Physician Family Finances Podcast

What is in your garage that you would not go out and buy today?

The elliptical. Your father-in-law's table saw. Six gallons of the paint color from the last house.

This week we take a question from a physician who inherited a large position in a single company's stock and has left it alone since the day it arrived.

We also answer your colleagues' questions.

Every lifeguard learns the same thing before they are allowed near the water. You do not swim into someone's arms. A panicking person will climb you, and then there are two people in trouble instead of one, so you bring something that floats and you keep it between you.

Nobody watching from the sand thinks the lifeguard is being stingy about it.

This week we talk about aging parents who are running out of money, and what a physicia...

Nobody books the all-inclusive because the food is better.
They book it because it takes the risk out of the trip. No bad rental in the wrong part of town and no hour-long drive to anything worth eating.

An annuity is the all-inclusive resort of retirement.

The right side of the menu is blank, but it’s “would you like fish or chicken” for seven days, and the pre-packaged excursions are the closest thing to spo...

Stock market charts can look like roller coasters, and most people assume the young riders are the ones who enjoy the drops.

Not always. Nate Reineke and Chelsea Jones answer a question from an emergency medicine physician who is naturally risk-averse and feels pressure to invest aggressively simply because of their age.

We also answer your colleagues' questions.

A surgeon in Georgia asks, “We have a decent-sized brokerage ac...

There are two ways to get saving for your children wrong.

You can undersave and leave your kids with student loans. You can oversave and hand a nineteen year old a pile of money with no strings attached. Physician families tend to worry about the first one and end up closer to the second.

In our new episode, we discuss which accounts help keep you out of both ditches!

We also answer your colleagues' questions

A Surgeon in Arizona s...

Should you choose a high tax break or high investment growth? Nate Reineke and Chelsea Jones break down a common dilemma for high-earning physicians: deciding between a Cash Balance Plan and a traditional taxable brokerage account. Chelsea explains the mathematical "break-even point,” why the potentially lower growth rates of cash balance plans often favor physicians in their mid-to-late 30s and 40s who are in top tax b...

When you log onto online physician forums, it’s incredibly easy to feel like you are losing a race you didn’t even know you were running. Nate Reineke and Chelsea Jones tackle a question from a 40-year-old family medicine doctor in Texas who reads online that they are "behind" and discuss why why having a personalized plan helps find peace of mind.

We also answer your colleagues’ question...

When planning for your children's future education, a lack of an upfront state income tax deduction can make saving feel like a raw deal. Nate Reineke breaks down a question from a Florida surgeon tempted to skip 529 plan contributions entirely because the state lacks a state income tax break. We discuss why focusing solely on short-term deductions can miss the benefit of long-term tax-free compounding growth.

We also answer your c...

When you need an extra bedroom and a bathroom remodel, it is incredibly easy to turn a lifestyle dilemma into a stressful math equation. Nate Reineke and Chelsea Jones look at a question from a double-doctor family in Virginia who have been in their home for three years and absolutely detest the idea of packed boxes and changing neighborhoods, but feel guilty about the massive price tag of remodeling. We break down why this m...

Our Summer Encore Series continues! We’re revisiting episode 138, where we chatted with Brian Leet about life insurance. 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...

Today we're going all the way back to episode 40.
Do you remember that guy? The friendly insurance agent you met as a resident, back when you assumed everyone was as well-intentioned as doctors are. Your family was vulnerable then, and instead of a load of inexpensive term life insurance, you walked away with variable universal life (VUL), sold on the tax angle (which can be legitimate in certain situations but the problem is th...

When you change jobs, a rollover rep may offer to help move your old retirement account, stressing how much control you'll have over your investment options in an IRA. But is that what this decision is really about?

Nate Reineke and Chelsea Jones take a question from an OBGYN in South Carolina moving about $400,000 from former employers. A rollover rep is steering them toward an IRA instead of their new 40...

With summer starting, we wanted to revisit the hot topic of college! Enjoy this encore episode with College Admissions Counselor, Lorry Krone, M.A., C.A.C. As a physician parent, you went through more school than the average Joe. You may think you know the system but, college admissions is constantly evolving. Listen in as Nate Reineke and Ben Utley are joined by Lorry Krone, M.A., C.A.C, a certified college admissions counselor. F...

What would you do with an uninterrupted four-hour block of quiet time?

Nate shares how a family flight to Hawaii turned into a deep dive into the wartime history of Vanguard and its legendary founder, Jack Bogle. Nate highlights several foundational investing concepts that physician families may find helpful when evaluating long-term financial planning decisions. 

Nate also dives into the fascinating history behind why Vanguar...

When you're trying to execute a clean backdoor Roth IRA, having a completely empty Traditional IRA account feels like a green light. But does the IRS see it that way? Kyle Hoelzle and Chelsea Jones answer a critical question from a Pediatric Endocrinologist: “If I fund and convert an empty IRA, why does my separate rollover IRA balance still matter?” Kyle breaks down the IRS Pro Rata Rule using a simple analogy we can a...

As a busy physician mom or dad, you put everything into your practice and your kids, meaning you want to make sure you're doing the absolute right thing with the money you earn. But when it comes to safeguarding your family’s future, is the life and disability insurance offered through your hospital or employer actually enough? Nate Reineke and Chelsea Jones tackle a "doozy" of a listener question from a Pulmonary Critical Ca...

Between managing a packed clinic and a chaotic home life, the last thing any physician needs is a financial statement that looks as cluttered as a playroom floor. Nate and Kyle tackle a question from a Washington dermatologist who is tired of seeing dozens of confusing tickers when their only goal is to grow wealth. We pull back the curtain on why advisors often overcomplicate portfolios, from the statistical "vanity project" of tr...

It’s time to talk about the "cash itch,” that restless feeling doctors get when a healthy high-yield savings account starts to look like a missed opportunity. Nate Reineke and Chelsea Jones dive into a dilemma from a radiologist in Texas who’s wondering if their idle cash should finally be put to work in the market. While the instinct is to always be investing, Nate and Chelsea argue that liquidity is actually a p...

As we head into Mother’s Day this weekend, we reflect on everything moms do for us. In today’s world, more and more parents are supporting their children for longer. Nate Reineke looks at the question “What should my kids be paying for?” And how paying for your 20-something-year-old’s car insurance or phone plan can be a roadblock to your plan. As Nate says, you have to put your own oxygen mask on firs...