52 episodes

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 physicians.
The show covers areas such as retirement planning, investing, insurance, estate planning, reducing taxes, managing cash flow, saving for college, and more.

The Physician's Guide To Financial Wellness Trent DeBruin, Andrew Musbach

    • Business
    • 5.0 • 57 Ratings

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 physicians.
The show covers areas such as retirement planning, investing, insurance, estate planning, reducing taxes, managing cash flow, saving for college, and more.

    The Pros and Cons of Target Date Funds

    The Pros and Cons of Target Date Funds

    Targets date investment funds are an increasingly common option in many employer retirement savings plans (including 401ks and 403bs). Yet despite their prevalence, not everyone understands exactly what they are and how they work, so this episode is dedicated to a deeper dive. We start out by explaining what target date funds are, switch gears to discussing the pros and cons of them, and finally wrap up by sharing our overall perspective on the people/situations for which they do and don’t make sense. Our goal is to provide a framework for evaluating whether or not target date funds may be right for you.
    Resources & People Mentioned Podcast episode #3: The 80:20 Rule of Investing Podcast episode #19: The “Other 20%” of Successful Investing Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com  Follow on LinkedIn Follow on Facebook
    Subscribe to The Physician’s Guide To Financial Wellness
    on Apple Podcast, Spotify, and Google Podcast

    • 21 min
    Making Sense of Your Retirement Projections

    Making Sense of Your Retirement Projections

    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 sense of the output. In this episode, we start by providing a high-level explanation of retirement projections, then proceed to do a deeper dive touching on these different items. Our goal with this episode is to help you understand the ins and outs of retirement projections so that you can better leverage and interpret them within the context of your own financial plan.
    Resources & People Mentioned Download our guide: Retirement Timeline – Key Dates & Opportunities Download our guide: Retirement Checklist – A Guide to Planning for Retirement Connect With Trent and Andrew https://mdwmllc.com  Follow on LinkedIn Follow on Facebook
    Subscribe to The Physician’s Guide To Financial Wellness
    on Apple Podcast, Spotify, and Google Podcast

    • 25 min
    Having a Plan for Long-Term Care

    Having a Plan for Long-Term Care

    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 episode, we start out by providing some background and overview of long-term care and some of the numbers around frequency and cost. Based on that, we explain why it’s important to have a plan for how to protect against long-term care risks. We then wrap things up by talking about the different options for how to actually protect against this risk (which at a basic level is either buying insurance, self-insuring, or some combination of the two) and discuss some of the pros and cons of each option. Our goal is for you to come away with a good understanding of this planning area and which approach to protecting against long-term care risk is right for you based on the specifics of your unique situation.
    Resources & People Mentioned Download our guide: Retirement Timeline – Key Dates & Opportunities Download our guide: Retirement Checklist – A Guide to Planning for Retirement  Genworth long-term care cost calculator   Connect With Trent and Andrew https://mdwmllc.com  Follow on LinkedIn Follow on Facebook
    Subscribe to The Physician’s Guide To Financial Wellness
    on Apple Podcast, Spotify, and Google Podcast

    • 24 min
    5 Ways to Have a Better Relationship With Money

    5 Ways to Have a Better Relationship With Money

    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 is to minimize the amount of stress that money adds to your life. With that in mind, this episode is dedicated to sharing tips and suggestions for what you can do to improve your relationship with money. We discuss giving yourself a cushion and living within your means, understanding the purpose of money, understanding your personal money script (and that of your spouse or partner), having a money plan that you understand in your own terms, finding the right balance between preparing for the future while enjoying things along the way, and more.
    Resources & People Mentioned Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com  Follow on LinkedIn Follow on Facebook
    Subscribe to The Physician’s Guide To Financial Wellness
    on Apple Podcast, Spotify, and Google Podcast

    • 20 min
    Lump Sum of Cash to Invest – All at Once or Gradually?

    Lump Sum of Cash to Invest – All at Once or Gradually?

    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 deciding whether to do it all at once or in a gradual manner. It can be easy to get hung up on this decision, especially if you don’t fully understand the pros and cons and each approach and how they apply to your situation. And in fact, the uncertainty can often become enough of a roadblock that it leads to inaction and that money just sitting there (or even continuing to pile up as you save more). Therefore, this episode is dedicated to sharing some perspective for how to think through the decision and decide which approach is right for you. 
    Resources & People Mentioned Podcast episode #3: The 80:20 Rule of Investing Podcast episode #19: The “Other 20%” of Successful Investing Podcast episode #30: How to Manage the Emotions of Investing Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com  Follow on LinkedIn Follow on Facebook
    Subscribe to The Physician’s Guide To Financial Wellness
    on Apple Podcast, Spotify, and Google Podcast

    • 20 min
    Estate Planning 101

    Estate Planning 101

    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 relevance for people beyond just the ultra-wealthy. In this episode, we provide an introduction to estate planning. We cover the basics and key documents involved, explain why estate planning is important, outline the process of actually implementing an estate plan, discuss how estate planning changes over time and when to consider updating your estate plan, and finally wrap up by sharing what to expect when it comes to working with an estate attorney, both in terms of the experience and cost.
    Resources & People Mentioned Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician Download our guide: The Financial Checkup Connect With Trent and Andrew https://mdwmllc.com  Follow on LinkedIn Follow on Facebook
    Subscribe to The Physician’s Guide To Financial Wellness
    on Apple Podcast, Spotify, and Google Podcast

    • 21 min

Customer Reviews

5.0 out of 5
57 Ratings

57 Ratings

XYZ9007 ,

Good information!

Great simple to the point podcast!

Estwrn25992599 ,

This information shouldn’t be free!!

I’m currently in my fellowship and while I’ve thought I had a good handle on my finances, I appreciate the brevity of these episodes and how the different pieces of finances play together within the context of my life. Andrew was also willing to work with me and provided valuable advice on tax benefits I had no clue I was eligible to receive. I’ve passed this podcast along to my peers and think any physician would benefit listening to these podcasts!

Well informed resident ,

Great resource for the resident physician on the go

I have been listening to this on my commute in to work and have learned so much. Really well done and covers topics not well discussed during residency training.

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