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.

1. Start Early & Automate:

   • Begin saving ASAP and set up automatic contributions to take advantage of compounding interest.

2. 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.

3. Diversify Savings Vehicles:

   • Consider using a mix of 529s, brokerage accounts, and custodial accounts to balance flexibility and aid impact.

4. 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.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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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.

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.

1. 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.

2. 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.

3. Tax Benefits Are Key: Investors can take advantage of tax deductions such as depreciation, mortgage interest, and 1031 exchanges, significantly lowering taxable income.

4. 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.

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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

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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.

Becky Vogt-Lundeen is a financial expert specializing in helping physicians manage their wealth. Becky shares her personal story of overcoming financial hardship and offers practical advice on managing student loan debt, budgeting during residency, and planning for financial freedom.

The discussion covers the hidden costs of medical school, the impact of financial psychology on decision-making, and strategies to balance saving with enjoying life.

Becky Vogt-Lundeen is a board-certified financial planner with a unique focus on helping physicians and medical professionals achieve financial freedom. She began her career as a college financial representative and later married a physician, which led her to specialize in physician financial planning.

Becky is passionate about reducing student loan debt, building investment portfolios, and helping her clients achieve financial wellness without sacrificing the joy of life.

She has spoken at prestigious events, including the Women in Medicine Summit, and her expertise in the psychology of money offers invaluable insights for professionals navigating their financial journeys. Follow her on Instagram at @marriagemoneymedicine.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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The Frugal Physician’s Facebook Group

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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.

Dr. Disha tackles a recurring question in physician finance groups: “Can I afford this house?” Using a case study of the Smith family, she walks through the key financial ratios—HR1 (housing costs) and HR2 (debt-to-income)—that determine whether a home purchase is financially sustainable. Despite a $300K annual income, the family’s student loan and car payments push their debt-to-income ratio to 42%, beyond the recommended 36%. Dr. Spath advises waiting to buy, paying off existing debts, and boosting savings before stretching for a home that could lead to financial strain.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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The Frugal Physician’s Facebook Group

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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.

Sarah Catherine Gutierrez, a certified financial planner and founder of Aptus Financial, joins Dr. Disha Spath to discuss practical financial strategies for physicians. Sarah emphasizes the importance of non-conflicted, fee-only advice and the power of automating finances to ensure long-term wealth building.

Key takeaways include paying yourself first, maximizing tax-efficient saving methods like retirement accounts and HSAs, and breaking the stereotypes that prevent women from fully engaging in financial decisions.

Through her tax-efficient waterfall method and a focus on financial literacy, Sarah helps physicians take control of their financial future.

Sarah Catherine Gutierrez, also known as SC, is the CEO of Aptus Financial, a firm specializing in flat-fee, fiduciary-based financial planning for physicians and young professionals. With a Master’s in Public Policy from Harvard University and a Chartered Retirement Plan Specialist designation, SC is committed to providing non-conflicted financial advice that empowers clients to manage their finances independently.

She is the author of But First, Save 10, a book that simplifies financial planning by encouraging readers to prioritize saving. Through her firm, SC has helped over 800 physicians DIY their finances, teaching them how to automate their money and build a secure financial future.

• Sarah Catherine Gutierrez’s Book – But First, Save 10 – The book written by Sarah to help people prioritize saving and manage finances.

• UBS Study on Women and Financial Decision - Making (2019) – A study showing that many women do not participate in long-term financial decisions but regret it later in life.

• Berkeley Study on Gender Differences in Investing – Research showing women tend to perform better than men due to more conservative and patient investing behavior.

• Public Service Loan Forgiveness (PSLF) Program – Discussed as a key financial strategy for physicians managing student loan debt.

• Tax-Efficient Waterfall System – Sarah’s method for prioritizing saving and investing to maximize tax advantages.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

Twitter

Website

Facebook

The Frugal Physician’s Facebook Group

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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.

Dr. Disha Spath and Dr. Tarang Patel address the controversial topic of nurse practitioners’ expanding roles in healthcare. The discussion is sparked by a recent article that highlights concerns over the quality and adequacy of NP training.

Dr. Patel discusses the implications of NPs practicing autonomously without sufficient oversight, emphasizing the potential risks to patient safety and the ethical dilemmas faced by physicians.

The episode also covers how this trend affects the medical community, including the economic pressures on physicians and the growing stress within the healthcare system. The conversation closes with a reflection on personal experiences, professional growth, and the importance of financial security in an unpredictable healthcare environment.

Dr. Tarang Patel is a hospital-employed radiologist based in Arizona with a diverse background that includes service in the U.S. Air Force. He is the former host of the podcast “Dr. Money Matters,” where he discussed personal finance and professional development for physicians. Dr. Patel is also active in social media, sharing insights on financial literacy, healthcare policy, and the economic challenges faced by medical professionals. As an advocate for physicians, he is committed to raising awareness about the complexities of modern healthcare, including the rise of non-physician practitioners and its impact on patient care.

In his spare time, Dr. Patel enjoys traveling with his family and managing a financial Facebook group dedicated to empowering physicians with financial knowledge.

• Article Discussed: “The Miseducation of America’s Nurse Practitioners” by Bloomberg”

• Dr. Tarang Patel’s Former Podcast: Dr. Money Matters

• Physicians for Patient Protection (PPP): Website - An organization focused on advocating for patient safety and physician-led care.

• Relevant Studies:

• • JAMA study on imaging utilization and non-physician professionals.

• National Commission on Certification of Physician Assistants (NCCPA): Website

• Dr. Disha Spath's Podcast Episodes on Related Topics: Podcast Archive

• Book Recommendation: “The Atlas Shrugged” by Ayn Rand - Mentioned in the podcast

• Direct Primary Care Resources: DPC Frontier - Information on starting a Direct Primary Care practice.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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Dr. Nirav Shah returns to discuss the often-overlooked field of medical expert witness work, revealing how physicians can use their expertise to earn substantial side income while maintaining their ethical standards.

Dr. Shah recounts his initial foray into the courtroom, offers insights into the financial structure of this work, and discusses the challenges and rewards of being a medical expert witness. The episode also covers his upcoming course on the subject, designed to help doctors enter this field with confidence. Whether you're curious about diversifying your income or simply want to learn more about this niche, Dr. Shah’s insights are invaluable.

Sign up for the webinar here!

BIO

Dr. Nirav Shah by day is a board-certified neurologist and stroke expert, saving lives at the forefront of his field. Driven by a passion for innovation and entrepreneurship, Dr. Shah is now on a mission to help physicians and high-income professionals achieve financial freedom and design their dream retirements. As a member of Physician on FIRE, he shares his insights and empowers others to take control of their financial future. Beyond his professional achievements, Dr. Shah is an avid traveler and landscape photographer, capturing breathtaking natural beauty around the world.

Join us as we chat with Dr. Nirav Shah about his fascinating career journey and how he used medical expert witness work as a side gig to pay off debts early in his career!

• Physician on FIRE: A platform dedicated to helping high-income professionals, particularly physicians, achieve financial independence and design their ideal retirements.

• Medical Expert Witness Course: Dr. Nirav Shah and his colleagues are developing a course to help physicians get started with medical expert witness work. The course will cover everything from understanding the legal landscape to building a practice in this lucrative field. Connect with their team at this link for more details and to sign up for the upcoming course.

• CME Credits: The medical expert witness course mentioned will offer Continuing Medical Education (CME) credits, which can be used by physicians to meet their professional education requirements.

• Financial Independence Coaching: Dr. Shah mentioned the possibility of pursuing financial coaching, such as becoming a Certified Financial Planner (CFP), as a way to diversify income streams and assist other physicians in managing their finances.

• Photographic Work: Dr. Shah is also an avid landscape photographer, often traveling to capture natural beauty around the world. While not directly linked to the financial independence topic, his photography hobby showcases his well-rounded approach to life and work.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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The Frugal Physician’s Facebook Group

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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.

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Starting with Alexander Hamilton's crucial role in establishing the early financial system of the United States, Dr. Disha explains how his legacy laid the foundation for the creation of the Federal Reserve in 1913.

The episode covers the Fed's tools for managing the economy, including the federal funds rate, reserve requirements, and open market operations, highlighting how these mechanisms impact everyday financial decisions.

Dr. Spath brings history to life with a focus on how the principles established by Hamilton continue to guide modern economic policy and influence our financial lives today.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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Also sponsored by Equity Multiple - EquityMultiple brings you streamlined access to transformative real estate, starting with just $5k. Get started at equitymultiple.com.

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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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.