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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
  • How Big Life Changes Wreck, or Rescue, Your Student Loan Strategy, Ep 31

    How Big Life Changes Wreck, or Rescue, Your Student Loan Strategy, Ep 31
    Jun 15 2025
    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 we don’t stop at hypotheticals, we walk through actual numbers and scenarios, including couples holding off on marriage for years, all in the name of student loan optimization. But it’s not just about marriage. From the confusion around SAVE plan forbearance to the overlooked tax traps in your first attending year, we break down the key decisions that tend to sneak up on you the moment your income goes up. This isn’t about turning you into a financial planner, it’s about giving you the clarity to act (or not act) with purpose. We talk about what to avoid, when to wait, and how to spot the quiet mistakes that could cost you thousands. Whether you’re transitioning out of fellowship, newly navigating PSLF, or just trying not to mess up your first six-figure paycheck, this episode gives you the financial footing you didn’t know you needed. 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) Intro and Jeremy’s student loan + marriage question(02:00) PSLF, joint income, and tax filing decisions(05:30) Should couples delay marriage for a loan strategy?(09:20) SAVE plan uncertainty and dual-loan households(13:40) Tax moves when going from fellow to attending(23:20) Are DFA and Avantis worth the cost? Understand how your partner’s student debt changes your financial reality If one of you has six figures of med school debt and the other’s making solid income, your financial life just got way more complicated. I lay out how your partner’s loan situation can impact PSLF eligibility, how your tax filing status plays into it, and why your state’s laws might push the numbers in a direction you didn’t expect. This isn’t just about love and money, it’s about knowing how the system treats you once you’re linked on paper. Know when to act, and when to chill, on student loan plan changes With the SAVE plan in limbo, making a move right now could do more harm than good. If you’re in forbearance, stuck in application purgatory, or wondering whether to jump plans, this part is for you. A lot of borrowers feel stuck, but sitting tight might actually be the smart play. I walk through why filing new forms too early can lock you into the wrong plan, what “waiting it out” should actually look like, and how to stay informed without stressing daily. The key is knowing what to watch for and how to be ready the second new rules drop. Reacting early could cost you forgiveness dollars down the line. Stop the tax + investment mistakes that trip up new attendings When your pay triples overnight, so do your financial blind spots. I walk through common errors I see first-year attendings make: over-contributing to retirement accounts, accidentally triggering Roth IRA penalties, and getting blindsided by taxes on forgivable bonuses. Add in SAVE changes or leftover training-year quirks, and things get messy fast. If you’re trying to stay organized while your income spikes, this is how you do it without leaving money on the table or owing it back in April. 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 https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service https://www.irs.gov/payments 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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    34 mins
  • What If Your Paycheck Disappeared Tomorrow?, Ep 30

    What If Your Paycheck Disappeared Tomorrow?, Ep 30
    Jun 1 2025
    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, knee-deep in residency, or just landed your first attending job, they unpack the real-world scenarios that could derail your income and why coverage matters more than you think. They even dive into misunderstood details like Roth IRA withdrawals, 401(k) loans, and the tradeoffs of different insurance riders. By the end of this episode, you’ll not only understand why disability insurance is crucial, you’ll also know what kind to get, when to get it, and how to avoid the most common (and costly) mistakes. Because protecting your income isn’t pessimistic, it’s smart. 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) Why they recorded the episode from a hotel room.(01:39) Using Roth IRA funds for a first home.(06:51) Comparing Roth withdrawals to 401(k) loans.(09:50) When med students should buy disability insurance.(13:32) Making disability premiums manageable in training.(17:03) Is disability insurance truly necessary?(24:09) GSI policies vs. fully underwritten ones. Your Roth IRA Isn’t a Down Payment Strategy We get why people look to their Roth IRA when buying their first home; it feels accessible, and technically, the IRS allows up to $10,000 of gains to be withdrawn penalty-free for a qualifying first-time purchase. But that move comes with big trade-offs. You're not just taking money out; you're giving up the compounding, tax-free growth that makes the Roth so powerful over time. For physicians, especially, whose earnings potential compounds alongside their investments, pulling from a Roth early is almost always a step backward. Instead, we suggest exhausting smarter options first, like physician mortgages that offer zero percent down and avoid private mortgage insurance. If you're tempted to touch the Roth, it’s likely a sign that the timing of your purchase might be too soon. The takeaway: your Roth is a long-term asset. Treat it that way. Disability Insurance Isn’t Optional - It’s Foundational Too many physicians treat disability insurance like an afterthought, something to handle later when they’re making more or finally “settled.” But the risk of becoming unable to work, even temporarily, is real. And unlike life insurance, the odds of needing disability insurance during your working years are much higher. That’s why getting coverage early isn’t just smart, it’s essential. The younger and healthier you are, the better your pricing and options. Wait too long, and even a small health issue could disqualify you or lead to costly exclusions. We also dig into how to make this work on a resident’s budget. Graded premium structures let you start with lower monthly costs that rise over time, giving you solid protection without gutting your cash flow. If you’re in training or transitioning into your first attending role, this is the moment to get it done. Don’t wait for “later” to turn into too late. GSI Policies Are a Great Start - But Don’t Stop There Guaranteed Standard Issue policies are a gift for trainees, they don’t require medical underwriting and ensure coverage even if your health history isn’t perfect. But once you’ve locked in a GSI, the smart move is to see what else might be available. We often recommend comparing it with a fully underwritten policy to check for better pricing, added benefits, or more tailored coverage. You’ve got nothing to lose and possibly a lot to gain. And keep in mind, it doesn’t have to be either-or. For many physicians, keeping the GSI as a foundational policy and layering on another plan is the best way to maximize benefits. Especially if your career and income are about to scale, make sure your disability coverage scales with it. 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 ...
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    29 mins
  • Why Your Disability Insurance Might Not Work When You Need It Most, Ep 29

    Why Your Disability Insurance Might Not Work When You Need It Most, Ep 29
    May 15 2025
    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 own-occupation” means, why group policies might leave you stranded, and how terms like “specialty-specific” can change everything when it comes time to file a claim. Alongside co-hosts Chad Chubb and Tyler Olson, Stephanie unpacks how to evaluate a policy, which riders matter, and why being a non-proceduralist doesn’t mean you’re safe. If you’re a physician who thinks you’re already covered, this conversation may be the wake-up call you didn’t know you needed. 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... (0:00) When “covered” doesn’t mean protected(06:28) Losing a career—and finding a calling(09:28) Why her team doesn’t work on commission(10:59) What “own-occupation” really covers(14:44) The fine print that costs doctors everything(24:55) The rider that looks helpful, but isn’t(34:42) Why cognitive issues can end any career The injury that ended her clinical career and launched a mission Dr. Stephanie Pearson was an OB/GYN who thought she’d retire on her own terms. But one emergency delivery changed everything. After being kicked during a high-stakes birth, she suffered a torn labrum, nerve damage, and frozen shoulder, ending her surgical career. Then came the shock: her group policy didn’t cover work injuries, her private policy had gaps, and workers’ comp denied her. What began as devastation became a mission. She studied policy fine print, passed exams, and built a firm advocating for physicians. Her story isn’t just about injury, it’s about a failed system and the purpose she got out of it. Why your disability policy may not mean what you think it does Physicians often assume they’re covered, especially through an employer plan, but most don’t realize how misleading policy language can be. Stephanie explains how terms like “own occupation” or “specialty-specific” vary by carrier, and how group plans often include pitfalls like two-year limits or shifting definitions. Some define your job using national data, not what you actually do. That means you might still be able to work, but not in your specialty, and lose benefits. Payouts aren’t automatic. Underwriting can be slow and frustrating. Stephanie shares questions physicians should ask: What’s excluded? How long is mental health coverage? Does the definition of disability change? If the answers aren’t clear, your policy might not catch you. Disability insurance isn’t just for surgeons It’s a myth that non-proceduralists don’t need coverage. Stephanie shares stories of psychiatrists, internists, and pathologists whose careers were derailed by illness or injury. Most claims her firm sees aren’t about physical limitations. Cognitive issues, mental health struggles, and chronic illness can be just as disruptive. If your income supports your life, you need protection. Whether you’re building wealth or are already financially stable, the goal is the same: if something happens, you’ll need a trustworthy plan. 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 PearsonRavitz official site - https://pearsonravitz.comStephanie Pearson bio page - https://pearsonravitz.com/team/stephanie-pearson-md/ Connect with Stephanie Pearson Connect with Stephanie Pearson on LinkedIn 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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    41 mins
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