Physician Family Financial Advisors Podcast

To a child, a father is often their first hero and is always one of their first teachers. Parenting doesn't come with an instruction manual or a training period, so it can be easy to feel like you're flying, or rather parenting, blind. In this special Father's Day episode, Nate Reineke and Kyle Hoelzle chat about how they are raising their kids to understand the value of money, why delayed gratification can be a good thing, how hard work pays off, and the importance of saving. They also play a round of “teach me like I'm 5,” where they break down complicated financial terms, like credit and investing, in a way their 5-year-olds can understand. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Paperwork is boring, and we all try to avoid it. While estate planning is a lot of paperwork, it is a crucial part of making sure your children and family are taken care of after you're gone. Listen in as Nate Reineke and Ben Utley chat with special guest Christine Roberts, an estate planning attorney with a background in ERISA law and over 30 years of experience. She breaks down some common misconceptions and mistakes physicians make when setting up trusts and wills, and delves into how a good estate planning attorney can help you avoid pitfalls. They also look at control group rules and how physicians may be messing up their retirement plans without even realizing it. If you are in Santa Barbara, or California, and want to work with Christine, you can contact her at croberts@mullenlaw.com or (805) 966-1501Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

We all love it when something costs less than we think it will, especially something pricey like college. If you plan to send your kids to a private university and they go to a state school, what can you do with the extra money? Listen in as Nate Reineke and Ben Utley celebrate graduation season and break down the most effective ways to save for college and what you can do with leftover 529 funds. We also answer your colleagues' questions. 529 vs HYSAA cardiologist in Oregon is curious which is better for saving for an upcoming college expense, a 529 college savings plan, or a regular high-yield savings account. 529 vs State Prepaid Plan An ENT in Florida wants to know the benefits of using the Florida prepaid plan rather than a 529 college savings plan. Funding Private EducationA Plastic surgeon in Missouri is wondering if using a 529 is a good way to pay for private K-12. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match, visit physicianfamily.com and click get started, or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Bug infestations are stressful. Having an established relationship with a “bug guy” helps exterminate that stress. All emergencies are more stressful when you try to handle them alone, but having a financial planner who enables you to understand where funds can come from helps decrease your stress. Listen in as Ben Utley and Nate Reineke discuss what funds you should use to save for retirement and how those funds help cover you in an emergency. We also answer your colleagues' questions. Changing Advisors An ENT in Florida is changing advisors and wants to know if a proper break-up is required or if ghosting is acceptable. Covered Call and Put Options An internal med doc in Texas has been trying to get more involved in his finances and wants our opinion on covered call and put options. Funding HSA vs FSAA listener emailed in and is changing jobs. They are curious if they can fund an HSA right away or if they have to wait since they currently have an FSA. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

If fishing were easy, they'd call it catching. If backdoor Roths were easy, they'd call it a loophole. Listen in as Nate Reineke and Ben Utley answer a cumbersome backdoor Roth question from a physician who fears they made a mistake, but the answer may be simpler than anticipated. We also answer your colleagues' questions. Investing Now: A retired physician in Alaska has a large nest egg, and they are concerned about the current economic and political situation. They want to know the best way to invest the cash. Practice buy-in: A specialist on the East Coast has a buy-in opportunity and is wondering the best way to finance it. Cash Balance Plan: An interventional radiologist from New Jersey is close to retiring and is curious if a cash balance plan is a good idea. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Buying a home is hard. As a physician, you want to make sure you get the best rate, use the right type of loan, and avoid the mistakes that drag out the process. Listen in as Ben Utley and Nate Reineke dissect the complex and confusing world of home buying with special guest and mortgage loan specialist Robert Hedges. Together, they answer your colleagues' concerns about how to find the best mortgage broker, when it is smart to buy points, and what up-front fees physicians should look out for. If you are looking for your dream house and want to work with Robert, you can contact him using the information below. Email Robert at rhedges@cmghomeloans.comCall Robert at 541-515-8026Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Let's be real here: You spent your first 20 years of life rolling your eyes at your mom's advice and the rest of your life realizing she was right. So right now, make sure you have a table reserved (or groceries bought) and flowers ready for Mother's Day. Listen in as Ben Utley and Nate Reineke answer a tough listener question about whether the Roth 403b or a traditional 403b is right for a neurosurgeon from Maryland. We also answer your colleagues' questions. Car BuyingA surgeon in Connecticut says, “We are looking to buy a minivan. Given the recent tax tariffs, should we buy new, used, or lease one?" Changing Jobs A Double Doc family in Kentucky is moving states and changing jobs. They want to know the best way to contribute to their retirement accounts without facing extra taxes and penalties.Housing and Home LoansA Hospitalist in Utah is curious about the best refinancing options given the high interest rates and their plan to retire. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Your kids are growing up fast. That means more activities to keep track of on top of all your other commitments. How can you juggle being there for your family and working enough to save for retirement? Listen in as Nate Reineke and Ben Utley provide some tips on how to keep all the balls in the air while still planning for the future.We also answer your colleagues' questions. Retirement Investing: An ENT from Kansas City who is moving and changing jobs wants to know what we think of some advice they got from a local planner about rolling a 401(k) into an IRA. Family planning: A surgeon in Connecticut is “financially nesting” as they prepare for a third child at the end of July. They ask what they can do now to prepare financially. Tax Mistakes: A New Jersey Neurosurgeon was recently shocked by a big tax bill and is wondering if using a Roth 401(K) is a good idea. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Influenza. It's a word that sounds ominous when you don't know what it means. To a physician like you, influenza is nothing more than the average flu, but to a patient, it may sound scary. Does tax-loss harvesting sound extreme or even dangerous to you? Listen in as Nate Reineke and Ben Utley explain what tax-loss harvesting is and how your colleagues are using it right now to save taxes.We answer some other questions you may have asked yourself. Market volatility:An ER/ crit care doc in Massachusetts asked for some thoughts about the market downturn, specifically regarding investment strategies, noting how difficult it is to see 60k in retirement savings gone in a few weeks. 457 plans: A cardiologist in Oregon is facing a tough situation with their workplace being acquired. They want to know what to do with a non-governmental 457(b) that must now be distributed. Home loans:A Colorado cardiologist is house shopping and wants to find that perfect home. Since the process may take a while, he is waiting to list his current house and is curious about other financing options that don't rely on the sale proceeds. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match, visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Bananas are cheap but not as cheap as they used to be and the price of almost everything else is going up faster than a monkey up a tree. Everything else but stock prices that is. We've gotten several questions from physicians like you essentially asking “What should we do?” Ben Utley breaks down questions about tariffs, taxes, the economy, markets, and what you should or shouldn't do about it. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Spring has sprung just like the freshly assembled Adirondack chairs in Ben's back yard. Fumbling around while constructing Costco lawn furniture is normal, Ben proves that, but, you don't want to stumble around with your backdoor roth. You also don't want to be caught off guard by big surprise expenses in retirement. Nate Reineke and Ben Utley breakdown some of the major life events and expenses physicians like you should consider before retirement including home improvements, grandkids, grad school and weddings! We also answer the questions your colleagues are asking. Tax loss harvesting: An anesthesiologist in Illinois asks, “before I connected with Physician Family, I bought a couple hundred thousand dollars worth of single stocks. Several of them have gone down in value and I am wondering, should I sell them now or wait for them to come back?”Tax prep: A rad onc in Georgia hates doing taxes and wants to know if despite having a pretty simple situation with two W2 employees, is paying a pro worth it? Disabilities: An OB/GYN from Ohio wants to be ABLE to send her son, who has a mild form of autism, to college but isn't sure he'll attend. How should the parents be saving? Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

Things in the government are changing but, you already knew that, right? What you may not know is that public student loan forgiveness is still alive and well! Nate Reineke and Ben Utley discuss one pediatrician's five year journey to student loan debt freedom.They also discuss the other listener questions below. A radiologist in Ohio asks if I save my money into a 529, will it grow like my other investments? A family physician in New York wants to know, is there a downside to increasing my usual investments during the recent correction in the stock market since everything “is on sale”? Is this a form of “Market Timing?” A family practice doctor in Seattle poses a tough housing question saying, we want to upgrade our house but have a really low interest rate on our current home - our family is saying to keep our current home as a rental but we don't like the idea of becoming landlords. What should we do?Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. Disclosure: See marketing disclosures at https://www.physicianfamily.com/disclosures

Introduction:In this new episode, hosts Nate Reineke and Chelsea Jones tackle the crucial topic of investment strategies for physicians with deadlines, particularly when facing urgent financial goals such as buying a home or addressing student loans. They share insights on how to optimize investments while managing risk.Summary:Join Nate and Chelsea as they explore the considerations physicians should keep in mind when investing with a deadline. This episode addresses listener questions about housing decisions, investment timing, and how to balance short-term financial needs with long-term goals. The hosts emphasize the importance of understanding risk and timing in investment decisions.Key Highlights:- Navigating Relocation and Housing:Chelsea shares her experience relocating to Florida and the importance of finding childcare before selecting a home.- Understanding 457 Plans:An overview of governmental vs. non-governmental 457 plans and the tax implications of each.- Selling Your Home:A discussion on whether physicians should sell their home to avoid realtor fees and the benefits of working with professionals.- The Reality of All-Cash Offers:Insight into the competitive real estate market and why an all-cash offer may not always be the best strategy.- Investing for Short-Term Goals:Exploration of appropriate investment strategies for upcoming expenses and the risks associated with investing money needed in the near future.- Understanding ETFs vs. Mutual Funds:Key differences between ETFs and mutual funds, including liquidity and tax efficiency.- Key Investment Principles:Emphasizing the importance of risk management and understanding the relationship between risk and return when planning investments.Conclusion:Nate and Chelsea provide valuable insights to help physicians make informed decisions about their investments when approaching critical financial deadlines.Call to Action:For more information, visit https://www.physicianfamily.com/Disclosure:See marketing disclosures at https://www.physicianfamily.com/disclosuresClosing Thought:Remember, you're not just making a living; you're making a life.

Introduction:In Episode, hosts Nate Reineke and Ben Utley delve into the complexities of the backdoor Roth IRA, a popular strategy for high-income earners. They address common misunderstandings and provide clarity on how to navigate potential pitfalls, such as the pro-rata rule.Summary:Join Nate and Ben as they explore the backdoor Roth IRA process. This episode tackles listener questions about bond discounting, the emergency fund allocation into bonds, and strategies for buying a house while staying on track for retirement savings. The focus is on clarifying the nuances of the backdoor Roth IRA to help physicians maximize their retirement savings while avoiding unnecessary tax liabilities.Key Highlights:1. Understanding the Backdoor Roth IRA:Explanation of the pro-rata rule and how it affects Roth conversions when traditional IRA balances exist.2. Bond Discounting Basics:A deep dive into what bond discounting is and how interest rates impact bond values and strategies for using bonds as part of an emergency fund.3. Buying a House in High-Cost Areas:Discussion on the financial considerations and challenges faced by physicians buying homes in expensive cities like San Diego and San Francisco.4. Employer Contributions to Retirement Plans:Clarification on the nature of discretionary contributions and how they can change.5. Handling Traditional IRAs for Roth Conversions:Strategies to manage existing traditional IRA balances, including rolling them into a TSP or considering a Roth conversion for long-term growth.Call to Action:For more information, visit https://www.physicianfamily.com/Disclosure:See marketing disclosures at https://www.physicianfamily.com/disclosuresClosing Thought:Remember, you're not just making a living; you're making a life.

Introduction:In this episode, hosts Nate Reineke and Ben Utley dive into the often-asked question: How much do physicians actually spend and save? They explore spending patterns among doctors, discuss financial strategies for managing student loans, and examine the importance of striking a balance between work and family life.Summary:Nate and Ben discuss the financial challenges faced by physicians, particularly when it comes to managing expenses and savings. They address a range of listener questions, from paying off student loans to investment strategies and spending habits. This engaging conversation emphasizes the need to prioritize time with family while also navigating the financial landscape.Key Highlights:- Balancing Family and Financial Goals:A physician's desire to pay off student loans quickly to spend more time with family and the importance of not rushing through critical family time.- Understanding Spending Ranges:Insights into how much physicians typically spend on a monthly basis, with ranges between $10,000 to $30,000 depending on factors like location and family size.- Saving Habits:Discussion on average savings rates for physicians and the challenges they face in maintaining a comfortable retirement lifestyle.- Investment Strategies:Reflections on whether physicians should diversify investments beyond index funds, examining the perceived need for complexity in investment choices.- Health Savings Accounts (HSAs):Guidance on selecting HSAs when switching to high-deductible health plans, with recommendations based on ease of use and investment options.- Common Financial Concerns:Addressing the anxiety many physicians feel about spending and saving, and the misconception that there is a one-size-fits-all approach to financial planning.Conclusion:Join Nate and Ben as they provide valuable insights for physician families navigating their financial journeys, ensuring that listeners balance their spending and saving practices effectively.Call to Action:For more information, visit https://www.physicianfamily.com/Disclosure:See marketing disclosures at https://www.physicianfamily.com/disclosuresClosing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Introduction:Welcome to Physician Family Financial Advisors Podcast. In this episode, hosts Nate Reineke and Ben Utley address the joys and financial complexities of becoming a physician mom in your 40's, and what that means for your financial planning moving forward.Summary:Join Nate and Ben as they explore the financial considerations and strategies for physician families, particularly those experiencing major life changes like having another child later in life. They discuss how to balance short-term needs with long-term goals and the importance of saving for both college and retirement. The episode also touches upon direct primary care as a potentially less stressful approach for physicians.Key Highlights:- Welcoming New Additions:How becoming a mother again at 40 can impact financial planning and important steps to take.- Understanding the 401(k) and Defined Benefit Plans:Differences and similarities between these retirement saving options and how they affect your financial strategy.- Personal Anecdotes:Nate shares his own healthcare journey and reflects on how finding a direct primary care doctor mirrored the experience physician families might have when seeking financial advice.- Investment Anxiety:Navigating emotions of greed and fear in investment decisions and the importance of saving over potential high returns.- Making the Most of a Windfall:Insightful discussion on utilizing a large gift for purchasing a home, avoiding jumbos, and putting money towards college savings via a 529 plan.- Retirement Planning with Young Children:Challenges and solutions for planning retirement with young children, ensuring adequate college funds, and adjusting retirement timelines.- Alternative Practice Models:Exploring direct primary care and concierge medicine as potential practice options for burnt-out physicians and the financial implications of these models.Conclusion:Whether you're navigating the financial implications of adding to your family, strategizing to maximize retirement savings, or considering a shift in your medical practice, listen in for valuable insights and actionable advice from Nate and Ben.Call to Action:For more information, visit www.physicianfamily.comDisclosure:See marketing disclosures at www.physicianfamily.com/disclosuresClosing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:In this episode Nate Reineke and Ben Utley discuss the nuances of mortgage options for physicians, specifically focusing on the decision to pay points. The hosts explore the implications of mortgage rates, the impact of short-term versus long-term holding periods, and how physicians can navigate the complexities of home financing.Key Takeaways:- Understanding Mortgage Points: Purchasing points can lower mortgage interest rates, but the decision depends on how long the mortgage will be held.- Balancing Costs and Benefits: Evaluating whether to buy points should consider potential future interest rate changes and personal financial situations.- Mortgage Structures: Analyzing the pros and cons of different mortgage types, including fixed-rate and adjustable-rate options, is essential.- Market Conditions: Awareness of current market trends can inform decisions around mortgage rates and points, especially in fluctuating environments.- Client Experiences: Real-life examples from physicians help illustrate the practical considerations and emotional factors involved in mortgage choices.Call to Action:For more information, visit www.physicianfamily.comDisclosure: See marketing disclosures at www.physicianfamily.com/disclosuresClosing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:In this episode, Nate Reineke and Ben Utley discuss the potential financial implications for physicians in light of recent political changes, particularly focusing on the questions surrounding government policies and public service loan forgiveness (PSLF). They also address listener inquiries about financial planning for 2025, including insights on donor advised funds (DAFs), retirement strategies, and health insurance considerations.Key Takeaways:- Impacts on Federal Benefits: The conversation regarding the safety of federal pensions and benefits under changing administrations is crucial for physicians with federal employee status.- Federal Employee Retirement System (FERS): Understanding how proposed changes may affect the Thrift Savings Plan and pension benefits is important for financial planning.- Public Service Loan Forgiveness (PSLF): Clarifications on how PSLF works and factors influencing eligibility should be top of mind for many physicians.- Investment Decisions: The discussion reflects on how political changes can lead to uncertainty in investment strategies, emphasizing the importance of long-term planning.- Value of a Financial Plan: Staying informed and prepared with a solid financial plan provides clarity amidst uncertainty.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Closing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:In this episode, Nate Reineke and Ben Utley discuss important considerations for physicians when funding their 529 plans. The hosts share insights from personal experiences, highlight the significance of effective savings strategies, and address listener questions related to college savings and financial planning.Key Takeaways:- Funding a 529 Plan: Physicians should consider their financial goals and the educational needs of their children when deciding how to fund their 529 accounts.- Managing Bonuses: Strategies for directing quarterly bonuses into consistent savings can enhance overall financial stability.- Evaluating Financial Products: Understanding various financial products, including donor advised funds, plays a crucial role in effective tax management.- Balancing Family and Finances: The importance of balancing quality family time with financial responsibilities can lead to a more fulfilling life.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Closing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:In this episode, Nate Reineke and Ben Utley explore strategies for turning quarterly physician bonuses into effective monthly savings. They share insights into managing unexpected income and address listener questions about donor advised funds (DAFs), retirement planning, and the impact of health insurance on financial goals for physicians.Key Takeaways:- Utilizing Quarterly Bonuses: Physicians can allocate quarterly bonuses to create a more stable monthly savings flow, helping to offset expenses and build wealth over time.- Tax Benefits of DAFs: Donor advised funds provide significant tax advantages for charitable contributions.- Building Educational Wealth: 529 accounts remain a practical strategy for families looking to save for college tuition.- Health Insurance Considerations: Incorporating health insurance costs into retirement plans is essential, with options available for delaying Medicare enrollment.- Retirement Account Strategies: A solid understanding of traditional and Roth retirement accounts can enhance overall tax efficiency.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Closing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:In this episode, Nate Reineke and Ben Utley explore the best college savings goals for doctors. They discuss strategies for saving effectively for education expenses and address listener questions about donor advised funds (DAFs), 529 accounts, retirement planning, and the overall financial implications for medical professionals and their families.Key Takeaways:1.Tax Benefits of DAFs: Donor advised funds may provide significant tax advantages when donating to charities.2.Building Educational Wealth: 529 accounts serve as a practical method for families looking to save for college expenses.3.Health Insurance Considerations: Physicians should factor in health insurance costs during retirement planning, including options for delaying Medicare enrollment.4.Retirement Account Strategies: Understanding the differences between traditional and Roth retirement accounts contributes to effective tax planning.5.Value of Relationships: Quality time with family enriches personal relationships and can impact financial priorities.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Closing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Summary:In this episode, Nate Reineke and Ben Utley explore how donor advised funds (DAFs) can provide significant tax benefits for physicians. They return from their holiday break to answer important listener questions about DAFs, 529 accounts, retirement savings strategies, and the implications of health insurance on financial planning for doctors in 2025.Key Takeaways:1. Tax Savings with DAFs: Donor advised funds provide an opportunity to reduce taxes twice—first when making donations and again during the distribution to charities.2. Building Educational Wealth: 529 accounts serve as a tool for families to save for future educational expenses effectively.3. Health Insurance Considerations: Physicians should consider health insurance costs as part of retirement planning, and options exist for delaying Medicare enrollment in certain situations.4. Retirement Account Strategies: A solid understanding of the differences between traditional and Roth retirement accounts plays a significant role in tax efficiency.5. Value of Time: Quality time with family may influence financial decisions and help shape priorities.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:In this episode, Nate Reineke and Ben Utley explore what the biggest physician financial question will be for 2025. They kick off the new year by addressing listener questions about financial planning strategies, touching on important topics such as 529 accounts, target date funds versus robo-advisors, Medicare enrollment, and mortgage payoff decisions.Key Takeaways:1. 529 accounts can effectively build educational wealth for future generations, especially for families with children planning to pursue further education.2. Target date funds offer a more automated investment approach, while robo-advisors provide tailored strategies based on individual risk tolerance and tax situations.3. Physicians can delay Medicare enrollment under specific conditions, allowing them to maintain their current insurance for longer.4. Deciding whether to pay off a mortgage or prioritize retirement savings involves weighing personal values against financial strategies.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Remember, you're not just making a living; you're making a life. Pursue what lights you up!

Episode Summary:Join Nate Reineke and Ben Utley as they welcome Jordan Grumet, also known as Doc G, author of The Purpose Code and host of the Earn and Invest podcast. They discuss the vital connection between purpose and financial well-being, providing insights on navigating burnout and rediscovering joy in the medical profession.Guest Info:Jordan Grumet, born in Evanston, Illinois in 1973, found the spark to become a doctor after a deeply personal event reshaped his life's trajectory. The unexpected loss of his father, an oncologist, ignited a passion within him to practice medicine and instilled a unique vantage point that later melded seamlessly with his financial expertise. Completing his studies at the University of Michigan, Jordan earned his medical degree from Northwestern University before embarking on a journey in Internal Medicine in Northbrook, Illinois. Presently, he serves as an associate medical director at Unity Hospice.With a profound understanding of both medicine and finance, Jordan unveiled his thoughts through blogging, specifically focusing on financial independence and wellness. This passion culminated in the launch of the Earn & Invest podcast in 2018, which received the Plutus Award for Best New Personal Finance Podcast in 2019 and subsequent nominations for Best Personal Finance Podcast of the Year in 2020 and 2021.In August 2022, Jordan published Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life with Ulysses Press. His second book, The Purpose Code, will be published in January 2025 by Harriman House Press. Jordan's journey intertwines medical insight and financial wisdom, resonating deeply with those seeking a balanced, meaningful life.Resources Mentioned:- The Purpose Code by Jordan Grumet: https://jordangrumet.com/books/- Taking Stock by Jordan Grumet: https://jordangrumet.com/books/- Earn and Invest Podcast: https://www.earnandinvest.com/episodes-9Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Closing Thought:Remember, you're not just making a living, you're making a life. Pursue what lights you up!

Episode Overview:In this episode, Ben Utley and Nate Reineke address the important topic of interest rates and how they might affect your financial decisions as a healthcare professional. They explore the potential impact on your investment portfolio and offer considerations for mortgage refinancing, aiming to provide insights that could be valuable for your financial management.Key Highlights:1. Understanding Interest Rates: - Ben and Nate discuss how interest rates can influence your investment choices and highlight the importance of staying informed to enhance your financial planning.2. Investment Policy Statements: - The hosts outline how an investment policy statement can serve as a useful tool for guiding your investment strategies and helping you maintain financial discipline.3. 529 Plans and College Savings: - You'll learn about strategies related to front-loading 529 plans to maximize tax benefits and compound interest, supporting your efforts to fund your children's education.4. Managing Cash Reserves for Home Purchases: - Ben advises against investing cash reserves that you plan to use for home purchases in stocks. Instead, he suggests considering high-yield savings accounts to keep your funds accessible and secure.5. Choosing Appropriate Health Plans: - The episode discusses how to choose between high-deductible and low-deductible health plans, particularly if you have chronic conditions, helping you make the most of Health Savings Accounts (HSAs).6. Understanding Mortgage Refinancing: - Ben explains when it could make sense for you to refinance your mortgage, emphasizing the need to analyze current rates in light of your financial situation.7. Impact on Student Loans: - The hosts address how interest rates might influence your student loan refinancing decisions, providing guidance on when it could be wise to explore new loan terms.Actionable Advice:Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned: Retirement Wellness Check: Assess how well-prepared you are for retirement at PhysicianFamily.com/Quiz.Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures.

Episode Overview:In this episode, Ben Utley and Nate Reineke tackle the question of how much cryptocurrency is appropriate for doctors to own. They cover important considerations, such as the lack of inherent value in crypto compared to traditional investments like stocks and bonds. This episode also addresses a variety of financial topics relevant to physician families, from 529 plan strategies to managing cash reserves and understanding investment policy statements.Key Highlights:1.Cryptocurrency for Physicians: -Ben and Nate explore whether doctors should own cryptocurrency and conclude that, given the lack of inherent value, "zero ownership" is acceptable. They emphasize the importance of understanding the speculative nature of crypto investments.2.Investment Policy Statements: -The hosts explain the role of an investment policy statement in guiding individual investment strategies and maintaining a disciplined approach to personal finance.3.529 Plans and College Savings: -They discuss the benefits of front-loading 529 plans to capitalize on tax-free growth and compound interest, while advising on flexibility for college funding strategies.4.Managing Cash Reserves for Home Purchases: -Ben advises against investing cash intended for home purchases in short time frames, recommending high-yield savings accounts instead to keep funds accessible for future needs.5.Choosing Health Plans for Families: -The episode examines selecting between high-deductible and low-deductible health plans, particularly for physicians with chronic conditions, and optimizing HSAs.Actionable Advice:Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned: Retirement Wellness Check: Assess how well-prepared you are for retirement at PhysicianFamily.com/Quiz.Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures.

Episode Overview:In this episode, Ben Utley and Nate Reineke address the question: Can Physicians with Chronic Conditions Benefit from HSAs? They tackle various financial inquiries from listeners, offering insights and advice crafted for physician families. The discussion covers topics such as the use of 529 funds, strategies for Roth IRA conversions, optimizing 403(b) contributions, and maximizing benefits from health savings accounts (HSAs), particularly for those with chronic conditions.Key Highlights:1. Using 529 Plans: - Ben and Nate explain the scope of using 529 funds, highlighting their suitability for college savings but noting they are not designed for private preschool expenses.2. Roth IRA Conversions: - The hosts discuss considerations when converting gains in a backdoor Roth IRA, emphasizing tax implications and the need for clarity on IRA rules.3. 403(b) Contributions: - Insights into maximizing contributions to 403(b) plans are shared, especially for physicians with both mandatory and voluntary contribution options, allowing them to potentially exceed standard limits.4. Tax Strategies Around IRAs: - Ben provides detailed guidance on managing IRAs with both pre-tax and post-tax contributions, focusing on basis management and conversion strategies for improved tax efficiency.5. Health Plan Optimization: - The discussion addresses the management of health plans, examining the use of HSAs alongside FSAs, and providing strategies for choosing between high-deductible and PPO plans.6. Can Physicians with Chronic Conditions Benefit from HSAs?: - The hosts explore the potential advantages of HSAs for physicians with chronic health conditions, considering how careful plan structuring may offer financial benefits despite high medical costs.Actionable Advice:Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned: Retirement Wellness Check: Assess how well-prepared you are for retirement at PhysicianFamily.com/Quiz.Disclaimer: This episode is for informational purposes only and not intended as financial advice. See marketing disclosures at www.physicianfamily.com/disclosures.

Episode Overview:In this episode, Ben Utley and Nate Reineke discuss the often-overlooked topic of bonds and their role in a physician's investment portfolio. The conversation addresses a listener's question about the various types of bonds and how they could fit into a diversified investment strategy.Key Highlights:1.Understanding Bonds: - Ben and Nate explain that bonds function as loans and can provide steady income, contrasting them with the volatility associated with stocks.- They outline different types of bonds, including Treasury bonds, municipal bonds, and corporate bonds, highlighting their unique characteristics.2.The Role of Bonds in Investment Portfolios: - The hosts address why bonds may help reduce overall portfolio risk and provide stability, especially as one approaches retirement.- They explore the common misconception that bonds may underperform compared to equities, while discussing how bonds might provide protective benefits during market downturns.3.Strategies for Bond Investment: - Ben and Nate clarify the importance of appropriate bond allocation within a portfolio and suggest that diversified bond funds might be preferred over individual bonds.- They highlight tax considerations related to different types of bonds and the significance of placing them in the right investment accounts.4. Is Investing in a Variety of Bonds Necessary? - They respond to a listener's inquiry about the necessity of investing in a variety of bond types, suggesting that a diversified bond fund could be suitable for many investors.Actionable Advice:Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned: The Overtaxed Doctor's Retirement Investing Checklist: www.physicianfamily.com/goAre you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures.

Episode Overview:In this episode, Ben Utley and Nate Reineke explore the complexities of maintaining an aggressive investment portfolio for physicians who might work well into their later years. The discussion addresses how long-term career goals could influence investment strategies, considering factors like risk tolerance, market conditions, and personal financial objectives.Key Highlights:1. Eligibility Criteria for Solo 401(k)s: - Ben and Nate clarify the eligibility requirements for solo 401(k)s, particularly for those earning both W-2 and 1099 income.2.Distinctions Between HSAs and FSAs: - They explain the differences between Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), focusing on scenarios where individuals might be able to hold both.3.Investment Strategy for Longevity: - The hosts discuss the option of considering a higher stock allocation for physicians who plan to work indefinitely.- They examine the potential effects of market fluctuations on long-term investments and how personal comfort with risk could influence decisions.4. Managing 401(k) and 403(b) Accounts: - Ben and Nate discuss the process of rolling over traditional and Roth funds into new retirement plans or IRAs.- They highlight the importance of understanding the rules and options available for effective retirement account management.5. 529 College Savings Plans: - The conversation centers on planning strategies for college savings as expenses approach.The hosts explore balancing investment risk with the need for financial stability during the lead-up to college.Actionable Advice:Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned: The Overtaxed Doctor's Retirement Investing Checklist: www.physicianfamily.com/goAre you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures.

In this episode, Nate and Ben tackle the important question of whether physicians should prioritize paying off their mortgage or investing additional resources as they approach retirement. The discussion highlights the balance between managing debt and maximizing investment opportunities while addressing the unique financial challenges faced by physician families. Through personal anecdotes and professional insights, the hosts provide clarity on how to make informed decisions that align with individual financial goals.Key Highlights:1.Transition to Empty Nesting:- Ben shares personal reflections on becoming an empty nester, discussing the joy and challenges that accompany this life change.- The hosts explore how this transition impacts financial planning, including potential shifts in priorities and expenses.2.Prioritizing Financial Goals:- The discussion begins with the need for clarity around individual financial goals, particularly in the context of managing student loans and mortgage payments.- Nate emphasizes that establishing a solid financial plan is crucial, regardless of one's current financial situation.3.Life Insurance Considerations:- The hosts delve into the importance of evaluating life insurance needs in relation to mortgage payments, ensuring that families are adequately covered during critical life stages.- They stress that life insurance should be aligned with long-term financial goals and responsibilities.4.Evaluating Investment Options:- A comprehensive look at the decision to invest versus paying down debt is provided, weighing the potential returns of investments against the costs of maintaining a mortgage.- The conversation includes insights on market conditions and the impact of carrying a mortgage into retirement.5.Importance of Emergency Funds:- The hosts highlight that maintaining an adequate emergency fund is essential before making aggressive decisions regarding debt repayment or investing.- They discuss how having a financial cushion can provide peace of mind and protect against unexpected expenses.6.The Role of Professional Guidance:- Nate and Ben emphasize the value of working with financial advisors to navigate the complexities of these decisions.- They encourage families to seek professional advice tailored to their unique circumstances to optimize their financial outcomes.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist: https://www.physicianfamily.com/goAre you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures

In this episode, Nate and Ben focus on the critical topic of investment adjustments that physicians should consider as they approach retirement. They explore how these adjustments can impact financial stability and long-term goals, addressing questions commonly faced by physician families. Through personal anecdotes and professional insights, the hosts provide actionable advice for managing investments effectively in the years leading up to retirement.Key Highlights:1.Understanding Investment Strategy Shifts:- The hosts emphasize the importance of adjusting investment strategies as retirement nears, noting that risk tolerance typically decreases with age.- They discuss how reallocating investments to lower-risk options, like bonds, can help protect accumulated wealth while preparing for retirement.2.Evaluating Retirement Accounts:- A discussion about when to consider rolling over accounts or consolidating retirement savings occurs, highlighting the benefits of streamlined management as physicians transition into retirement.- The hosts stress the need to assess fees and growth potential of existing retirement plans to maximize retirement readiness.3.Proactive Tax Planning:- The episode highlights the importance of tax strategies in retirement planning, especially regarding Roth conversions and capital gains.- Nurses and families are encouraged to evaluate their tax situations and adjust their withdrawals or contributions accordingly to optimize their tax outcomes.4.Managing Extra Income:- The importance of determining what to do with extra income as retirement approaches is discussed, advising on potential investments versus debt repayment.- The hosts encourage listeners to consider how extra funds can be best utilized to enhance their retirement lifestyle.5.The Role of a Financial Plan:- Nate and Ben underscore the significance of having a comprehensive financial plan that includes not only investment strategies but also considerations for healthcare and other retirement-related expenses.- They advocate for regular check-ins with financial advisors to maintain alignment with retirement goals as personal circumstances change.6.Balancing Work and Life Goals:- The conversation touches on the balance between career aspirations and personal life, urging listeners to reflect on how their financial decisions fit into their broader life goals.- The hosts share insights on the importance of spending time with family and enjoying experiences during the final working years.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist: https://www.physicianfamily.com/goAre you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures

In this episode, Nate and Ben tackle the critical question of whether physicians should prioritize intense work and savings during their early career to achieve the goal of slowing down in their 50s. They delve into the financial implications of this strategy, discuss various listener questions about managing student loans, and emphasize the importance of aligning financial planning with personal life goals. The hosts offer insights on how to balance career aspirations with meaningful life experiences as families grow and change.Key Highlights:1.The Push Hard Strategy:- The hosts discuss the notion of "pushing hard" during the early career years, emphasizing the benefits of building a strong financial foundation.- They question the feasibility of slowing down in one's 50s, noting the potential pressures of family obligations and changing career dynamics that might arise during that decade.2.Evaluating Financial Goals:- Nate shares the importance of defining retirement and financial goals from the start and how this planning can shape future decisions about work and lifestyle.- They encourage listeners to think about not only their desired retirement age but also the quality of life they wish to maintain during the transition.3.Managing Student Loans Wisely:- The hosts highlight the common dilemma of whether to allocate excess resources toward aggressively paying off student loans or investing in other priorities like retirement and education savings.- This section emphasizes the need to balance debt repayment with building emergency funds and taking advantage of tax breaks.4.Emphasizing Work-Life Balance:- The conversation touches on the significance of maintaining a healthy work-life balance, especially as family dynamics change with growing children.- Nate and Ben stress the importance of cherishing the time spent with family and not deferring experiences to future retirement years.5.Long-Term Financial Planning:- They further explore how a long-term financial plan should consider various factors, including potential income fluctuations and family needs.- The hosts offer strategies to ensure financial goals remain achievable while adapting to life's unexpected changes.6.Role of Collaboration with Financial Advisors:- The episode emphasizes the collaborative relationship that can be cultivated between physicians and financial advisors, fostering open communication about financial goals and preferences.- The hosts encourage listeners to seek professional guidance to ensure financial decisions are aligned with personal values and family aspirations.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer:Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the...

In this episode, Nate and Ben explore the essential financial decisions that physician families face regarding student loan management and resource allocation. The hosts discuss how to strike a balance between paying off student debt and achieving other financial goals, such as saving for retirement and funding children's education. This episode features real-life examples and actionable advice, emphasizing the importance of thoughtful financial planning to enhance overall well-being and financial security for families.Key Highlights:1.Transition to Empty Nesting:- Ben shares the personal experience of becoming an empty nester, reflecting on the joy and challenges that come with this significant life change.- The hosts discuss how this transition can impact financial planning, including shifts in expenses, potential for increased savings, and the opportunity to invest more in personal experiences.2.Assessing Life Insurance Needs:- An emergency medicine physician in Georgia queries whether they should shop around for better life insurance rates. The hosts emphasize understanding individual needs and how to compare policies effectively.- They address common pitfalls in life insurance planning, encouraging families to reassess coverage needs as life circumstances change, such as the birth of children or changes in income.3.Identity Protection in Today's Digital Age:- The episode addresses rising concerns about identity theft and the necessity of proactive measures like freezing credit to safeguard personal information.- They also discuss additional protective actions, such as monitoring credit reports and using identity theft protection services to stay aware of any suspicious activities.4.Evaluating Retirement Plans:- The hosts navigate the differences between pension plans and 403(b) plans, discussing how each option can be weighted differently based on individual career trajectories and financial goals.- They encourage listeners to consider factors such as employer contributions and the overall long-term growth potential of their retirement investments.5.Managing Extra Cash Flow:- The discussion on handling additional cash flow highlights making meaningful investments in life experiences alongside responsible debt management.- The hosts also suggest creating dedicated savings funds for short-term goals, such as vacations or significant purchases, to enhance financial well-being.6.Navigating Student Loans:- The hosts explore the question of prioritizing student loan repayment while stressing the need to establish and maintain an emergency fund, as well as taking advantage of tax breaks.- They emphasize the idea of balancing student loan payments with long-term savings, reminding listeners that prioritizing immediate needs is equally important.7.The Role of Financial Advisors:- Nate and Ben conclude with the significance of collaborating with financial advisors to create a comprehensive plan that addresses both current financial obligations and future aspirations.- They also highlight the benefits of having regular financial check-ins to adapt to changing circumstances and ensure that the financial plan remains aligned with personal goals.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure...

In this episode, Nate and Ben delve into the specifics of solo 401(k) eligibility for physicians. They address common misconceptions and intricacies related to retirement accounts, discussing various financial strategies that physicians can consider as they navigate their professional careers. The hosts provide insights into the benefits and limitations of having a solo 401(k) while sharing personal anecdotes and professional experiences.Key Highlights:1.Understanding Solo 401(k) Plans:- The hosts explain the concept of a solo 401(k) and its primary benefits for self-employed physicians. They highlight the high contribution limits available through this type of retirement account.- Important eligibility criteria are discussed, including the need for self-employment income and the absence of full-time employees other than the owner and their spouse.2.Transitioning from Self-Employment:- They address the considerations for physicians transitioning from self-employment to W-2 employment. This includes the potential impact on previously established retirement accounts and the importance of understanding different account regulations.- The conversation underscores the importance of maintaining tax efficiency during these transitions.3.Comparing Retirement Accounts:- Nate and Ben navigate the various types of retirement accounts available to physicians, discussing the pros and cons of solo 401(k)s versus other retirement plans such as traditional 401(k)s and IRAs.- Strategies for managing funds within these accounts are provided, helping listeners understand the implications of investment choices.4.Insurance Considerations:- The episode touches on necessary insurance products for physicians, emphasizing how to evaluate and choose insurance options wisely.- They discuss the importance of assessing life and disability insurance needs as part of a comprehensive financial plan.5.Importance of Professional Guidance:- The hosts highlight the value of working with a knowledgeable financial advisor to navigate the complexities of retirement planning and investment strategies.- They encourage listeners to seek professional opinions, particularly when dealing with significant financial transitions or decisions.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer:Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative

In this episode, Nate and Ben discuss the importance of financial planning for families with children who have disabilities, focusing specifically on the benefits of ABLE accounts. They explore how these accounts can provide financial security while enhancing the quality of life for individuals with disabilities. The hosts also share personal anecdotes, highlight common questions, and stress the need for proactive planning in addressing the unique challenges faced by these families.Key Highlights:1.Introduction to ABLE Accounts:- ABLE accounts, which stand for Achieving a Better Life Experience, are designed to help families save for the financial needs of individuals with disabilities.- The significance of having a dedicated account for expenses related to education, health care, and housing is emphasized, allowing for savings without impacting eligibility for government benefits.2.Determining Financial Support Needs:- The hosts discuss the necessity of defining how much financial support a child with special needs will require throughout their life.- Utilizing tools such as the MIT living wage calculator can help families estimate the costs of living and set realistic savings goals.3.Tax Advantages of ABLE Accounts:- The tax-free growth feature of ABLE accounts is explained, allowing funds to be invested without incurring taxes on earnings, similar to a Roth IRA.- Listeners are informed about recent changes in regulations that broaden eligibility for contributions to these accounts, potentially benefiting more families.4.Impact of Family Dynamics:- The importance of open communication with family members regarding financial planning is highlighted, encouraging families to discuss contributions and support strategies.- The hosts consider the emotional aspects of planning for a child's future, recognizing that these conversations can be both challenging and essential.5.Considerations for College Funding:- The episode touches on ABLE accounts in relation to 529 college savings plans, clarifying how these accounts can be used for educational expenses.- Families are encouraged to evaluate their options while balancing current savings with the potential future needs of their children.6.Taking Action and Building a Plan:- Nate and Ben stress the importance of starting the financial planning process early to ensure adequate preparation for a child's long-term needs.- Practical steps are offered for families contemplating ABLE accounts, including understanding the application process and determining optimal funding strategies.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer:Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does...

In this episode, Nate and Ben discuss the crucial financial decision physicians face when choosing between pension plans and 403(b) retirement plans. They explain the nuances of each option, emphasizing the impact these choices can have on long-term financial stability. The discussion addresses common concerns about retirement savings, tax implications, and the importance of financial planning as part of a comprehensive strategy for family well-being. By focusing on personal goals and open communication, the hosts guide listeners to make informed decisions that align with their unique circumstances.Key Highlights:1.Understanding Retirement Options:- The hosts explain the fundamental differences between pension plans and 403(b) plans, including how pensions often provide lifelong income but typically do not extend benefits to heirs.- They discuss how one's longevity with an employer can significantly affect the value of a pension, making it crucial to consider personal career plans in the decision-making process.2.Financial Planning for Families:- The importance of establishing a financial plan that aligns with life goals is emphasized, highlighting how various factors—including age and family dynamics—play a role in shaping retirement strategies.- Listeners are encouraged to revisit their financial goals periodically, ensuring they stay aligned with any changes in personal circumstances or family needs.3.The Importance of Communication:- Nate shares insights on the role that candid discussions play in effective financial planning, particularly within families. Understanding each family member's perspective can lead to more cohesive decision-making.- They suggest considering potential contributions from extended family members, such as grandparents, which may impact college funding and other financial goals.4.Nuanced Financial Advice:- The hosts talk about the prevalent one-size-fits-all approach often seen in financial planning, advocating for a more tailored strategy that considers individual needs and goals.- Listeners are encouraged to seek second opinions when faced with major financial decisions, which can provide clarity and confidence in their choices.5. Navigating Additional Benefits:- They discuss additional benefits attached to each retirement plan, including employer matches in 403(b) plans and the implications of opting out of those benefits when choosing a pension.- The conversation highlights the importance of understanding the complete benefits package that comes with employment, as it can significantly influence overall compensation and retirement readiness.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer:Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information...

In this episode, Nate and Ben dive into the specific considerations that physician families should take into account regarding investment strategies. They discuss whether taxable accounts should reflect the asset allocation of Roth IRAs, the intricacies of life insurance needs, and the importance of proactive identity protection. The hosts also share personal stories and practical tips to help physicians optimize their financial plans according to their unique situations.Key Highlights:1.Importance of Asset Allocation:- The hosts discuss how the asset allocation strategy can differ between taxable accounts and Roth IRAs. For instance, investments that generate high taxable income (like certain bonds) may be better suited for tax-advantaged accounts. - This section emphasizes the need for a thoughtful approach to matching investment types with account types to maximize after-tax returns.2.Life Insurance Needs for Physicians:- Nate and Ben address a question about life insurance from an emergency medicine physician. They stress the importance of understanding the right amount of coverage needed and highlight that each family's situation will differ. - The conversation includes the benefits of shopping around for policies and how physicians should assess their unique risks, especially as they navigate changes in their careers and family dynamics.3.Protecting Personal Information:- The episode emphasizes the significance of safeguarding personal information in the digital age, particularly for physicians who may have more exposure due to their public profiles. - The hosts recommend steps such as freezing credit as a proactive measure against identity theft, ensuring that potential fraudsters cannot open new lines of credit in their name.4. Evaluating Pension Plans vs. 403(b) Plans:- Nate and Ben delve into the differences between pension plans and 403(b) plans, explaining how retirement benefits can vary greatly based on the specifics of the employer's offerings. - They discuss factors such as the potential growth rate of pension plans versus the flexibility of 403(b) plans, encouraging listeners to assess their long-term goals while considering benefits.5.Strategies for Managing Extra Cash:- They provide insights on how to properly allocate any additional cash flow when on track for retirement and other goals, suggesting that physicians consider investing in meaningful experiences rather than simply focusing on financial metrics.- The hosts encourage families to keep a balanced perspective on financial planning.6. The Value of Working with Financial Advisors:- The hosts discuss the advantages of collaborating with financial advisors, particularly when navigating complex financial landscapes. - They emphasize that professional advice can help physician families align their financial decisions with their life goals, guiding them on topics ranging from retirement planning to insurance needs.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer:Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or...

At what net worth should you begin a financial plan? Nate and Ben tackle this critical question, along with other financial challenges faced by physician families, including investment opportunities, insurance needs, and managing unexpected financial situations. Drawing on real-life conversations with physicians, they provide practical insights into making informed financial decisions.Key Takeaways:1. Investing in Medical Office Buildings:A physician is considering investing in the medical office building where they practice. Nate and Ben discuss the importance of scrutinizing financial statements, understanding the risks, and evaluating whether this investment aligns with long-term financial goals.2.Umbrella Insurance for Added Protection:A psychiatrist asks about umbrella insurance, and the hosts explain how this additional liability coverage can protect assets in case of lawsuits. They recommend having coverage that matches one's net worth and discuss the peace of mind it provides.3. Financial Planning Regardless of Net Worth:Nate and Ben emphasize that you don't need to have a high net worth to start a financial plan. Even those with significant student loans or low net worth should develop a strategy to manage debt and build financial security.4. Should You Buy a Vacation Home?The hosts dive into the pros and cons of purchasing a second home. They discuss how to weigh this decision against your broader financial objectives and whether a vacation property makes sense as a long-term investment.5. Job Loss and Retirement Savings:How can unexpected job loss affect your retirement savings? Nate and Ben offer advice on maintaining an emergency fund, pausing contributions temporarily, and planning for future retirement savings when your situation stabilizes.6. Tax Strategies for Retirement:The episode covers tax-saving opportunities, like deferring taxes through 401(k)s and cash balance plans. The hosts explain why it's essential to consider tax implications when withdrawing funds in retirement, to maximize your savings and minimize tax burdens.Actionable Advice:- Get Personalized Financial Advice:For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.- Have a Question?Send your questions to podcast@physicianfamily.com or call 503-308-8733, and your query might be featured in a future episode!Resources Mentioned:- The Overtaxed Doctor's Retirement Investing Checklist:Are you getting all the tax breaks you deserve? Download your checklist here to ensure you're maximizing your opportunities.Disclaimer:Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this episode, Nate and Ben discuss various financial situations and questions from physician families, focusing on investment strategies, insurance options, and effective management of inherited assets.Key Points:- Investing $700,000: The hosts address a question from an OB-GYN who has $700,000 in their bank account. They emphasize the importance of having a financial plan that accounts for living expenses, emergency funds, short-term goals, and long-term objectives like retirement and education savings.- Emergency and Short-Term Fund Guidelines: The discussion outlines that individuals should keep approximately two months' worth of living expenses readily accessible, with additional considerations for emergency funds of three to six months' worth of expenses.- Cash Balance Plans: The hosts discuss cash balance plans for a group of partners in a medical practice, highlighting the complexities involved. They stress the need for expert guidance, including ERISA attorneys and pension actuaries, to properly manage such plans.- Long-Term Care Insurance Decisions: A general surgeon in Nevada considers long-term care insurance. The hosts discuss how individuals with significant assets might self-insure instead of purchasing insurance, while also noting the exceptions based on family history or other specific needs.- Managing Inherited IRAs: A primary care physician in Texas asks about inheriting a traditional IRA. The hosts explain the tax implications and recommend spreading withdrawals over time to minimize tax liability, emphasizing the importance of planning to avoid higher tax brackets.- Need for Professional Guidance: Throughout the discussion, Nate and Ben emphasize the complexity of some financial decisions and the value of working with qualified professionals, especially when it comes to nuanced topics like taxation and insurance.Additional Resources:For personalized financial advice, visit Physician Family and explore consultation options.Listeners can send their questions to podcast@physicianfamily.com or contact the answer line at 503-308-8733.Disclaimer: This content is for informational purposes only and should not be considered financial advice.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this episode, Nate and Ben explore essential financial topics for physician families, including the management of inherited assets and considerations for insurance coverage. The conversation also touches on investment strategies and mortgage options relevant in today's climate.Key Points:- Consolidating Inherited Accounts: Consolidation of inherited IRAs and retirement plans can lead to simplified management and easier calculations for required minimum distributions (RMDs).- Disability Insurance Considerations: Advisors recommend a careful assessment of the need for disability insurance, particularly as one approaches retirement. Canceling such policies should be done cautiously.- Investment Strategy Awareness: The risks of engaging in new investment strategies—especially those focused on tax loss harvesting—are discussed. The hosts caution against solutions that generate losses rather than genuine growth.- Managing Inherited Stocks: Holding onto inherited single stocks might carry sentimental value, but diversification is essential for long-term financial health. A stepped-up basis allows for potential tax advantages when selling inherited stocks.- Adjustable Rate Mortgages (ARMs): The hosts explain ARMs as a viable option for home financing, highlighting their benefits in specific situations, particularly for those who do not plan to stay in their homes long-term.- Impact of Financial Decisions: The importance of aligning financial strategies with long-term goals is emphasized, particularly for high-income professionals like physicians navigating their unique challenges.Additional Resources:Visit www.physicianfamily.com for more information on personalized financial planning and to schedule a consultation.Disclaimer: This content is for informational purposes only and is not intended as financial advice.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this milestone 80th episode of the Physician Family Financial Advisors podcast, Nate Reineke and Ben Utley celebrate their journey with some lighthearted banter before diving into pressing financial questions from their listeners. They cover key topics like maximizing health savings accounts (HSAs) under COBRA, the best practices for rebalancing taxable accounts, and the strategic approach to handle taxable gains. The hosts also shed light on college savings options, highlighting the pros and cons of 529 plans versus taxable accounts and discussing how to handle unforeseen housing costs. Finally, the hosts explore whether increasing the stock portion of a portfolio for those nearing retirement is a wise move.Key Highlights:1. HSA Contributions Under COBRA - Understanding the rules for contributing to HSAs while covered under COBRA insurance and the importance of HSA-eligible plans for tax benefits.2. Rebalancing Taxable Accounts - The optimal frequency for rebalancing, the tax implications, and the use of tolerance bands to maintain desired asset allocation.3. Optimizing College Savings - The distinction between taxable accounts and 529 plans for college savings, and handling off-campus housing expenses that exceed the IRS limit for 529 plan usage.4. Pre-Retirement Stock Increase? Debunking the myth of increasing stock allocation before retirement and understanding the bond tent strategy for mitigating risk.For more financial advice tailored to physicians and their families, visit www.physicianfamily.comARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this enlightening episode, we delve into the world of estate planning and work-life balance specifically tailored for physicians. We cover essential strategies to secure your financial future while maintaining a fulfilling personal life. Learn about the crucial differences between wills and trusts, the importance of durable power of attorney, health care directives, and the simple yet effective measure of freezing your credit to safeguard against identity theft. Additionally, discover practical tips on outsourcing tasks and setting priorities to reclaim your time and enhance your overall well-being.Key Takeaways:1. Book Recommendation - "How to Improve Your Marriage Without Talking About It":- Ben Utley shares how this book has significantly improved his personal and professional relationships by understanding core psychological needs.2. Wills vs. Trusts:- A will takes effect upon death, whereas a trust is effective once created and funded.- Trusts can offer more control and privacy, avoiding the public probate process.- A "pour-over" will can ensure any assets not included in the trust are transferred into it upon death.3. Essential Legal Documents:- Durable power of attorney allows a trusted person to manage your financial affairs if you're incapacitated.- Health care directives are crucial for making medical decisions when you cannot.4. Freezing Your Credit:- Freezing your credit is a simple, effective way to protect against identity theft.-Easily done through the websites of the three major credit bureaus: Experian, TransUnion, and Equifax.5. Work-Life Balance for Physicians:- High-income professionals like cardiologists face unique challenges in balancing work and personal life.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this new episode, we dive deep into financial strategies that can help secure your family's future, especially for high-earning physicians. Discover how a $50,000 inheritance can be a game-changer for your child's education when invested in a 529 plan. We also explore how to efficiently manage large cash reserves in business accounts to optimize returns.High-income physicians often feel the pinch despite their significant earnings. We break down the paradox of why a $500,000 salary may not feel like a financial windfall, shedding light on the substantial expenses of childcare, taxes, and student loans. Compare your financial journey with that of upper-middle-class families and understand how your preparedness for future expenses stands out.Get insights into measuring investment performance, especially when saving for your child's education. We decode the intricacies of target date funds within 529 plans, explain different asset allocations, and discuss how to accurately gauge your investment returns. Whether you're a physician parent or just curious about optimizing your investments, this episode is packed with valuable tips and strategies. Tune in to start paving the way to a financially secure future for your family!Key Takeaways:1. 529 Plan Benefits:- Investing a $50,000 inheritance in a 529 plan for a young child can significantly reduce future savings needs and offer favorable returns.- Flexibility of 529 plans includes the potential to roll over funds into a Roth IRA under certain conditions.2. Managing Large Cash Reserves:- Avoid letting large sums sit idle in business accounts; project tax liabilities with a CPA and move excess funds into high-interest savings accounts for better returns.3. Understanding the Financial Paradox for High-Earning Physicians:- Despite a $500,000 salary, hefty expenses such as childcare, taxes, and student loans can make financial security feel elusive.- The financial pressures faced by younger physicians are normal and tend to ease as student loans and childcare expenses diminish over time.- Upper-middle-class families may appear to live similarly to high-earning physicians, but physicians are generally better prepared for future expenses like college and retirement.4.Investment Performance Measurement:- Comparing target date funds in 529 plans reveals distinct differences in asset allocations and management styles that impact performance.- Understanding dollar-weighted versus time-weighted returns is crucial for accurately measuring portfolio performance.- Common pitfalls in performance measurement include not accounting for risk tolerance and the timing of contributions and withdrawals.5. Professional Financial Planning for Physicians:- Tailored financial planning services are available exclusively for actively practicing physicians, both MDs and DOs, who are parents. Dentists are excluded for specific reasons.- Visit the podcast website to schedule a consultation or send in questions via email or phone.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or...

In this episode, we dive deep into the realm of socially responsible investing (SRI) and how physicians can align their investment portfolios with their personal values. We explore the core principles of SRI, including the pros and cons of avoiding investments in controversial industries like tobacco and firearms, and discuss the potential for a tech-heavy portfolio. We also scrutinize the true impact of SRI on corporate behavior, suggesting that direct actions like charitable donations or volunteer work might be more effective in promoting social responsibility.We then address a cardiologist's query about increasing investment risks due to surplus retirement savings, emphasizing the importance of aligning investment choices with personal life goals. We challenge the notion that greater financial security justifies taking on more investment risk, drawing lessons from historical market downturns, including Japan's prolonged economic slump, and the risks of concentrating investments in indices like the S&P 500. We also explore alternative paths for taking meaningful risks outside the stock market, such as career changes and personal growth.Finally, we demystify Bitcoin as a speculative asset and navigate the complexities of lifetime gift planning. We provide guidance on making lifetime gifts to children, covering tax considerations and the liquidity of various assets, and emphasize the importance of considering the recipient's needs. We wrap up with a heartfelt story and invite listeners to connect with us to discuss their financial aspirations.Key Takeaways:1. Understanding Socially Responsible Investing (SRI):- SRI involves avoiding investments in industries like tobacco and firearms.- It often results in a tech-heavy portfolio, which may be lopsided.- Direct actions like charitable donations or volunteer work might yield more tangible social benefits than SRI alone.2.Aligning Investments with Personal Goals:- Physicians should consider whether taking on more investment risk aligns with their personal goals.- The notion that greater financial security justifies increased risk is challenged.- Historical examples like Japan's economic slump illustrate the dangers of prolonged market downturns and concentrated investments.3.Alternative Paths to Meaningful Risks:- Consider taking meaningful risks outside the stock market, such as career changes or personal growth opportunities.- Avoid unnecessary risks, especially when nearing retirement or financial goals.4.Bitcoin and Speculative Assets:- Bitcoin is discussed as a speculative asset with fluctuating value, similar to commodities like gold.- Owning Bitcoin indirectly through index funds has implications for portfolio risk.5.Lifetime Gift Planning:- Technical aspects of making lifetime gifts, including tax considerations and liquidity of assets like stocks and cash.- Importance of considering the recipient's needs and situation when planning gifts.- The annual gift tax exclusion and strategic considerations for gifting appreciated securities to minimize tax implications.6.Engaging with Financial Planning:- Listeners are encouraged to connect with the podcast hosts to discuss their financial goals and submit questions for future episodes.- Emphasis on making thoughtful financial choices that align with personal values and long-term objectives.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a

In this new episode, we delve into the nuanced world of financial planning tailored specifically for physicians. We tackle the intricate challenges and opportunities that come with high-performing stocks like Tesla, navigate the complexities of tax implications associated with practice buy-in loans, and explore robust investment strategies perfect for young doctors.We start with an engaging case study on managing a substantial gain in Tesla stocks, highlighting the importance of diversification and understanding the tax consequences of selling high-gain stocks in states like New York. Moving forward, we demystify the tax intricacies of practice buy-in loans, emphasizing the need for meticulous planning and collaboration with a knowledgeable CPA. Finally, we present tailored investment strategies for young physicians, comparing various options and emphasizing disciplined saving habits and tax-advantaged accounts.Key Takeaways:1. Financial Planning for High-Performing Stocks: - Case Study: A physician's significant gain from Tesla stocks. - Importance of diversification and strategic reallocation. - Tax implications of selling high-gain stocks in high-tax states like New York.- Real-life example involving Apple stocks and strategic moves for tax-free gains in Roth IRAs.2.Tax Implications of Buy-in Loan Payments:- Understanding the deductibility of interest payments versus principal payments on practice buy-in loans.- Potential tax surprises from using practice profits to pay off loans.- Importance of working with a CPA to ensure accurate tax projections and avoiding phantom income issues.3.Investment Strategies for Changing Life Circumstances:- Comparing defined benefit pension plans with other investment options.- Evaluating risk tolerance and investment horizons for young physicians.- Importance of disciplined saving habits and making the most of tax-advantaged accounts like HSAs and 401(k)s.- Case studies on managing significant life events and maintaining financial stability.5.Investment Strategies for Young Physicians:- Weighing aggressive investment strategies, such as a static 90-10 asset allocation.- Benefits and risks of deviating from target date funds.- Importance of understanding long-term financial goals and maintaining investment discipline.Call to Action:If you're a physician navigating financial complexities, don't miss this episode packed with valuable insights. Subscribe to the Physician Family Financial Advisors podcast for more expert advice tailored to your unique needs. For full disclosures and additional resources, be sure to check out the show notes.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to...

In this insightful episode, we delve into the multifaceted world of financial planning for physician families. Hosts Nate Reineke and Ben Utley provide expert advice on navigating home building, real estate transactions, and investment strategies, all tailored to the unique needs of medical professionals. From addressing the emotional and financial aspects of accommodating aging parents to leveraging financial tools for seamless home transitions, this episode is a treasure trove of practical wisdom. Whether you're planning for college savings or securing disability insurance, tune in to gain the knowledge needed to make well-informed decisions that balance family needs with long-term financial goals.Key Takeaways:1.Balancing Home Building and Retirement Plans:Consider the emotional and logistical feasibility of accommodating aging parents before deciding to build a larger home.Be wary of overbuilding in a neighborhood, which could impact the home's resale value.Real-life examples highlight the unexpected costs and challenges of home renovations.2.Strategic Home Buying and Selling:For families relocating, especially those with dual incomes in the medical field, explore financial strategies like HELOCs, bridge loans, and rent back agreements.The importance of working with flexible mortgage brokers and knowledgeable real estate agents to navigate complex transactions is emphasized.3.Investment Strategies and College Savings:Individualized investment approaches are crucial for planning significant financial goals like college savings.Understand the risks and prepare for worst-case scenarios, especially given the fixed timeline and financial uncertainties of funding education.Secure adequate disability insurance with future benefit options to align coverage with income growth and long-term goals.Call to Action:If you're a physician navigating financial complexities, don't miss this episode packed with valuable insights. Subscribe to the Physician Family Financial Advisors podcast for more expert advice tailored to your unique needs. For full disclosures and additional resources, be sure to check out the show notes.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this episode of the Physician Family Financial Advisors podcast, hosts Nate Reineke and Ben Utley, both Certified Financial Planners, delve into a variety of financial strategies tailored specifically for physician families. They explore how to maximize the safety and returns on extra cash by examining different investment options such as U.S. Treasuries, T-bills, ultra-short-term bond funds, ETFs, CDs, and high-yield savings accounts. Through real-life stories, including a cautionary tale from Reddit, they offer practical advice on maintaining liquidity while earning interest without the hassle of trading complexities.The episode also covers essential tax strategies and financial planning tips. The hosts discuss the pros and cons of private family foundations, the intricacies of 401(k) vesting schedules, and the importance of consulting financial advisors when changing jobs. They provide insights into lump sum investing versus dollar cost averaging, helping you make confident financial decisions.Join us for an episode packed with expert advice and actionable tips to help physician families achieve financial peace of mind.Key Takeaways:1.Financial Safety and Investment Options:U.S. Treasuries and T-bills: Safe but complex due to trading requirements.Ultra-Short-Term Bond Funds & ETFs: Simplified alternatives with minimal fees.CDs & High-Yield Savings Accounts: Easy-to-access options for maintaining liquidity and earning interest.Real-Life Example: A Reddit user's mistake highlights the risks of trading T-bills directly.2.Tax Strategies and Charitable Giving:Private Family Foundations: Potential tax benefits but suitable only for those with significant funds and genuine donative intent.Tax Avoidance Schemes: Caution against complex strategies requiring tax attorneys; they can be risky and attract IRS scrutiny.401(k) Vesting Schedules: Understand the vesting timelines to avoid forfeiture when changing jobs.Consult Financial Advisors: Essential during job transitions to optimize financial opportunities and avoid pitfalls.3.Investment Planning and Decision-Making:Importance of a Financial Plan: Serves as a personal compass to prevent emotional and reactionary financial decisions.4.Lump Sum Investing vs. Dollar Cost Averaging:Lump Sum Investing: Generally yields better returns but may not be suitable for risk-averse individuals.Dollar Cost Averaging: Provides emotional comfort and is better for those new to investing or concerned about market volatility.5.Psychological Impact: Regret can be a significant factor; easing into investments is advisable for less experienced investors.6.Behavioral Finance Insights:Emotional Decision-Making: The importance of understanding your comfort level with investing strategies.Market Cycles: Experienced investors may handle lump sum investments better, while newer investors might benefit from spreading out investments.Closing Thought:Remember, you're not just making a living, you're making a life. Join us next time for more insights and tips to help you achieve financial peace of mind.Thank you for listening to the Physician Family Financial Advisors podcast!ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include...

Find the secrets to optimizing your retirement and investment strategies with our latest episode! Discover why solo 401(k) might outshine SEP IRAs for self-employed physicians, especially if backdoor Roth conversions are on your radar. We'll also guide you through the critical decision-making process around contributing to 457(B) plans, dissecting the key differences between governmental and non-governmental options and the potential risks associated with each.Our conversation doesn't stop there. Learn from real-life scenarios about the pitfalls of non-governmental 457(B) plans and explore smart alternatives like brokerage accounts. With insights from Chelsea Jones, our Certified Financial Planner and Retirement Planning Specialist, we delve into the advantages of cash balance plans for both older and younger doctors. Whether you're nearing retirement or just starting out, this episode is packed with expert advice to help you navigate your financial future with confidence. Don't miss this chance to get ahead on your retirement planning!Key Takeaways:1. Solo 401(k) vs. SEP IRA:Recommendation: Solo 401(k) is generally better than SEP IRA for self-employed physicians, especially for those considering backdoor Roth conversions.Reason: Solo 401(K) allow for higher contribution limits and do not block the backdoor Roth strategy, unlike SEP IRAs.2. Governmental vs. Non-Governmental 457(B) Plans:Governmental 457(B) Plans: Highly recommended due to their tax advantages and flexibility.Non-Governmental 457(B) Plans: Generally advised against due to risks of forfeiture and limited flexibility. Instead, consider using brokerage accounts for additional savings.3. Pitfalls of Non-Governmental 457(B) Plans:Risk of Forfeiture: Your money could be at risk if the company offering the plan goes bankrupt.Tax Implications: Upon leaving the job, the distribution could lead to a high tax burden if not managed properly.4. Cash Balance Plans:For Older Doctors Nearing Retirement:Advantages: Allows significant pre-tax contributions and potential tax savings upon withdrawal.Strategy: Can offer a guaranteed return, typically around 4%, making it a great option for those close to retirement.For Younger Doctors:Considerations: Weigh the benefits against those of a brokerage account. Factors such as time horizon, rate of return, and tax implications are crucial.Decision Point: Around age 40, the decision to opt into a cash balance plan becomes more nuanced.5. Rollover IRA vs. Backdoor Roth:Managing Rollover IRAs: A small balance can be converted to open up the possibility for backdoor Roth contributions.Alternative Strategy: Consolidate rollover IRAs into an active 401(K) or 403(B) to facilitate backdoor Roth contributions without immediate tax implications.Transcript Samples From Key Chapters:Chapter 'Retirement and Investment Planning Advice:Discussion on the pros and cons of SEP IRA vs. solo 401(k) for self-employed physicians.Examination of governmental vs. non-governmental 457(B) plans and their associated risks.Chapter 'Rollover IRA Versus Backdoor Roth:Real-life scenarios illustrating the challenges with non-governmental 457(B) plans.Strategies for managing rollover IRAs to enable backdoor Roth contributions.Chapter 'Optimizing Cash Balance Plan Contributions:Detailed explanation of cash balance plans, their guaranteed return rates, and contribution limits based on age.Analysis of the benefits for older doctors nearing retirement and strategic considerations for younger doctors.ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To...

On today's episode we answer more of your questions!Are we on track for retirement?My mom and dad need a little help with money - how much can I help?Is now the right time to upgrade in house?Another physician inheritance: what should I do with my extra money?I am looking at hiring a financial advisor, what questions should I ask them?I keep getting surprised with big tax bills, what am I doing wrong?ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

On today's episode we answer YOUR questions!Should I stop contributing to my taxable account and 529s if we are going to move in a year?How much can we contribute to our grandchildren's 529 accounts without going over the gift limit?How much does college cost?If I go with Physician Family and you manage my accounts, how will you invest my money?Is term life insurance really the only life insurance I need?How much life insurance should I buy?ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/goGOT A QUESTION?Write to us at podcast@physicianfamily.com.NOTICEPhysician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

How do I use my 529 to pay for college? Should I make regular 529 withdrawals or can I leave the 529 money in the account growing tax free as long as possible? I received a large inheritance, should I pay off my 2.5% mortgage? Should I count on merit based scholarships? Should I let my 1-year CD rollover at Alliant or move it to a cash reserves account at Betterment? How should we save up the down payment for a $2M home purchase?   ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE? To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/go GOT A QUESTION? Write to us at podcast@physicianfamily.com. NOTICE Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.