Podcast Summary: Jill on Money with Jill Schlesinger

Episode: New Doctor, Am I Doing Enough?
Date: September 29, 2025

Episode Overview

In this episode, host Jill Schlesinger speaks with George, a newly minted physician from California who’s grappling with how to make optimal financial decisions after many years in medical training. George worries about being "behind" his peers, his significant student loan balance, high rent, and navigating his employer's confusing but generous retirement plan. The conversation focuses on setting financial priorities, retirement planning, managing cash flow, and thinking through renting versus buying—all tailored to the realities of an early-career doctor.

Key Discussion Points & Insights

1. George’s Financial Snapshot

• Age: 34
• Job: Doctor, earning $300,000/year (with potential future increases to $315–350k)
• Student Debt: $150,000 in federal loans, enrolled in Public Service Loan Forgiveness (PSLF), with four years completed
• Housing: Renting for $3,300/month; plans to move to a cheaper place when the lease ends
• Current Savings & Investments:
  • $60,000 in high-yield savings
  • $10,000 in brokerage ($12,000 now)
  • $52,000 in Roth IRA (contributed during residency and backdoor last year)
  • $74,000 in 401(k)

2. Student Loan Repayment & PSLF Concerns

• Payment Status: Just started making standard payments ($900/month, rising to $1,700/month soon).
• PSLF Anxiety: Concern about policy changes, especially potential loss of non-profit status for his employer. Jill advises to "keep an eye on changing rules," but reassures him that being already part-way through PSLF lessens his risk.
  Quote:

  “The good news is you’ve already set the money aside... I think that you’re right to prioritize during this transition.” (Jill, 08:22)

3. Retirement Plan: Generous but Inflexible

• Plan Feature: After two years of employment, 25% of pre-tax income is automatically deferred into a 401(k) profit-sharing plan (up to $75,000/year).
• Lack of Flexibility: George has no choice in contribution percentage.
• Advice: Jill says absorbing this big paycheck "hit" is crucial and more important than keeping a brokerage account at this stage. She's clear: funneling cash into retirement must take precedence over taxable investing for now.
  Quote:

  "You don’t need to have a brokerage account right now. I need you to absorb this hit of the higher expense of the higher retirement plan. It’s much more important that you absorb that." (Jill, 09:56)

4. Renting vs. Buying & Lifestyle Choices

• No Rush to Buy: George feels pressure because "a lot of physicians I work with are bought houses early ... and it’s hard to know, am I doing enough or is this okay?" (08:12)

  • Jill recommends prioritizing liquidity and retirement over homebuying, especially because George is single and uncertain about staying put.
    Quote:

  "I would absolutely prioritize retirement over a home." (Jill, 08:54)

• Coping with Peer Pressure: Jill validates George's situation and reiterates how personal finance is individual—especially in high-cost areas.

5. Cash Flow Management & Emergency Options

• Immediate Impact: New $1,700/month loan payment + mandatory 25% salary deferral could cause a cash flow squeeze.
• Contingency Plans: If he needs to cover expenses, George can liquidate his brokerage investments and transfer funds to his high-yield savings.
  Moonlighting: Possible, but would result in a "quality of life hit" since he values not being on call. Jill advises to consider this as a “break-the-glass” option in emergencies, not a necessity.
  Quote:

  “That could be a break the glass scenario. ... I’m not saying you have to do it. That’s the only reason I asked, truly.” (Jill, 11:04)

6. What to Do With Any Additional Surplus

• If post-retirement deduction cash flow is positive:
  • Rebuild brokerage/taxable investments.
  • Maintain flexibility in lifestyle and career decisions.
  • Be ready to pivot (e.g., homebuying, relocating, changing jobs) as personal life evolves.

7. How Tied Should He Be to This Job for the Retirement Plan?

• Retirement plan is solid but standard: No need to stay solely for it; other practices may offer similar or even better deals, including some with debt repayment assistance. Quote:

  “Don’t feel like ... ‘Oh my god, this is the greatest plan in the world.’ It’s a very standard plan. ... There are certainly institutions that have more robust plans.” (Jill, 13:17)

Notable Quotes & Memorable Moments

• On Feeling Behind as a New Doctor:

  “I’m relatively new in my job. I have been in medical training for a long time and feel very behind with financial planning. ... I was hoping to get an adult in the room and get some help.” (George, 02:47)

• On Lifestyle Priorities:

  “It would be quite a quality of life hit for me [to moonlight] because you’d be on call and I take no call right now.” (George, 10:52)
  Jill jokes: "Oh, poor you. Okay, no problem, fine. Just our call, that’s all." (Jill, 11:04)

• On Comparing with Peers:

  “A lot of physicians I work with are bought houses early or dual income ... for me, hard to know am I doing enough, or is this okay?” (George, 08:12)

• Jill’s Parting Wisdom:

  “You always have to give yourself as many opportunities as possible. ... Your bailout is: hey, you know what? I can absolutely afford this. And if I had to, like, moonlight... my life might suck for a year or two, but I could do it.” (Jill, 12:37)

Timestamps for Key Segments

• [02:42] George introduces himself and his financial background
• [03:47] Student debt, loan payments, and PSLF details
• [04:59] Retirement plan structure and confusion
• [06:21] Current savings and investments rundown
• [07:58] Discussing forced retirement contributions and rent
• [08:12] George’s main concern: “Am I doing enough?” given peer pressure
• [09:56] Brokerage account vs. retirement focus
• [10:52] Moonlighting as an emergency cash flow option
• [11:34] What to do with possible surplus income
• [13:09] Is the retirement plan a reason to stay in this job?
• [13:17] Jill on job flexibility: "Don't be married to this"
• [14:37] Wrap-up, encouragement, and broader reflections

Tone and Takeaways

• Supportive & Empathetic: Jill reassures George he’s on the right track given his phase of life and unique job situation.
• Jargon-Free Practicality: Advice is pragmatic, direct, and focused on actionable steps rather than textbook theory.
• Personal Finance is Personal: Repeatedly stresses that his choices—especially regarding homeownership and investments—should fit his own life, not others’ expectations.

Ideal for:
Early- and mid-career professionals, especially those in high-skill fields with late earnings surges (medicine, law), who grapple with debt, delayed wealth-building, and conflicting financial advice.

For further questions or to join the show, listeners are encouraged to contact Jill at jillonmoney.com.