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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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  • One Portfolio, Many Accounts: Mastering Fund Selection, Rebalancing & Cross-Account Diversification Ep #54

    One Portfolio, Many Accounts: Mastering Fund Selection, Rebalancing & Cross-Account Diversification Ep #54
    2026/06/01
    Managing multiple investment accounts doesn't have to be complicated. This week, we're discussing the value of a simple, low-cost, diversified approach and why you should resist the urge for complexity. Asset allocation and asset location both play important roles. We cover how to view all your accounts as part of one portfolio and why tax considerations matter when deciding where different investments should live. The episode dives into strategies like using brokerage accounts as a secondary emergency fund, treating the HSA as a long-term retirement asset, and maintaining aggressive growth in retirement-focused accounts if your situation allows. Complexity doesn't always add value—the real benefit often comes from sound, comprehensive planning and tax optimization. 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] Prioritizing Simplicity in Investments[06:51] Creating custom client portfolios[08:06] Using third-party asset managers[13:24] Discussing wealth and business mindset[18:19] Planning investment allocations[21:51] Long-term HSA investment strategy[26:31] Building diversified investment portfolios[31:11] Rebalancing investment accounts regularly The Case for Simplicity in Portfolio Management Over time, we've found that complexity rarely adds commensurate value for most investors—especially for portfolios under $5 million. A portfolio made up of extremely simple, low-cost, diversified, indexed ETFs is often the best approach. This keeps things manageable while effectively balancing risk and growth. Excessively complex portfolios—with options trading, commodities, or too many actively managed funds—require constant attention and can often lead to stress and oversight. Instead, leaning towards index ETFs and well-diversified, low-cost funds allows investors to focus on the bigger picture, like their careers and personal lives, trusting their investments will quietly accumulate over time. Asset Allocation and Location One of the biggest questions when managing a portfolio across several accounts (such as an HSA, Roth IRA, 403(b), and taxable brokerage) is how to allocate investments thoughtfully and tax-efficiently. First, determine your broad mix between stocks, bonds, and cash. For example, if you're comfortable with 90% stocks and 10% bonds, divide that total allocation across all accounts combined. This is your asset allocation. Next comes asset location and deciding where to hold different types of investments, which can dramatically impact your after-tax returns. Taxable accounts are often best reserved for tax-efficient investments or municipal bonds, while long-term, qualified money like IRAs and 403(b)s can house more volatile, growth-oriented assets since taxes are deferred. For HSAs, often referred to as "extra retirement accounts", taking a long-term approach also pays off. Unless you need the money in the short term, investing the funds for growth allows you to leverage the triple tax advantage of HSAs for future high healthcare costs. The Art of Rebalancing Left unattended, portfolios can drift out of balance due to market movements. The process of rebalancing—resetting allocations back to targets—is crucial for risk control. Quarterly rebalancing (if automated) or annual rebalancing (if manual) is sufficient for most. In tax-advantaged accounts, rebalancing is straightforward. For taxable accounts, caution is warranted to avoid triggering unnecessary capital gains taxes. Whenever possible, new contributions or planned withdrawals provide natural opportunities to rebalance efficiently. Simplicity, discipline, and a clear plan are the pillars of successful long-term investing for physicians or anyone managing multiple accounts. 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 Modern Portfolio Theory VTI-Vanguard Total Stock Market ETF Schwab US Broad MarketFidelity Total Market IndexFidelity Zero FundsAltruist 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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    35 分
  • Should You Invest During Residency/Fellowship? (The Real Answer for Trainees), Ep #53

    Should You Invest During Residency/Fellowship? (The Real Answer for Trainees), Ep #53
    2026/05/15
    Navigating finances as a medical trainee can be overwhelming. The pressure to save for retirement while managing intense workloads, student debt, and low salaries creates a confusing landscape. In this episode of the Physician Cents Podcast, we dig into whether trainees should focus on investing early or whether building an emergency fund is more valuable. Drawing on real-life questions from physician trainees, we take a practical look at the benefits of prioritizing liquidity and mental health over early investment, explain the impact of matching contributions, explore the nuances between Roth IRAs and Roth 403(b)s, and debunk the pressure to start investing before you're financially ready. If you're feeling behind on savings or unsure where to put your next dollar, this episode offers clarity, actionable advice, and the reassurance that time is on your side. 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] The pressure to start investing early[04:57] Prioritizing wellbeing over early investing[05:57] When should you start investing?[08:13] Roth IRAs as backup emergency funds[10:25] Learning about your investment options The Pressure to Start Investing Early It's easy to feel left behind. Trainees—including those with years left in their residencies—often express anxiety about not having started retirement savings or investments. Social media and financial gurus echo the mantra: "Start investing as soon as possible. Time in the market beats timing the market." But trainees, especially future high-income specialists, will have ample opportunity to build wealth once they become attending physicians. The "wealth-building shovel" grows drastically larger after training, meaning the ability to contribute significant sums to retirement accounts is just around the corner. Even with the burden of student loans, there are often loan forgiveness programs, especially for those training in nonprofit settings. Don't let anxiety about being "behind" force hasty financial decisions during training. The future earning potential of physicians allows for ample catch-up. Foundation Before Growth Prioritize cash savings over investments because liquidity equals confidence and security. Emergencies don't wait for a bull market. Whether it's a car repair, a sudden move, or a family need, cash on hand allows for flexibility and peace of mind. While investing can technically begin with small sums, the psychological benefits of having an emergency fund are "massively more important than investing" during training. The relief of knowing you can weather a minor storm without going into debt or prematurely withdrawing investment funds outweighs the benefits of early compounding in most cases. With the drastic increase in income at the attending level, building up retirement accounts can be achieved quickly—sometimes in just a month —whereas it would take years to save as a trainee. When Should You Start Investing? It's important to learn about investing and, if possible, get into the habit with manageable amounts—especially when employer matching is available. A matching contribution, even a small one, is "free money," so if your training program offers a 403(b) or similar match, it's worth considering, provided you have some emergency cash on hand. Aim to have at least $1,000 in a high-yield savings account as a buffer, then consider investing any surplus, especially if it unlocks a match opportunity. The process should never overshadow your mental health or well-being: don't let investing become a point of stress or self-judgment. Roth IRAs, 403(b)s, and Hybrid Accounts Roth IRA contributions can be withdrawn if needed—but relying on retirement accounts as emergency cash can create behavioral pitfalls and complicate objective financial planning. Here's a potential structure for most trainees: Build $1,000+ in an accessible high-yield savings accountTake advantage of a 403(b) match if availableConsider a Roth 403(b) through payroll for simplicity, automatic contribution, and low frictionLearning how each retirement vehicle operates, even without actively contributing, sets the stage for future financial decision-making For medical trainees, focus first on building a solid emergency fund—$1,000 or more in accessible cash. Learn about your investment options and take manageable, low-stress steps into retirement accounts, especially when a match is offered. Remember that your earning power is about to skyrocket, and your well-being matters more than squeezing a few extra dollars into a volatile market. Taking care of your present self lays the foundation for a far more prosperous and fulfilling future. ...
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    11 分
  • Two Big Pitfalls New Attendings Face (And How to Dodge Them), Ep #052

    Two Big Pitfalls New Attendings Face (And How to Dodge Them), Ep #052
    2026/05/01
    Transitioning from training to practice is an exhilarating milestone for physicians—one marked by a dramatic increase in income and, often, new financial responsibilities. With a big jump in income, it can be tempting to make big purchases right away or skip over the foundational "boring stuff" like insurance and budgeting. We break down how the "I deserve it now" mentality and avoiding critical financial groundwork can lead to lifestyle creep and long-term financial headaches, and provide actionable advice for early-career physicians aiming to build a secure financial future. 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] Pitfalls during the transition to attending physician [05:48] Navigating lifestyle creep challenges [06:42] Benefits of delaying big financial decisions [07:53] Avoid neglecting foundational financial tasks such as cash flow management [11:58] Why to plan regular budgeting check-ins [13:29] Avoiding common business pitfalls The Temptation of "I Deserve It Now!" Decision-Making One of the most common traps physicians fall into occurs the moment those larger paychecks start rolling in. We call this the "'I deserve it now' decision making": after years of rigorous training and modest income, the urge to splurge is both understandable and dangerous. And the real hazard isn't any single extravagant purchase, but the compounding effect of multiple big decisions. Lifestyle creep factors such as: Moving into a large, expensive home before you're settled or confident in your new job or city. Leasing or buying luxury cars. Enrolling children in private schools due to perceived status or convenience, even before the need becomes clear. Taking costly vacations and elevating everyday lifestyle expenses. This stacking effect can quickly consume your newfound income and trap you in a cycle where your lifestyle must always match (or outpace) your earnings. Just because you technically qualify for a large mortgage, it doesn't mean you should commit to it immediately. Resist the urge to purchase a forever home or luxury vehicle during your first year as an attending. Allow time to ensure your new role and location are the right fit—renting or buying modestly can prevent costly missteps if circumstances change. Don't Skip the Financial Basics The second pitfall is perhaps even more insidious: skipping over the unglamorous but essential aspects of personal finance. Tasks like cash flow tracking, buying insurance, and organizing estate documents are seen as the "boring stuff," but these are the foundations of financial security. Financial Building Blocks 1. Cash Flow Awareness Many physicians don't thoroughly track their spending or understand where their money goes each month. This lack of clarity makes it impossible to assess how much you can truly afford for fixed obligations like a mortgage, or how much you could invest for the future. 2. Insurance Coverage Disability and life insurance may not feel urgent, but they protect your income and family from unforeseen tragedies. These protections should be in place before committing to new, ongoing expenses. 3. Estate Planning Estate documents may feel like a one-time hassle, but they are necessary to ensure your wishes are carried out and your loved ones are protected. Make a habit of reviewing your cash flow monthly or quarterly—even a simple check-in can uncover surprises and prevent overspending. Invest time in securing appropriate insurance and ensuring your estate documents are up to date. These "boring" tasks lay the groundwork for financial agility and resilience, giving you freedom as your career evolves. Putting It All Together By dressing the "I deserve it now" mentality and making the "boring stuff" a priority, early-career physicians can avoid common pitfalls and build a sustainable lifestyle. Once the financial foundation is set, you'll find even greater satisfaction in investing and enjoying your money with a sense of security, not anxiety. Laying the groundwork takes patience, but it unlocks decades of growth, opportunity, and peace of mind. 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 ...
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    15 分
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