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Welcome to the latest episode of the Physician Cents Podcast, where we explore complex financial topics tailored specifically for physicians. Whether you're a medical student, resident, fellow, or attending physician, you're going to find valuable insights that can help you increase your financial IQ, further your financial journey, and improve your overall well-being. Hosted by Chad Chubb and Tyler Olson, let’s dive in!
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Starting a new year is the perfect time for reflection and goal-setting. For physicians, there's no better resolution than taking control of your finances and personal life. With demanding schedules and high-pressure work environments, financial peace of mind directly affects your quality of life and mental health. Yet, so many physicians overlook the basics—no plan, no safety net, and no time to enjoy the fruits of their labor. Let’s change that.
Here’s a practical guide filled with actionable New Year’s resolutions to help physicians start 2025 on a strong financial and personal footing.
A financial plan is like the foundation of a house—it holds everything together. Unfortunately, most physicians say, “I have it all in my head.” That’s not enough.
Your mind isn’t a reliable storage system. Life gets busy, and memory fails. Worse, unexpected events—like injury—can wipe out that "mental blueprint." A written plan keeps things concrete and clear.
When it’s on paper, you can review it, adapt as needed, and identify weaknesses. You might uncover things you haven’t thought through, like retirement goals, tax strategies, or emergency funds.
Following a written plan isn’t rigid—it’s empowering. It helps you decide goals and track progress. Think about it: would you ever walk into surgery without a game plan? Your finances deserve the same preparation.
If creating a plan overwhelms you, seek help. Use online courses, hire a professional, or delegate tasks. The goal isn’t perfection; it’s action.
Debt is a source of anxiety for many physicians, especially those just starting out. Student loans, credit cards, and mortgages pile up fast. If you feel buried, you’re not alone.
It can feel like an immovable boulder. Many residents, strapped for cash and saddled with six-figure debts, worry constantly. The truth is, debt doesn’t have to control your life.
Start by understanding your loans. Which ones have high interest? Can any be refinanced? A little education goes a long way toward removing fear.
Here’s what you can do right now:
Knowledge reduces fear. Once you create a plan, you’ll see that debt is manageable—and temporary.
Your ability to earn is your biggest asset. That’s why disability insurance is a must. Yet, too many physicians delay this essential coverage until it’s too late.
Jim Dahle, The White Coat Investor, learned this firsthand in 2024 after a serious mountain climbing accident. While he was lucky to recover, his temporary disability drove home the importance of income protection.
If you rely on your income—or others depend on it—disability insurance is non-negotiable. The earlier you get it, the better. Waiting until after residency risks exclusions or higher costs due to new health issues.
Look for a policy with these essentials:
Don’t rely solely on employer-sponsored plans. They’re often inadequate and non-portable. Make this the year you secure your future.
Many physicians struggle to spend on themselves. After years of frugality, loosening the purse strings feels wrong—but it’s necessary for a balanced life.
Physicians often save for retirement and pay off debt but leave no room for joy. That’s a mistake. Set aside money for things that make you feel alive.
Think vacations, hobbies, or experiences that enrich your personal life. Without these, life feels like a never-ending grind. You can always make more money. Time? That’s irreplaceable.
Life isn't just about working harder; it’s about enjoying the journey.
Physicians know better than anyone that health is wealth. So why do so many put their own wellbeing last?
Poor health can disrupt retirement and tank wealth. Physical fitness directly impacts your quality of life. Whether it’s regular gym visits, hiking, or even a Peloton, staying active today ensures you’ll enjoy tomorrow.
Set realistic goals that fit your schedule. Even small changes—walking daily, meal prepping, or joining a yoga class—can make a big difference.
Physicians often fall into the trap of collecting investments. Individual stocks, random funds, cryptos, rental properties—it’s a mess waiting to happen.
Every "hot" investment or tip isn’t worth acting on. Random investments lead to cluttered portfolios and create long-term inefficiencies.
Instead, aim for a simple, diversified approach. A core portfolio of low-cost index funds, aligned with your risk tolerance, covers almost every need. Investing doesn’t have to be sexy to work.
Schedule portfolio reviews once a year. Align your investments with your goals, and resist making emotional decisions during market highs or lows. Simplicity fosters clarity and confidence.
New Year’s resolutions often fail because they’re forgotten. Fix that by scheduling monthly financial reviews.
Treat this like a business meeting for your household. Regular reviews keep goals top of mind and highlight progress or areas needing adjustment.
Ask yourself (or your partner):
Routine accountability ensures long-term success.
Divorce is expensive—financially and emotionally. That’s why maintaining healthy relationships is a financial issue as much as a personal one.
Married couples build wealth faster and more effectively than single or divorced individuals. Investing in your relationship is a strategy for long-term stability.
Schedule monthly dates with your partner. It doesn’t have to be extravagant; time together is key. From walks to coffee dates, prioritize connection. A thriving relationship is priceless.
If you’re serious about getting a jumpstart on your financial literacy and Wellness, consider attending the Physician Wellness & Financial Literacy Conference (WCI Con 2025) in San Antonio.
This event is tailor-made for physicians. It covers everything from wealth-building and tax planning to improving work-life balance and avoiding burnout. You’ll meet like-minded professionals, network in a supportive environment, and leave inspired.
Even if you can’t attend in person, virtual options let you learn from anywhere.
There’s no better time to take control of your finances and wellbeing than now. Physicians work hard, but true success comes when you pair that effort with intentional decisions in your personal and financial life. Start small. Write down a goal, create a plan, and commit to regular check-ins. Secure your health, protect your income, and enjoy the life you've worked so hard to build. Let 2025 be the year you truly take charge.
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.
This information is for general purposes only. This information is not intended to be a substitute for specific professional financial, tax, or legal advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.
Wealthkeel’s Advisory Services and Financial Planning offered through Vicus Capital, Inc., a Federally Registered Investment Advisor. WealthKeel LLC, 615 Channelside Drive, Suite 207, Tampa, FL 33602 -- 267.590.9533.
Olson Consulting LLC, Offering Advisory Services and Financial Planning, is a State-Registered Investment Advisor.
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.
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Conversations helping graduating medical students to attending physicians build a strong financial foundation
