Finding Financial Freedom with The Frugal Physician - Finance, Wellness, Budget, Student Loans, Wealth, Doctor, Fitness, Mone

Dr. Disha Spath, MD, FACP
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Finding Financial Freedom with The Frugal Physician - Finance, Wellness, Budget, Student Loans, Wealth, Doctor, Fitness, Mone

Financial Freedom and Peace of Mind. For all of us. A podcast by The Frugal Physician for healthcare professionals looking to get their financial house in order and design their ideal lives.

  1. Ep77: What An Incoming Trump Administration Means For Your Student Loans

    17 HR. AGO

    Ep77: What An Incoming Trump Administration Means For Your Student Loans

    In this comprehensive episode of Finding Financial Freedom with The Frugal Physician, Dr. Disha Spath hosts Travis Hornsby, founder and CEO of Student Loan Planner, to explore the current landscape of student loans and repayment strategies for high-debt professionals. With over $800 million in student loans consulted on, Travis is an authority on loan repayment and shares crucial insights on navigating Public Service Loan Forgiveness (PSLF), recent policy changes, and strategies for repayment that every physician, professional, and student loan borrower needs to know. Discover how changes in student loan policies under the Trump, Obama, and Biden administrations have reshaped the repayment landscape and what potential policy shifts could mean for borrowers in the coming years. Travis also discusses methods to optimize PSLF eligibility, the pros and cons of refinancing, and the best strategies for long-term financial freedom despite student loan debt. Key Topics Covered: Travis Hornsby’s Journey & Student Loan Planner’s Mission Travis’s background in finance and bond trading at Vanguard, his journey to starting Student Loan Planner, and why he’s dedicated his career to helping borrowers navigate complex student loan systems. Public Service Loan Forgiveness (PSLF): From Inception to Transformation How PSLF has evolved since its inception in 2007, including challenges under the Trump administration and impactful changes introduced by President Biden. Changes in Income-Driven Repayment (IDR) Plans Overview of the original income-driven repayment options (PAYE, REPAYE, IBR, ICR) and how Biden’s new SAVE plan replaced REPAYE with enhanced interest subsidies. Potential Pitfalls & Common Mistakes in Repayment Plans How to avoid costly missteps when selecting a repayment plan, including considerations around PSLF qualification, income certification, and timing of tax filings. Navigating Political and Legal Challenges in Student Loan Policies Insights into current legal challenges to the SAVE plan and potential impacts of future policy changes on IDR options for physicians and other borrowers. Refinancing vs. Forgiveness Travis outlines when it’s beneficial to refinance your loans versus staying on a PSLF track, with practical advice for borrowers based on debt-to-income ratio and financial goals. Resources Mentioned: Student Loan Planner for calculators, tools, and professional consultations. Travis’s Books: Managing Your Money in Your Twenties and Thirties and 25 is the New 65: How to Retire Outrageously Early. Listener Takeaways: Gain a better understanding of student loan repayment plans and forgiveness options. Learn the strategies for managing student loans amidst political upheaval and legal challenges. Understand when refinancing makes sense versus sticking with PSLF or other forgiveness options. Connect with Us: Host: Dr. Disha Spath, The Frugal Physician Guest: Travis Hornsby, CFA, CFP, Student Loan Planner Follow us on Instagram, Facebook, and Twitter for updates on upcoming episodes. Thank you for tuning in! Be sure to share this episode with anyone navigating student loan repayment.   This episode is sponsored by: PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today.

    45 min
  2. Maximizing Retirement Savings for Solopreneurs and Side Hustlers with the Solo 401k

    NOV 8

    Maximizing Retirement Savings for Solopreneurs and Side Hustlers with the Solo 401k

    Hosted by: Dr. Disha Spath Guest: Sean Mullaney, Advice-Only Financial Planner and Author of The Solo 401k: The Solopreneur’s Retirement Account     This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today.     Episode Highlights: Introduction: Dr. Disha Spath welcomes listeners back and introduces Sean Mullaney, President of Mullaney Financial and Tax Inc, a fee-only financial planner and tax advisor for self-employed individuals and small business owners. About Sean Mullaney: Sean shares his background, transitioning from a career in corporate tax planning to launching an advice-only financial planning firm. He discusses his award-winning blog, FITaxGuy.com, and his book The Solo 401k: The Solopreneur’s Retirement Account, which has become a valuable resource on tax planning for freelancers and independent contractors. Sean’s Financial Journey: Sean discusses his passion for personal financial planning and his motivation to help small business owners and entrepreneurs maximize their savings through tax-efficient retirement strategies. Understanding the Solo 401k: Sean explains the structure and benefits of the solo 401k for self-employed retirement planning, highlighting its differences from traditional 401ks and IRAs. This retirement option is designed for self-employed professionals, including “physicians with side gigs” and “freelancers,” offering flexibility in contributions and investment options. Combining W-2 Employment with Side Hustles: Sean offers strategies for combining a solo 401k with retirement planning for 1099 income when you have both W-2 earnings and independent contracting income, helping listeners maximize their retirement contributions. Alternatives to the Solo 401k: Sean reviews other self-employed retirement plans, including SEP IRAs, Simple IRAs, and Defined Benefit Plans, explaining the pros and cons of each option based on business income, structure, and goals. The Backdoor Roth IRA Strategy: Sean explains the solo 401k’s compatibility with the backdoor Roth IRA strategy for high-income earners, allowing listeners to bypass the pro-rata rule and make tax-free contributions without triggering extra tax burdens. Rollover Strategies for Former Employer 401ks: Sean provides retirement rollover options for managing a previous employer’s 401k. He explores the options of leaving it where it is, rolling it over to a traditional IRA, or moving it to a solo 401k, with insights on tax benefits, fees, and creditor protection. Future of Retirement Savings for Entrepreneurs: Sean shares his perspective on the trend toward Roth accounts, the tax outlook for retirees, and the impact of political dynamics on future retirement tax planning. Where to Find Sean Mullaney: Sean invites listeners to explore his blog, FITaxGuy.com, for insights on tax planning for financial independence and to check out his YouTube channel, featuring weekly personal finance videos for practical financial advice.     Key Takeaways: Solo 401k Benefits for Self-Employed Individuals: Solo 401ks offer higher contribution limits, greater flexibility in investment choices, and significant tax advantages for self-employed professionals and side hustlers. Combining Retirement Accounts for Physicians and Entrepreneurs: Professionals with both W-2 income and 1099 earnings can leverage multiple retirement accounts to maximize tax-advantaged savings. Backdoor Roth IRA Advantages: A solo 401k allows high-income earners to implement a backdoor Roth IRA strategy while avoiding pro-rata rule issues, making it especially valuable for physicians with 1099 income. 401k Rollover Consider

    48 min
  3. The Purpose Code: Unlocking Meaning and Maximizing Happiness with Dr. Jordan Grumet

    NOV 1

    The Purpose Code: Unlocking Meaning and Maximizing Happiness with Dr. Jordan Grumet

    In this episode of Finding Financial Freedom with The Frugal Physician, host Dr. Disha Spath sits down with Dr. Jordan Grumet, a distinguished physician and the creator of the award-winning Earn & Invest podcast. Together, they explore Dr. Grumet’s latest book, The Purpose Code, which provides an inspiring and practical guide for those seeking to lead a more meaningful life. Through thoughtful conversation, they delve into "purpose anxiety," the contrast between "big P" and "little p" purpose, and the relationship between financial independence and personal fulfillment. This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. Highlights and Key Takeaways: Defining Purpose Dr. Grumet introduces the concept of "big P" purpose—often associated with society's grand expectations, like achieving massive goals and material success—which can lead to disappointment and anxiety. Contrastingly, "little p" purpose emphasizes finding joy in everyday processes, focusing on personal agency, and cultivating happiness through meaningful, small actions. The Paradox of Purpose and Anxiety Studies show that while having a purpose is linked to longevity and happiness, up to 91% of people experience "purpose anxiety" at some point. Dr. Grumet discusses how societal pressures shape unrealistic expectations, creating a disconnect between achievable happiness and purpose. The Role of Purpose in Financial Independence (FI) Dr. Grumet reflects on the FIRE (Financial Independence, Retire Early) movement and how a rush toward financial goals can lead to dissatisfaction. He emphasizes that finances should support a purpose-driven life rather than serve as the ultimate goal. Building a Purposeful Financial Framework Dr. Grumet advises on the importance of aligning financial goals with purpose, allowing money to act as a tool that supports one’s personal "purpose anchors." Examples include pursuing passions alongside work and taking a "slow-FIRE" approach to financial freedom. Exploring Regrets and Legacy Dr. Grumet shares stories from his work in hospice, revealing how end-of-life reflections often center on missed opportunities for joy rather than financial accomplishments. He encourages listeners to identify and act on their unique purpose anchors, ensuring a legacy of personal impact rather than material wealth. Practical Exercises for Identifying Purpose Anchors Dr. Grumet offers practical advice on exploring and building purpose anchors, including exercises from The Purpose Code that help readers focus on the values and activities that bring them true joy. Final Thoughts on Purpose and Happiness Dr. Grumet concludes with a reminder that purpose should be abundant and anxiety-free. By focusing on what truly matters in life, we can find happiness in both the journey and the outcomes. Resources Mentioned: The Purpose Code by Dr. Jordan Grumet – Available January 2025 Earn & Invest Podcast – Hosted by Dr. Jordan Grumet Taking Stock by Dr. Jordan Grumet Quotes: “Purpose comes before money, and purpose is abundant. Embrace it; it’s supposed to be low-stakes and fulfilling.” – Dr. Jordan Grumet Connect with Us: Host: Dr. Disha Spath – The Frugal Physician Guest: Dr. Jordan Grumet – Earn & Invest Podcast Call to Action: If you enjoyed today’s episode, don’t forget to subscribe, share, and leave us a review. Join us next time as we continue exploring the intersection of finance, happiness, and purpose. Until then, stay purposeful and financially free! ----------- Please note: The content shared on the podcast is for informational purposes only an

    31 min
  4. Holistic Stress Management for Heart Health: Cardiologist’s Guide to Meditation and Spiritual Wellness

    OCT 25

    Holistic Stress Management for Heart Health: Cardiologist’s Guide to Meditation and Spiritual Wellness

    In this episode, Dr. Disha Spath discusses heart health and stress management with cardiologist Dr. Disha Mookherjee. Dr. Mookherjee shares insights into reducing stress and preventing heart disease through meditation, spiritual wellness, and holistic approaches. Rooted in personal experiences and 20 years of practice, she reveals actionable techniques to manage stress and build resilience, offering practical guidance for healthcare professionals and individuals aiming to improve heart health naturally. Trigger alert: Infant death This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. —--- If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physician’s Facebook Group YouTube  ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

    53 min
  5. How to Pick a Financial Advisor (and Not Get Ripped Off)

    OCT 18

    How to Pick a Financial Advisor (and Not Get Ripped Off)

    In this episode of Finding Financial Freedom with The Frugal Physician, Dr. Spath is joined by Dr. Rikki Racela, a neurologist based in Englewood, NJ. Dr. Racela shares his journey from financial illiteracy to financial empowerment, discussing the mistakes he made early in his career—like falling into the trap of whole life insurance, pushed by a financial advisor friend. After discovering a love of personal finance, he turned his financial life around and now advocates for financial literacy among his colleagues and students. Together, Dr. Spath and Dr. Racela dive into how to pick the right financial advisor and, most importantly, how to avoid being ripped off by one. Learn how to spot red flags, avoid financial predators, and make informed decisions that will help secure your financial future. Don't miss this invaluable episode full of firsthand insights and tips to protect your wealth! This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. —--- If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physician’s Facebook Group YouTube  ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

    46 min
  6. Former Reporter, Sammi Sosa Norman, Quit Her Job, Paid Off Debt, and Became a Financial Coach

    OCT 11

    Former Reporter, Sammi Sosa Norman, Quit Her Job, Paid Off Debt, and Became a Financial Coach

    Dr. Disha welcomes Sammi Sosa Norman, founder of Skate2Wealth, to discuss her inspiring journey from financial struggle to financial freedom. Growing up in a low-income household, Sammi witnessed firsthand the challenges of money management.  Despite accumulating over $150,000 in student loan debt and initially living paycheck-to-paycheck as a journalist, she managed to pay off her debt through side hustles and strategic investing.  Now, a full-time stock market trader, Sammi shares her approach to making finance accessible and fun. She breaks down complex concepts like growth vs. value stocks and explains her journey into teaching financial literacy.  Her goal? To help others, especially women and underrepresented groups, feel empowered to take charge of their financial futures. Bio Sammi Sosa Norman is the founder of Skate2Wealth, a financial literacy platform designed to make money management and investing accessible for everyone. With a background in journalism, Sammi has spent years uncovering stories and delivering news, but her own journey toward financial empowerment led her to shift careers.  Today, she is known as the “Investment Bestie” who offers easy-to-understand courses, workshops, and resources on stock trading and personal finance. Having overcome $150,000 in student loan debt herself, Sammi is passionate about teaching others how to achieve long-term financial success, break free from the paycheck-to-paycheck cycle, and build a future of wealth and independence.  When she’s not educating others on money, she can be found roller-skating around the Bay Area, promoting financial freedom one glide at a time. This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. —--- If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physician’s Facebook Group YouTube  ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

    57 min
  7. College Savings: How to Plan, Save, and Maximize Aid Eligibility

    OCT 4

    College Savings: How to Plan, Save, and Maximize Aid Eligibility

    Saving for college can feel like a daunting challenge for many parents, especially with tuition costs rising faster than inflation. In this episode, Dr. Disha breaks down a variety of college savings options and discusses the pros and cons of each, along with their impact on financial aid eligibility. From the popular 529 plans and prepaid tuition options to less common choices like Coverdell ESAs and custodial accounts, she provides a comprehensive guide to help parents make informed decisions about funding their child’s education. Dr. Disha also emphasizes the importance of balancing college savings with retirement goals, ensuring that parents don’t jeopardize their own financial future. With actionable steps and insights, she empowers listeners to build a college savings plan that fits their unique family situation. Top 4 Takeaways: Start Early & Automate: Begin saving ASAP and set up automatic contributions to take advantage of compounding interest. Use 529 Plans as a Go-To: 529 Plans offer great tax benefits and flexibility for most families. Compare state options for the best fit. Diversify Savings Vehicles: Consider using a mix of 529s, brokerage accounts, and custodial accounts to balance flexibility and aid impact. Review Annually: Reassess your plan each year to stay aligned with changing goals and college costs. This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. —--- If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physician’s Facebook Group YouTube  ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

    28 min
  8. Direct Ownership of Residential Real Estate

    SEP 27

    Direct Ownership of Residential Real Estate

    Dr. Disha highlights how real estate investing aligns with her values and offers a powerful way to build wealth.  She emphasizes the financial benefits of rental properties, including monthly cash flow, leveraging loans for greater returns, and protection against inflation.  Additionally, she breaks down key tax advantages like depreciation and 1031 exchanges, offering strategies for minimizing taxes and maximizing returns. Dr. Disha also explains the various rental strategies (long-term, short-term, and mid-term) and how they fit different investor goals. She provides actionable tools and metrics, such as cap rates and IRR, to ensure sound investment decisions. Top 4 Takeaways Real Estate Offers Cash Flow & Leverage: Rental properties generate monthly cash flow, and you can leverage borrowed money (mortgages) to control a valuable asset with minimal upfront investment. Appreciation & Inflation Protection: Properties appreciate over time, and real estate provides a hedge against inflation by rising in value as the cost of living increases. Tax Benefits Are Key: Investors can take advantage of tax deductions such as depreciation, mortgage interest, and 1031 exchanges, significantly lowering taxable income. Understand Investment Metrics: Tools like the 50% rule, cap rate, and IRR help analyze property value and ensure a sound investment that aligns with financial goals. —---   This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physician’s Facebook Group YouTube  ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

    30 min
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Financial Freedom and Peace of Mind. For all of us. A podcast by The Frugal Physician for healthcare professionals looking to get their financial house in order and design their ideal lives.

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