Physician Cents

Most traditional mortgages require at least 5% down on the home. Depending on where you're located, you may be looking at putting $10,000 down plus the addition of closing costs of 3% of the purchase price. That's a lot of cash to have on hand, which most physicians don't have right out of training.

Enter the physician mortgage. For many physicians, this is the answer they've been looking for. But it can also be a trap. In this episode of Physician Cents, we share what a physician mortgage is, why they're offered, and why you shouldn't always take advantage of one.

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.

• Is a physician mortgage a trap? [1:13]
• Conventional vs physician mortgage [4:04]
• The origination of physician mortgages [7:52]
• Don't buy when you can rent [9:00]
• Stay tuned for a future episode! [12:59]

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.

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

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The most powerful tool in personal finance is compound interest. That's why we advise physicians to stop overthinking and just get started. Ultimately, there's no magic secret sauce to investing.

Start by diversifying, lowering your costs, and controlling your emotions. We share why it's so important to get started and how to choose your investment approach in this episode of Physician Cents.

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.

• Why you should start investing now [1:50]
• Investing is having optimism in humanity [8:02]
• The highs and lows of investing [10:23]
• How to approach your choices [14:12]
• Simplify your investment approach [20:37]

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.

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

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The average American spends more time planning a vacation than they do insurance planning. There aren't a lot of big ticket items that need to be more carefully considered than health insurance.

And as we're moving into open enrollment season, there are a few things you'll want to know when it comes to choosing healthcare coverage for the following year.

Keep in mind that we will never tell a client what plan to choose. Our goal is to explain the pros and cons to help clients narrow down their options. We'll cover the details you need to know to make an informed decision in this episode of Physician Cents.

• What have your insurance needs been historically? [1:12]
• Framing high-deductible health plans through an HSA [5:05]
• The investment options with HSAs [10:42]
• How to determine the best health plan for you [13:07]
• HSAs convert into retirement accounts [19:17]

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

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Why would a physician consider a side gig? If you're still in training, you can go from making $15 an hour to 6-8x that. Someone who's completed training may take on work to supplement their income.

Moonlighting could look like anything from expert witness testimony work to medical record reviews. Whatever the dollar amount is, you have to remember you'll have to set money aside for taxes. If you don't plan for taxes at the outset, you'll end up with a large tax bill.

What else do you need to know before you start moonlighting? We cover three important topics in this episode of Physician Cents.

• Tip #1: Do some tax planning[1:23]
• Tip #2: Consider your investment opportunities [12:58]
• Tip #3: Consider additional insurance [19:47]

• Tax payments to the IRS

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

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A Backdoor Roth allows you to create tax-free growth on some of your excess savings. It gets a lot of attention because it feels like you're doing something wrong (you're not, we promise). So what do you need to know about the Backdoor Roth IRA? What errors do we commonly see?

The Backdoor Roth is a fantastic tool. And while converting money into a Backdoor Roth IRA isn't as complicated as it's made out to be…there are a few things you should know before you dive in. We'll talk through those in this episode of Physician Cents.

• How a Backdoor Roth IRA works [1:12]
• #1:The Pro Rata Rule [3:48]
• #2: The Step Doctrine [7:40]
• Use an accountant the first time [12:52]

• Form 8606

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

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You're tackling your debt, building up an emergency fund, and planning a much-needed vacation. What's next for new attendings? Risk management, estate planning, and investing your new income. In this episode of Physician Cents, we'll share where we think you should start to give yourself the future you deserve.

• Risk Management: Disability and term life insurance [2:28]
• Estate planning: Wills, living wills, and power of attorney [8:10]
• Focus on maxing out your 401K, 403B, or TSP [11:42]
• Why you'd want to consider a Deferred Compensation Plan (457B) [15:58]
• These are incredibly important issues that can't be neglected [25:47]

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

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You've finished your training and you're about to start an attending position. Congratulations! What should you do with your newfound cash? Should you pay off your debt? Should you build an emergency fund? Should you go on a vacation?

Here's an interesting thought—Why not all three?

We advise our clients to do all of these things because they're all important. Yet it can seem incredibly difficult to prioritize and plan. So in this episode, we'll lay out how and when we'd tackle each of these areas.

• Why you need to take a vacation [4:33]
• Pay off high-interest debt quickly [10:47]
• Build an emergency fund [18:51]
• What we're covering in Part 2 [23:05]

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

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What is a real estate syndication?

A syndication is a way for multiple parties to pool their funds to purchase an asset. It's a way to legally aggregate a variety of sources of capital. There's been a significant rise in real estate syndications in the last few years.

Investing in real estate has become popular—and for good reason. Real estate is full of great opportunities that can be rewarding. There's money to be made, tax benefit possibilities, and it's a type of investment that behaves differently. If you've got a plan in place for retirement, real estate seems like the logical next step. But is investing in a real estate syndication a good choice?

Dr. Tarang Patel joins us in this episode of Physician Cents to cover real estate syndications, why they've become so popular among physicians, and how you can protect yourself and make good investment decisions.

• Compelling question or topic, written to elicit curiosity [0:54]
• Why investing in real estate has become popular [1:54]
• What is real estate syndication? [3:54]
• Why doctors are creating their own syndications [8:31]
• The inherent risks people don't talk about [13:58]
• The allure of mentorship and coaching [16:00]
• Syndicates offer the appearance of trustworthiness [22:22]
• What physicians can do to protect themselves [26:08]

• The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications
• How Multifamily Syndicators Target their Backers

• Connect on LinkedIn
• Doctor Money Matters Podcast

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

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What is a Roth IRA? What are two major issues resident physicians need to be mindful of when contributing to a Roth IRA? Is there a better savings and investment option? If you're able to start saving on top of paying off student loans and living on a resident's salary, this is a topic you need to learn more about. That's why we tackle these questions in this episode of Physician Cents.

• [1:47] What is a Roth IRA?
• [3:01] The two major issues with Roth IRAs
• [4:58] How do we "fix" mistakes?
• [7:24] The backdoor Roth IRA
• [8:37] Pre-tax options: 401K or 403B

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

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How much should you have in your emergency fund? Do you need to get disability insurance? These are two questions that can be hard to wrap your head around when you're learning to live on a resident's salary. We dive into why each is important and how to navigate allocating money to each in this episode of Physician Cents.

• How much should you have in your emergency fund? [1:34]
• The best places to park your emergency fund [12:09]
• Why you need Guaranteed Standard Issue (GSI) Disability Insurance [15:14]

• Ally
• Wealthfront
• Marcus by Goldman Sachs
• Laurel Road
• Fidelity Money Market funds
• Disability Insurance offered on a GSI Basis

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

Subscribe to Physician Cents

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