Physician Family Finances Podcast

The holiday season brings many fun traditions, like going to see the lights, opening Advent calendars, baking, or shopping for the perfect gift. Since the holidays also signal the end of the year, it can be a time to think about taxes, too. Nate Reineke and Chelsea Jones break down some of the tax breaks doctors like you can try to catch at the last second, like maxing out contributions. We also look at some tax breaks tha...

That benefits packet you skimmed might hide a major opportunity. When it comes to saving for retirement, it can seem like there are a million account types, and it is becoming more common for employers to offer even more options. While that flexibility can be great, it can also be confusing, especially when a plan includes the Mega Backdoor Roth. In this episode, Nate Reineke and Chelsea Jones break down what the Meg...

If we had a crystal ball, we’d all like to know what the housing market will do. However, we do know that rates have dropped in the last 8 to 12 months, in some cases saving people a whole percent! Nate Reineke and Chelsea Jones break down why it may be beneficial to refinance even if you bought within the last year or if you have an ARM. We also discuss when it may be smart to move to a 15-year mortgage or buy points up f...

If you are on track for retirement, college, have an emergency fund, have bought all your cars in cash, and check all the other planning boxes, but find yourself with extra cash, where is the best place to put it? It may seem like a simple math problem to decide if investing is a better option than paying down your mortgage, but the math isn’t actually that easy. Nate Reineke and Kyle Hoelzle break down why it’s not an eas...

The seasons have changed, and fall is coming to an end, which means the holidays are here! While Nate may not be the biggest fan of Thanksgiving food, he and Chelsea take some time to reflect on life and money lessons they are thankful to have learned, often around a dinner table. Nate Reineke and Chelsea Jones break down some of the valuable lessons they learned when they were young, like “don’t spend money you don’t have...

If you get a distribution from your 457, it may feel like income that you can do whatever with. This time of year, it may be tempting to spend it on a Christmas retreat or a New Year’s reset, but is that going to steal your retirement nest egg? Nate Reineke and Chelsea Jones break down how that distribution can be used to bolster your retirement plans and how for Physician Family clients, it is already factored into their ...

CAUTION: Tax season is quickly approaching. We know that it can be shocking to see a huge or unexpected tax bill, and this time of year, it seems like everyone is advertising a way to save. How can physicians like you know if these methods are legit or a good idea? Nate Reineke and Chelsea Jones break down some of the ways you may be able to save on taxes throughout the year and what accounts could offer you tax savings. W...

The market is always moving, and it can be tempting to try to rebalance when you’d have to pay the least capital gains taxes. Tax savings are great, but is this really the best way to decide when to rebalance? Nate Reineke and Kyle Hoelzle break down how the market may play into rebalancing and what doctors like you should consider when deciding to rebalance. We also discuss why it is worth paying some taxes in order to ma...

It is Halloween! The kids are out trick-or-treating, and the air is a little crisper as the seasons change. A change in jobs or open enrollment can lead to the spooky decision of what retirement plan is best: a defined benefit plan or a defined contribution plan? Nate Reineke and Chelsea Jones break down what each plan means and the benefits that come with each. We also discuss some key things you should consider when deci...

Life insurance is becoming a standard benefit for employers to offer, but is the group policy enough for a doctor like you? Nate Reineke is joined by Brian Leet, who helps families across the country navigate life and disability insurance. We discuss what to consider when calculating a life insurance policy, and when group life insurance through an employer isn’t enough. We also break down when a permanent policy may make ...

As a young doc, it can seem like everyone has something to sell you. Many physicians can end up with a whole life policy that they don’t actually need, and that policy can have a loan against it without you really knowing what’s happening. Nate Reineke and Chelsea Jones break down why these policies are often sold in the first place, how the loans work, and how you can get out of them. They also give some suggestions on wh...

Have you ever been told to keep municipal bonds, instead of corporate bonds, in your brokerage account? You may think that there isn’t that big of a difference… after all, they’re both bonds. Nate Reineke and Kyle Hoelzle break down the advantages municipal bonds may provide for doctors like you and why they can help your diversification. We also answer your colleagues’ questions. A vascular surgeon in Oregon says, 'My son...

Starting a new job always brings changes and new opportunities. For some docs, it may bring the question if being a 1099 contractor will create tax savings or a headache? Nate Reineke breaks down what you should consider if you are deciding between being a W-2 employee or a 1099 contractor. We discuss how things like benefits and employer costs should factor into the decision. Be sure to listen to the end to hear what you ...

Old IBR, New IBR, PAYE, REPAYE, RAP, it may seem like a fruit salad of letters. In reality, these are just some of the payment plans doctors have used on their quest to PSLF. It can be confusing, especially in recent years, to understand what plan is best for you. Listen in as Nate Reineke breaks down the history of PSLF, the chaos and uncertainty in recent years, and where the program stands now. We also discuss recent ch...

There are a thousand opinions out there on how to raise kids, but the one thing everyone can agree on is that raising kids is expensive. Luckily, there’s a way that doctors like you can save on taxes and use pretax dollars to pay for childcare. Nate Reineke breaks down how a dependent care FSA can be used to pay for daycare or nannies and how it helps physicians get an easy tax break. We also answered your colleagues’ ques...

Before Amazon was Amazon, some people took a huge risk and bought stock in the company. Luckily, that risk paid off for them! Now, history is repeating itself with some AI stocks where they could be the next Amazon, or they could completely fail. So, how should physicians who want to invest in AI take an appropriate level of risk? Nate Renieke and Kyle Hoelzle answer exactly that and break down how you can make riskier inv...

Disability insurance may feel like just another thing physicians have to figure out. Like a retirement account, your employer may offer a plan, but that is almost never enough to cover your bases. Nate Reineke and Ben Utley are joined by Lawrence B. Keller, CFP®, CLU®, ChFC®, RHU®, LUTCF (or Larry to us). From his New York office, he’s been working with doctors for more than 30 years. We break down when an individual, priv...

You’ve planned, you’ve saved, and finally, you've retired. Now it’s time to spend what you’ve saved and enjoy all the retirement vacations you’ve been planning. Listen in as Nate Reineke and Chelsea Jones dive into when you should start proactive backdoor Roth conversions and what accounts you should withdraw from first. We also break down what approaches you can use if donating to charity is part of your retirement goals ...

Summer means vacations, and vacations can lead to splurges. While following a plan is important, the occasional splurge is inevitable, even for the pros. Listen in as Nate Reineke, Chelsea Jones, and Kyle Hoelzle reveal their recent splurges and give some ideas on what extra cash can be used for. They also break down steps physicians can take to protect their accounts from being hacked, the general order you should follow ...