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Physician Cents

Physician Cents

著者： Chad Chubb & Tyler Olson
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Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.2024 個人ファイナンス 経済学 衛生・健康的な生活 身体的病い・疾患
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  • College Planning for Physicians: Values First Strategy & Advanced Tactics, Ep #57

    College Planning for Physicians: Values First Strategy & Advanced Tactics, Ep #57
    2026/07/15
    On the show this week, we're taking a deep dive into college planning specifically tailored for physicians with children or grandchildren. Whether you're hoping to fully fund your child's undergraduate and graduate education or simply looking to balance saving for college with providing meaningful life experiences, this episode guides you through the real conversations every family should have, explores the most effective savings vehicles like 529 plans, and weighs the pros and cons of alternatives such as UTMAs, UGMAs, and new account types. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [05:28] Setting financial goals for education[12:55] Planning for children's education fund[14:10] Discussing the impact of savings on families[16:51] Handling children's financial responsibility[20:06] Possible tax impacts of investment fund[23:46] Discussing potential college plan changes What Does Support Mean for Your Family? Before crunching numbers or choosing account types, it's important to reflect on the kind of support you hope to provide. This requires real conversations with your spouse or partner about your goals and values for your children's education. Some families want to fully fund undergraduate and even graduate school, while others are comfortable letting their children take out some loans, prioritizing experiences, like family travel, during the formative years. Most commonly, families aim to cover the full cost of undergraduate education, but as we highlight, there's a broad spectrum, and it's essential to avoid setting expectations too early for how accounts will be used or how children's paths will unfold. Questions to Consider: Would you rather fund experiences now or prioritize saving for future expenses? How important is it for your children to have skin in the game when it comes to their education? How will you emotionally handle these funds if your children's plans differ from your expectations? The 529 Plan: The Go-To Vehicle for College Savings When it comes to funding college, the 529 plan is the favored tool for most physicians. Its advantages include: Tax-deferred growth and tax-free withdrawals for qualifying educational expenses Potential for state income tax deductions depending on your residence Flexibility in using funds, including for K-12 education (up to $20,000/year per beneficiary), and the possibility of transferring beneficiaries within the family Overcontribution is possible and should be monitored, as contributors should stay within the annual gift tax exclusion limits ($19,000 per person, $38,000 per couple in 2026; more with the five-year front-loading rule). Brokerage Accounts, UTMAs/Ugmas, and New Accounts While 529 plans are powerful, some families will want or need additional options: Joint Brokerage Accounts A parent-held brokerage account offers maximum flexibility and control. Funds can be invested for growth and allocated for education or other family priorities, with no requirement to turn over assets when a child reaches the age of majority. This avoids the risk of a large sum becoming available to a young adult before they're ready to handle it responsibly. UTMA/UGMA Accounts Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts can be useful for modest gifts, but we don't recommend them for substantial college savings. Once the beneficiary comes of age, they gain full control of the account—potentially undermining the intended use. "Trump Accounts" (530A) and Emerging Options Newer account types, such as the so-called "Trump accounts" (officially 530A accounts), have potential—particularly for long-term retirement savings for children—logistical limitations and a lack of state or federal tax deductions make them best viewed as a complement (not an alternative) to the 529 plan for now. Preparing for the Unexpected Keep long-term goals in mind, revisit your plan as your family grows and changes, and avoid setting rigid expectations for how your children will use educational funds. Your best-laid plans should empower your children without constraining their choices or causing resentment if their paths differ. For physicians, college planning is about more than maximizing a 529 plan. Begin by clarifying your values, then harness the right mix of accounts to support your goals. College savings accounts are tools; used thoughtfully, they can support both your children's futures and your family's financial well-being. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on...
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    26 分
  • 529 Plans & College Savings for Physician Families: The Smart Way to Fund Kids' Futures, Ep #56

    529 Plans & College Savings for Physician Families: The Smart Way to Fund Kids' Futures, Ep #56
    2026/07/01

    When it comes to preparing for your child's education, the 529 plan remains one of the most powerful tools available. But with great power comes great responsibility—and plenty of questions. In this episode of the show, we discuss the fundamentals and nuanced considerations of using 529 plans. Education savings shouldn't be a rigid, anxiety-inducing experience. Start early, revisit often, plan around what you know, and prioritize open family conversations. The 529 plan is just one tool in your financial toolbox.

    Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients.

    You will want to hear this episode if you are interested in...
    • [04:07] The 529 Plan is flexible, but not foolproof
    • [05:48] Overfunding a 529 can create pressure
    • [07:02] Planning college savings
    • [12:18] Prioritizing financial goals
    • [17:13] Discussing teenage financial responsibility
    • [20:20] 529 plan and asset protection tips



    Smart Strategies for Funding Education

    529 plans offer tax-free growth when funds are used for qualified education expenses. However, remember that you're dealing with children and you have no idea who they're going to become and what they're going to want to prioritize.

    Parents often feel pressure to guess the right amount to save, even though future interests and educational paths can't be predicted. Overfunding a 529 can create subtle, sometimes unspoken pressure on children to make choices, such as attending a particular type of school, just to use the money. It's important to tailor your contributions so the account serves your goals without dictating your child's life path.

    Setting Reasonable Goals: The 75% Rule and Beyond

    How much should you save? Aim to fund about 75% of projected college costs, knowing that things may change and that flexibility is critical. Tuition can vary widely depending on the institution, consider the difference between private schools and public options.

    It's equally important to realize that education paths are diversifying; not every child will take a traditional four-year university route. Some may pursue trade schools, gap years, military service, or entrepreneurial ventures. Keep your funding strategy nimble and reevaluate your goals as your children grow.

    Roth Transfers, K-12, and Changing Beneficiaries

    529 plans have become more versatile in recent years. Now, up to $35,000 of unused 529 funds can be rolled over to a Roth IRA for the beneficiary, provided certain requirements are met, including that the account has been open for over 15 years. Additionally, funds can be used for up to $20,000 annually for K–12 education in some states.

    If one child doesn't use the funds, you can change the beneficiary to another child, cousin, or even future grandkids. This flexibility reduces the risk of "overfunding," but careful planning is still needed.




    The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers.

    Resources & People Mentioned

    • Utah 529 Plan

    Connect With Physician Cents

    • WealthKeel LLC
    • Olson Consulting LLC
    • Tyler Olson on Twitter
    • Chad Chubb, CFP®, CSLP® on Twitter

    Subscribe to Physician Cents

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    Audio Production and Show Notes by - PODCAST FAST TRACK
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    24 分
  • Summer Survival: How Physicians Can Vacation, Enjoy Life, and Still Hit Their Financial Goals, Ep #55

    Summer Survival: How Physicians Can Vacation, Enjoy Life, and Still Hit Their Financial Goals, Ep #55
    2026/06/15
    On this episode, we're talking summer survival and exploring how physicians can enjoy vacations, family time, and relaxation without sacrificing their financial goals. We break down practical strategies for budgeting summer trips, managing the costs of family and kids' camps, and staying on track with long-term savings plans. Also on the show are tips for balancing lifestyle choices and intentional spending, making the most of your hard-earned days off, and enjoying guilt-free travel. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [00:00] Planning for your annual vacation expenses[04:20] Monthly contributions and cash flow planning for summer expenses [08:04] The philosophy of vacation spending and personal values[13:03] How vacation spending is incorporated into long-term plans [16:01] Monitoring and adjusting budgets for seasonal spending spikes [16:22] Cash flow analysis helps account for ups and downs in spending Building Vacations Into Your Financial Plan Instead of treating summer as a one-off expense or scrambling to cover costs on the fly, we recommend making travel a dedicated part of your annual or biannual spending plan. Our clients often split vacations into domestic and international line items in their financial planning, sometimes choosing major trips every few years and annual regional getaways in between. A big summer expense is also summer camps for kids—a not-insignificant line item that often gets grouped with travel for practical planning. The key is consistency and visibility. Link a savings account to your "vacation bucket" which is automatically funded monthly, which ensures funds are ready for family trips and children's camps. Over time, this system builds a guilt-free, stress-free process for planning—and paying for—summer fun. The Psychology of Guilt-Free Spending A recurring theme is the importance of "money mindset." Guilt can often creep in—should you really spend $15,000 on a vacation when there are other priorities? Embrace what matters most to you, whether that's a once-in-a-lifetime trip or simple downtime with loved ones. Guilt-free vacations, planned in advance, let you be fully present and savor every moment. Staycations or local hotel getaways can offer restoration at a fraction of the price. The key is intentionality: align your spending with your values while ensuring that big-picture goals remain on course. Staying On Track With Financial Goals When savvier systems are in place, most physicians can enjoy well-earned time off without derailing retirement, college savings, or investments. We advocate for robust cash flow tracking—from waterfall charts to custom spreadsheets—so clients can see that their regular savings for 403(b), Roth IRA, and 529 accounts continue uninterrupted alongside vacation spending. One-time splurges rarely move the long-term needle if the planning foundation is strong. Watch Out for Lifestyle Creep With schools out and days longer, extra spending can sneak in—whether on home projects, eating out, or impromptu outings. We recommend adjusting budgets to reflect seasonal upticks and reviewing cash flows over multiple months to set a realistic (and sustainable) average. Ultimately, the secret to summer satisfaction is balance. With proactive savings, clear value alignment, and honest self-reflection, physicians can vacation without compromising their financial trajectory. Be present, enjoy your well-earned break, and know you've planned to make every moment (and dollar) count. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Resources & People Mentioned Mousehacking.com Holistiplan Connect With Physician Cents WealthKeel LLCOlson Consulting LLCTyler Olson on TwitterChad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK
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    18 分
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