Speaker 2 (00:00.334)
As you're approaching retirement, you should be decreasing the amount of stocks that you have, right? So if we're following a glide path or a target date strategy, whether we're a target date or fund or not, it doesn't matter. But target date strategy is to become more conservative as you approach your retirement date, which is to increase your bonds and decrease your stocks.
Welcome to the Physician Family Financial Advisors podcast, where physician moms and dads like you can turn today's worries about taxes and investing into all the money you need for retirement in college. Hello, physician moms and dads. I'm Nate Renneke, Certified Financial Planner and Primary Advisor here at Physician Family Financial Advisors.
and I'm Ben Utley, service team leader and certified financial planner at Physician Family.
This is our 80th episode, did you know that?
That's awesome. No, I did not know that. It's news to me. Have we really been at it that long?
Speaker 1 (00:58.57)
I guess so. Crazy. So to celebrate, I thought you could tell our audience 80 things you love about me.
Well, first, I love your humility. Second, your smile. Third, your winning attitude. And I could just say that over and over again. feel like you've always got my back. You're a great team member. You're always patient and kind with our clients. Moral compass, ethical taskmaster. I mean, like, I could go on. So I love it. Just for everybody. I just want to say this for the record. I love you, Nate. I love you.
I won't make you do it.
Speaker 1 (01:33.518)
I was hoping you would say just laugh and I'd say don't do it. But okay Okay, cool well 80 episodes and keep on going let's get into some questions here so first question comes from an ophthalmologist in Pennsylvania He said I'm switching jobs
And I mean, just in a bro way.
Speaker 1 (01:57.834)
I do have my old insurance plan active through COBRA, which is a high deductible health plan. Can I still contribute to an HSA for the months that I have the insurance active? So the short answer is yes. Right Ben? Right. Yeah. So as long as you have an HSA eligible coverage, which is a high deductible health plan, you can continue to contribute to your HSA even if it's not, you know, through a workplace, you know, if you have it through COBRA.
I actually did have to look into this just to make sure because HSAs have some special rules about contributions. We talked about this too. What's one of those main rules you have to look at for HSAs?
Yeah, like if you have to, well first you have to be covered by an HDHP, a high deductible health plan. And if you don't know if you're covered by one of those, just call your carrier and ask them, is this an HSA eligible plan? Because they all speak that language. So that's numero uno.
Yeah, there's the real kind of the
The answer you wanted.
Speaker 1 (03:06.026)
Well, yeah, there is kind of these flags that go off in our heads as planners. And it's like someone brings up HSA and you're like, I remember there's one rule. Let me look that up. And the rule is that if you're not covered throughout the whole year, you can still make pro rated contributions. Right. Right. So if you're covered for half the year, you can make half the contribution. And so for this person, even if they switch to a non eligible plan, not a high
deductible health plan, they could have still made contributions up to that day, but even through COBRA, you can continue to do it and get the max in there. All right. Okay, which I love that question because it showed me that this client really wanted to get that money in their HSA, which is powerful.
I'm gonna give a brief HSA infomercial here. Okay brought to you by the health savings authority No, actually, I love my health savings account. I love it because the contributions I get a state and federal income tax deduction the earnings grow tax-free if you invest them, which is a little trick with an HSA and You can take the money out for qualified health expenses
and pay zero taxes, federal or state. So I love that. And, you know, I kind of think it doubles a little bit as an emergency fund, right? I don't want to have heresy here, but in a pinch, it could be an emergency fund. You know, when you think about the emergencies, you're likely to have high probability that they'll be medical, right? That's the number one reason that people declare bankruptcy is medical debt. So I think that funding your HSA,
First I get the match in the 401k and then after that I'd put every nickel I could in the health savings account. And there are some neat ways that you can kind of work the rules on that to increase your contributions beyond the limits if you happen to fall in just that right circumstance. you know, ask your financial planner about that.
Speaker 1 (05:07.854)
Yeah, that's a good PSA. Okay, next question. A vascular surgeon in Florida says, how often should I rebalance my taxable account? And how can I avoid taxes when doing it? Oh, boy. So yeah, this is a big question.
How often can I eat my cake and have it too?
So I want to set the stage here a little bit. One, just to be very clear, we're talking about a taxable account. So this is not a 401k, 403b, IRA, HSA, 529, all of those, you don't pay taxes when they get rebalanced.
So, Nath, what is an example of a taxable account?
Yeah, this is just a regular old brokerage account, Vanguard account that you just open and you invest money after taxes. So you pay your taxes, you invest the money in there, you have Vanguard, Fidelity,
Speaker 2 (06:02.158)
Yeah, and it could be a joint account with your spouse. It could be an individual account that's solely in your name. It could be joint with a child. It could be a revocable trust account, which is, know, your intervivos living trust, revocable trust standard thing where you pay taxes on it even though it's in a trust. Right. That's what we mean when we say taxable account. It's funny, there's not really a good word to describe that registration type.
I know. We say taxable so that people know it's taxable.
It's pretty obvious. It has the word tax in it, right? Right.
But a lot of people, it's brokerage account to them. Yeah, there's different words, but regular old investment account. so continue setting the stage here. Why would you rebalance a taxable account? That's kind of the key here. Anytime you're thinking about these little things that you do with your investments, you have to ask yourself, why am I doing it? And then that should circle you back to your plan. So the reason you would do this, one big reason.
It just allows you to adjust your portfolio back to the desired level of risk. Yep. So the value of your stocks go up. Maybe your bonds are flat that year. Well, you need to sell some stock and buy some bonds so that you're in balance. Yeah. Just for easy, just to put this really simply, if you want 80 % stocks and 20 % bonds, sometimes you have to buy and sell to get back into balance. Right.
Speaker 1 (07:35.566)
A cool thing about rebalancing is it sort of forces you to quote unquote buy low, sell high. You know, so if stocks are up, that means they're getting higher. If your bonds are going down, that means they're getting lower and you can rebalance and buy or sell high in your stocks, buy low in your bonds. So that's why. Right. So the question is, how often should you do this? Right.
I have some thoughts, but I thought maybe you could go first or you can let me go, whatever you want.
I think you should look at it, like at least annually. Look at it. I'm also of the opinion that before you lay your hands on the money, there'd be darn good reason for doing so. there's a difference between rebalancing and changing your asset allocation. So to be clear, asset allocation, the kind of the better parlance for that is mix of stocks and bonds or mix of stock funds and bond funds. And that's where your risk is determined.
how much stocks you have versus how much bonds. So if your risk tolerance changes, which it seldom does, then that would be a reason to shift that ratio and you might call that a rebalance. But let's say that you are steady 80-20, stocks go up, bonds go down, then you might want to rebalance. But the question is, how much do stocks go up and how much do bonds go down before you make this change? And so that's called a tolerance band. So let's say that, you know,
Your tolerance band, you get a little nervous when you get 87 % stocks. Okay, so let's say stocks go up 10%. You're going to be 87, 88. And let's say that bonds slide just a little bit. Okay, so if you have a 5 % tolerance band, 5 percentage points, and so that's, you know, you're comfortable up to 85, but your portfolio is at 88, then you would rebalance, right? So you'd sell some stocks and buy some bonds. It gets tricky in a taxable account though.
Speaker 2 (09:35.18)
Because if you have that gain, then by default you're going to have a taxable gain in that account. And when you sell to rebalance, you're going to recognize the capital gain. Now, there's two kinds of capital gains. There's short-term and long-term. So if you've held these securities less than a year and you sell them, that's going to be treated as a short-term capital gain, and that's going to be taxed at your top marginal tax rate, which for practically all doctors is at least 24%.
And for many doctors, it's up to the 37 % and that's all federal before we get to state, right? So that's short-term capital gains rates, long-term cap gains rates. For most physicians, it's going to be 20 % federal, maybe plus a 3.8 % Medicare surtax. And of course, your state's going to want their cut as well. So, you know, that could be a pretty, let's say, tax-y move for you.
Yep. Yeah. And so just to kind of bring it high level for a second, basically what you're saying is there's really two ways to go about this. You can do it kind of on a time interval. even once, so, you know, I was interested in this and I looked and I was like, well, what is the optimal amount of time? There isn't one. There literally isn't one.
That's correct.
Oh, so I slightly disagree. Okay, go ahead. So the the optimum the optimum rebalancing interval for a portfolio that is at least half stocks is never Okay, so that that is like I would consider that like the best but not optimal. Okay, so Stocks typically have had a higher return than bonds over the long haul and so as your stocks grow They're gonna continue to grow and grow and grow and grow and as a result, you know Your allocation is gonna get more and more and more aggressive
Speaker 2 (11:25.592)
Okay. So the only thing better than stocks growing is more stocks growing. If you rebalance, you sell your stocks, right? And so you're reducing your exposure. But if you never rebalance, then what you find is you get this big fistful of stocks with a little tiny sliver of bonds. So in terms of overall return, never rebalancing is the quote unquote best way to go. But if we're looking at risk adjusted outcomes, risk adjusted outcomes, then
the best way to do it is to adjust and pay your capital gains taxes. So the listener asked, how can I do this without paying taxes?
Right. Yeah. Yeah. So I'm about to get there. So yeah, the time interval really is mostly just because going back to what you're saying, you're like the optimal optimal amount of times to do this is never but you chose a risk tolerance for a reason. You chose 50, 50, 80, 20 for a reason. So you should probably keep it there so you can stay on track and not be nervous, nervous Nelly about your stocks and bonds. Right. So
I, you answered it exactly how was hoping you would, which is just a band. You know, you look and when you get too far out of whack, you, you, you rebalance. And so the, what I was hoping you could talk about too, with how to avoid taxes, which is not, as you said, really not always possible. If you get too far out of band, you can't avoid taxes altogether, but would be to assuming that you're continuing to invest. this means you're not retired. You're going to keep buying.
Right. And so you could buy on one side versus more heavy on one side versus the other side and get in balance over time. So yeah, could you say that more eloquently than I did?
Speaker 2 (13:08.182)
Rebalance with new money And going back to the analogy I said, you know, you want to eat your cake and have it too Well, you can have your cake and eat it too if somebody brings more cake Right and that's that's what the new money is all about you eat a little of the cake that you have and somebody brings you more cake It's like it's all good. So yeah, yeah new money. The other trick here is we don't see this very often, but sometimes people will have a loss in a business and that
There you go.
Speaker 2 (13:37.612)
that business loss can be offset depending on the type of loss. It can be offset by gains from a portfolio. So that shelters some of the gains. You know, back in 2020, some people harvested losses then when bonds went down last year or year before last, some people harvested losses then and you carry forward those losses until they're consumed. So it might be that you, you know, in order to rebalance you harvest gains.
And you only harvest gains to the extent that you have losses to offset them. Right? So that's another way to do it without paying taxes. But if you don't have a loss carry forward and you don't have a loss from another business and you don't have new cash, the only way you rebalance that account is by paying taxes.
Right, exactly. Yeah, tough pill to swallow, but sometimes you gotta do it.
Yeah.
Speaker 2 (14:29.742)
Well, you know what's worse than not swallowing the pill? Because I know I'm talking to physicians here. Yeah. So quick story. In my pre-physician days, I went to my primary care doctor and she recommended a medication. I was like, don't like taking pills. And she said, if you don't take the pill, how will you get better? duh. Right. So yeah. So but here's the thing. If you don't take the meds, you don't get better.
And so imagine that you have a year where there's a big spike in the stock market and you don't take gains. Well, reversion to the mean tells us that the next year we might have a rundown, right? And so it would have been better to capture those gains and pay taxes on them than not capture the gains at all.
Yeah, so this would be one reason to like you said at the top of the call or top of the call. I'm acting like I'm with the The top of the question was look at this once a year because if it gets too far out of band, it's going to be hard to sort of whittle it down. Yeah. So yeah, you pay attention, but that doesn't mean you have to do anything. Sometimes not doing anything is the best choice.
So I'm going to throw in a micro-mercial for us. so when we do this, we use a provider that has algorithms that follow this stuff. And so we look on a daily basis into accounts to harvest capital losses. So tax loss harvesting, we look on a daily basis to see if that portfolio is within or outside our tolerance bands and it gets handled automatically. if you're trading your own stocks and you're managing your own account,
You you do need to look at it occasionally, particularly when the market goes down or when it goes way up. you know, clients that are listening to this, if we're handling your account, this is is handled.
Speaker 1 (16:18.19)
Okay, hospitalist in Kansas asked, should I consider adding a taxable account to help prepare for college? So this is on me, Ben. So I'm going to give this an answer. You certainly can. I mean, the answer is yes, you could certainly do it. And the reason you would do it is to buy yourself flexibility when it comes time to pay for college. So I said, bye. How are you paying for it? You're paying for it in lost.
Tax benefits.
Yeah, it's benefits, right? Yeah. So what that means is you put money in a 529 it grows tax-free if and when it grows and That's a huge benefit. But the problem is it could get stuck in the 529 if you don't use all the money So the reason he asked this question is all of his colleagues are saying yeah Yeah, I got a bunch of money in my 529s up front and now I'm kind of putting it in a taxable account and a lot of times when people are talking to their Colleagues, they kind of have bad ideas
This wasn't such a bad idea.
No, doctors having bad ideas about personal finance. That would be like financial advisors having bad ideas about medication. Yeah. And I just told you my bad medication story, didn't I? There you go.
Speaker 1 (17:25.165)
Right.
Speaker 1 (17:29.47)
Yeah, so, you know, this isn't a terrible idea and and as kind of the theme in last several episodes the devil's in the details where the question really is when and If you should yes have a taxable account. Yeah, it's definitely a reasonable idea. So so the question of when first and foremost, I think Pus putting as much as you can for college in a 529 upfront while your children are young That is a that is a no-brainer
Absolutely.
Right, because the earlier you get in, the more aggressive your 529 is. So the more potential it has for growth and the later stages, let's say your child's 12 years old, but you're still putting in a thousand bucks a month. It could still grow. Probably you still have six years, so it should still grow a little bit, but it's not as beneficial as when they were one years old and you were mostly stocks. Right. So you could consider at that point.
Shifting and putting all of your contributions into a taxable account and leaving your 529 money in there. So the things that I consider When answering this question for people personally is So first is how many children do you have? Okay more kids equals lean toward 529s because one child may go to East Coast private school and soak up as more money than you're prepared for
and one child could go to a state college and you can shift the money between them.
Speaker 2 (18:59.596)
and we could one could just not go
One could just not go. And so the flexibility there is can get soaked up by just children choosing different schools. And maybe you don't need to lean toward a taxable account and you can enjoy the tax free growth in the 529. So that's something to consider. If you have one child, there's nothing really to do with this money except give it to grandkids. Maybe you lean toward a taxable account. Right. Next thing is the college fund goal. If you're planning for state school for two kids,
chances are you're going to all the money. Yep. One might go to an out of state school. That's just simply a little bit more expensive and all the money's gone. You don't need to mess around with the quote unquote flexibility. You're probably going to spend it all. Okay. Right. But if you have really expensive goals, you know, Harvard and medical school taxable account is probably a good move. Not all kids get into Harvard.
Even doctors kids don't get into Harvard. Right. And then the last last thing to consider is your resources for retirement. So a lot of times. What people will do is when they get a decent amount into their 529s, they kind of just stop. I mean, maybe they're a little bit short or they don't exactly know what their goal is going to be. But the reason they stop is because they're ahead on retirement.
They're selective? You're kidding me.
Speaker 1 (20:27.502)
So they can dip into their taxable account for retirement and just pay college off, or they can just pay out of pocket if they're a little bit short. this kind of each of these considerations goes kind of in different directions. One or one direction is you need the flexibility because maybe you're a little short on retirement. So you want to be able to use this money for retirement and a taxable account if you don't need it for college. The other is
You have so much money that you really don't need the flexibility. So you just pile it in 529. Right.
Right. This is very, this to me is like, this is kind of the deep end of the planning pool. I don't think you can look over the divider or, you know, stand around the water cooler and say, what are you doing with your five to nine? You know, Oh, I'm, you know, blah, blah, blah. know, it's, yeah, there's a lot of factors to consider here. You know, like you said, number of kids. Um, another thing I would consider is like risk tolerance, right? So when you, when you get close to sending your kids to college, you want to be more conservative.
And so maybe put all of your stocks in the 529 and you put all your bonds in your taxable account. And in that case, they'd be muni bonds, right? So then you're getting the maximum tax deferral you can out of the stocks. You're not paying any taxes on the bond income, or at least you're not paying state income taxes. And you're maintaining that. I could also see putting the after-tax money into a retirement asset allocation. So more stocks, understanding that
You know, if you hit college and you don't have enough money, you're going to be basically raiding this account. And so it sets back your retirement. But I think, you know, what's important to keep in mind is that every dollar competes for every goal. So if you've got a dollar, you can vote for college, you can vote for retirement, you can vote for a vacation. You know, that dollar is like a vote. so, you know, retirement and college compete. And I think it's easier to...
Speaker 2 (22:33.728)
raid your retirement fund for college than it is to raid your college fund for retirement. no really right answer here.
Yeah, and just I want to before I get a flood of emails, I want to want to just note something that you just said. It's hard to do the tax located investing for college, especially if you're my client. Yeah. Because you have so much money in your five twenty nines that you can't stick it in all stocks because then you're out of balance. But if for some reason you didn't have a lot in there and it made sense because as soon as you're approaching
college you're mostly bonds so you can't stick a hundred percent in there but you could be slightly more aggressive and you could manipulate it that way so there's lots of ways to go with this I would just say that if you don't know what the heck you're doing just put it in a 529 that's gonna be a winner most of the time I don't often see people have a ton of money left in there
Yeah, yeah.
Speaker 2 (23:35.18)
Yeah, these things are designed to be fired and forget. That's why you only get like just a handful of choices. That's why you can only place trades in there two or three times a year. Yes. And I mean, it's you can take a really good thing and screwed it up by overthinking it. Right. So I like what you said there is like, let's let's not overthink this. Yeah. Let's just say for college, let's let's set a reasonable goal, you know, and let's show up at the finish line with cash so that we don't have to attend the how to borrow to pay for your student loans.
conference that they have that lasts like a whole day on the college campus. Let's just skip that and go rafting.
Yeah, exactly. After I talked to this physician in Kansas, gave him this whole, you know, everything I just said, I told him, and then I said, but look, we shouldn't talk. We probably shouldn't talk about this again for about 10 years. right. he was like, yeah, yeah, OK, good. So, OK, you're all just an organ with inflation being high. Should I increase the amount of stocks in my portfolio?
right.
Nice.
Speaker 1 (24:38.456)
Some context here, Ben, is person is approaching retirement, like within a year, and they're a little nervous about inflation. So I'll give this question to you.
Yeah, the short answer is no. So as you're approaching retirement, you should be decreasing the amount of stocks that you have, right? So if we're following a glide path or a target date strategy, whether we're a target date or fund or not doesn't matter. But target a strategy is to become more conservative as you approach your retirement date, which is to increase your bonds and decrease your stocks. Now, I want to paint a picture here for a moment. Imagine a graph, if you're graphical.
where the allocation to stocks is on top, allocation to bonds is on the bottom. And as you go from left to right, the amount of bonds increases and stocks decreases. So you're gonna see this nice graceful upward sloping curve. And imagine that you're looking at like a tent. This is different picture. I'm gonna merge these together. So imagine that you're looking at a tent like a circus big top, right? So it's got that kind of nice point on it. It slopes up on the left-hand side, it slopes down on the right-hand side.
I'm going to use a term I'll call the bond tent. And so bond tent is that shape that we get when we increase our bonds toward retirement. So we get this upward sloping curve, and then beginning at retirement, we begin to decrease the amount of bonds that we have over time, and things slope down to the right, like you would see on the right-hand side of a big top. It's known as the bond tent. The bond tent helps us avoid a thing that we call sequence of returns risk.
So imagine that, you know, you have 30 years in retirement and somewhere in that 30 years, you're to have a horrible return, right? Stock markets lose half of its value. If stock market loses half of its value in the last part of your retirement career, it's not really that big a deal. But if stock market loses half of its value on the first year of your retirement and you have to draw against that because you're retired, right? That damages your ability to withdraw money over the course of the rest of your retirement. So by starting off with.
Speaker 2 (26:46.67)
pretty decent slug of bonds in the beginning, you mitigate that risk of a stock market collapse, okay? And then if you increase your stocks as you go along in retirement, which is a little counterintuitive, then you defray the risk that inflation will eat away your returns.
Yeah, that's great. Yeah, because you know, obviously
stocks help you with inflation. I mean, can raise their prices.
And you don't have to increase stocks to help with inflation. mean, stocks are a natural hedge against inflation because, know, if the price of a box of crackers goes up, then that company is maintaining their profits by raising their margin because the box price went up and the shipping price went up and, you know, you don't want to talk about it. It's like it's almost like I'm in the ocean on a boat. You know, should I should I paddle harder because the ocean is going up? Well, the ocean goes up, it floats all boats. That's how it works with stocks.
And if we get like hyperinflation, that would be really hard on stocks and it'd be miserable on bonds. It's kind of miserable on all assets. But if we just get record garden variety, which, you know, was terrible a couple of years ago, but right now it's really contained. I wouldn't change my asset allocation for something that's macroeconomic like that.
Speaker 1 (28:02.582)
Yeah, we get the question every so often from people who aren't about to retire, like, do do about inflation? And the answer is keep doing what you've been doing, keep buying stocks.
Yeah, yeah, you can you can basically as an investor you can ignore inflation because it is a system wide risk the only way you can skip that is to get out of the system literally move out of the United States move your money someplace else and buy all your goods in a non dollar denominated fashion but as long as you're in the US and this is where you live and this is where you're to retire then I mean you can ignore US inflation
Yeah. Okay. Last question for the day from an anesthesiologist in Texas. said, help. I can't use my 529 money for housing expenses. What happened? so I was discussing, you know, child off to college, sitting the stage here. it's child off to college in like six months. And he just wanted to touch base and make sure that had enough to pay, that he was going about everything the right way.
Hello, Texas.
Speaker 1 (29:06.452)
And I'm really glad he called. I wish he would have called just a little bit earlier. this is always hard because they college planning doesn't stop when you stop saving. You're about to spend the money. Right. So, I was glad that he called. We were able to come up with a solution to this, but basically here's what happened. child is going to a school where the dorms are rather small. So not everybody gets in.
And the dorms are typical cost of dorms. think generally what I've seen this year, food, dorm costs and everything, it's about 15, $16,000 a year. So he wasn't able to stay in the dorms. He had to go to kind of these private dorms. They're like apartments and they're pretty nice, but also where he's going to college, it's expensive if you go outside the dorms.
And so he was a little nervous. Um, the price of these dorms was about $30,000 a year. And, um, to be honest with you, I learned something here. thought that does sound a little worrisome. Like, I wonder if there's any rules about this. Like, can you just pay however much you want for housing? So I looked it up and unfortunately the rule is off camp. I'm reading this quote from the IRS off campus. Students are limited to the allowance reported.
Dang.
Speaker 1 (30:29.422)
by the college in its cost of attendance figures. Any amount above the allowance is considered a non-qualified 529 plan expense. So what this means is out of that $30,000, only 16,000 of it can come from the 529.
And these cost of attendance figures are required by law to be posted on every college's website. They have a cost of attendance calculator where you can find these things. So it's not a mystery where this stuff is at.
Yeah, exactly. I mean, he was have this family was heavily contributing to 529s and they were had all the money they needed. So we were able to sort of mitigate the situation where he started putting money to the side, not in the 529s to pay for college. And so it worked out. But you just have to be careful with this. mean, like I said, you know, especially if you're our client, but, you know,
keep following the plan and keep in touch with us or keep in touch with your advisor about how you're going to spend the money, what things are costing. mean, you're at the finish line. There's no reason to kind of close your eyes and head into school without a finalized kind of plan of attack.
So hold on here. So we talked about having taxable money. This would be a great use of tax money, but I'm going to push back on this a second. Like, so what? So what if you use 529 money to pay for college expenses that are above and beyond the IRS limits? mean, you know, what happens in that case? We're talking about an extra $15,000 a year that's non-qualified higher education expenses, right? So you can't deduct it.
Speaker 2 (32:07.064)
So that's 15,000 bucks. It's 60,000 bucks over four years. And so you're like, what about the taxes? What about the penalties? my God. Well, let's say that half of that account is contributions and half of it is growth. Which might be the case if you've had these 529 accounts forever. All right? So we're talking about $30,000 coming out that's above the basis. So 30,000 that is in the part that is subject to the penalty.
So you're paying 10 % of that in penalties, which is $3,000. Like it's a pinch, but I've seen people just blow away $3,000 or say, I'm not going to fill out the paperwork for that kind of savings. Right. And then the taxes that you pay on that three, $30,000 of growth. mean, you pay those taxes anyway, if you hadn't put the money in the account, right? It's not like you just sidestep those taxes. If you invest in a taxable account,
you're going to pay taxes on the growth when you sell to pay for college. you know, I'm kind of like, really, we're talking about $3,000 here, which is a lot of money, but for a lot of physician families and particularly those that don't want to be bothered with the paperwork, I mean, so what?
Yeah, and this is probably the word. I mean the most egregious example I've ever seen. Normally, it's they're comparable, which is actually why over several years I've never ran into this. Yeah, because you you get up usually you can rent an apartment with a friend for cheaper than the dorm.
Yes.
Speaker 2 (33:36.606)
Well, you know, I had an inkling about this way back in the back of my mind, but you you do all of our college planning and I'm not exposed to this very often. So, I this is, I got to say, this is basically news to me. I probably would have had the same little, I'm not sure, but you know. Yeah.
Little pink flag going off my head.
This is like the ninth reason that I love you is you take care of all this, you know, all this stuff here on our 80th episode, all the stuff, so.
Alright, you can get ready for the 100 things you like about me in 20 episodes from...
No, I'm trying the line by then. I'm only gonna like you about 10 % of much I'm gonna start for the 10 things that I love about you. Yeah, cool Oh, and by the way, it's your turn. It's your turn 90th episode You got a couple of nine reasons that you like me and it can't be just paycheck, right? Yeah, okay, so I'm gonna take us out So we are financial advisors. We do serve doctors about 210 last time I counted in about 40 states. We can serve them anywhere
Speaker 1 (34:23.822)
was good.
Speaker 2 (34:36.999)
anywhere. We have really reasonable rates. People look at our prices like, my god, this is so reasonable, right? So we're open for business. If you're interested in becoming a client, or if you just like the sound of my voice and you want to chat with me, go to PhysicianFamily.com, click get started, and let's talk. Okay, but if you're not ready for that, and you have a burning itching question that just won't go away, you wake up with this question, then all you got to do is send your question to us at podcast at PhysicianFamily.com.
and we'll attempt to answer your question on the air. We'll definitely address your question via email, or you could call and ask us a question at 503-308-8733. Until next time, remember, you're not just making a living, you're making a life.
Thank you for listening to the Physician Family Financial Advisors podcast. Are you getting all the tax breaks you really deserve? To find out, get your copy of the Overtax Doctors Retirement Investing Checklist available at physicianfamily.com forward slash go.
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