New Attendings: Let’s Tackle Debt, Emergencies, and Taking Vacations, Ep #6
Release Date: 06/01/2024
Before You Sign Anything: What Docs Need to Know About Disability Insurance, Ep 32
Physician Cents
If you’re a freshly minted physician just stepping out of residency or fellowship, the last thing you need is another decision demanding your urgent attention. But there’s a flurry of emails, conversations in hospital cafeterias, and ads in your inbox pushing one message hard: “Get disability insurance now, or else.” It’s intense, it’s relentless, and it’s not the full story. What’s often left unsaid is that while disability insurance is crucial, potentially one of the most important financial decisions of your early career, you’re not on the clock in the way you’ve been...
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How Big Life Changes Wreck, or Rescue, Your Student Loan Strategy, Ep 31
Physician Cents
You might think that making more money solves more problems, but early-career physicians know it can have the opposite effect. The moment you or your partner graduate, sign a contract, or even get engaged, your financial world shifts. And if one of you has massive student loans tied to forgiveness programs like PSLF, those life events don’t just change your lifestyle; they can completely upend your loan strategy. In this episode, we examine how a personal decision like marriage can lead to substantial changes in your repayment plan, tax filing decisions, and long-term financial outlook. And...
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What If Your Paycheck Disappeared Tomorrow?, Ep 30
Physician Cents
Imagine waking up tomorrow and not being able to work, no more surgeries, clinic, or call shifts. For most physicians, your ability to earn an income is your single greatest financial asset, yet few stop to consider how vulnerable it is. If you’ve never heard of “own occupation” disability insurance or assumed your employer coverage is enough, this episode is your wake-up call. Hosts Chad and Tyler explain why disability insurance isn’t just another box to check; it’s a cornerstone of financial security, especially early in your career. Whether you're still in medical school,...
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Why Your Disability Insurance Might Not Work When You Need It Most, Ep 29
Physician Cents
It’s not like physicians wake up thinking about disability insurance. But you might wish you had. Today, Dr. Stephanie Pearson shares a raw, firsthand account of the career-ending injury that forced her to trade the OR for the insurance world. Her story doesn’t just highlight the importance of coverage, it exposes the hidden traps in policies that too many doctors assume are solid. The goal here isn’t fear; it’s preparation. And her lived experience lays out a compelling case for why most physicians walk around with a false sense of security. We also get into what “true...
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Why Smart Docs Still Stress About Money (Even When They're Set), Ep 28
Physician Cents
Physicians assume that once their income stabilizes and their savings plans are in place, they will have peace of mind. But what if that peace never shows up? What if, despite doing everything “right,” they still feel anxious, distracted, or perpetually behind? In this episode, we explore a surprising culprit: the emotional toll of financial noise - the relentless stream of news, updates, social media posts, and peer chatter that quietly chips away at your well-being. Today, we’ll walk through real-world examples of clients with rock-solid plans who nonetheless feel like the sky is...
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Simple Steps, Serious Protection: Asset Protection 101, Ep 27
Physician Cents
Physicians don’t realize they’re financially exposed — not just to malpractice, but to everyday events like fender benders, lawsuits, or even divorce. Asset protection sounds like something complex or reserved for the ultra-wealthy, but in reality, there are basic, easy-to-implement steps that can make a big difference. This episode starts by opening your eyes to just how vulnerable your assets might be right now — especially if you haven’t taken any proactive measures to protect them. As the conversation unfolds, hosts Chad Chubb and Tyler Olson break down four practical and...
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You’ve Been Matched with a Residency, Now What? Ep #26
Physician Cents
You’ve matched—congrats! But now what? As you transition from med school to residency, financial decisions are about to get real, and the steps you take now can make a huge difference in your financial future. Many new residents don’t realize how much financial planning matters at this stage—things like student loans, budgeting, and even insurance may seem like details you can handle later, but getting ahead now can save you serious money (and stress) down the road. Federal student loans, private refinancing, and income-driven repayment plans all come with deadlines and fine...
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Why ‘Standard Contracts’ for Physicians Are Anything But, Ep #25
Physician Cents
Most physicians assume their first contract is a “standard agreement” that everyone signs without question. But as Kyle Claussen, CEO of Resolve, reveals in this episode, there’s no such thing as a truly standard physician contract. From compensation structures to non-compete clauses and tail coverage, every detail can significantly impact your financial future and career flexibility. Yet, many doctors accept these contracts at face value, unknowingly leaving money on the table or committing to restrictive terms that could hinder them down the road. By the time a physician realizes...
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If I Can Manage My Own Investments, Why Pay an Advisor? Ep #24
Physician Cents
Lots of physicians wonder: If I can manage my own investments, why pay an advisor? It’s a fair question. If you're comfortable picking index funds and setting up automated contributions, what’s left for an advisor to do? This conversation unpacks the real value of financial planning beyond investments. From student loans and tax decisions to asset protection and estate planning, there's much more to consider than just growing a portfolio. Many assume an advisor’s worth is tied to investment management alone, but the real benefits show up in unexpected areas—especially as life and...
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DIY Investing vs. Hiring an Advisor: The Real Value Breakdown, Ep 23
Physician Cents
Managing your own investments can feel empowering—especially when you've done the research and built a solid plan. But when does the complexity of financial planning cross the line from DIY-friendly to requiring professional help? That’s exactly what Dr. W is wondering. As a resident who's been diligently managing an all-equity portfolio, he’s now questioning when and if a financial advisor would be worth the cost. What’s the real value of professional advice, and how does it stack up against a well-educated, self-managed approach? We unpack the tangible and intangible benefits of...
info_outlineYou’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.
You will want to hear this episode if you are interested in...
- 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]
Connect With Physician Cents
- WealthKeel LLC
- Olson Consulting LLC
- Tyler Olson on Twitter
- Chad Chubb, CFP®, CSLP® on Twitter
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