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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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What happens when your plan gets punched in the gut by life? If you have kids, you know the sound of a fall that turns your blood cold. In one instant, everything you thought mattered slides into the background. That is the tension at the center of this discussion: the value of life, love, and time, set against the tools of money, planning, and goals. This is for physicians who care about both, and want a practical way to keep them aligned.
You will find honest stories, simple frameworks, and real questions worth asking. Not to blow up your plan, but to sharpen it around what actually matters.
Rain. A quick bathroom stop. A kid running ahead. Then a fall. That was the moment that shifted the whole conversation.
“It was raining, and we were just going to stop to use the bathroom. On our way back to the car, our son tripped and fell and he hit his head really badly.”
Cue the heart-stopping fear. The dash to the ER. The wait that feels like a week. He was okay. Stitches, relief, and a quiet drive home. Looking back, it was not a lifealtering event. But in the moment it felt like it could be, and that feeling makes you sit with some big questions.
It ended well. It still shook the whole tree. Because if it had gone differently, that would not be about net worth or withdrawal rates. It would be about people, time, and how we used both.
Physicians know this more than most. Your job is high stakes. The grind can blur your priorities if you are not careful.
There is a tension many of us feel, and it shows up in different philosophies. On one side, the drive for financial independence, the classic save-and-invest plan. On the other, ideas like Die With Zero that say spend on experiences while they matter most.
Here is the honest bottom line. You can hold both ideas at once.
Neither camp is wrong. The money you save buys choices later. The time and experiences you invest in today build a life worth protecting. The order matters. The sequence matters. Your values matter most.
Money is a tool. A powerful one. With a plan, it can improve the quality of life for our loved ones, reduce stress, and open doors.
Useful, yes. But not the goal itself. The goal is a meaningful life that uses money well.
There are moments when something hits hard and you think, none of it matters. A friend in the physician community had one of those moments. Not because he could not manage the numbers, but because the event made the numbers feel small. That is a sign to review priorities. Not to toss your plan, but to ask what your plan is serving.
Let’s say it plainly. Medicine can be a true grind. The hours, the calls, the stakes. It varies by specialty, but the overall pressure is real. Over time, it can nudge your life in a direction you did not consciously choose.
There is a saying that lands hard: no one in the hospital will remember how much you stayed late, but your kids will.
And then there is the wild card thought, the one we all have sometimes: what if you get hit by a bus tomorrow? Would you be proud of how you spent your time?
Both hosts are parents. Both talked about how easy it is to let work expand until it eats everything else. One of them married his high school sweetheart. Both know the years with little kids are short.
A few reminders that help:
That simple line rings in your ears for a reason: no one in the hospital will remember how much you stayed late, but your kids will.
Do people ever call planners a money therapist? Sure. It happens. The honest reply is simple. Therapists are trained in that craft, planners are not. Still, real financial planning often goes far beyond spreadsheets.
Conversations get personal quickly. You start with budgets and investments, then move to careers, time, family, and tradeoffs. That is where the good stuff lives. That is where work-life balance shows up as a real decision, not a poster on the wall.
If you want a thought partner who understands physicians, two good places to start are WealthKeel LLC and Olson Consulting LLC. Not biased at all. 😂
Great planning includes regular self-checks. You can do this with a spouse, a trusted friend, or a planner.
This is not about perfection. It is about being honest and adjusting as your season changes.
Hard moments can tempt you to make big changes. That is normal. It is also a risky time to decide. When you are under great deal of stress, slow down.
You do not have to fix your whole life in a week. You do need to give yourself space before you rewrite the plan.
A few stories from the field paint the picture. These are not hypotheticals, and they are not rare.
Sometimes the right note is not advisor to client. It is parent to parent. More of a “way to go” than a “here is the Monte Carlo.” If you want to follow along with more of these conversations, you can find Chad Chubb on Twitter and Tyler Olson on Twitter.
This comes up a lot. The math matters, and you should run it. You can still hit your goals with a lower FTE, especially if you have already laid strong groundwork. You might not need another raise, you might need another night at the dinner table.
A few patterns worth copying:
These choices are not easy. They are worth it.
Waiting for a scare to rethink your life is a rough strategy. You can run these drills on purpose. Small, regular check-ins beat big, dramatic pivots.
If you like the framework that says experiences carry the most value in the season they happen, the ideas in Die With Zero might spark good thinking. You do not have to agree with every line to benefit from the questions it asks.
In planning sessions, ask for “what if” scenarios. See the ripple effects before you change anything.
No guesswork. Just tradeoffs on one page.
Let’s land where we started. Money is a tool that protects and supports the people you love. Life is the point. The best plans align dollars with days and goals with values. Be clear about your priorities, talk about them out loud, and then let your calendar match your convictions.
One last nudge for all Physicians reading this: tomorrow is never promised. Use your plan to live the life you actually want, not the one inertia hands you. If you want a sounding board from folks who work with doctors all day, you can explore advisors at WealthKeel LLC or Olson Consulting LLC.
Thanks for reading. What small shift would bring more life into your week right now?
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
