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.
Over the past two years, there has been a dramatic increase in interest rates from historically low levels, the impact of which has been felt by everyone, regardless of stage of life. In this episode, we take a closer look at this dynamic. We start by explaining what an interest rate is, provide some historical context for how the current environment compares to prior periods, talk about how the impact of higher interest rates vari...
As we head toward open enrollment season, this episode is dedicated to a deeper dive into Health Savings Accounts (or HSAs). As the title implies, this is one of our favorite financial accounts, and in this episode, we explain why. We start by outlining exactly what an HSA is, talk about the triple tax benefit of it, discuss the investment component of an HSA, touch on some of the different things you can spend HSA money on (includ...
In this episode of the podcast, we discuss five of the most common investment mistakes people make: 1) Waiting for the “right” time to invest, 2) Anticipatory selling, 3) Buying into (or buying more of) the latest “hot” stock or investment trend, 4) Concentrating in one stock or one area of the investment universe, and 5) Chasing income, yield, or a similar theme.
For each mistake, we explain what drives it, how it typically mater...
In this episode of the podcast, we do a deep dive into the topic of health insurance. We start out by reviewing some of the key definitions and terminology related to health insurance. We then transition into discussing how to think about your health insurance coverage and how that thought process changes over time.
From there, we move on to a breakdown of the two key phases of health insurance (pre-65 and post-65) and talk about ...
In this episode of the podcast, we dive into the always-fun topic of life insurance. We start out by sharing an overview of life insurance and discussing the purpose of it. We then transition into the three general life stages (early-career, mid-career, and late-career/retirement), explaining how your life insurance need changes at each stage and sharing tips and strategies for how to ensure that you have the coverage you need, for...
When it comes to saving and investing for retirement, we all have a certain amount of tax-advantaged saving space available to us through a combination of employer retirement accounts and personal retirement accounts. However, for many physicians there comes a point where you’re maxing out all of these retirement accounts and still have money left over to save and invest, so it’s natural to wonder “What’s next?” in ter...
When it comes to financial planning, there’s often a fair amount of “low-hanging fruit” in terms of easy ways to save money. In this episode, we discuss seven of these items. Whether it’s parking your cash in a high-yield savings account, shopping around home & auto insurance, harvesting losses in a taxable account, revisiting your life & disability insurance relative to your needs, evaluating your health insurance options versus y...
In this episode, we share our list of ten things to do if you’re within ten years of retirement. The list includes taking inventory of your financial situation, reflecting on your current vision of retirement, projecting your future expenses in retirement, understanding your healthcare options, running retirement projections to see where you stand, taking advantage of tax-advantaged retirement accounts and catch-up contributions, r...
While it might not seem like it, understanding and contextualizing investment performance can be surprisingly difficult. In this episode, we share our framework for doing just that. We explain what makes up investment performance, how to have proper context around investing, the different ways to calculate investment returns, how to understand whether your investment return is “good” or “bad,” and how to tie it all together to the ...
In this episode, we tackle the question of whether it’s better to buy or lease when looking to get a new car. We start with a high-level overview, walk through some of the pros and cons of leasing, explain the pros and cons of buying, and based on that discussion tie it all together by sharing our overall thoughts on which option is best for which situations. As with most things in financial planning, there isn’t a universal “black...
In this episode, we share our checklist of financial planning items we’ve found helpful to address (or revisit) as you approach the end of the year when managing your finances and looking to optimize the many moving parts. While it’s not an exhaustive list, we cover things such as confirming employer retirement account contributions, making backdoor Roth IRA contributions, confirming 529 plan contributions, checking FSA balances an...
Whether it’s a new car in a year, college for the kids in five years, or retirement in 10 years, we all have goals that are important to us. And while being aware of our goals is an important first step, there’s much more that goes into actually planning for and achieving a goal. In this episode, we share a four-step process for saving for any goal. From outlining the goal and its time horizon, to projecting the required savings, t...
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 for any type of investor, they can be especially stressful if you’re retired and are withdrawing from your investments to fund your lifestyle (what we call your “retirement paycheck”). With that in mind, this episode is dedicated to managing your retirement paycheck during such market de...
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 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 perspect...
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 hel...
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 lon...
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 gi...
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...
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 pro...
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 problem is it’s not the most intuitive document and extracting that valuable information can be difficult to do. In this episode, we walk you through a checklist for reviewing your tax return. We go line by line, explaining the key items, how to find and interpret the useful information, and...
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
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The Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.