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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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Navigating the financial challenges of medical school is no small feat. For physicians and their families, the journey from student to practicing doctor is often filled with big decisions, lingering debt, and the pressure of securing long-term stability. Steve Sample, an emergency medicine physician and first-generation doctor, shares his story of balancing family responsibilities, career aspirations, and financial realities. His experiences remind us that the road to medicine is rarely straightforward—but it’s always worth the effort.
Imagine being 23 years old and staring down $280,000 in student loans—before even a single day of earning a paycheck. For most young adults, it’s an amount that doesn’t even feel real. Add accumulating interest, often hovering around 9%, and that number rockets closer to $450,000. The emotional burden of this debt is staggering.
As a parent, Steve Sample faced this uphill battle when helping his daughter start medical school. While the excitement and pride of seeing her take this path was immense, the financial implications added a layer of fear. Parents supporting future physicians walk a fine line between wanting to help and recognizing the importance of teaching financial independence.
How much should parents contribute to their child’s education? It’s a question loaded with emotion and practicality. For Steve, the decision was to help with essentials like rent, groceries, and even a low-interest loan—but not to cover everything. Maintaining this balance allows his daughter to focus on her studies while also keeping some “skin in the game,” a concept Steve holds dear.
This approach also includes fairness among his children. Steve acknowledges that providing significant support to one child for medical school brings questions of equity for his older daughter, who has already begun her career. Clear communication within the family ensures everyone is on the same page.
If you think tuition is the only cost of med school, think again. The fourth year is financially crushing for most students. Between residency applications, interview travel fees, and housing for away rotations, it’s often referred to as the "bleeding year." Steve emphasizes the importance of planning ahead for these unavoidable costs.
Adding to the frustration, many schools charge full tuition for the fourth year, even as students spend most of their time off-campus working in hospitals or traveling for interviews. While some interviews are now virtual, especially for less competitive programs, high-demand specialties often still require in-person visits—racking up even more expenses.
Steve relied on the Air Force HPSP (Health Professions Scholarship Program) to fund his own medical education. In exchange for covering tuition, the scholarship required several years of service, including two deployments to the Middle East. It was a route born out of necessity rather than choice, given financial constraints at the time.
Reflecting on this decision decades later, Steve wonders if taking loans instead would’ve given him more flexibility in his career path. For his daughter, the conversation about loans versus other funding options has involved weighing the pros and cons of Public Service Loan Forgiveness (PSLF) programs, which are available for doctors working in nonprofit settings. However, with interest rates climbing, the cost of borrowing remains daunting.
Physicians often get a late start when it comes to saving for retirement, thanks to long years of training and massive student debt. Steve is determined to make sure his kids don’t make the same mistake. His oldest daughter, for instance, began contributing to a Roth IRA as soon as she started her first job. By the age of 26, she had already saved $86,000 for retirement—far ahead of where her father was at that age.
Steve’s advice is clear: Start small, start early, and let the power of compound interest work in your favor. For medical students and residents, who are often cash-strapped, even modest monthly contributions to tax-advantaged accounts can make a significant difference over time.
The decision of what specialty to pursue is a deeply personal one, but student debt often looms large in the background. For Steve’s daughter, her initial interest in pediatrics shifted as she learned about the financial realities of starting salaries versus loan repayment. General pediatrics, a lower-paying specialty, can mean struggling to make ends meet post-graduation.
Steve encourages honest family discussions about these dynamics, emphasizing the importance of finding a balance between passion and financial sustainability. While income shouldn’t be the sole factor in choosing a specialty, it’s impossible to ignore its impact—especially when six-figure student loans are involved.
Physicians are no strangers to burnout, especially those in high-pressure specialties like emergency medicine. As a nocturnist, Steve has spent the majority of his career working night shifts, which take a toll on both physical and mental health. Now nearing 50, he’s rethinking his approach to work-life balance.
One key lesson Steve shares is understanding the value of time. While picking up extra shifts can boost cash flow in the short term, the long-term costs of overworking—burnout, strained relationships, and poor health—can’t be ignored. Financial success is important, but so is staying healthy enough to enjoy it.
For first-generation doctors like Steve, there’s an added layer of pressure in building generational wealth. Coming from a background with no financial cushion, every decision feels heavier. It’s not just about earning money; it’s about breaking cycles of financial insecurity and setting up a better future for the next generation.
At the same time, being a first-generation physician creates a unique perspective. It’s a reminder that success doesn’t come from perfect circumstances but from adapting and persevering. Steve’s journey from aspiring country musician to emergency medicine doctor proves that there’s no one "right" path to achieving your dreams.
Final Thoughts: Keep the Big Picture in Mind. The journey through medical school and beyond is as much a financial marathon as an academic one. For both physicians and their families, it requires careful planning, open communication, and a willingness to make tough choices along the way. Steve Sample’s story is a testament to perseverance, gratitude, and the importance of balancing practicality with generosity. For parents, the goal isn’t to shoulder all the costs of medical school but to help your kids start their careers on solid ground. And for students, understanding the basics of personal finance now will pay dividends—not just in your bank account—but in your overall well-being. Physicians may face unique challenges when it comes to finances, but with the right mindset and tools, those challenges can turn into opportunities. After all, it’s not about perfection—it’s about progress.
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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
