Our financial lives can be as simple or complex as we make them; however, there is a balance of the simple and the complicated that might make our financial plan more effective. Is there a planning opportunity we're missing by being too simplistic? If our financial plan is too complicated, is it sustainable? Utilizing professional guidance from financial advisors, attorneys, and accountants may enable you to use a sort of professional capacity to hold the complexity balance you need.

Balancing Financial Complexity

For most physicians, purchasing disability insurance is an easy decision; however, there is one investment that disability insurance companies do not support. Wait, do your investments and disability insurance policies coincide? To some degree, yes. Here I give an example and explore a potential blind spot in doctor's income protection: unearned income. 

The Black Hole of Disability Insurance

I ran across a thoughtful quote credited to Confucius, and it made me think about it from several different angles. The quote is this: "We have two lives, and the second begins when we realize we only have one." This podcast examines this quote from a financial planning perspective and a bit beyond. Enjoy this episode, and maybe you can examine it from different angles in your own life, too!

We Have Two Lives...

So I was reading "Start with Why" by Simon Sinek, and there's a moment in the book where Simon gets to attend a conference with select business leaders, and the conference began with these two questions: 
"Raise your hand if you have reached many or all of your financial goals."
"And Raise your hand if you feel successful." (and many of the hands went down).

I wondered how this would apply to physicians. Many of us see physicians as being successful just by being a physician, but I wonder how many physicians, whether they have achieved a number of financial goals or metrics, actually feel successful. 

What is success for a physician?

As parents, we are all willing to support our kids. As our kids grow up, they'll need some support, both emotionally and financially. Sometimes financial support for adult children can create a sort of financial enablement where the "child" is unable or unwilling to take care of their own responsibilities. This can put the parents' finances in a tough spot as well as create division in family relationships, such as sibling relationships. In this episode, we'll explore the impact of this situation and a few different ways of dealing with the bigger picture of this scenario. 

Impacts of Financially Supporting Adult Children

This episode explores a goal-setting exercise that's a great checkpoint for review and evaluation on the trajectory of our lives. You are currently the midpoint between the "past you" who wanted to achieve a career in medicine and a "future you" who is an ideal or refined version of this current you. Comparing these two people is a great way to explore your values, your accomplishments, and the direction you're headed.

A Goal-Setting Exercise

What if you make a plan, and it doesn't work? There may be nothing spookier than that! The results of a plan not working can be catastrophic, leading to family division for generations. Don't let this happen to you! Learn how to avoid pitfalls in your financial plan. Here are three spooky reasons your plan won't work! 

3 Spooky Reasons a Financial Plan Won't Work

Family financial meetings are a tool used by many high profile and high net worth families to make sure massive wealth doesn't erode family values. I think the family financial meeting translates to a much broader audience to intentionally verbalize and pass on family culture, stories, and values, as well as preserve open communication about how the family financial plan is structured. 

Family Meetings

Explore and review the most common benefits associated with hospital employees. I'll frame each benefit with how I help other physicians make benefit enrollment decisions. Remember to always enroll in your benefits with your current financial plan in mind! 

Here is a guide to hospital benefits enrollment, based on the information in this podcast: https://www.m-advisor.com/blog/a-guide-to-hospital-benefits

Benefits Enrollment

This is my conversation with Dr. Kevin Pho when I had the opportunity to speak on KevinMD. The conversation is based on this article: https://kevinmd.com/2025/08/physician-practice-ownership-risks-rewards-and-reality.html

Physicians and Clinical Ownership with Kevin Pho on KevinMD

Roth IRAs, due to their tax-free growth and tax-free distributions, can be useful accounts for any financial plan. The IRS has rules about who can fund Roth IRAs; however, there is a loophole that allows some high income earners to fund Roth IRAs indirectly. This loophole is commonly referred to a "Backdoor Roth" contribution. 

The IRS has a rule that makes it difficult to fund backdoor Roth IRAs if you already have a traditional IRA. I discuss this "pro rata rule" in detail. Failure to understand this rule is one of the biggest mistakes when utilizing the backdoor Roth IRA.

Download your free Backdoor Roth IRA Checklist at https://www.m-advisor.com/backdoor-roth-ira-checklist

Backdoor Roth and the Pro Rata Rule

Financial Planning for Physicians.

Registered Representative: Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA-SIPC. Investment Advisor Representative: Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. M Advisor is not an affiliate of Cambridge Investment Research.