Cover art for podcast The Physician's Guide To Financial Wellness

The Physician's Guide To Financial Wellness

53 EpisodesProduced by Trent DeBruin, Andrew MusbachWebsite

The podcast dedicated to helping physicians in Michigan turn their professional success into financial success, while enjoying life along the way.CERTIFIED FINANCIAL PLANNER™ professionals Andrew Musbach and Trent DeBruin share actionable guidance on personal finance topics most relevant to Michigan… read more

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How to Manage Your Retirement Paycheck During a Market Decline, Episode #53

September 10th, 2022


As much as we all like to see the stock market go up, periodic pullbacks and bear markets are inevitable. And while these periods don’t feel great …

The Pros and Cons of Target Date Funds, Episode #52

August 10th, 2022


Target date investment funds are an increasingly common option in many employer retirement savings plans (such as 401ks and 403bs). Yet despite their prevalence, not everyone understands exactly what they are and how …

Making Sense of Your Retirement Projections, Episode #51

July 11th, 2022


While retirement (or financial independence) projections are a cornerstone of any comprehensive financial plan, not everyone understands what goes into them, the different ways to run them, or how to interpret and make …

Having a Plan for Long-Term Care, Episode #50

June 20th, 2022


While it’s not the most exciting topic to discuss, long-term care is an important one given how common long-term care events are and their ability to impact a retirement plan due to their potential cost. In this …

5 Ways to Have a Better Relationship With Money, Episode #49

June 6th, 2022


Whether we like it or not, money tends to be an emotional topic and each of us has our own relationship with money based on our personal life experiences. When managing your finances, one of the best things you can do …

Lump Sum of Cash to Invest – All at Once or Gradually?, Episode #48

May 23rd, 2022


It’s not uncommon to find yourself in a situation where you have a lump sum of cash (from selling a home, an inheritance, savings having built up in the bank, etc.) that you want to invest but are having trouble …

Estate Planning 101, Episode #47

May 9th, 2022


While it’s not always the most exciting topic, estate planning is certainly one of the key areas of financial planning. However, despite its importance, not everyone understands the value of estate planning or its …

A Checklist for Reviewing Your Tax Return, Episode #46

April 25th, 2022


Your tax return contains a ton of valuable information that can be quite helpful with it comes to tax planning and managing your finances. The …

A Deeper Dive on Roth IRA Conversions, Episode #45

April 11th, 2022


Roth IRA conversions can be one of the most valuable tax planning strategies in retirement. While we’ve touched on Roth IRA conversions during previous episodes of the podcast, in this episode we do a deeper dive. We …

How to View Your Home Within Your Financial Plan, Episode #44

March 28th, 2022


For most people, your home is the single biggest purchase you’ll ever make and is one of your most valuable assets. However, despite it being so important, not everyone knows how to look at it within the context of …

Asset Location – A Way to Improve Your Investment Return, Episode #43

March 14th, 2022


When it comes to investing, there are very few “free lunches.” Asset location is one of them. In basic terms, it’s a way to improve your after-tax investment return (the one that matters) without taking on more risk, by …

5 Key Things to Address if Retiring in Your 50’s, Episode #42

February 28th, 2022


Retiring earlier than the “traditional” retirement age brings with it a number of unique factors and considerations. In this episode, we dive into five of the most important areas to address if you’re planning to retire …

Tax Planning Versus Tax Preparation, Episode #41

February 14th, 2022


When it comes to taxes, a key distinction to make is the difference between tax planning and tax preparation. Tax preparation is a reactive process that primarily consists of reporting what has already happened in the …

Investing and the “Lifeboat Drill”, Episode #40

January 31st, 2022


When it comes to investing, one of the principles for success is to avoid letting your emotions creep into your decision-making or behavior. Apart from maintaining a proper perspective about how the stock market has …

Should You Change Your Investments as You Approach Retirement?, Episode #39

January 17th, 2022


One of the common questions we hear is how (or if) you should change your investments over time, especially as you get closer to retirement. Most …

What to Do With Old Retirement Accounts (401k, 403b, 457b), Episode #38

January 3rd, 2022


It’s common to accumulate one or more old retirement accounts throughout your career. Perhaps you have a 403b from residency, another 403b from …

Making Sense of Your Pension Options, Episode #37

December 20th, 2021


For anyone with a pension benefit through their employer, you know how confusing it can be trying to understand the value of your benefit and …

Year-End Tax Planning Checklist, Episode #36

December 6th, 2021


While unfortunately there’s no silver bullet to avoid paying taxes entirely, there are a number of things you can do to reduce the amount of taxes …

Explaining Social Security and How to Maximize Your Benefit, Episode #35

November 22nd, 2021


Social Security can be a confusing topic with a lot of moving parts and options, scary headlines about its future, and generally speaking a great deal of misinformation and misconceptions. In this episode, we provide a …

How Much Cash Should You Keep On Hand?, Episode #34

November 8th, 2021


Managing your cash can be a tricky balancing act. On one hand, you want to make sure you have enough for any potential near-term needs and to help you sleep well at night, while on the other hand, you don’t want to keep …

What to Know About Mortgages and Refinancing, Episode #33

October 25th, 2021


When it comes to mortgages and refinancing, there’s no shortage of details and questions that come up. How much should I put down for a down payment? …

Roth or Pre-Tax Retirement Contributions – Which Should You Make?, Episode #32

October 11th, 2021


For most employer retirement plans, such as a 401k or 403b, you have the option of making either Roth or pre-tax (also known as traditional) contributions. However, not everyone understands the difference between the …

It’s Open Enrollment Season!, Episode #31

September 27th, 2021


Open enrollment can be a confusing process. While employers often provide a lot of information regarding your employee benefits, they don’t always …

How to Manage the Emotions of Investing, Episode #30

September 13th, 2021


Investing can be an emotional process and successfully managing your emotions is one of the keys to realizing a positive long-term investment …

Mailbag Episode #2, Episode #29

August 30th, 2021


In this mailbag episode, we answer three different questions: 

#1) I don’t feel comfortable with investing and don’t check my investment accounts, but I’m worried I might be missing something or not taking advantage of …

Mailbag Episode #1, Episode #28

August 16th, 2021


This is our first-ever mailbag episode. In it, we answer three different questions we’ve received: 

#1) I’m not sure if I’m doing everything I can to …

The Key Questions You Should Ask a Financial Advisor, Episode #27

August 2nd, 2021


The world of financial advice and financial advisors can be confusing. Given the industry jargon and huge variability in types of advisors, the way they work with clients, the quality of the advice they give, their …

Debunking 5 Common Myths About Managing Your Finances, Episode #26

July 19th, 2021


When it comes to personal finance, there’s no shortage of advice and opinions out there. Along with that, there also are a lot of myths and misinformation about managing your finances. In this episode, we tackle five of …

Planning for Healthcare in Retirement, Episode #25

July 5th, 2021


Healthcare is a key financial planning item in retirement and one of the many areas that changes dramatically compared to your working years. Specifically, there are two key healthcare planning windows to consider in …

The Annual Financial Plan Checklist, Episode #24

June 21st, 2021


Financial planning is an always-evolving process as life changes and you receive new information. In this episode, we walk through a blueprint for …

5 Strategies for Tax-Efficient Charitable Giving, Episode #23

June 7th, 2021


While we never recommend donating to charity solely for tax purposes, if you’re giving to charity anyway, why not maximize the tax benefit of your …

The “Reverse Budget” – an Alternative to Budgeting, Episode #22

May 24th, 2021


For anyone who dislikes budgeting (ourselves included), this episode provides a great alternative – the reverse budget. By switching your focus from tracking monthly expenses to hitting specific savings targets, it …

Pursuing Early Financial Independence, Episode #21

May 10th, 2021


In this episode, we talk about pursuing early financial independence and what all goes into it. We explain what it means to be financially …

The Waterfall of Retirement Savings by Account, Episode #20

April 26th, 2021


In this episode, we talk about retirement accounts and how to prioritize which ones to save to and in what order. Each physician has certain retirement accounts they’re eligible to contribute to. However, since …

The “Other 20%” of Successful Investing, Episode #19

April 12th, 2021


This episode is a follow-on to a previous episode we did on the basics of investing (episode #5). In that episode, we explained the foundational …

How We Manage Our Own Finances – Part 2, Episode #18

March 29th, 2021


This is a follow-on episode and the second installment of a two-part series on how we manage our own finances. In episode one, we covered …

How We Manage Our Own Finances – Part 1, Episode #17

March 15th, 2021


When it comes to managing your finances, there isn’t always a “right” or a “wrong” way, and the exact approach tends to differ depending on the person and their unique circumstances. In this episode, we demonstrate this …

Your Financial Vital Signs, Episode #16

March 1st, 2021


The concept of vital signs is second nature for physicians. When it comes to personal finance, the idea is that these indicators not only provide a snapshot of your current financial life and help identify potential …

How to Minimize Your Tax Bill in Retirement, Episode #15

February 15th, 2021


Tax planning in retirement doesn’t always get the same attention as tax planning during your working years, which is too bad because, for many people, there’s potential to lower your lifetime tax bill by tens or even …

Insurance for Physicians – What Types & Amounts You Actually Need, Episode #14

February 1st, 2021


Navigating the world of insurance as a physician can be challenging. While insurance is a key part of any comprehensive financial plan, it can be …

The Top 7 Financial Mistakes to Avoid as a Physician, Episode #13

January 18th, 2021


While successfully managing your finances is about more than just avoiding the big mistakes, if you can at least start there you’ll have a good …

How to Create a “Paycheck” in Retirement, Episode #12

January 4th, 2021


One of the biggest changes when making the transition to retirement is giving up the steady paycheck from your employer. In retirement, the responsibility of replicating this paycheck shifts to you, but it can be …

How to Leverage Your “Side Income” as an Employed Physician, Episode #11

December 21st, 2020


Many employed physicians earn side income from things like moonlighting, speaking, consulting, writing, and more. However, not everyone understands …

4 Easy Steps to Be a 403b or 401k Multimillionaire, Episode #10

December 7th, 2020


While the idea of becoming a 403b or 401k multimillionaire might seem like a hard-to-reach goal, it’s actually easier than you might think if you …

Putting Together a Student Loan Game Plan, Episode 9

November 23rd, 2020


Student loans are often the most significant planning item in the financial life of a younger physician. In this episode, we walk you through our process for putting together a student loan game plan. We discuss the …

Are You Retirement Ready?, Episode #8

November 9th, 2020


Regardless of whether you plan to retire at age 45 or age 65, there are some key questions that everyone should consider when thinking about …

How to Allocate Your Cash Flow - Save, Spend, Invest, or Pay Down Debt, Episode #7

October 26th, 2020


When it comes to financial planning, one of the hardest things can be figuring out the best way to allocate your cash flow across different uses. …

How to Know if You're on Track for Retirement/Financial Independence, Episode #6

October 12th, 2020


When thinking about retirement, or financial independence, it can be difficult to know whether you’re on track and what it takes to reach your goal. …

The 80:20 Rule of Investing, Episode #5

September 28th, 2020


Many people have heard of the Pareto principle, which states that 80% of the outcome often results from 20% of the effort. In this episode, we …

The Best Way To Save For College As A Michigan Physician, Episode #4

September 14th, 2020


There are many different ways to save for college, but we’ve found that a 529 plan is often the best option. In this episode, we explain what a 529 …

A 5-Step Process For Creating A Financial Plan, Episode #2

August 31st, 2020


The process of creating your own financial plan can seem intimidating, but it doesn’t need to be. By breaking things down into individual steps, then tackling those steps one at a time, it’s possible for anyone to …

6 Ways To Save Taxes As An Employed Physician, Episode #3

August 31st, 2020


For any professional with an above average income in an above average tax bracket, the value of proactive tax planning and not “overpaying” the IRS is magnified. In this episode, we explain the difference between tax …

Welcome To The Physician’s Guide To Financial Wellness, Episode #1

August 18th, 2020


Welcome to the first episode of The Physician’s Guide to Financial Wellness! With this being the first episode, we share some background on ourselves, why we decided to launch the podcast, the format/frequency of the …

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