In this episode of A Good Problem to Have, I sit down again with my friend and fellow planner, Ronnie Colvin, to walk through one of the most common (and most confusing) topics physicians ask us about: life insurance.

We break it down into the three questions you actually need to answer:

Do you need life insurance? - we talk through who is financially impacted if you weren’t here, how debt and co-signers factor in, and why the answer looks different for a single resident versus a married attending with kids.

If you do need it, what kind? - we cover why term life insurance is the right starting point for nearly everyone, where permanent insurance can serve a specific purpose later on, and why you should be cautious of anyone pushing complex policies early in your career.

How much coverage do you need? - the rules of thumb you’ll find online are all over the place. We walk through how we actually calculate this using real client examples, from income replacement to childcare costs to Social Security survivor benefits.

Other takeaways you’ll hear:

• • Why getting insurance while you’re young and healthy can save you a huge amount over your lifetime
  • How a health change can make you uninsurable or dramatically increase your premiums
  • The problem with “term to age 80” and other policies that look cheap up front

• 
  

In this episode, I address a common question I receive from prospective clients: "What is the value of working with a financial planner?"

It's a valid concern, especially when considering the investment of both time and money involved. That's why I focus on how effective financial planning can significantly enhance your life in these three critical areas.

• Time: how effective financial planning can save you countless hours of analysis and decision-making

• Taxes: the importance of strategic tax planning and how it can lead to substantial savings over your career

• Protection: various ways to protect your assets, including the right insurance coverage and account types that can safeguard your financial future

In this episode, I’m joined by Matt Graham, founder of MBSLive.net and writer for Mortgage News Daily, to unpack what’s driving interest rates today.We discuss:

• Why the Fed doesn’t directly control mortgage rates
• The relationship between Treasuries, inflation, and mortgage-backed securities
• What the “spread” between mortgage rates and the 10-year Treasury really means

• Whether the new 50-year mortgage is a smart idea (or a costly mistake)

You might think that a high income means you can spend freely, but without monitoring, you could find yourself in a tough spot.

No matter your financial situation, having a system in place to monitor your spending can lead to healthier financial habits and a more relaxed mindset around money.

Join us as we focus on the question a lot of doctors face at some point in their lives: "Can I afford to install a pool in my backyard?"

We explore real-life cases from the past summer, discussing different factors that influence this decision beyond just the initial cost. Some highlights from the episode:

• The hidden costs of pool ownership, including maintenance and safety considerations

• The importance of understanding asset location and allocation when it comes to funding major purchases

• The pros and cons of using home equity versus selling taxable assets to finance a pool

• Strategies for cash flow and redirecting funds to meet financial goals

While a guaranteed salary can provide much-needed financial stability as you transition into your new role, there are important factors to consider before signing on the dotted line. Some highlights from the episode:

The benefits & drawbacks of guaranteed salaries (including financial security and time to build your patient panel)

Key considerations regarding time commitments and the potential consequences of leaving early

The importance of understanding your income expectations and patient volume requirements once the guarantee period ends

Tax implications, especially if your guaranteed salary is structured as a forgivable loan, and how to prepare for potential tax bills

In this episode, I dive into the topic of student loans, specifically focusing on the implications of having $150,000 in debt. You'll learn about two main options for managing student loans: staying within the federal loan system or refinancing with private lenders. We outline the benefits and drawbacks of each approach, including the potential for lower interest rates through refinancing and the safety net provided by federal loans.

In this episode, we discuss the exciting (yet overwhelming) transition from training to attending-hood, specifically focusing on that first attending paycheck. Some highlights:

• - How to pay off credit card debt effectively

• - The importance of building an emergency fund

• - Tips for maximizing your 401(k) or 403(b) contributions

  ---------

  Financial planning for physicians: https://www.olsonfp.com