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-9

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 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 [email protected] 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 [email protected] 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 [email protected] 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 [email protected] 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/go

Are 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 [email protected] 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/go

Are 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 discuss the question of whether it might be advisable for physicians to prioritize paying off their mortgage or investing additional resources as they approach retirement. The discussion highlights the balance between managing debt and exploring investment opportunities while addressing the unique financial challenges faced by physician families. Through professional insights, the hosts aim to help listeners make informed decisions that align with individual financial goals.

Key Highlights:

1. Transition to Empty Nesting:

- The hosts explore how the transition to becoming an empty nester could impact financial planning, including potential shifts in priorities and expenses.

2. Prioritizing Financial Goals:

- The discussion emphasizes the need for clarity around individual financial goals, particularly in managing student loans and mortgage payments.

- Nate highlights that establishing a solid financial plan is important, regardless of one’s current financial situation.

3. Life Insurance Considerations:

- The hosts discuss the importance of evaluating life insurance needs in relation to mortgage payments, ensuring families could be adequately covered during critical life stages.

- They stress the necessity for life insurance to align with long-term financial goals and responsibilities.

4. Evaluating Investment Options:

- Ben and Nate provide a comprehensive look at the decision to invest versus paying down debt, weighing potential returns of investments against the costs of maintaining a mortgage.

- They include insights on market conditions and the implications 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:

- Ben and Nate 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 potential 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 [email protected] 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/go

Are 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 focus on the important topic of investment adjustments that physicians might want to consider as they approach retirement. They explore how these adjustments could affect financial stability and long-term goals while addressing common questions faced by physician families. Through personal anecdotes and professional insights, the hosts offer 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, such as bonds, could help protect accumulated wealth while preparing for retirement.

2. Evaluating Retirement Accounts:

- A conversation about the timing for rolling over accounts or consolidating retirement savings highlights the benefits of streamlined management as physicians transition into retirement.

- The hosts stress the importance of assessing fees and growth potential of existing retirement plans to better prepare for retirement.

3. Proactive Tax Planning:

- The episode underscores the significance of tax strategies in retirement planning, particularly regarding Roth conversions and capital gains.

- Families are encouraged to evaluate their tax situations and adjust their withdrawals or contributions accordingly to optimize potential tax outcomes.

4. Managing Extra Income:

- The discussion includes considerations for how to manage extra income as retirement approaches, advising on options such as investments versus debt repayment.

- The hosts suggest thinking about how additional funds could be used to enhance retirement lifestyle.

5. The Role of a Financial Plan:

- Ben and Nate highlight the need for a comprehensive financial plan that takes into account investment strategies along with healthcare and other retirement-related expenses.

- They advocate for regular check-ins with financial advisors to ensure alignment with retirement goals as personal circumstances evolve.

6. Balancing Work and Life Goals:

- The conversation touches on how to balance career aspirations with personal life priorities, prompting listeners to reflect on how their financial decisions fit into their broader life goals.

- The hosts share insights on the importance of spending quality 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 [email protected] 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/go

Are 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 address the important question of whether physicians should focus on intense work and savings early in their careers to achieve the possibility of slowing down in their 50s. They discuss the financial implications of this approach, answer listener questions about managing student loans, and emphasize the necessity of aligning financial planning with personal life goals. The hosts share insights on balancing career ambitions with meaningful life experiences as families grow and evolve.

Key Highlights:

1. The Push Hard Strategy:

- Ben and Nate examine the idea of "pushing hard" during the early career years, discussing the benefits of establishing a solid financial foundation.

- They explore the feasibility of easing back in one’s 50s, considering family obligations and evolving career dynamics that may present challenges during that decade.

2. Evaluating Financial Goals:

- Nate discusses the importance of defining retirement and financial goals early on and how this planning could influence future work and lifestyle choices.

- The hosts encourage listeners to reflect not only on their desired retirement age but also on the quality of life they hope to maintain throughout the transition.

3. Managing Student Loans Wisely:

- The discussion highlights the dilemma of whether to devote extra resources toward aggressively paying off student loans or investing in priorities such as retirement and education savings.

- This section emphasizes the need to balance debt repayment with building emergency funds and taking advantage of available tax breaks.

4. Emphasizing Work-Life Balance:

- The conversation touches on the significance of maintaining a healthy work-life balance, especially as family dynamics shift with growing children.

- Ben and Nate stress the value of cherishing time spent with family and not postponing experiences until later in life or retirement.

5. Long-Term Financial Planning:

- They explore how a long-term financial plan should account for various factors, including potential income changes and family needs.

- The hosts offer strategies to keep financial goals achievable while adapting to life’s unexpected events.

6. Role of Collaboration with Financial Advisors:

- The episode highlights the collaborative relationship that can be fostered between physicians and financial advisors, promoting open communication about financial goals and preferences.

- Listeners are encouraged to seek professional guidance to ensure their financial decisions align 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 [email protected] 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/go

Are 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 address essential financial decisions that physician families might encounter, particularly regarding student loan management and resource allocation. They explore strategies that could help find a balance between repaying student debt while pursuing other financial goals, such as saving for retirement and funding children's education. The discussion presents relevant examples and practical insights, highlighting how thoughtful financial planning could support the overall well-being and financial security of families.

Key Highlights:

1. Transition to Empty Nesting:

- Ben shares his personal experience of becoming an empty nester, reflecting on the joys and challenges of this significant life change.

- The hosts discuss how this transition could impact financial planning, including potential shifts in expenses and opportunities for increased savings and investing in personal experiences.

2. Assessing Life Insurance Needs:

- An emergency medicine physician in Georgia asks whether they should consider shopping around for better life insurance rates. The hosts highlight the importance of assessing individual needs and provide tips on effectively comparing policies.

- They address common pitfalls in life insurance planning, encouraging families to reassess coverage needs as life circumstances evolve, such as changes in income or family composition.

3. Identity Protection in Today's Digital Age:

- The episode explores rising concerns about identity theft and the necessity of proactive measures, such as freezing credit, to protect personal information.

- The hosts discuss additional protective actions, such as monitoring credit reports and utilizing identity theft protection services to stay alert about any suspicious activities.

4. Evaluating Retirement Plans:

- Ben and Nate examine the differences between pension plans and 403(b) plans, discussing how each option might be evaluated based on individual career paths and financial objectives.

- They suggest considering factors such as employer contributions and the long-term growth potential of retirement investments.

5. Managing Extra Cash Flow:

- Their discussion on handling additional cash flow emphasizes the value of investing in meaningful life experiences while responsibly managing debt.

- The hosts recommend 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 challenge of prioritizing student loan repayment while highlighting the importance of maintaining an emergency fund and taking advantage of potential tax breaks.

- They discuss finding a balance between student loan payments and long-term savings, reminding listeners that addressing immediate needs can also be important.

7. The Role of Financial Advisors:

- Ben and Nate conclude by discussing the benefits of working with financial advisors to create a comprehensive plan that addresses both current financial commitments and future aspirations.

- They emphasize the importance of regular financial check-ins to adapt strategies in response to changing situations and ensure alignment 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 [email protected] 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/go

Are 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