.png)
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!
Watch this episode instead (Don’t forget to subscribe 🙏):
Listen to this episode instead (Once you love it (we know you will 😉), please leave us a review):
Follow Us:
Join the Physician Cents Newsletter: Conversations helping graduating medical students to attending physicians build a strong financial foundation
🚨 Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients.
Life for physicians comes with some big milestones—graduating, getting engaged, signing that first contract, or transitioning out of training. Each of these changes brings excitement, growth, and, let’s face it, a wave of new financial questions. Student loans, changing incomes, and new investment options can complicate things in an instant. It’s easy to feel overwhelmed. This guide walks through real questions and insights on student loan strategy, tax decisions, and practical investing tips so you can make confident choices as your career evolves.
Big events like graduation, marriage, or a new job change more than just your status on LinkedIn. For physicians, these changes can shift student loan repayment strategies in major ways—especially when forgiveness programs like Public Service Loan Forgiveness (PSLF) are involved.
Higher income opens doors, but can also close off some repayment plans or suddenly drive up monthly payments. When one partner has a high income and the other carries large federal loans, your choices around when to marry and how to file taxes matter even more.
It’s easy to wish for a one-size-fits-all answer, but with student loans, context is everything.
When considering marriage and student loans, physicians face a major question: Will our combined income impact monthly payments and forgiveness eligibility? The answer is yes—especially under income-driven repayment (IDR) plans and PSLF. The most important factor becomes how you file your taxes once married.
Your choice between Married Filing Jointly or Married Filing Separately influences your reported income for repayment calculations. How much it matters varies by your state—especially if you live in a “community property state,” where all income is considered shared.
Community property states (like California or Texas) add another twist. In these states, each spouse's income is split 50/50 between both tax returns. Sometimes, this makes Separate filing less useful if there’s a big income gap.
To dig deeper into PSLF and loan forgiveness strategies, check out this complete guide to Public Service Loan Forgiveness.
Some couples consider waiting years to get married just to keep PSLF and IDR payments lower. This strategy can sometimes save tens of thousands of dollars, but at what cost?
Illustrative Example of Trade-Offs:
Key takeaway: PSLF is helpful, but holding off on a major life event for years just to optimize forgiveness is rarely the best move. Numbers are important, but relationships and well-being matter just as much. Weigh both sides before making your decision.
Recent policy changes—including shifts in the SAVE plan and forbearance rules—have left many physicians in limbo. This is even truer for couples where both partners hold loans and both want to qualify for PSLF.
With application windows closing or guidance being updated, sometimes the best move is simply to wait. Policy can shift overnight, and the most current information isn’t always clear.
If you’re in forbearance or waiting on SAVE updates, don’t panic. The dust will settle, and most guidance suggests waiting rather than making hasty moves that could backfire later.
Stay tuned for new updates from trusted financial podcasts and keep an eye on reliable sites like the IRS estimated tax payments page for changes that affect your repayment or tax status.
Your first year as an attending brings new income, new tax brackets, and common tax mistakes. Even if you’ve prepared your own taxes before, this is the year to get expert insight. That doesn’t mean signing on with an expensive planner. Even a single-year engagement with an accountant can help you avoid easy-to-miss errors on:
Professional help pays for itself if it keeps you from IRS headaches.
If you change jobs midyear, watch out: retirement plan limits don’t reset just because you switched employers. Money you contributed to your 403(b) or 401(k) while in fellowship counts toward your annual contribution cap, even if the accounts are with different employers. Over-contributing means untangling messes with the IRS down the road.
Here’s a very common scenario: you think your income is low enough in January, but by year-end—with bonuses and attending pay—you fly past the income threshold for Roth IRA contributions. This makes your entire direct Roth deposit for the year “excess,” and it needs to be fixed.
Steps to Fix Excess Roth IRA Contributions:
Physicians often receive irregular, large payments, such as:
Understand:
If you receive taxable income without withholding, you need to make quarterly estimated tax payments. Missing these deadlines leads to penalties.
Estimated tax payment due dates in 2025:
Use the IRS estimated taxes page to stay current. For state income tax, check your state’s revenue website.
Physicians often ask if they should “get more advanced” with their retirement accounts by using actively managed small cap value funds from companies like DFA or Avantis, even though these are more expensive than simple index funds.
Recent data shows these actively managed funds sometimes outperform the index after fees, but not consistently over time. Consider this:
DFA Small Cap Value Fund Performance (2020–2025):
Avantis Small Cap Value Fund Performance (2020–2025):
Some years justify the extra fees, others don’t.
It’s tempting to chase higher returns by picking “elite” funds, but the real driver of long-term wealth isn’t optimizing which small cap value fund you own—it’s:
Here are some investment principles to live by:
Focus on index funds and simplicity. Keep saving. Don’t get wrapped up in emotions or short-term results. Spend time outside the portfolio—literally. Go outside, be with loved ones, and enjoy life.
If researching fund strategies is a true hobby—something you’d do on a Saturday because you love it—go ahead and experiment around the edges of your portfolio. Otherwise, physicians generally benefit more by keeping things simple and putting brainpower toward bigger returns, like boosting income, reducing taxes, or finding work-life balance.
The details around student loans, taxes, and investing can feel never-ending for busy physicians. The best takeaway: don’t lose sight of the “big picture.” Your financial plan should be clear, simple, and let you live your life, not make you a prisoner to spreadsheets.
Enjoy your career milestones—graduation, your first contract, marriage, or even the leap from fellow to attending. Talk about money often and openly with your partner. Make conscious, human choices, not just financial ones.
Helpful Resources:
Every big financial decision is a chance to grow, not just your savings, but your freedom and happiness. Keep it straightforward, stay focused, and live fully—on your own terms.
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.
.png)
Conversations helping graduating medical students to attending physicians build a strong financial foundation
