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Physician Cents

Physician Cents

Von: Chad Chubb & Tyler Olson
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 Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.2024 Hygiene & gesundes Leben Persönliche Finanzen Ökonomie
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  • How Doctors Can Achieve Financial Freedom: 12 Essential Steps - Part 3, Ep #045

    How Doctors Can Achieve Financial Freedom: 12 Essential Steps - Part 3, Ep #045
    Jan 15 2026
    Managing finances as a physician can feel overwhelming, especially when transitioning from years of intense training into the responsibilities and opportunities of attending-hood. In this episode, we wrap up our popular three-part series on building financial independence as a physician. We dig into some of the most critical, yet often overlooked, steps in financial planning: avoiding the all-too-common "doctor house" disaster, understanding the impact of your employment contract, and making sure your early career choices build both your future and your present. There's practical advice about buying (or waiting to buy) a home, keeping flexibility in your career and finances, why estate planning isn't just for the ultra-wealthy, and how splurges on Teslas and boats fit into a healthy financial plan. There's something in this episode for every physician who wants to set a strong financial foundation. 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 Steps 9-12 in planning a successful financial future.02:27 Avoid the "doctor house" disaster.09:42 Get your adult paperwork in order.12:03 Update Beneficiaries on your 401(k)s and IRAs.13:10 Review and understand your employment contract.16:53 Build your future, not just your present.20:27 Build financial freedom through smart habits. How Doctors Can Avoid Pitfalls and Build Lasting Wealth Physicians fresh out of training often feel pressure to plant their roots immediately by purchasing a home. We caution against making such a significant commitment right away. The first year as an attending is full of transitions, and circumstances can rapidly change: your schedule might be less appealing than expected, or the city may not fit your lifestyle. Selling a home too soon can lead to emotional and financial losses, especially after accounting for closing costs, which can easily range from 2-5% of the home's value, plus the typical realtor sales commission. Our advice is to rent, stack cash, and wait until you're sure you're settled in both job and location. Being patient not only saves money but can prevent burnout by ensuring physicians aren't tethered to a job or area that isn't the right long-term fit. Estate Planning Isn't Just for the Ultra-Wealthy It's easy to overlook the need for estate planning documents, wills, healthcare directives, powers of attorney, especially early in one's career. But setting up these documents is an act of love for those you care about. No one wants to tackle the "living will" or contemplate worst-case scenarios, but doing so offers immense peace of mind. One critical detail you need to keep on top of is to always double-check beneficiary designations on accounts like 401(k)s and IRAs. These designations override your will, so keeping them updated can avoid major headaches for your loved ones later on. Read the Fine Print: Your Contract Can Make or Break You Negotiating a physician contract may seem intimidating, but it's a step you cannot afford to skip. Many accept "boilerplate" offers, but knowledge is power. Even if a contract can't be negotiated, understanding the details (RVU targets, call coverage, non-competes, tail coverage) means you know what you're signing up for. Organizations have a vested interest in swiftly finalizing contracts. Taking the time to have an expert review terms (even for several hundred dollars) can save tens of thousands, or shield you from future stress. Even if some elements are non-negotiable, you'll go forward with open eyes, better equipped to make smart decisions. Build for Tomorrow At the heart of long-term financial security is prioritizing the future. Directing your initial post-training income toward retirement contributions, debt repayment (especially those hefty student loans), and emergency reserves. It's okay to leave room for a "fun" spending budget, but big splurges, boats, luxury cars, should wait until you have a stable foundation. Building habits early, like automatic savings and clear budgeting, pays off handsomely thanks to compound growth. As time passes, those early decisions create financial breathing room in both the short and long term. Take it one step at a time. Don't feel compelled to do everything at once. Financial independence is a steady journey, not a sprint. By laying a solid groundwork and turning to professionals for help when needed, physicians can enjoy peace of mind, now and in the many successful years ahead. 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 ...
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    23 Min.
  • 12 Steps to Financial Independence - Part 2, Ep #044

    12 Steps to Financial Independence - Part 2, Ep #044
    Jan 1 2026
    Financial planning is a lifelong journey, especially for physicians who face unique challenges far beyond medical school. Below, we'll expand on their candid advice for steps five through eight, tackling student loans, protecting your future, maximizing retirement savings, and mastering the art of tax efficiency. We continue our three-part miniseries focused on foundational financial steps for physicians. Building on the first four steps from the previous episode, we're moving on to steps five through eight, touching on topics like protecting your future self with the right insurance, maximizing your retirement accounts, and approaching taxes with a long-term perspective. We hope our blend of practical advice and candid stories from inside the physician community helps you get to grips with everything from the complexities of student loan repayment and the essential types of insurance doctors need, to smart strategies for retirement savings and tax planning. Don't forget, the conversation continues next week with the finale, covering steps nine through twelve! 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 Take a personalized approach to student loans.04:37 Student loans can be a financial maze.10:21 Details of disability insurance planning.12:20 Term life insurance basics.18:08 Roth strategies and IRA options.21:44 Health plan cost evaluation insights.26:17 Municipal money market fund benefits. Attack Your Student Loans Like a Strategist Student loans don't have to be a life sentence, but they require strategic navigation. It's so important to know whether to pursue Public Service Loan Forgiveness (PSLF) or to explore refinancing options tailored for physicians. There's no one-size-fits-all plan; your loan management depends on your career trajectory, marital status, and the type of loans you hold (federal versus private). For federal loans, decisions like filing taxes jointly or separately, or accounting for income-driven repayment plans, matter a lot. Customizing your repayment strategy means thinking beyond just paying down the debt fastest. For physicians with massive student loan balances, understanding PSLF eligibility and its complicated annual paperwork can save hundreds of thousands of dollars and years of worry. Private loans are simpler to manage, but federal loans offer powerful forgiveness options if you're on the right track, so take time to evaluate before refinancing or making major moves. Protect Your Future Self Physicians invest years, and a fortune, into their careers. Insurance isn't glamorous, but it's vital to securing the life you've built. The hosts recommend three types: own-occupation disability insurance, substantial term life insurance (10 to 20 times your income if someone depends on you), and a robust umbrella policy for liability coverage. Own-occupation disability insurance ensures you'll receive payments if an injury or illness prevents you from practicing in your medical specialty. It's a physician-specific necessity, not a luxury, as Tyler Olson notes. Term life insurance is surprisingly affordable for doctors, and necessary if family, children, or even parents rely on your income. Umbrella policies provide extra protection against legal claims, a smart move given the perception that doctors are "deep pockets." Max Out Your Retirement Buckets Building wealth for the future begins with maximizing contributions to retirement accounts. We recommend filling up your employer-sponsored 401(k), 403(b), and, where available, 457(b) plans to the federal limit ($23,500 as of 2025). The backdoor Roth IRA is a powerful tactic for high-income physicians, allowing for after-tax contributions that grow tax-free, even if you're above income limits for direct Roth contributions. Understand the pro-rata rule and avoid entanglements with SEP IRAs and simple IRAs if you're using backdoor strategies. Solo 401(k)s are ideal for side income, offering greater control and consolidation. Consistent, maximal retirement savings, even if not sexy now, accumulate huge tax-advantaged growth over decades. Pay Taxes, But As Little as Possible Over Your Lifetime Tax planning isn't just for April 15th; it's a critical component of lifelong wealth. Whether you moonlight, work locums, or have 1099 side income, set funds aside and pay quarterly taxes to avoid penalties. Take advantage of deductions: HSA contributions, student loan interest (while eligible), CME, and tax-loss harvesting all make dollars go further. The difference lies in strategic long-term decisions, like Roth conversions during low-income years or selecting tax-efficient investment vehicles, such as municipal bonds, for high-income professionals. ...
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    28 Min.
  • 12 Steps to Financial Independence - Part 1 #043

    12 Steps to Financial Independence - Part 1 #043
    Dec 15 2025
    We kick off a special three-part miniseries designed to help physicians fast-track their journey to financial independence. Inspired by one of Tyler Olson's most popular tweets, this conversation breaks down the first four steps every physician should take once they finish training. From avoiding the "I earned it" trap to setting your savings rate and building your emergency fund, we share practical insights, real-life examples, and a healthy dose of financial wisdom for doctors at all career stages. Whether you're navigating your first big paycheck or wondering how to build a solid financial foundation, this episode is packed with actionable advice to help you secure your future and live life on your own terms. 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] Steps 1-4 to financial independence.[06:33] Plan early for financial success.[08:15] Avoid the urge to upgrade lifestyle prematurely.[13:53] Know your number and understand what you value.[21:45] Your first big pay raise is the easiest time to start saving.[26:15] Emotional and behavioral benefits of cash reserves.[28:58] Level two emergency fund strategy. First Four Steps to Building a Solid Financial Foundation Physicians are often seen as high earners with "easy" financial lives, but the reality behind the paycheck is much more nuanced. Years of demanding education, delayed earning power, and lifestyle pressures create a unique set of financial challenges. We break down and expand on the first four critical steps of 12 for newly minted attending physicians to set themselves up for long-term financial independence. Step 1: Don't Fall for the "I Earned It" Trap The "I earned it" mentality is tempting after years of sacrifice and hard work. The pressure of becoming an attending, the emotional weight of responsibility, learning new systems, and adapting to a higher-stress environment, often leads doctors to reward themselves prematurely. Upgrading to the million-dollar home, luxury car, and exclusive memberships before building a financial foundation is like eating dessert before you've had dinner. Resisting these early lifestyle upgrades is about more than just discipline. It's about setting yourself up for flexibility and freedom in the future. Locking in big expenses too early can hinder agility, especially once family planning and unexpected life changes come into play. Focus on building wealth and stability before flexing assets. Step 2: Track Your Real Cash Flow Many physicians, especially those in the $300,000 to $600,000 income range, assume their paychecks can cover whatever they want. In reality, without tracking cash flow, even high earners can find themselves in financial trouble. It's so important to know exactly where every dollar goes. Start with three months of detailed cash flow tracking using tools like Monarch Money, Tiller, or even old-school spreadsheets. Understanding your fixed expenses, discretionary burn rate, and real savings rate helps you make intentional financial decisions. Numbers don't lie, and self-awareness is especially important for high earners who may spend frivolously without realizing the long-term impact. Step 3: Set Your Savings Rate Because physicians generally start earning later than their peers, Tyler advocates a savings rate of 20-30% of gross income. Automate these contributions to retirement and brokerage accounts so every dollar is invested before it can be spent. Saving aggressively isn't about deprivation; it's about advocating for future spending, whether it's early retirement, reduced clinical hours, or the flexibility to change career paths. If 20-30% feels ambitious, start lower and ramp up as your life stabilizes. The key is to automate and protect these contributions from being spent impulsively. "Every dollar you automate equals less guilt later," Chad Smith echoes. Step 4: Build Your Cash Moat - An Emergency Fund for Peace of Mind Tyler recommends three to six months of expenses in a high-yield savings account, but Chad sometimes prefers using post-tax income to calculate this number for greater security, especially for those early in their careers or facing job market uncertainty. Think about what will happen if the unexpected happens. We share stories of real-life emergencies which bring home why liquidity matters. A well-funded cash moat provides both practical and psychological stability, letting doctors weather unexpected expenses or career pivots without panic. Best Practice is to save enough to sleep soundly, then consider a "level two emergency fund" invested more aggressively for longer-term flexibility. Making Intentional Choices Financial independence for physicians isn't about simply ...
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    33 Min.
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