Nate (00:13)
Hello, physician moms and dads. I'm Nate Renickey, certified financial planner and primary advisor.
Chelsea Jones (00:19)
And I'm Chelsea Jones, also a certified financial planner and primary advisor here at Physician Family Financial Advisors.
Nate (00:26)
So Chelsea, we have some housekeeping to do. we have some new listeners. I realized I was kind of looking over our episodes. We've we're we're closing in on 200 episodes here. And we we probably have new listeners that have come in in between and maybe we haven't just like stopped to talk about what we talk about on the each episode and all that. And there's been some changes to our episodes as we've gone along over the last several years.
So I just wanted to take a second to address new listeners. So what we do here is we answer questions from your colleagues, from actual physicians that we talk to every day. and we take listener questions over email as well, and we answer questions about your personal finances. So a lot of times it feels like you know, we've covered a topic or something and we're answering a similar question but slightly different, and that is because many new
Listeners and people who haven't listened to the podcast are asking the same questions. So we'll keep answering them if you keep asking them. And usually we start with a question, at least you and I do. Kyle and I don't often do this, but whenever you and I s record an episode, we'll do an asking for a friend question, which is our little segment where people ask questions that sort of feel dumb, but we both know there's no dumb questions.
so for new listeners, we'll answer three to four questions every week. They should be really relevant to you as long as you're still in the physician space. And we'll even try to answer some questions that aren't too complicated so that you can get your feet wet in the personal finance world. there's one more housekeeping issue is that we've seem to have be having some trouble with our audio. And so our sound person is trying to fix it, but
All that to say is I think I'm really loud. And I think that's the actual problem. So for our listeners out there who think Chelsea and Kyle are quiet, I I'm gonna take the blame and say that I'm actually just loud and I make this difficult on our audio engineer. So we'll do our best, but we've bought multiple microphones and we're trying them out, and I think we need to turn me down to down a little bit so we can match it.
And hopefully this will make it easier on you so you could just turn up the volume. and I won't be so loud in your car and Chelsea and Kyle will just be normal like they normally are. So but yeah, so I'm the problem and we're gonna keep on keeping on. And if if you have more feedback or if it doesn't work, you can keep sending us the feedback about the audio issues. But we're working on it.
Let's start with asking for a friend question this week.
Chelsea Jones (03:20)
Let's do it. So our asking for a friend question this week is everybody says to max out your retirement accounts. Max out what exactly? Cause this I mean, this question is really asking like, what's a retirement account? What what does max mean?
Nate (03:39)
Yeah.
Chelsea Jones (03:40)
so because when you hear retirement account, that's kind of generic. It could be a couple of different things. There are qualified accounts.
Which you have your ones that your employer offers, you have the ones that you open, which are individual retirement accounts or IRAs. but sometimes retirement accounts people also refer to their brokerage accounts that are earmarked for retirement as
Nate (04:02)
Mm-hmm.
Chelsea Jones (04:03)
a retirement account. but this question is referring to those qualified retirement accounts. most likely the employer ones. So when you hear max out your retirement accounts, that usually means
Max out your 401k or your 403B or whatever your employer offers. Maybe a 457B if it's governmental.
Nate (04:24)
Mm-hmm.
Chelsea Jones (04:25)
We like those. but but yeah, that's what they're talking about. Cause the IRS sets maximum limits. There are limits to how much you can put into those accounts. Same thing with IRAs. 401k, 403B, 24,500 for this year.
Or an extra eight thousand if you're over age fifty. IRA seventy five hundred or eighty six hundred if you're over fifty. brokerage accounts, not qualified retirement accounts, but it may be earmarked for retirement. no limit to how much you can put into those. So
Nate (05:04)
I think the the confusion here there's actually
Several angles that you could get confused about. So when
Chelsea Jones (05:11)
Mm-hmm.
Nate (05:11)
you're first starting to save before you make your attending salary and you're just trying to do something, the best you can do, you sometimes you'll see on social media or personal finance blogs a like a waterfall
Chelsea Jones (05:22)
Yeah.
Nate (05:24)
of where you should save money. Sometimes in your four one K or your 403B, which is just your account that you're saving in at work, that's the qualified account you're talking about, they have a match.
So,
Chelsea Jones (05:37)
Mm-hmm.
Nate (05:38)
you know, let's say your employer matches 5%, and you're you want to make sure you put in at least 5%. Sometimes
Chelsea Jones (05:45)
Mm-hmm.
Nate (05:46)
for a novice investor, they'll think that's what I should put in, or that's the most I should put in, or there's no benefit beyond that. But that that's not the case. And we won't get too far into that, but that's not the maximum you can put in. The maximum has limits every l year, usually those limits change, go up with inflation.
So the maximum you can put in is kind of the IRS is saying we're not going to give you any more tax breaks at this at this limit. therefore
Chelsea Jones (06:15)
Mm-hmm.
Nate (06:15)
you can't contribute past 245. The other maximum that people talk about is 529 contributions for college, which there is a maximum you can have in the account, but it's really large. Most people never hit it. And really
Chelsea Jones (06:31)
Mm.
Nate (06:32)
what they're thinking is the maximum.
or they're applying kind of the tax break you can get in a 529. Like let's say it's ten thousand bucks. So if I put in ten thousand dollars, I'm not allowed to put in any more. No, you can put in more. You just won't get a tax deduction or a tax credit
Chelsea Jones (06:54)
Mm-hmm.
Nate (06:54)
beyond that $10,000. But usually these limits when people are talking about them, generally it is
401k, 403B, 457, or your IRAs. And IRAs are
Chelsea Jones (07:09)
Mm-hmm.
Nate (07:10)
not at work. They're ones that you open up on your own. So different limits every year. And the reason it's also important many physicians have two jobs, and those maximums apply across the board. So it's important to understand the maximums. But what people are talking about is it's sort of a throwaway. They say, Well, I max out my my accounts at work. That's what you're hearing.
The person who asks this question. It's like that that's what they're talking about generally. and it seems so obvious to them to do that because there's tax breaks. So if it's not obvious to you what they're talking about, and which is why they're probably asking this question, it's simply because there's a tax break and it feels like a no-brainer to somebody who does a lot of investing and saving.
Okay. Got
Chelsea Jones (07:55)
Okay. Very good.
Nate (07:57)
four more questions. Get started with anesthesiologist.
Chelsea Jones (08:03)
Yep. So we have an anesthesiologist in Pennsylvania. They asked, my group offers disability insurance and I also have a policy I bought in residency. Do I still need both?
Nate (08:15)
Right. Yeah. It's we're getting close to open enrollment. And so disability insurance and life insurance kind of starts to come up. I've been answering more and more questions about disability. the you definitely need both. your group coverage has some holes in it or some deficiencies
Chelsea Jones (08:36)
Mm-hmm.
Nate (08:36)
that you need to share up with your own policy. So and on top of that,
your group coverage really isn't it's not enough coverage. So and and everybody, for new listeners and maybe if you've forgotten, Chelsea, Kyle and I, we don't sell any insurance. So when we encourage people to buy insurance, it is not for our benefit. Right? We don't
Chelsea Jones (09:05)
Right.
Nate (09:05)
get any money when you go buy insurance if you're a client of ours. So and we yet we still tell people to go get their own disability coverage and their own
Term life insurance coverage. So for group disabil or group disability coverage you get at work, there's a couple issues with it. One, if you lose your job, usually it's not portable. So you don't keep it. Therefore, it can go away at any moment. two is that it's taxed most of the time, unless you
Chelsea Jones (09:35)
Yeah it's
Nate (09:37)
very intentionally go to your HR and say, hey, I want to pay this with after tax dollars. And they're like, what do you mean? We pay for this. You're like, yeah, I'd like
Chelsea Jones (09:44)
Mm-hmm.
Nate (09:44)
to pay for it, which is is a cool thing to do. Most people never do it. So if you're paying for this with pre-tax dollars or your employer's paying for it, it's going to be taxed. And it's the benefit
Chelsea Jones (09:56)
The benefit is gonna be tax, yeah.
Nate (09:58)
would be taxed if you were to become disabled. And a lot of times it's covering, you know, 60% of your income up to a limit
Which is nowhere near sixty percent of a high earner's income.
Chelsea Jones (10:10)
Yeah. I
think the highest limit I've seen is fifteen thousand. Yeah.
Nate (10:14)
Fifteen. Yeah. And
after taxes, you know, that turns into
Chelsea Jones (10:20)
Yeah.
Nate (10:21)
maybe ten.
Chelsea Jones (10:23)
Ten. Yeah.
Nate (10:24)
And so imagine that's all you had. So you're a high earning position making thirty thousand dollars a month, forty, fifty thousand dollars a month, and all of a sudden you make ten. And you're
Chelsea Jones (10:38)
Yeah.
Nate (10:39)
thinking, Well, maybe I could cover my bills.
Or maybe I could float myself for a few months. That's not enough. It's it's not just about covering your bills because your disability insurance policy usually runs till 65, and you still have to save. Because when that is
Chelsea Jones (10:55)
Mm.
Nate (10:55)
over, when you're when you're so in retirement years, you need to be able to pay for retirement. So your disability insurance should cover your bills and your ability to save, which for physicians
is a is a lot of dollars if you want to send your kids to college and retire reasonably well. So the way to deal with that is to get your own policy. and your own policy can cover it doesn't even cover 100% of your income because the insurance companies limit how much disability insurance you can buy. They don't want
Chelsea Jones (11:33)
Yeah.
Nate (11:33)
to encourage you to file a disability claim.
Chelsea Jones (11:36)
Then when it incinifies, yeah.
Nate (11:38)
Right.
and this is why life insurance companies won't let you buy a hundred million dollars worth of life insurance because you might get a crazy idea. Right. So you go out, you buy your own individual coverage, it's gonna be expensive or it's gonna feel expensive, and there's a reason for it, which is most people, or I shouldn't say most people, disability insurance policies get used much more frequently than life insurance policies. So if something's more expensive, it's because you usually or or
people use it more often. And a big key here is that when you buy your own private disability insurance policy, you can get own occupation coverage, which is if you can't be a surgeon anymore, your disability insurance covers you. what mm other disability like social social programs, they have disability insurance policies, but it's like you can't work
Anywhere. So
Chelsea Jones (12:39)
Yeah.
Nate (12:40)
you can't sit at a at a checkout stand at Walmart. And if you can, you're not getting disability. So you
Chelsea Jones (12:49)
Right.
Nate (12:49)
need own occupation coverage and you need to probably buy as much as you can. Key is to use kind of a trustworthy insurance agent that can help you buy it.
Chelsea Jones (13:00)
Mm.
Yeah. And the the last thing I would add too with Onoch is some group policies offer own occupation coverage. And I've had clients come in and be like, well, I already have the Onoch through my group. but every group policy that I've seen that has an ONOC own occupation component, there's a limit to how long that own occupation definition applies. And it's usually the first two years. So
Nate (13:29)
Okay.
Chelsea Jones (13:30)
Don't fall into that trap thinking that your group policy is good without, you know,
Nate (13:35)
Yeah.
Chelsea Jones (13:36)
knowing the limitations.
Right. Our next question comes from a hematologist oncologist in Florida. They said, I bought Apple stock many years ago and I want to sell it now that it's at an all-time high. How do I avoid paying so much in taxes on the sale?
Nate (13:53)
Mm-hmm.
Chelsea Jones (13:54)
So this I'm seeing this more and more, you know, with
Nate (13:58)
Me too.
Chelsea Jones (14:00)
you know, older clients coming in, but also the stock market has just done so well the past couple of decades that
it it's not uncommon to see these types of gains in an account in a brokerage account. so there's a few ways that you can go about this. So really high level the three main ways that you can deal with this tax problem is one, just pay the taxes. and that could be all at once. That could be over a few years to try to, you know, ease the the pain.
Nate (14:34)
Mm-hmm.
Chelsea Jones (14:35)
But one way or another, if you liquidate it while you're still living, you're going to pay the taxes. you could donate the stock, which if you donate appreciated securities to a qualified charity, qualified charities don't pay taxes. And so you're kind of just gifting away the tax problem to someone where it's not actually a problem. because they have tax advantages. and then the third option is to
Pass it to your children or your grandchildren. You know, you have to die for them to get up
Nate (15:07)
Mm-hmm.
Chelsea Jones (15:08)
a get a step up in basis, meaning that, you know, the cost basis, when we say cost basis, that's essentially how much you paid for the stock. And then any gain is how much it's appreciated. So if you paid $100 a share, now it's at $200 a share, you're gonna have half of that balance as gain and half as basis. but whenever
securities, whenever stocks get inherited, they get a step up in basis. So if they sell it immediately, the beneficiaries, there's no gain. And so no taxes.
Nate (15:43)
Mm-hmm.
Chelsea Jones (15:44)
but two of those three options, you don't get the cash, right?
Nate (15:49)
Yeah.
Chelsea Jones (15:51)
You're either giving it away while you're living to a charity or you die and give it to your beneficiaries. and so paying the taxes is
The one that's left over. So then the question is w how what is the best way for me to pay the taxes, I guess.
Nate (16:10)
Yeah.
And it's different for everyone because some people have f far more wealth than they could ever imagine spending. But I don't
Chelsea Jones (16:20)
Mm-hmm.
Nate (16:20)
see that I mean, that is definitely the exception and not the rule with physicians.
Chelsea Jones (16:25)
Yeah.
Nate (16:27)
I just spoke with a family yesterday that they got some stocks from one of their parents. It was Berkshire Hathaway and Apple. And
Chelsea Jones (16:38)
Mm-hmm.
Nate (16:39)
maybe it was Google.
And they had a really meaningful th goal in their life, which was to do a major remodel on their house. And so, but they they were stuck on selling the stock to pay for those things. So they they were not in a position, I mean, they've saved well, they earn really well, and they're gonna continue to say could save and invest, but they just didn't want to make a dumb decision about like should I really pay the taxes on this?
And so I gave them the same options. It's pay it, give it away. there's another option, which is to let the the market take your gains.
Chelsea Jones (17:19)
Yeah.
Nate (17:19)
For whatever reason, people are more comfortable selling, you know, at a loss or selling at right when you're even. It's like a gambler's mentality. Every gambler out there is
Chelsea Jones (17:29)
Mm-hmm.
Nate (17:29)
trying to leave the casino when they're even. They never leave when they're up. They don't like leaving when they're down. It's like they just leave when they're even.
And so, for whatever
Chelsea Jones (17:38)
Yeah.
Nate (17:38)
reason, people want to leave when they're even. But the beautiful thing about this is that you have all these gains and you could lock them in right now. You could sell it and you could enjoy the money. You could remodel the house. but they also asked me the question of like, well, ch is it a bad idea to sell it? It's done really well. And
Chelsea Jones (18:01)
Yeah.
Nate (18:02)
I won't make a prediction about Apple, it seems to be doing pretty well as a company. but
The the issue is that there's some misunderstanding that they won't be out of Apple if they have index funds. So if you look at like VTI, Apple makes up over six percent of E VTI. So
Chelsea Jones (18:22)
Mm.
Nate (18:22)
you're not pulling out of Apple altogether. You're you're just too concentrated and you have some overlap too with some of your other funds. So think about it in terms of what you get.
Which is this is a resource, money, stocks, it's all just resources to get the things that you're hoping to get in life. And if you have to pay taxes to accomplish this big goal, that's not a bad thing. You're gonna have to pay taxes on your VTI too. You know, at some
Chelsea Jones (18:48)
Mm-hmm. Yeah.
Nate (18:51)
point you need to sell it. The question is when. And if you decide, if you're one of those people who are like, I think I'm gonna, you know, ride the lightning here and keep this single stock and let my children inherit this money, you will still be holding your breath.
Hoping Apple doesn't go down, even though it's for your kids. So imagine you're 50 and you're thinking, My children are gonna inherit this. So you're gonna hold your breath for the next 35, 40 years, hoping the stock doesn't go down, and you made a really good decision about not selling your stock. That's not
Chelsea Jones (19:27)
Yeah.
Nate (19:27)
terrible. You know, Apple's probably gonna be fine, Berkshire Hathaway is probably gonna be fine.
You're probably not gonna lose all your money, although it's certainly possible. Yeah,
Chelsea Jones (19:37)
A possibility, yeah.
Nate (19:39)
it's a possibility. but shift your mind to not just thinking about taxes. Don't let the tax tail wag the investment dog. Like you you make a choice based on the outcomes you're looking to achieve in life, and you'll you'll probably make less regretful decisions.
Chelsea Jones (19:59)
Okay. Our next question comes from a hospitalist in Indiana. They said our bank keeps offering a physician loan with nothing down. We have enough for 20%, but is the physician loan still the better deal? I see this question all the time too. It's like should I use all this cash to pay a down payment or would I be better off investing it since I have this physician loan available? Is that what this
Nate (20:23)
that's a different
that's a different take, I think. but it's it's I guess it's certainly something I hear. I could answer in both ways. the first is just like is it is a physician loan a a good deal in general? Do
Chelsea Jones (20:42)
Mm-hmm.
Nate (20:42)
should I should I take the physician loan instead of this conventional loan? And
It's certainly worth looking into. It doesn't really cost you much. You ask your banker what's the difference between the conventional
Chelsea Jones (20:55)
Yeah.
Nate (20:55)
loan and the physician loan? And when I say what's the difference, you say what's the down payment, what's the interest rate? What are the terms? What are the terms of this deal I'm about to sign for the next thirty years? And generally a conventional loan with twenty percent down is a better deal because you get a lower interest rate and you still aren't paying
private mortgage insurance. So physician loans
Chelsea Jones (21:19)
Mm-hmm.
Nate (21:20)
are made for young physicians who don't have a bunch of cash but have a great income. That's why that program is created. And so rather than just looking at the title of whatever program you're signing up for, you look at the actual details. You say, what is the interest rate? And there's kind of two reasons why your
loan officer keeps pushing, could be pushing this on you. one is that if you take out more of a loan, they'll get a higher commission. I don't see that all that often with loan officers. It's not such a big difference where if you take out
Chelsea Jones (22:03)
Right.
Nate (22:03)
an extra $50,000 on your, you know, $500,000, $600,000 loan, million dollar loan,
They they don't make that much more money. It could be, but more than likely your loan officer just thinks it's cool that they have a physician loan program, just wants to tell their boss that they got a doctor as a client and they used this program that they post flyers up for in the break room. Because I
Chelsea Jones (22:30)
Mm.
Nate (22:31)
used to work at a bank and literally that's what it was. Hey, we should get physicians in here and they should be taking advantage of our physician loan. It's special. And then over the years, it's like every bank.
Has a physician loan. So it's not really that special, but it is a tool that you can use if you don't have a down payment and you think you need to buy a house for whatever reason. So this is just it's more co it sounds more complicated than it is. You're just comparing products. That's all you're
Chelsea Jones (23:02)
Mm-hmm.
Nate (23:03)
doing. And if one is better than the other, you take you take the better one, and most likely it will be the conventional loan with 20% down.
Because one of the big benefits of not using or using a physician loan is you don't pay private mortgage insurance. So since you have twenty percent down, you won't pay private mortgage insurance either way.
The other angle of this, which is should I put the money down or invest in the market, is a risk question. you look at the interest rate. Right now, interest rates are close to 7%. And you'd say,
Chelsea Jones (23:35)
Yeah.
Nate (23:35)
should I invest? And the question right before this was Apple's at an all time high. Well, so is the stock market. So
Chelsea Jones (23:43)
Yeah.
Nate (23:43)
it's not unreasonable to think you won't get 7%. You might get 7% in the stock market, but
it's not like a slam dunk to say I'm gonna borrow as much money as I can so I can invest it in the market. And it's not, you know, at least from my perspective, it's it's not a great strategy to be taking that much risk. That would be like saying, if I think I can get 30% in the market, should I use should I borrow money on my 20% credit cards to put it in the market? You know, that's the question you're asking. It's just with smaller percentages.
there was a big case to be made for this when interest rates were in the twos and threes.
You know, it's like, man, this is a really low interest rate. And that proved to be correct for the time being. but when rates are seven percent, it it seems pretty thin. Think you should probably put put the twenty percent down
Chelsea Jones (24:38)
Yeah.
Nate (24:39)
and 'cause you gotta pay this house off before you retire anyways.
Chelsea Jones (24:42)
Yep. Get that guaranteed seven percent.
Nate (24:44)
That's right.
Chelsea Jones (24:45)
Alright, we have one more question. It's from an orthopedic surgeon in Washington. They said two of my partners just built houses that I couldn't imagine affording, and I keep wondering what I'm doing wrong. So not exactly a question, more of a a like just a speculation and a feeling, but but what are your thoughts on this?
Nate (25:05)
Yeah, right. Yeah.
it's painful to hear, because most likely you're not doing anything wrong. In fact, you're probably doing everything
Chelsea Jones (25:18)
Right.
Nate (25:19)
right, and maybe they're doing something wrong. I don't want to say anything bad about your partners, but I guess I should say in my in my observations of speaking to hundreds and hundreds of doctors,
It is possible that you spend too much money and that you have not done a good enough job saving for some big goal like b building a house, and that you can't afford it because your lifestyle's just too high. That's possible.
Chelsea Jones (25:48)
Mm-hmm.
Nate (25:49)
And that's what they're alluding to. They're like, How on earth can they afford an eight thousand dollar payment, but I can't? and maybe they did a great job saving.
More than likely though, and what I usually see is that the doc your partners are probably just over leveraging themselves. And they're you're not doing anything wrong. They might be doing something wrong by building in the first place.
Chelsea Jones (26:16)
Mm-hmm.
Nate (26:17)
another huge possibility is that when you're a 38 year old doctor and you see your fifty-eight year old partner building a
Chelsea Jones (26:24)
Right.
Nate (26:25)
house, it's like, well, yeah, they probably saved for 20 years.
Chelsea Jones (26:28)
Mm.
Nate (26:29)
Or they prepared and paid off loans and gotten a
themselves in a position where they could afford it. and you're trying to build something that took your partner 20 years to achieve, you're trying to build it in a few years. That's just not how
Chelsea Jones (26:41)
Yeah.
Nate (26:42)
life works, despite what social media might tell you. So I want the the younger docs, even in your 40s, to just stop asking yourself what what you're doing wrong for a moment and start recognizing what you're doing right.
Which is you're probably saving a ton of money, which is was why it feels like you don't have a whole lot extra. Right? You're saving
Chelsea Jones (27:05)
Mm-hmm.
Nate (27:06)
for college, you're saving for retirement, you have a reasonable mortgage that still feels expensive. you're paying for nannies, you're doing all the right things to set your children up and yourself up for the future. and if you and those are all the right things for you. And if you looked, you know
Pulled back the curtain and looked at your partner's balance sheet, you might have more money than them, but it's just tied up in things that, you know, deferred gratification vehicles.
Chelsea Jones (27:38)
Yeah.
Nate (27:39)
Right. And if if you can think of it that way, not to say anything bad about your partners, but you can be confident that you're making the right choices. I used to every summer, we haven't in the last couple of years have we got
More and more kids, but used to go to California, and everybody in California where my wife's family is, they all have nice cars. And I every summer, even a financial planner would ask their spouse, who's not
Chelsea Jones (28:08)
Mm.
Nate (28:08)
financially really all that literate, how does everyone have a nicer car than us? We're doing pretty well.
Chelsea Jones (28:15)
Yeah.
Nate (28:16)
And then I realized they're all financed, they're all rolling over negative equity. Some of them are selling their houses to buy cars.
Chelsea Jones (28:25)
Yeah.
Nate (28:26)
You know, it's just a and y and then I would always come back to by the time we left, I would think back and reflect on Brittany and I and I'd realize I don't think we've had a money fight in about five years.
Chelsea Jones (28:40)
Right.
Nate (28:41)
And I can tell you, not having a money fight is worth way more than having a Mercedes.
Chelsea Jones (28:48)
Yeah, I'll say. And it's it's so important too not to compare yourself to someone who's in a completely different phase of life. I know you alluded to the, you know, young partner, maybe the other the partners they're comparing themselves to are in their fifties. You might have the nanny bill and the daycare bill and the private school tuition and the college savings, but your partners don't have all of those expenses. And so maybe they just have more cash flow. Maybe they're
spouses, I don't know, earn a high income as well, and there's just more cash that way. but yeah, there's never what is the saying? Comparison is the thief of joy.
Nate (29:30)
Yeah.
Chelsea Jones (29:31)
So it's just you're you're never comparing apples to apples, even when you're comparing yourself to your colleague, when it comes to things like this. So
Nate (29:42)
I think it's important for well I something that is really important to me and my work with physicians is that they are living their lives intentionally. So when this
Chelsea Jones (29:57)
Yeah.
Nate (29:57)
comes up, they're spending their money intentionally, saving intentionally. So when questions like this come up, you say to yourself, I don't have the house, but that's because I'm intentionally saving for.
This type of college, I intentionally chose to send my children to private school. I intentionally
Chelsea Jones (30:16)
Mm-hmm.
Nate (30:17)
chose to prepare for retirement at 59. If those don't feel right to you, I promise you could work till 70 and buy that house or build that house.
Chelsea Jones (30:26)
Yeah.
Nate (30:27)
It's just a matter of intentionally living the life that you want to live, therefore you don't feel you don't have to compare because there is no comparison. You're living a different life. You just have the same job.
And so live your life intentionally. You can do that through planning for college and retirement. You can also do that by checking in and making sure that your intentions you had when you were, you know, 37 are the same intentions that you you have when you're 47.
Chelsea Jones (30:54)
Mm-hmm.
Nate (30:54)
And if you want to move things around and you were saving like crazy at 37 to 47, you probably have some flexibility if you decide, you know, I'd rather buy this house or build this house and and work for an extra few years. Right? Because
If your partners are buying the house, I'm promise as well that you could save and build the house yourself as well. You just have to shift around
Chelsea Jones (31:17)
Mm-hmm.
Nate (31:17)
your priorities and make sure that that's what's important.
Chelsea Jones (31:20)
Yeah. And they're also dealing with contractors and going over budget constantly. So
Nate (31:25)
Yeah, right. Who wants that life? The the
at the top of the podcast, the the people selling Berkshire Hathaway and Google stock, they the reason they want the money to remodel is because they they don't want to move. They're
Chelsea Jones (31:43)
Yeah.
Nate (31:43)
like, I don't wanna move. Everybody's moving. I I I can imagine moving. I don't want to move. Like, well then you need cash. Which is actually,
Chelsea Jones (31:51)
Mm-hmm.
Nate (31:52)
you know, great because then they're not just taking out a bigger loan.
But and so this is a way to not move. Make our house bigger without moving. I'm like, well that does mean people are gonna be living with you like with dust on the floors all the time for like the next year. They're like, better than moving. They knew what they
Chelsea Jones (32:08)
Yeah.
Nate (32:09)
wanted and they know they don't want what everyone else wants, which is to just buy a house and walk.
Okay, that is it for today. Thank you everybody for listening. if you like this episode, you can subscribe anywhere you're listening to your podcasts. You know, we release a new episode every week. You can leave us a rating wherever you're listening. We would really appreciate that. and if you'd like to work with us, you can visit physicianfamily.com to schedule an interview. And if you aren't ready for that, remember you can always send us questions.
At podcast at physicianfamily.com. We will answer them even if it doesn't make it on the show. Until next time, remember, you're not just making a living, you're making a life.
