The Physician's Guide To Financial Wellness

Over the past two years, there has been a dramatic increase in interest rates from historically low levels, the impact of which has been felt by everyone, regardless of stage of life. In this episode, we take a closer look at this dynamic. We start by explaining what an interest rate is, provide some historical context for how the current environment compares to prior periods, talk about how the impact of higher interest rates varies depending on the stage of life you're in, and wrap things up by sharing some potential strategies and opportunities that are presented by higher interest rates. Resources & People Mentioned Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Facebook Subscribe to The Physician's Guide To Financial Wellness on Apple Podcast, Spotify, and Google Podcast

As we head toward open enrollment season, this episode is dedicated to a deeper dive into Health Savings Accounts (or HSAs). As the title implies, this is one of our favorite financial accounts, and in this episode, we explain why. We start by outlining exactly what an HSA is, talk about the triple tax benefit of it, discuss the investment component of an HSA, touch on some of the different things you can spend HSA money on (including a surprising expense in retirement), and then bring it all together by sharing some of the strategies around an HSA and how we prefer to use it within a financial plan. Resources & People Mentioned Episode #25: Planning for Healthcare In Retirement Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Facebook Subscribe to The Physician's Guide To Financial Wellness on Apple Podcast, Spotify, and Google Podcast

In this episode of the podcast, we discuss five of the most common investment mistakes people make: 1) Waiting for the "right" time to invest, 2) Anticipatory selling, 3) Buying into (or buying more of) the latest "hot" stock or investment trend, 4) Concentrating in one stock or one area of the investment universe, and 5) Chasing income, yield, or a similar theme. For each mistake, we explain what drives it, how it typically materializes, and what you can do to avoid falling victim to it. The universal theme underlying each mistake is human behavior and emotion, which makes for an interesting discussion of how to fight our natural survival tendencies that, unfortunately, don't serve us well as investors. Resources & People Mentioned Episode #48: Lump Sum of Cash to Invest – All at Once or Gradually? Episode #53: How to Manage Your Retirement Paycheck During a Market Decline Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Facebook Subscribe to The Physician's Guide To Financial Wellness on Apple Podcast, Spotify, and Google Podcast

In this episode of the podcast, we do a deep dive into the topic of health insurance. We start out by reviewing some of the key definitions and terminology related to health insurance. We then transition into discussing how to think about your health insurance coverage and how that thought process changes over time. From there, we move on to a breakdown of the two key phases of health insurance (pre-65 and post-65) and talk about the planning opportunities that are available within each phase. And lastly, we wrap up our discussion by explaining how to apply the information and framework of this episode to your own situation in order to create the best health insurance plan for you. Resources & People Mentioned Episode #25: Planning for Healthcare in Retirement Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup healthcare.gov Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Facebook Subscribe to The Physician's Guide To Financial Wellness on Apple Podcast, Spotify, and Google Podcast

In this episode of the podcast, we dive into the always-fun topic of life insurance. We start out by sharing an overview of life insurance and discussing the purpose of it. We then transition into the three general life stages (early-career, mid-career, and late-career/retirement), explaining how your life insurance need changes at each stage and sharing tips and strategies for how to ensure that you have the coverage you need, for the time you need it, while paying as little as possible for it. Resources & People Mentioned Episode #14: Insurance for Physicians – What Types & Amounts You Actually Need Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com Follow on LinkedIn Follow on Facebook Subscribe to The Physician's Guide To Financial Wellness on Apple Podcast, Spotify, and Google Podcast