the most exciting topic, estate planning is certainly one of the key areas of financial planning. However, despite its importance, not everyone understands the value of estate planning or its relevance for people beyond just the ultra-wealthy. In this episode, we provide an introduction to estate planning. We cover the basics and key documents involved, explain why estate planning is important, outline the process of actually implementing an estate plan, discuss how estate planning changes over time and when to consider updating your estate plan, and finally wrap up by sharing what to expect wh...2022-05-0921 minThe Physician's Guide To Financial WellnessA Checklist for Reviewing Your Tax ReturnYour tax return contains a ton of valuable information that can be quite helpful with it comes to tax planning and managing your finances. The problem is it’s not the most intuitive document and extracting that valuable information can be difficult to do. In this episode, we walk you through a checklist for reviewing your tax return. We go line by line, explaining the key items, how to find and interpret the useful information, and some of the important things to check on your tax return as they pertain to your overall finances and potential planning opportunities. Our go...2022-04-2526 minThe Physician's Guide To Financial WellnessA Deeper Dive on Roth IRA ConversionsRoth IRA conversions can be one of the most valuable tax planning strategies in retirement. While we’ve touched on Roth IRA conversions during previous episodes of the podcast, in this episode we do a deeper dive. We explain what a Roth IRA conversion is, why you would want to consider making one in the first place, what to be aware of from a tax perspective and factors to consider before making one, the key windows where Roth IRA conversions are the most impactful (and what to be aware of during each window), and wrap up by sharing some pe...2022-04-1122 minThe Physician's Guide To Financial WellnessHow to View Your Home Within Your Financial PlanFor most people, your home is the single biggest purchase you’ll ever make and is one of your most valuable assets. However, despite it being so important, not everyone knows how to look at it within the context of their overall financial life and plan. In this episode, we start out by explaining how your home works as an investment and a source of wealth, and how it grows over time. We then discuss how to think about converting that value into something you can use (if you want to). Finally, we wrap up by talking about how to...2022-03-2819 minThe Physician's Guide To Financial WellnessAsset Location – A Way to Improve Your Investment ReturnWhen it comes to investing, there are very few “free lunches.” Asset location is one of them. In basic terms, it’s a way to improve your after-tax investment return (the one that matters) without taking on more risk, by simply being strategic about which investments you hold within which accounts, based on their unique tax treatment. In this episode, we walk through the different investment account types (Roth, pre-tax, and taxable) and explain how to think about which investment to own in each. Resources & People Mentioned Podcast Episode #5: The 80:20 Rule of Investing Podcast Episode #19: The “Other 20%” o...2022-03-1420 minThe Physician's Guide To Financial Wellness5 Key Things to Address if Retiring in Your 50’sRetiring earlier than the “traditional” retirement age brings with it a number of unique factors and considerations. In this episode, we dive into five of the most important areas to address if you’re planning to retire early, and what’s unique about these compared to someone who’s retiring a decade or more later. Specifically, we cover health insurance (including the important period between retirement and Medicare at age 65), cash flow considerations and the rules for withdrawing from various investment accounts (including which ones have more or less flexibility), safe withdrawal rates, and strategy from withdrawing from your accounts...2022-02-2821 minThe Physician's Guide To Financial WellnessTax Planning Versus Tax PreparationWhen it comes to taxes, a key distinction to make is the difference between tax planning and tax preparation. Tax preparation is a reactive process that primarily consists of reporting what has already happened in the prior tax year to understand your tax liability and whether you’ll receive a refund or owe taxes when you file your return. Tax planning, on the other hand, is a proactive process that involves looking at your overall financial situation, your goals, and your expected future path, to figure out what you can do proactively to minimize your tax liability, not just in...2022-02-1416 minThe Physician's Guide To Financial WellnessInvesting and the “Lifeboat Drill”When it comes to investing, one of the principles for success is to avoid letting your emotions creep into your decision-making or behavior. Apart from maintaining a proper perspective about how the stock market has historically behaved, one of the best ways to do this is by proactively engaging in “lifeboat drills.” These involve imagining the next stock market pullback, or bear market, and thinking about how you would feel (or be inclined to react) in light of your situation, your investment temperament, and your goals. Doing this can help you put together a playbook in advance (even if that...2022-01-3118 minThe Physician's Guide To Financial WellnessShould You Change Your Investments as You Approach Retirement?One of the common questions we hear is how (or if) you should change your investments over time, especially as you get closer to retirement. Most people know the way they invest in their 50’s and 60’s should probably be different than the way they invested in their 30’s, but aren’t sure what this looks like in practice. In this episode, we tackle this question and share our thoughts. We cover the principle of matching your investments with your time horizon, discuss sequence of returns risk and how to protect against it, and share a framework for how to think...2022-01-1717 minThe Physician's Guide To Financial WellnessWhat to Do With Old Retirement Accounts (401k, 403b, 457b)It’s common to accumulate one or more old retirement accounts throughout your career. Perhaps you have a 403b from residency, another 403b from fellowship, and now a 401k with your current employer where you plan to stay. Regardless of how it happens, having old retirement accounts “floating” out there can be frustrating, not only from a logistical standpoint but also from the perspective of trying to coordinate and manage your overall financial situation. In this episode, we walk through your options for what to do with old retirement accounts. We cover the pros and cons of each and share...2022-01-0319 minThe Physician's Guide To Financial WellnessMaking Sense of Your Pension Options, Episode #37For anyone with a pension benefit through their employer, you know how confusing it can be trying to understand the value of your benefit and comparing the different options for how to collect it when you retire. In this episode, we share some background on pensions, talk about how the pension system has changed over time, and break down the various pension options and how to think about each. Specifically, we provide a framework for making the biggest pension-related decision, which is whether to choose a lump sum payout or an annuity. Resources & People Mentioned Podcast...2021-12-2019 minThe Physician's Guide To Financial WellnessYear-End Tax Planning ChecklistWhile unfortunately there’s no silver bullet to avoid paying taxes entirely, there are a number of things you can do to reduce the amount of taxes you do have to pay. In this episode, we share our year-end tax planning checklist and walk through some of the different areas to consider and specific strategies you can implement. We cover employer retirement plan contributions, Health Savings Accounts, 529 college savings plans, charitable giving, and backdoor Roth IRA contributions. Resources & People Mentioned Podcast episode #4: The Best Way to Save For College As a Michigan Physician Podcast episode #23: 5 Strategies for...2021-12-0624 minThe Physician's Guide To Financial WellnessExplaining Social Security and How to Maximize Your BenefitSocial Security can be a confusing topic with a lot of moving parts and options, scary headlines about its future, and generally speaking a great deal of misinformation and misconceptions. In this episode, we provide a comprehensive overview of Social Security. We explain what the system is and how it works, talk about the different claiming options and how to think about which strategy is right for you and address some of the common misperceptions about the Social Security system and its sustainability. Resources & People Mentioned Downloadable Guide: Setting up a My Social Security Account Downloadable G...2021-11-2226 minThe Physician's Guide To Financial WellnessHow Much Cash Should You Keep On Hand?Managing your cash can be a tricky balancing act. On one hand, you want to make sure you have enough for any potential near-term needs and to help you sleep well at night, while on the other hand, you don’t want to keep too much when you know you could be doing other, more productive, things with it. In this episode, we share our approach for managing cash. We cover the entire process, from figuring out how much to keep (between your emergency fund, any cash earmarked for near-term goals, and what “feels good”) to figuring out what to do...2021-11-0816 minThe Physician's Guide To Financial WellnessWhat to Know About Mortgages and RefinancingWhen it comes to mortgages and refinancing, there’s no shortage of details and questions that come up. How much should I put down for a down payment? What length of mortgage should I choose? Should I do a variable rate or fixed rate? Is it better to escrow property taxes and insurance or not? How do I know whether or not it makes sense financially to refinance my mortgage? In this episode, we dive into these questions (and more), providing a full rundown of everything home financing-related and sharing tips and guidance for how to approach the various de...2021-10-2524 minThe Physician's Guide To Financial WellnessRoth or Pre-Tax Retirement Contributions – Which Should You Make?For most employer retirement plans, such as a 401k or 403b, you have the option of making either Roth or pre-tax (also known as traditional) contributions. However, not everyone understands the difference between the two types of contributions, let alone the significant implications for their lifetime tax bill (or that of their heirs). In this episode, we dive into a discussion of Roth versus pre-tax contributions, explaining what they are and how they work, as well as sharing some perspective around how to think about the two relative to your own situation, in order to decide which is right...2021-10-1121 minThe Physician's Guide To Financial WellnessIt’s Open Enrollment Season!Open enrollment can be a confusing process. While employers often provide a lot of information regarding your employee benefits, they don’t always provide as much in the way of guidance or interpretation of that information. In this episode, we share an open enrollment “checklist.” We start by providing some high-level background on open enrollment, then walk through the most important employee benefit areas and explain what decisions to make (or things to consider) for each one. We hope this provides some useful context and makes navigating open enrollment easier by breaking down the key areas and decisions in a step...2021-09-2723 minThe Physician's Guide To Financial WellnessHow to Manage the Emotions of InvestingInvesting can be an emotional process and successfully managing your emotions is one of the keys to realizing a positive long-term investment experience. In this episode, we dive into the emotional side of investing and share some thoughts and tips for how to win the emotional element of it. From understanding the purpose of investing and knowing what you’re investing for, to having the right perspective and expectations around investing, to focusing on what you can control and planning around what you cannot, there are several tangible things you can do to become a better investor. We dive in...2021-09-1319 minThe Physician's Guide To Financial WellnessMailbag Episode #2In this mailbag episode, we answer three different questions: #1) I don’t feel comfortable with investing and don’t check my investment accounts, but I’m worried I might be missing something or not taking advantage of everything. #2) I like to spend a little more money and my spouse is a saver and thinks we aren’t saving enough, and we’re trying to find a good compromise. Any tips? #3) I’m wondering if I should pay ahead on my mortgage or invest that extra money instead? What’s the better use? If you would lik...2021-08-3016 minThe Physician's Guide To Financial WellnessMailbag Episode #1This is our first-ever mailbag episode. In it, we answer three different questions we’ve received: #1) I’m not sure if I’m doing everything I can to minimize taxes – is there a way I can check this or what should I be considering? #2) I’ve built up quite a bit of cash in my savings account that I don’t know what to do with and I’m nervous about investing now after the market has gone up. #3) I like the idea of passive income and I’ve heard real estate is the best way to do...2021-08-1622 minThe Physician's Guide To Financial WellnessThe Key Questions You Should Ask a Financial AdvisorThe world of financial advice and financial advisors can be confusing. Given the industry jargon and huge variability in types of advisors, the way they work with clients, the quality of the advice they give, their experience and credentials, and what they charge for their services, it can be hard to tell one from the next. In this episode, we share the five most important questions to ask when interviewing financial advisors. By asking these questions and comparing the answers provided by different advisors, you’ll not only have a good understanding of exactly what it looks like (and co...2021-08-0222 minThe Physician's Guide To Financial WellnessDebunking 5 Common Myths About Managing Your FinancesWhen it comes to personal finance, there’s no shortage of advice and opinions out there. Along with that, there also are a lot of myths and misinformation about managing your finances. In this episode, we tackle five of the most common myths we come across, including: 1) I need to change my investments based on XYZ headline, 2) Once I have $XYZ portfolio value, I’ll be content, 3) A tax refund = good tax planning, 4) Whole life insurance helps cover your insurance needs while allowing you to efficiently save/invest at the same time, and 5) Just save 20% of your income toward reti...2021-07-1920 minThe Physician's Guide To Financial WellnessPlanning for Healthcare in RetirementHealthcare is a key financial planning item in retirement and one of the many areas that changes dramatically compared to your working years. Specifically, there are two key healthcare planning windows to consider in retirement: 1) prior to Medicare eligibility at age 65 (assuming you retire before then), and 2) from 65-onward once you become eligible for Medicare. In this episode, we discuss these two windows and share practical tips and strategies for things to consider and how to go about making the important decisions that have to be made in each phase. By being smart with how you approach healthcare planning...2021-07-0521 minThe Physician's Guide To Financial WellnessThe Annual Financial Plan ChecklistFinancial planning is an always-evolving process as life changes and you receive new information. In this episode, we walk through a blueprint for what to cover in the annual “review” of your financial plan. From revisiting the big picture and your goals to checking in on cash flow and your investments, to keep up with changes to legislation and tax laws, by consistently following this process year in and year out, you’ll help ensure that your financial plan continues to evolve with your life and reflect what’s most important to you. Resources & People Mentioned Download...2021-06-2119 minThe Physician's Guide To Financial Wellness5 Strategies for Tax-Efficient Charitable GivingWhile we never recommend donating to charity solely for tax purposes, if you’re giving to charity anyway, why not maximize the tax benefit of your donations? In this episode, we share five different strategies for donating to charity in a tax-efficient manner. These include donating appreciated investments rather than cash, “bunching” your gifts, using a donor-advised fund, making qualified charitable distributions, and even starting your own non-profit. What you choose to do with the tax savings is up to you, even if that’s turning around and donating the money to your favorite organization! Resources & People Mentioned...2021-06-0718 minThe Physician's Guide To Financial WellnessThe “Reverse Budget” – an Alternative to BudgetingFor anyone who dislikes budgeting (ourselves included), this episode provides a great alternative – the reverse budget. By switching your focus from tracking monthly expenses to hitting specific savings targets, it makes it easier to stay on track with your financial goals while at the same time reducing the legwork involved along the way. In this episode, we explain how to implement the reverse budget using a four-step process and how to periodically review your progress over time. Hopefully, this helps you keep on pace with your savings while also allowing you to enjoy any leftover money “guilt-free.” Resour...2021-05-2414 minThe Physician's Guide To Financial WellnessPursuing Early Financial IndependenceIn this episode, we talk about pursuing early financial independence and what all goes into it. We explain what it means to be financially independent, how to calculate how much you need in savings/investments to become financially independent, and how to figure out how much to save and invest each year to reach that number within your desired time frame. We also talk about some of the potential trade-offs involved with pursuing early financial independence and how to think about them within the context of your overall financial life. Lastly, we wrap things up by covering some of...2021-05-1017 minThe Physician's Guide To Financial WellnessThe Waterfall of Retirement Savings by AccountIn this episode, we talk about retirement accounts and how to prioritize which ones to save to and in what order. Each physician has certain retirement accounts they’re eligible to contribute to. However, since different accounts have different features and tax treatment, it can be hard to determine how to order them when allocating your retirement savings. In this episode, we provide a blueprint for the typical employed physician, explaining the key features of the various accounts and the rationale behind how we rank them. Our goal is to help you leverage your available retirement accounts in an op...2021-04-2623 minThe Physician's Guide To Financial WellnessThe “Other 20%” of Successful InvestingThis episode is a follow-on to a previous episode we did on the basics of investing (episode #5). In that episode, we explained the foundational principles to focus on first when it comes to investing, using the 80:20 rule (or Pareto principle) as a guide. In this episode, we take it a step further and share some of the additional things you can do to further improve your investment experience. We cover asset allocation, portfolio rebalancing, asset placement, and tax-loss harvesting. As you’ll see, when applied properly, these additional strategies can add up in terms of their overall impact. ...2021-04-1227 minThe Physician's Guide To Financial WellnessHow We Manage Our Own Finances – Part 2This is a follow-on episode and the second installment of a two-part series on how we manage our own finances. In episode one, we covered organization and tracking, managing debt, and prioritizing/allocating cash flow. In this second episode, we discuss investing, risk management (estate planning & insurance), and the big picture and putting it all together. Hopefully, our discussion provides some useful insight on how there are different ways to manage your finances successfully, and how the approach can (and often does) differ depending on each person’s unique situation. Resources & People Mentioned Download our guide: The...2021-03-2918 minThe Physician's Guide To Financial WellnessHow We Manage Our Own Finances – Part 1When it comes to managing your finances, there isn’t always a “right” or a “wrong” way, and the exact approach tends to differ depending on the person and their unique circumstances. In this episode, we demonstrate this by walking through how each of us manages our own finances. You’ll see similarities and differences in the way we handle things and understand why the best course of action doesn’t always have to be the financially “optimal” one. This is part one of a two-part series, and in it, we cover organization and tracking, managing debt, and prioritizing/allocating cash fl...2021-03-1525 minThe Physician's Guide To Financial WellnessYour Financial Vital SignsThe concept of vital signs is second nature for physicians. When it comes to personal finance, the idea is that these indicators not only provide a snapshot of your current financial life and help identify potential areas of concern, but they also give you a baseline from which you can then assess progress and improvement over time. In this episode, we discuss three financial vital signs, explaining what each is, how to measure it, and why it’s important to track over time. Resources & People Mentioned Download our guide: The Toolkit for Optimizing Your Finances as an...2021-03-0121 minThe Physician's Guide To Financial WellnessHow to Minimize Your Tax Bill in RetirementTax planning in retirement doesn’t always get the same attention as tax planning during your working years, which is too bad because, for many people, there’s potential to lower your lifetime tax bill by tens or even hundreds of thousands of dollars through proactive planning. In this episode, we discuss the three key tax planning windows in retirement and share some tips and suggestions for what you can do during each window to minimize your retirement tax bill. From Roth IRA conversions to strategic withdrawals from your retirement accounts to qualified charitable distributions, and more. Resou...2021-02-1524 minThe Physician's Guide To Financial WellnessInsurance for Physicians – What Types & Amounts You Actually NeedNavigating the world of insurance as a physician can be challenging. While insurance is a key part of any comprehensive financial plan, it can be difficult to understand what you need and don’t need, especially since there’s no shortage of “financial advisors” happy to sell you policies. In this episode, we discuss the types of insurance physicians actually need, the purpose each serves, how to think about the “right” amount, and how to go about getting the best price. We also talk about how your insurance needs as a physician evolve throughout your career and in retirement, and where yo...2021-02-0130 minThe Physician's Guide To Financial WellnessThe Top 7 Financial Mistakes to Avoid as a PhysicianWhile successfully managing your finances is about more than just avoiding the big mistakes, if you can at least start there you’ll have a good foundation and will be moving in the right direction. In this episode, we discuss seven of the biggest mistakes that can trip up physicians when it comes to their finances. We explain each mistake, why it’s important, how it happens, and what can be done to avoid it. Hopefully, this episode will help you avoid some of the common pitfalls. Resources & People Mentioned Toolkit for Optimizing Your Finances as an E...2021-01-1828 minThe Physician's Guide To Financial WellnessHow to Create a “Paycheck” in RetirementOne of the biggest changes when making the transition to retirement is giving up the steady paycheck from your employer. In retirement, the responsibility of replicating this paycheck shifts to you, but it can be difficult to understand how to use your investments and income sources (like Social Security) to create your retirement paycheck. In this episode, we explain the entire process, including understanding what will make up your paycheck, how to create it, checking whether your investment withdrawal rate is “safe,” and being smart with tax planning and strategically withdrawing from your accounts in order to minimize the amou...2021-01-0425 minThe Physician's Guide To Financial WellnessHow to Leverage Your “Side Income” as an Employed PhysicianMany employed physicians earn side income from things like moonlighting, speaking, consulting, writing, and more. However, not everyone understands the financial planning opportunities this side income provides, particularly the chance to save on taxes while saving even more for retirement. In this episode, we explain how to make the most of your side income, including setting up a “business,” opening a retirement account, and maximizing available tax deductions. Resources & People Mentioned Podcast Episode #5 – The 80:20 Rule of Investing Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Facebook Subscribe to The...2020-12-2118 minThe Physician's Guide To Financial Wellness4 Easy Steps to Be a 403b or 401k MultimillionaireWhile the idea of becoming a 403b or 401k multimillionaire might seem like a hard-to-reach goal, it’s actually easier than you might think if you follow the right plan and stick with it over time. In this episode, we share four simple steps (or behaviors) that can help you reach 403b/401k multimillionaire status. We also discuss the thinking behind these and explain why they are so powerful. Resources & People Mentioned Toolkit for Optimizing Your Finances as an Employed Physician Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Fa...2020-12-0721 minThe Physician's Guide To Financial WellnessPutting Together a Student Loan Game PlanStudent loans are often the most significant planning item in the financial life of a younger physician. In this episode, we walk you through our process for putting together a student loan game plan. We discuss the difference between public and private loans, explain the Public Service Loan Forgiveness program and its requirements, talk about some of the things to consider when deciding whether or not to go for loan forgiveness and provide guidance on how to tackle your loans. Resources & People Mentioned Guide to establishing your student loan game plan Checklist for Public Service Loan...2020-11-2325 minThe Physician's Guide To Financial WellnessAre You Retirement Ready?Regardless of whether you plan to retire at age 45 or age 65, there are some key questions that everyone should consider when thinking about retirement. Answering these questions will help you avoid mistakes and make the transition as smooth as possible. In this episode, we walk through our retirement checklist and discuss how to think about six of the most important areas of retirement planning, from tax planning to healthcare planning to Social Security planning, and more. Resources & People Mentioned Downloadable retirement checklist Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow...2020-11-0926 minThe Physician's Guide To Financial WellnessHow to Allocate Your Cash Flow - Save, Spend, Invest, or Pay Down DebtWhen it comes to financial planning, one of the hardest things can be figuring out the best way to allocate your cash flow across different uses. Should you pay ahead on debt? Save and invest more for retirement? Put more toward another goal? In this episode, we talk about cash flow allocation and share tips and guidance for figuring out the right balance for you, one that helps you leverage your financial resources while also taking into account your unique situation. Resources & People Mentioned Blog post on how to allocate your cash flow Connect With T...2020-10-2618 minThe Physician's Guide To Financial WellnessHow to Know if You're on Track for Retirement/Financial IndependenceWhen thinking about retirement, or financial independence, it can be difficult to know whether you’re on track and what it takes to reach your goal. In this episode, we talk about using your investments to create a retirement “paycheck” once you’re no longer receiving a paycheck from your job, understanding how much you can safely withdraw from your investment portfolio each year, and figuring out how much you need to have saved up in your accounts in order to reach your financial independence goal. Resources & People Mentioned Download our guide: How to Cre...2020-10-1216 minThe Physician's Guide To Financial WellnessThe 80:20 Rule of InvestingMany people have heard of the Pareto principle, which states that 80% of the outcome often results from 20% of the effort. In this episode, we explain how this principle applies to investing, emphasize the importance of focusing on factors that will actually move the needle, discuss how many of the common narratives we hear about investing are misguided, and share five key principles that we believe will get you 80% of the way there when it comes to having a successful investment experience. Resources & People Mentioned: Download our “Toolkit for Optimizing Your Finances as an Employed Physician” 2020-09-2821 minThe Physician's Guide To Financial WellnessThe Best Way To Save For College As A Michigan PhysicianThere are many different ways to save for college, but we’ve found that a 529 plan is often the best option. In this episode, we explain what a 529 plan is, share why it tends to stretch your college savings dollars further, discuss the numerous tax benefits it offers, and address some of the frequently asked questions around 529 plans. We also talk in detail about the two 529 plan options specific to the State of Michigan. Resources & People Mentioned: Download our “College Planning – 529 Plan FAQs” guide Connect With Trent and Andrew: https://mdwmllc.com Follow on...2020-09-1423 minThe Physician's Guide To Financial Wellness6 Ways To Save Taxes As An Employed PhysicianFor any professional with an above average income in an above average tax bracket, the value of proactive tax planning and not “overpaying” the IRS is magnified. In this episode, we explain the difference between tax planning and tax preparation, and share six strategies for employed physicians to consider when looking to minimize their tax bill. Resources & People Mentioned: Blog post - tax planning as an attending physician: https://mdwmllc.com/how-to-save-taxes-as-a-physician/ Blog post - tax planning in retirement: https://mdwmllc.com/how-to-save-taxes-in-retirement/ Blog post - tax planning while in training: https://mdwmllc.com/how-to-save-taxes-in-residency-or-fellowship/ 2020-08-3128 minThe Physician's Guide To Financial WellnessA 5-Step Process For Creating A Financial Plan The process of creating your own financial plan can seem intimidating, but it doesn’t need to be. By breaking things down into individual steps, then tackling those steps one at a time, it’s possible for anyone to create a financial plan that allows them to leverage their financial resources and align their money with their vision of life. In this episode, we explain why having a financial plan is so important and walk you through our 5-step process for creating one. We also share a useful resource to help you get started. Resources & Peop...2020-08-3118 minThe Physician's Guide To Financial WellnessWelcome To The Physician’s Guide To Financial Wellness Welcome to the first episode of The Physician’s Guide to Financial Wellness! With this being the first episode, we share some background on ourselves, why we decided to launch the podcast, the format/frequency of the show, and our focus in terms of the topics we’ll cover and what you should and should not expect to hear from the podcast. Thanks for checking us out and we hope you enjoy it! Connect With Trent and Andrew: https://mdwmllc.com Follow on LinkedIn Follow on Facebook 2020-08-1815 min