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Physician Cents

Physician Cents

By: Chad Chubb & Tyler Olson
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Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.2024 Economics Hygiene & Healthy Living Personal Finance Physical Illness & Disease
Episodes
  • 529 Plans & College Savings for Physician Families: The Smart Way to Fund Kids' Futures, Ep #56

    529 Plans & College Savings for Physician Families: The Smart Way to Fund Kids' Futures, Ep #56
    Jul 1 2026

    When it comes to preparing for your child's education, the 529 plan remains one of the most powerful tools available. But with great power comes great responsibility—and plenty of questions. In this episode of the show, we discuss the fundamentals and nuanced considerations of using 529 plans. Education savings shouldn't be a rigid, anxiety-inducing experience. Start early, revisit often, plan around what you know, and prioritize open family conversations. The 529 plan is just one tool in your financial toolbox.

    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.

    You will want to hear this episode if you are interested in...
    • [04:07] The 529 Plan is flexible, but not foolproof
    • [05:48] Overfunding a 529 can create pressure
    • [07:02] Planning college savings
    • [12:18] Prioritizing financial goals
    • [17:13] Discussing teenage financial responsibility
    • [20:20] 529 plan and asset protection tips



    Smart Strategies for Funding Education

    529 plans offer tax-free growth when funds are used for qualified education expenses. However, remember that you're dealing with children and you have no idea who they're going to become and what they're going to want to prioritize.

    Parents often feel pressure to guess the right amount to save, even though future interests and educational paths can't be predicted. Overfunding a 529 can create subtle, sometimes unspoken pressure on children to make choices, such as attending a particular type of school, just to use the money. It's important to tailor your contributions so the account serves your goals without dictating your child's life path.

    Setting Reasonable Goals: The 75% Rule and Beyond

    How much should you save? Aim to fund about 75% of projected college costs, knowing that things may change and that flexibility is critical. Tuition can vary widely depending on the institution, consider the difference between private schools and public options.

    It's equally important to realize that education paths are diversifying; not every child will take a traditional four-year university route. Some may pursue trade schools, gap years, military service, or entrepreneurial ventures. Keep your funding strategy nimble and reevaluate your goals as your children grow.

    Roth Transfers, K-12, and Changing Beneficiaries

    529 plans have become more versatile in recent years. Now, up to $35,000 of unused 529 funds can be rolled over to a Roth IRA for the beneficiary, provided certain requirements are met, including that the account has been open for over 15 years. Additionally, funds can be used for up to $20,000 annually for K–12 education in some states.

    If one child doesn't use the funds, you can change the beneficiary to another child, cousin, or even future grandkids. This flexibility reduces the risk of "overfunding," but careful planning is still needed.




    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.

    Resources & People Mentioned

    • Utah 529 Plan

    Connect With Physician Cents

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

    Subscribe to Physician Cents

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    24 mins
  • Summer Survival: How Physicians Can Vacation, Enjoy Life, and Still Hit Their Financial Goals, Ep #55

    Summer Survival: How Physicians Can Vacation, Enjoy Life, and Still Hit Their Financial Goals, Ep #55
    Jun 15 2026
    On this episode, we're talking summer survival and exploring how physicians can enjoy vacations, family time, and relaxation without sacrificing their financial goals. We break down practical strategies for budgeting summer trips, managing the costs of family and kids' camps, and staying on track with long-term savings plans. Also on the show are tips for balancing lifestyle choices and intentional spending, making the most of your hard-earned days off, and enjoying guilt-free travel. 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. You will want to hear this episode if you are interested in... [00:00] Planning for your annual vacation expenses[04:20] Monthly contributions and cash flow planning for summer expenses [08:04] The philosophy of vacation spending and personal values[13:03] How vacation spending is incorporated into long-term plans [16:01] Monitoring and adjusting budgets for seasonal spending spikes [16:22] Cash flow analysis helps account for ups and downs in spending Building Vacations Into Your Financial Plan Instead of treating summer as a one-off expense or scrambling to cover costs on the fly, we recommend making travel a dedicated part of your annual or biannual spending plan. Our clients often split vacations into domestic and international line items in their financial planning, sometimes choosing major trips every few years and annual regional getaways in between. A big summer expense is also summer camps for kids—a not-insignificant line item that often gets grouped with travel for practical planning. The key is consistency and visibility. Link a savings account to your "vacation bucket" which is automatically funded monthly, which ensures funds are ready for family trips and children's camps. Over time, this system builds a guilt-free, stress-free process for planning—and paying for—summer fun. The Psychology of Guilt-Free Spending A recurring theme is the importance of "money mindset." Guilt can often creep in—should you really spend $15,000 on a vacation when there are other priorities? Embrace what matters most to you, whether that's a once-in-a-lifetime trip or simple downtime with loved ones. Guilt-free vacations, planned in advance, let you be fully present and savor every moment. Staycations or local hotel getaways can offer restoration at a fraction of the price. The key is intentionality: align your spending with your values while ensuring that big-picture goals remain on course. Staying On Track With Financial Goals When savvier systems are in place, most physicians can enjoy well-earned time off without derailing retirement, college savings, or investments. We advocate for robust cash flow tracking—from waterfall charts to custom spreadsheets—so clients can see that their regular savings for 403(b), Roth IRA, and 529 accounts continue uninterrupted alongside vacation spending. One-time splurges rarely move the long-term needle if the planning foundation is strong. Watch Out for Lifestyle Creep With schools out and days longer, extra spending can sneak in—whether on home projects, eating out, or impromptu outings. We recommend adjusting budgets to reflect seasonal upticks and reviewing cash flows over multiple months to set a realistic (and sustainable) average. Ultimately, the secret to summer satisfaction is balance. With proactive savings, clear value alignment, and honest self-reflection, physicians can vacation without compromising their financial trajectory. Be present, enjoy your well-earned break, and know you've planned to make every moment (and dollar) count. 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. Resources & People Mentioned Mousehacking.com Holistiplan Connect With Physician Cents WealthKeel LLCOlson Consulting LLCTyler Olson on TwitterChad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK
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    18 mins
  • One Portfolio, Many Accounts: Mastering Fund Selection, Rebalancing & Cross-Account Diversification Ep #54

    One Portfolio, Many Accounts: Mastering Fund Selection, Rebalancing & Cross-Account Diversification Ep #54
    Jun 1 2026
    Managing multiple investment accounts doesn't have to be complicated. This week, we're discussing the value of a simple, low-cost, diversified approach and why you should resist the urge for complexity. Asset allocation and asset location both play important roles. We cover how to view all your accounts as part of one portfolio and why tax considerations matter when deciding where different investments should live. The episode dives into strategies like using brokerage accounts as a secondary emergency fund, treating the HSA as a long-term retirement asset, and maintaining aggressive growth in retirement-focused accounts if your situation allows. Complexity doesn't always add value—the real benefit often comes from sound, comprehensive planning and tax optimization. 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. You will want to hear this episode if you are interested in... 00:00] Prioritizing Simplicity in Investments[06:51] Creating custom client portfolios[08:06] Using third-party asset managers[13:24] Discussing wealth and business mindset[18:19] Planning investment allocations[21:51] Long-term HSA investment strategy[26:31] Building diversified investment portfolios[31:11] Rebalancing investment accounts regularly The Case for Simplicity in Portfolio Management Over time, we've found that complexity rarely adds commensurate value for most investors—especially for portfolios under $5 million. A portfolio made up of extremely simple, low-cost, diversified, indexed ETFs is often the best approach. This keeps things manageable while effectively balancing risk and growth. Excessively complex portfolios—with options trading, commodities, or too many actively managed funds—require constant attention and can often lead to stress and oversight. Instead, leaning towards index ETFs and well-diversified, low-cost funds allows investors to focus on the bigger picture, like their careers and personal lives, trusting their investments will quietly accumulate over time. Asset Allocation and Location One of the biggest questions when managing a portfolio across several accounts (such as an HSA, Roth IRA, 403(b), and taxable brokerage) is how to allocate investments thoughtfully and tax-efficiently. First, determine your broad mix between stocks, bonds, and cash. For example, if you're comfortable with 90% stocks and 10% bonds, divide that total allocation across all accounts combined. This is your asset allocation. Next comes asset location and deciding where to hold different types of investments, which can dramatically impact your after-tax returns. Taxable accounts are often best reserved for tax-efficient investments or municipal bonds, while long-term, qualified money like IRAs and 403(b)s can house more volatile, growth-oriented assets since taxes are deferred. For HSAs, often referred to as "extra retirement accounts", taking a long-term approach also pays off. Unless you need the money in the short term, investing the funds for growth allows you to leverage the triple tax advantage of HSAs for future high healthcare costs. The Art of Rebalancing Left unattended, portfolios can drift out of balance due to market movements. The process of rebalancing—resetting allocations back to targets—is crucial for risk control. Quarterly rebalancing (if automated) or annual rebalancing (if manual) is sufficient for most. In tax-advantaged accounts, rebalancing is straightforward. For taxable accounts, caution is warranted to avoid triggering unnecessary capital gains taxes. Whenever possible, new contributions or planned withdrawals provide natural opportunities to rebalance efficiently. Simplicity, discipline, and a clear plan are the pillars of successful long-term investing for physicians or anyone managing multiple accounts. 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. Resources & People Mentioned Modern Portfolio Theory VTI-Vanguard Total Stock Market ETF Schwab US Broad MarketFidelity Total Market IndexFidelity Zero FundsAltruist Connect With Physician Cents WealthKeel LLCOlson Consulting LLCTyler Olson on TwitterChad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK
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    35 mins
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