Podcast
Physician Family Finances Podcast
Hosted by Nate Reineke · EN
Are you a dedicated physician mom or dad, striving to balance your practice and family while securing your financial future? With the demands of work and family life, navigating the complexities of investment options, tax laws, and retirement planning can be overwhelming.
Join Nate Reineke and Chelsea Jones, seasoned Certified Financial Planner™ professionals, on a mission to empower physician parents like you with the knowledge and tools needed to achieve long-term financial security. Through our podcast, we provide expert financial advice tailored to physicians, covering essential topics such as wealth management, retirement savings, tax-efficient investing, and estate planning.
Gain valuable insights into wealth accumulation strategies, investment strategies, and asset allocation techniques to optimize your financial portfolio. Enhance your financial literacy with practical budgeting tips and learn how to set and achieve long-term financial goals. Discover effective risk management strategies to protect your assets and ensure a secure future for your family.
Whether you're planning for retirement, saving for your children's education, or considering estate planning options, our podcast offers actionable advice to help you make informed decisions. Explore college savings plans, retirement income strategies, and specialized financial planning for physicians to maximize your financial well-being and investment.
Subscribe now to our podcast to access guidance on navigating the complex world of finance and visit https://physicianfamily.com/podcast to learn more about how we can help you achieve financial peace of mind and secure your future investments
See Marketing Disclosure at www.physicianfamily.com/disclosures
39episodes
Episodes
Newest firstAll episodes
#177 Should You Skip a 529 Without a State Tax Break?
2w ago00:18:38Tap to summarizeWhen planning for your children's future education, a lack of an upfront state income tax deduction can make saving feel like a raw deal. Nate Reineke breaks down a question from a Florida surgeon tempted to skip 529 plan contributions entirely because the state lacks a state income tax break. We discuss why focusing solely on short-term deductions can miss the benefit of long-term tax-free compounding growth. We also answer your colleagues’ questions. A double-doctor family in Kansas says, “We did our Backdoor Roth conversions this year, but I am not sure TurboTax coded it right when we filed. How can I tell?” An anesthesiologist in Oregon asks, “I am applying for disability insurance but there is a lot of paperwork, and I am unsure about how to do this the right way. What should I do?” Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#176 Remodel or Relocate: Should Doctors Stay or Should They Go?
3w ago00:31:23Tap to summarizeWhen you need an extra bedroom and a bathroom remodel, it is incredibly easy to turn a lifestyle dilemma into a stressful math equation. Nate Reineke and Chelsea Jones look at a question from a double-doctor family in Virginia who have been in their home for three years and absolutely detest the idea of packed boxes and changing neighborhoods, but feel guilty about the massive price tag of remodeling. We break down why this might not be a a financial question at all and how he real choice comes down to which type of chaos you prefer: the brutal inertia of moving your kids to a new school district, or living in a dusty construction zone for a summer. We also answer your colleagues' questions. An oncologist in Washington says, “Everybody online is saying I should pay my student loans off as fast as possible, then start investing. I am not overly concerned about my loans, but I don’t want to do the “wrong” thing. Should I invest or pay down my student loans aggressively?” A Double Doc family in West Virginia asks, “We are receiving a surprise increase in income this summer (additional $75k per year between the two of us). What should we do with the extra cash?” A Double Doc family in Florida wonders, “I actually like being “ignorant” about spending money at the grocery store… but I sometimes feel guilty about it. Should I be more budget-conscious?” Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#175 Encore Episode: A Physician’s Guide to Life Insurance with Brian Leet, MBA, FLMI
4w ago00:45:00Tap to summarizeOur Summer Encore Series continues! We’re revisiting episode 138, where we chatted with Brian Leet about life insurance. Life insurance is becoming a standard benefit for employers to offer, but is the group policy enough for a doctor like you? Nate Reineke is joined by Brian Leet, who helps families across the country navigate life and disability insurance. We discuss what to consider when calculating a life insurance policy, and when group life insurance through an employer isn’t enough. We also break down when a permanent policy may make more sense compared to a term policy, and how a conversion rider on a term policy could be beneficial to physicians who are just starting. If you’d like to work with Brian, he can be reached at brian@incomepa.com or 503-928-4103. Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures Guest speakers featured are independent third parties and are not affiliated with Physician Family. No cash or non-cash compensation was provided to or received by Physician Family in connection with any guest appearance. The views and opinions expressed by guests are their own as of the date of recording and do not necessarily reflect the views of Physician Family. Physician Family's decision to feature a guest is not a recommendation or endorsement of the guest or their products or services. Similarly, appearance on the podcast should not be construed as an endorsement of Physician Family.
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#174: Encore episode: VUL-nerable No More: Unwinding Variable Universal Life Insurance for Doctors
Jul 100:29:04Tap to summarizeToday we're going all the way back to episode 40.Do you remember that guy? The friendly insurance agent you met as a resident, back when you assumed everyone was as well-intentioned as doctors are. Your family was vulnerable then, and instead of a load of inexpensive term life insurance, you walked away with variable universal life (VUL), sold on the tax angle (which can be legitimate in certain situations but the problem is that for most physicians early in their careers, the high costs and structure make it a poor fit at that stage). We walk you step-by-step through how to unwind that decision without leaving your family exposed. And if you somehow sidestepped this one during residency, forward it to a friend who's still trying to figure out how to protect their family. Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#173 Think Twice Before Rolling Your Old 403(b) into a Traditional IRA
Jun 2400:26:59Tap to summarizeWhen you change jobs, a rollover rep may offer to help move your old retirement account, stressing how much control you'll have over your investment options in an IRA. But is that what this decision is really about?Nate Reineke and Chelsea Jones take a question from an OBGYN in South Carolina moving about $400,000 from former employers. A rollover rep is steering them toward an IRA instead of their new 403(b). Nate and Chelsea unpack what that call is really offering: an account with potentially higher investment management fees, plus a tax wrinkle many physicians miss. Pre-tax dollars in a traditional IRA can complicate a future Backdoor Roth. Rolling old funds into the new 403(b) is often worth a look, though the right move depends on your situation. We also answer your colleagues' questions. An Emergency Medicine Doc in Washington wonders, “We have about $5,000 in credit card debt, no emergency fund, and we want to start investing. Should we crush the debt, build savings, or start investing first?” An Orthopedic Surgeon in Ohio asks, “I have a practice partnership buy-in coming in about two years, and it looks like I'll either have to pay cash or take a roughly cut-in-half salary for two years to fund it. Should I take the salary reduction, or find another way?” An Orthopedic Surgeon in New York says, “I'm thinking about a "coast FIRE" approach or a mini-retirement so I can be more present while our kids are still at home. Is it financially feasible for us to pause or scale back mid-career?” Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#172: Encore Episode: #127 A Physician Parent’s Guide to College Admissions with Lorry Krone, M.A., C.A.C
Jun 1700:35:07Tap to summarizeWith summer starting, we wanted to revisit the hot topic of college! Enjoy this encore episode with College Admissions Counselor, Lorry Krone, M.A., C.A.C. As a physician parent, you went through more school than the average Joe. You may think you know the system but, college admissions is constantly evolving. Listen in as Nate Reineke and Ben Utley are joined by Lorry Krone, M.A., C.A.C, a certified college admissions counselor. From the San Francisco Bay Area, Lorry helps students from across the country get into the school that is the right fit for them. We discuss some of the best practices that you can start with a young child, what helps kids stand out, some common myths and misconceptions that parents have, and why it is important to have a list of college options. If you want to work with Lorry, you can reach her at lorrykrone@gmail.com or visit their website, andersonandkrone.com. See marketing disclosures at physicianfamily.com/disclosures Guest speakers featured are independent third parties and are not affiliated with Physician Family. No cash or non-cash compensation was provided to or received by Physician Family in connection with any guest appearance. The views and opinions expressed by guests are their own as of the date of recording and do not necessarily reflect the views of Physician Family. Appearance on the podcast should not be construed as an endorsement of Physician Family.
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#171 Is Vanguard Really the Gold Standard for Physician Families?
Jun 1000:18:22Tap to summarizeWhat would you do with an uninterrupted four-hour block of quiet time? Nate shares how a family flight to Hawaii turned into a deep dive into the wartime history of Vanguard and its legendary founder, Jack Bogle. Nate highlights several foundational investing concepts that physician families may find helpful when evaluating long-term financial planning decisions. Nate also dives into the fascinating history behind why Vanguard was named after a British battleship and how Jack Bogle walked away from billions in personal wealth to keep profits in the pockets of everyday investors. He explains why Vanguard became the default many investors and how buying a piece of the entire market can make for a smoother ride compared to picking individual stocks. We also learn about "The Bogle Effect" and why you may not be at a financial disadvantage if your employer 403(b) or retirement account is housed at Fidelity or Schwab instead of Vanguard. Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#170 The Coffee & Cream Trap: Why "Empty" IRAs Can Still Trigger a Massive Tax Bill
Jun 300:27:34Tap to summarizeWhen you're trying to execute a clean backdoor Roth IRA, having a completely empty Traditional IRA account feels like a green light. But does the IRS see it that way? Kyle Hoelzle and Chelsea Jones answer a critical question from a Pediatric Endocrinologist: “If I fund and convert an empty IRA, why does my separate rollover IRA balance still matter?” Kyle breaks down the IRS Pro Rata Rule using a simple analogy we can all relate to, coffee and cream. Your pre-tax rollover dollars are the bitter coffee, and your new after-tax contributions are the cream. You might keep them in separate accounts, but the IRS views all your IRAs as one giant mug. When you convert the "cream" from your empty account, the IRS forces you to take a proportional spoonful of the entire mixed mug—triggering an unexpected tax bill on your old rollover balance. Listen in to learn how to spot this trap, use Form 8606 to prevent double taxation, and safely "clean" your accounts for a tax-free backdoor Roth. We also answer your colleagues' questions. Neurosurgeon in Connecticut says, “I have been reading up a little bit more on Trump accounts. Initially, I thought this was only for newborns, but now I understand that it is eligible for children less than 18 years of age, and we can contribute up to $5000 per year, starting July 5 this year. Our older son is turning 18 on July 17. Are we able to open an account for him? I saw some IRS website fine print implying that children are eligible as long as they do not turn 18 in the calendar year of the election, so it’s a bit confusing. Do you have any guidance?” Spouse of a Dermapathologist in Pennsylvania asks, “I want to take a withdrawal from my taxable investment account to buy a car, but I only want to sell my bonds to minimize my tax bill, but doing so will liquidate all of my bonds. Is this OK?” A Double Doc Family in Illinois is thinking about starting Social Security for the retired spouse this year on their 66th birthday. The wonder “Does that make sense to do, or should we wait?” Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#169 Is Physician Workplace Insurance Enough to Protect Your Family?
May 2700:32:35Tap to summarizeAs a busy physician mom or dad, you put everything into your practice and your kids, meaning you want to make sure you're doing the absolute right thing with the money you earn. But when it comes to safeguarding your family’s future, is the life and disability insurance offered through your hospital or employer actually enough? Nate Reineke and Chelsea Jones tackle a "doozy" of a listener question from a Pulmonary Critical Care physician in Florida who asks, “I have life and disability insurance at work... do I need more?” We dive deep into the specialty trap of group disability, explaining why standard workplace policies often lack true "Own-Occupation" protection. Without this crucial distinction, you could be left empty-handed if an illness or injury prevents you from practicing pulmonary critical care specifically, even if you are technically healthy enough to work a general job elsewhere. Furthermore, employer-sponsored payout caps fail to cover a doctor's real-world financial needs, making it nearly impossible to simultaneously keep up with household bills, fund college savings, and stay on track for retirement. We also play a round of “asking for a friend” and answer your colleagues' questions. An ENT in New York says, “I have a whole life policy that I want to get out of, but I don’t qualify for low-cost term insurance anymore. What should I do?” A Neurologist in California wonders, “My in-laws want to contribute money to my children’s college funds each month. Should we have them do a grandparent 529? I’ve heard they’re more beneficial.” A Dermatologist in New Hampshire asks, “Our circumstances have changed, and we now need to buy a bigger house while raising our children. We don’t want to lose progress on our college and retirement plans. How should we consider this decision?” Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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#168 Why Your Physician Portfolio Doesn't Need to Be Busy
May 2000:27:01Tap to summarizeBetween managing a packed clinic and a chaotic home life, the last thing any physician needs is a financial statement that looks as cluttered as a playroom floor. Nate and Kyle tackle a question from a Washington dermatologist who is tired of seeing dozens of confusing tickers when their only goal is to grow wealth. We pull back the curtain on why advisors often overcomplicate portfolios, from the statistical "vanity project" of trying to beat the market to the logistical mess created by tax-loss harvesting. We also break down why 90% of active managers fail to outperform a simple index net of fees and explain why a "busy" portfolio might actually be a red flag. We also answer your colleagues' questions. A Urologist in Utah asks, “How should I decide how much US vs. international stocks to buy?” An Emergency Medicine Doc in New Jersey wonders, “We want to have a third child, but saving for college is expensive. Can we afford having another baby?” Another Emergency Medicine Doc in Texas says, “I just discovered my advisor is double-dipping: charging 1% AUM plus $1,100 a month. When I tried to leave, he claimed I’d owe $100k in taxes to move my money. Is he telling the truth, or is he holding my portfolio hostage?” Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you’re evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures
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