You’ve finished your training and you’re about to start an attending position. Congratulations! What should you do with your newfound cash? Should you pay off your debt? Should you build an emergency fund? Should you go on a vacation?

Here’s an interesting thought—Why not all three?

We advise our clients to do all of these things because they’re all important. Yet it can seem incredibly difficult to prioritize and plan. So in this episode, we’ll lay out how and when we’d tackle each of these areas.

• Why you need to take a vacation [4:33]
• Pay off high-interest debt quickly [10:47]
• Build an emergency fund [18:51]
• What we’re covering in Part 2 [23:05]

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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What is a real estate syndication?

A syndication is a way for multiple parties to pool their funds to purchase an asset. It’s a way to legally aggregate a variety of sources of capital. There’s been a significant rise in real estate syndications in the last few years.

Investing in real estate has become popular—and for good reason. Real estate is full of great opportunities that can be rewarding. There’s money to be made, tax benefit possibilities, and it’s a type of investment that behaves differently. If you’ve got a plan in place for retirement, real estate seems like the logical next step. But is investing in a real estate syndication a good choice?

Dr. Tarang Patel joins us in this episode of Physician Cents to cover real estate syndications, why they’ve become so popular among physicians, and how you can protect yourself and make good investment decisions.

• Compelling question or topic, written to elicit curiosity [0:54]
• Why investing in real estate has become popular [1:54]
• What is real estate syndication? [3:54]
• Why doctors are creating their own syndications [8:31]
• The inherent risks people don’t talk about [13:58]
• The allure of mentorship and coaching [16:00]
• Syndicates offer the appearance of trustworthiness [22:22]
• What physicians can do to protect themselves [26:08]

• The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications
• How Multifamily Syndicators Target their Backers

• Connect on LinkedIn
• Doctor Money Matters Podcast

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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What is a Roth IRA? What are two major issues resident physicians need to be mindful of when contributing to a Roth IRA? Is there a better savings and investment option? If you’re able to start saving on top of paying off student loans and living on a resident’s salary, this is a topic you need to learn more about. That’s why we tackle these questions in this episode of Physician Cents.

• [1:47] What is a Roth IRA?
• [3:01] The two major issues with Roth IRAs
• [4:58] How do we “fix” mistakes?
• [7:24] The backdoor Roth IRA
• [8:37] Pre-tax options: 401K or 403B

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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How much should you have in your emergency fund? Do you need to get disability insurance? These are two questions that can be hard to wrap your head around when you’re learning to live on a resident’s salary. We dive into why each is important and how to navigate allocating money to each in this episode of Physician Cents.

• How much should you have in your emergency fund? [1:34]
• The best places to park your emergency fund [12:09]
• Why you need Guaranteed Standard Issue (GSI) Disability Insurance [15:14]

• Ally
• Wealthfront
• Marcus by Goldman Sachs
• Laurel Road
• Fidelity Money Market funds
• Disability Insurance offered on a GSI Basis

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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What are the pros and cons of the newest income-driven repayment plan: Saving on a Valuable Education (SAVE)? What should you look out for? Who shouldn’t apply for a SAVE plan? These are just a few of the questions we tackle in this episode of Physician Cents. As you’re wrapping up school and launching your career, you need to be mindful of your financial future. Don’t let these issues catch you by surprise.

• Learn more about Tyler’s collaborative teaching effort [2:26]
• Need-to-know changes for Federal Loans [5:08]
• The impact of the one-time adjustment [11:51]
• What is most appealing about SAVE? [15:42]
• Deciding whether to file jointly or separately [19:21]
• Why your long-term student loan plan matters [23:54]
• Who shouldn’t apply for a SAVE plan? [25:33]
• Remaining notes about pesky private loans [27:19]

• The IDR Waiver
• The White Coat Investor
• Student Loan Planner
• StudentLoanAdvice

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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Welcome to the first episode of Physician Cents! We’ve designed our podcast specifically for physicians to simplify complex finances and help you navigate your financial journey alongside your medical journey.

Our first episodes will cover a lot of the conversations you typically have once you've been matched with your residency. In this episode, we’re going to tackle budgeting, and the steps you’ll need to take to pay off Federal and private student loans.

You have a lot of big decisions to make about your financial future as you begin navigating life as a new resident. Let us be the ones to simplify the process for you.

• Itemizing expenses that you know are coming [2:24]
• Budgeting for a resident’s salary [7:57]
• Start tackling Federal student debt [15:14]
• Navigating income-driven repayment plans [26:40]
• Paying down private loans [28:57]

• Federal Student Aid Website
• Public Service Loan Forgiveness Application Form
• The SAVE Plan
• FreeTaxUSA
• YNAB
• Tiller
• Monarch
• SoFI Medical Resident Refinance
• Credible

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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Audio Production and Show Notes by - PODCAST FAST TRACK