• Finding Financial Freedom with The Frugal Physician - Finance, Wellness, Budget, Student Loans, Wealth, Doctor, Fitness, Money

  • By: Dr. Disha Spath MD FACP
  • Podcast

Finding Financial Freedom with The Frugal Physician - Finance, Wellness, Budget, Student Loans, Wealth, Doctor, Fitness, Money

By: Dr. Disha Spath MD FACP
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  • Summary

  • Financial Freedom and Peace of Mind. For all of us. A podcast by The Frugal Physician for healthcare professionals looking to get their financial house in order and design their ideal lives.
    2023
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Economics Education Personal Finance
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Episodes
  • Ep78: Buying, Running, and Selling Businesses with David Barnett

    Ep78: Buying, Running, and Selling Businesses with David Barnett
    Nov 22 2024
    In this episode of Finding Financial Freedom, author and entrepreneur David Barnett navigates the ins and outs of buying, running, and selling small to medium sized businesses. With years of hands-on experience, David offers insights designed to explain the complexities of entrepreneurship, empowering listeners to approach each stage of business ownership with confidence and clarity. David dives deep into the critical factors that affect business value, including financial health, market trends, and industry conditions. He provides a roadmap for both buyers and sellers, guiding them on how to realistically assess value and negotiate profitable deals. With expert advice on financing, hiring strategies, lead generation, and sales processes, David shows entrepreneurs, including physicians, how to increase profitability and prepare for successful business transitions. Key Topics Covered: 1. Common Reasons for Selling Over the years, David has identified the most common reasons entrepreneurs choose to sell their businesses, providing valuable insight into the decision-making process. 2. Tips on Valuing a Business David breaks down the key factors that go into assessing a business’s worth, including financial health, market trends, and industry conditions, offering clarity for those looking to buy or sell. 3. The First Steps in Buying a Business For potential buyers, David outlines the crucial first steps to take when considering a business purchase, ensuring they start on the right track. 4. Opportunities and Risks During a Recession David discusses the pros and cons of buying businesses during economic downturns or distressed periods like COVID-19, highlighting key opportunities and risks. 5. Maximizing Sale Value David explains why most businesses sell for less than expected and offers practical tips for business owners to maximize their sale value and secure a better deal. 6. Increasing the Value of a Medical Practice David provides actionable advice on how physicians can make their practices more valuable, helping them prepare for a successful sale. Resources Mentioned: How To Sell My Own Business by David BarnettJoin his list on: https://www.DavidCBarnettList.comDavid Barnett’s YouTube channel: https://www.youtube.com/channel/UCbR8hQfFxBI4Idh4Zw65yZQ David Barnett’s Website:https://www.DavidCBarnett.com Listener Takeaways: Learn how to assess a business’s value by considering financial health, market trends, and industry conditions. Discover practical tips to increase your business's sales value and secure a more profitable deal. Gain insights into the opportunities and risks of buying businesses during economic downturns, like recessions or a pandemic. Connect with Us: Host: Dr. Disha Spath, The Frugal Physician Guest: Travis Hornsby, CFA, CFP, Student Loan Planner Follow us on Instagram, Facebook, and Twitter for updates on upcoming episodes. Thank you for tuning in! Be sure to share this episode with anyone navigating student loan repayment. This episode is sponsored by: PearsonRavitz – Helping physicians safeguard their most valuable assets. This episode is also sponsored by FacetWealth – Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today.
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    51 mins
  • Ep77: What An Incoming Trump Administration Means For Your Student Loans

    Ep77: What An Incoming Trump Administration Means For Your Student Loans
    Nov 15 2024

    In this comprehensive episode of Finding Financial Freedom with The Frugal Physician, Dr. Disha Spath hosts Travis Hornsby, founder and CEO of Student Loan Planner, to explore the current landscape of student loans and repayment strategies for high-debt professionals. With over $800 million in student loans consulted on, Travis is an authority on loan repayment and shares crucial insights on navigating Public Service Loan Forgiveness (PSLF), recent policy changes, and strategies for repayment that every physician, professional, and student loan borrower needs to know.

    Discover how changes in student loan policies under the Trump, Obama, and Biden administrations have reshaped the repayment landscape and what potential policy shifts could mean for borrowers in the coming years. Travis also discusses methods to optimize PSLF eligibility, the pros and cons of refinancing, and the best strategies for long-term financial freedom despite student loan debt.

    Key Topics Covered:

    1. Travis Hornsby’s Journey & Student Loan Planner’s Mission

      • Travis’s background in finance and bond trading at Vanguard, his journey to starting Student Loan Planner, and why he’s dedicated his career to helping borrowers navigate complex student loan systems.

    2. Public Service Loan Forgiveness (PSLF): From Inception to Transformation

      • How PSLF has evolved since its inception in 2007, including challenges under the Trump administration and impactful changes introduced by President Biden.

    3. Changes in Income-Driven Repayment (IDR) Plans

      • Overview of the original income-driven repayment options (PAYE, REPAYE, IBR, ICR) and how Biden’s new SAVE plan replaced REPAYE with enhanced interest subsidies.

    4. Potential Pitfalls & Common Mistakes in Repayment Plans

      • How to avoid costly missteps when selecting a repayment plan, including considerations around PSLF qualification, income certification, and timing of tax filings.

    5. Navigating Political and Legal Challenges in Student Loan Policies

      • Insights into current legal challenges to the SAVE plan and potential impacts of future policy changes on IDR options for physicians and other borrowers.

    6. Refinancing vs. Forgiveness

      • Travis outlines when it’s beneficial to refinance your loans versus staying on a PSLF track, with practical advice for borrowers based on debt-to-income ratio and financial goals.

    Resources Mentioned:

    • Student Loan Planner for calculators, tools, and professional consultations.

    • Travis’s Books: Managing Your Money in Your Twenties and Thirties and 25 is the New 65: How to Retire Outrageously Early.

    Listener Takeaways:

    • Gain a better understanding of student loan repayment plans and forgiveness options.

    • Learn the strategies for managing student loans amidst political upheaval and legal challenges.

    • Understand when refinancing makes sense versus sticking with PSLF or other forgiveness options.

    Connect with Us:

    • Host: Dr. Disha Spath, The Frugal Physician

    • Guest: Travis Hornsby, CFA, CFP, Student Loan Planner

    • Follow us on Instagram, Facebook, and Twitter for updates on upcoming episodes.

    Thank you for tuning in! Be sure to share this episode with anyone navigating student loan repayment.

    This episode is sponsored by:

    PearsonRavitz– Helping physicians safeguard their most valuable assets.

    This episode is also sponsored by

    FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today.
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    45 mins
  • Ep76: Maximizing Retirement Savings for Solopreneurs and Side Hustlers with the Solo 401k

    Ep76: Maximizing Retirement Savings for Solopreneurs and Side Hustlers with the Solo 401k
    Nov 8 2024
    Hosted by: Dr. Disha Spath Guest: Sean Mullaney, Advice-Only Financial Planner and Author of The Solo 401k: The Solopreneur’s Retirement Account This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets. This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. Episode Highlights: Introduction: Dr. Disha Spath welcomes listeners back and introduces Sean Mullaney, President of Mullaney Financial and Tax Inc, a fee-only financial planner and tax advisor for self-employed individuals and small business owners. About Sean Mullaney: Sean shares his background, transitioning from a career in corporate tax planning to launching an advice-only financial planning firm. He discusses his award-winning blog, FITaxGuy.com, and his book The Solo 401k: The Solopreneur’s Retirement Account, which has become a valuable resource on tax planning for freelancers and independent contractors. Sean’s Financial Journey: Sean discusses his passion for personal financial planning and his motivation to help small business owners and entrepreneurs maximize their savings through tax-efficient retirement strategies. Understanding the Solo 401k: Sean explains the structure and benefits of the solo 401k for self-employed retirement planning, highlighting its differences from traditional 401ks and IRAs. This retirement option is designed for self-employed professionals, including “physicians with side gigs” and “freelancers,” offering flexibility in contributions and investment options. Combining W-2 Employment with Side Hustles: Sean offers strategies for combining a solo 401k with retirement planning for 1099 income when you have both W-2 earnings and independent contracting income, helping listeners maximize their retirement contributions. Alternatives to the Solo 401k: Sean reviews other self-employed retirement plans, including SEP IRAs, Simple IRAs, and Defined Benefit Plans, explaining the pros and cons of each option based on business income, structure, and goals. The Backdoor Roth IRA Strategy: Sean explains the solo 401k’s compatibility with the backdoor Roth IRA strategy for high-income earners, allowing listeners to bypass the pro-rata rule and make tax-free contributions without triggering extra tax burdens. Rollover Strategies for Former Employer 401ks: Sean provides retirement rollover options for managing a previous employer’s 401k. He explores the options of leaving it where it is, rolling it over to a traditional IRA, or moving it to a solo 401k, with insights on tax benefits, fees, and creditor protection. Future of Retirement Savings for Entrepreneurs: Sean shares his perspective on the trend toward Roth accounts, the tax outlook for retirees, and the impact of political dynamics on future retirement tax planning. Where to Find Sean Mullaney: Sean invites listeners to explore his blog, FITaxGuy.com, for insights on tax planning for financial independence and to check out his YouTube channel, featuring weekly personal finance videos for practical financial advice. Key Takeaways: Solo 401k Benefits for Self-Employed Individuals: Solo 401ks offer higher contribution limits, greater flexibility in investment choices, and significant tax advantages for self-employed professionals and side hustlers. Combining Retirement Accounts for Physicians and Entrepreneurs: Professionals with both W-2 income and 1099 earnings can leverage multiple retirement accounts to maximize tax-advantaged savings. Backdoor Roth IRA Advantages: A solo 401k allows high-income earners to implement a backdoor Roth IRA strategy while avoiding pro-rata rule issues, making it especially valuable for physicians with 1099 income. 401k Rollover Considerations for Solopreneurs: Carefully weigh rollover options for former employer 401ks, focusing on factors like fees, tax rules, and creditor protection. Recommended Resources: The Solo 401k: The Solopreneur’s Retirement Account by Sean Mullaney Sean’s blog: FITaxGuy.com – Covering “tax planning for financial independence” topics. Sean’s YouTube channel: Sean Mullaney Videos Thank you for tuning in to Finding Financial Freedom with The Frugal Physician! If you enjoyed this episode, please subscribe, rate, and share it with your colleagues. Stay frugal and financially free! The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Disha and the Finding Financial Freedom with The Frugal Physician podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Guest appearances on the podcast do not constitute their endorsement of any sponsors of the Finding Financial Freedom with The Frugal Physician ...
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    48 mins

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