Category Archives: Retirement

Harlan Accola on Reverse Mortgages for the wealthy

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Join us as we uncover the myths and misconceptions about reverse mortgages with Harlan Accola, reverse mortgage expert. Please tune in as Harlan talks about how a reverse mortgage can:

  • be a massively productive retirement tool
  • help reduce your tax burden in retirement
  • eliminate housing expenses after age 62
  • increase your assets and the legacy you leave to your family and loved ones
  • hedge against loss in home equity – if you pass away and you owe more on the house than what it’s worth, you and your estate don’t have to pay it

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Dr. Amanda Liu, DrWiseMoney.com

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Today we are delighted to have Dr. Amanda Liu, creator and blogger for DrWiseMoney.com. Amanda is a PGY2 at Banner University Medical Center and her blog serves to leverage her voice as she achieves her financial goals of purchasing a home, paying off student loans, maxing out retirement savings, and becoming retirement eligible by 2023. Dr. Liu was generous enough to share:

  • how she has beaten big banks at their own game by leveraging credit cards to pay down her student loan debt and save $60,000 in interest
  • how she uses those same cards to maximize her cash in reserve and put money into retirement
  • how she was able to make $3,000 by just moving money around – this is is the first time she’s shared this publicly
  • her bad experiences with mortgage bankers and her how she’d advise others on how to find a great lender

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Steven Podnos, MD, CFP – wealthcarellc.com

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Tune into to hear Dr. Steven Podnos, principal of Wealth Care LLC, fee only investment advisor and physician share his wealth of experience and knowledge about:

  • The tricky way some financial advisors mislead about fees and the difference between fee only and fee based practices.
  • Common physician retirement planning mistakes
  • What to do if your retirement plan is high cost and underperforming
  • Common mistakes physicians make when protecting their assets and how to avoid them

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Dave Denniston, CFA – daviddenniston.com

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We’re talking with Dave Denniston, physician focused financial advisor and he reveals 7 Secrets to Reducing Taxes for Doctors, including:

  • Why contributing to your employer sponsored retirement plan is essential and how much that will save you in taxes
  • What overlooked strategy many hospital employed docs miss out on
  • Why utilizing your HSA plan is a no brainer
  • How having 1099 income in addition to your employment income can result in great tax deductions

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David Burd and Jim Hemphill – triage-md.com

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Listen as Jim Hemphill and David Burd let you in on what they’ve discovered about working with physicians:

  • Why deferred gratification plays such an important role in how physicians spend and why having both spouses or partners buy into the financial plan is crucial
  • How the habit of competition can influence money decisions and how changing the game you decide to play can really impact your bottom line and outcome
  • What is the inflection point and why choosing your lifestyle at that point is so important
  • What are the 7 strategies and how can you use them to retire wealthy

Josh Mettle: Hello and welcome to the Physician Financial Success Podcast. My name is Josh Mettle, and this is the podcast dedicated to advising physicians how to avoid financial landmines. Today, we’ll be talking with Jim Hemphill and David Burd, authors of Changing Outcomes: A Financial Recovery Strategy for Peak Career Physicians, as well as Pay Yourself First: A Financial Guide for Doctors Entering Practice. Jim and David also are the principals and founders of TGS Financial Advisors, an independent advisory firm focused on helping
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Eric Halvorsen – UMAFS

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Our guest today is Eric Halvorsen, Certified Financial Planner and MBA from the Utah Medical Association Financial Services or as they’re more commonly known UMAFS. Eric and the UMAFS team offer physician specific financial planning and investment advice. We dive deep with Eric and talk about:

  • Why he likens one’s financial life as a marathon, and why he sees dedication and consistency as crucial to your financial goals and success
  • What the DALBAR Study is and why the findings about emotions and logic are relevant to you in your investment strategy
  • What an investment policy statement is and how that can keep you on track and working towards your investment and financial goals
  • Why UMAFS likes Dimensional Funds and how they can be a great tool to help you in your investment goals as well
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Ben Utley – Physician Family Financial Advisors

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Ben Utley is from Physician Family Financial Advisors. Ben specializes in helping doctors and their families stop worrying about money and start taking action towards a lifetime of financial security. Ben is a certified financial planner with 20 plus years of experience, featured in the New York Times, the Wall Street Journal, Medical Economics, Physician Practice, and many more. Ben taught us about:

  • The three Ts – time, training, and temperament and how those can hinder or enhance physician’s management of their personal finances
  • Why investing is one of the last things to do when starting your financial plan, not the starting point.
  • How to get your kids on a solid financial path when they are young
  • His crucial advice for physicians transitioning into higher incomes and what mindset to adopt to ensure your financial success
  • Why having a vacation budget is so important for physicians and their families
  • His two checking account system for protecting your identity and keeping your money safer

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Dr. Doug Carlsen – GolichCarlsen.com

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Doug Carlsen, D.D.S. retired at the age of 53 after 25 years in private dental practice and clinical lecturing at the UCLA School of Dentistry. Doug is now a writer, speaker, and business and personal finance consultant to physicians, dentists, and other medical professionals. Doug shared some of his best advice for dentists and physicians:

  • The 3 major keys to wealth
  • The importance of compound interest and having a clear savings plan
  • The 6 personal habits of super saver dentists and how you can adopt these and improve your financial health
  • The 3 big financial mistakes to avoid in your 30s and 50s – including the one mistake that can add 5 to 10 more years of work to getting to the goal of retirement. Avoid this one or find a way to minimize its impact!

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Paul Larson – Larson Financial Group

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Paul Larson is CEO of Larson Financial Group, one of the nation’s largest doctor exclusive financial advisory firms and serves over 4,500 physicians and dentists nationwide. Paul shares how he began working exclusively with physicians. He shared:

  • Why his company has a foundation that goes to impoverished areas and employs people and how that has benefited their physician clients
  • How his group is able to employ a holistic approach and help with many aspects of a busy doctor’s financial decisions – car buying or leasing, contract negotiation, home buying, and taxes to name a few
  • What DFA funds are and how they can minimize risk, lower fees and get a good return
  • Why the habit of saving money early on is important
  • How his company’s book Doctor’s Eyes Only can guide you through the process of financial planning

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Darrell Armuth – Sensible Portfolios

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Darrell Armuth is a financial advisor who is married to a dentist and has advised quite a few dentists and physicians on how to grow their retirement nest egg while minimizing risks and keeping fees to a minimum through using smart funds. He talked to us about:

  • What a smart fund is and how through their simplicity they are transformative
  • How diversification with smart funds reduces risk
  • The lower cost of smart funds
  • How through using smart funds you are investing globally

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Konstantin Litovsky – Litovsky Asset Management

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Konstantin Litovsky of Litovsky Asset Management specializes in providing small business owners like private practice doctors and dentists and is one of the tiny number of advisors who provide flat-fee comprehensive retirement plan services. Konstantin is one brilliant guy and he talked to us about:

  • How medical professionals are penalized by asset-based fees and the astronomical amount he estimates asset based fees steal from your wealth over time
  • How his math background and engineering background helps him to consider his clients’ finances as a system with many moving parts, and how all parts of the system have to work together
  • His 5 Point Investment Plan that lays out very basic guidelines that you can use to keep more of your wealth and allow for better planning opportunities for your retirement
  • The myths and realities of investment management and why knowing these will blow your mind

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Dr. James Dahle – White Coat Investor

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Dr. James Dahle, editor of www.whitecoatinvestor.com and the rising star of physician financial advice and straight talk about success was kind enough to share his time and expertise with us and talked to us about:

  • What got him so interested in getting a financial education and why he shares that knowledge with other docs
  • How med students can minimize student loan debt and why that is so important
  • Insurance and why it is imperative that you have the right kind
  • The importance of creating profitable habits for your success
  • His new book The White Coat Investor: A Doctor’s Guide to Personal Finance and Investing

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Alisa Le – Pacific Advisors

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Alisa Le, financial advisor at Pacific Advisors specializes in advising dentists and physicians. Is keeping your financial papers and legal affairs organized and easy to access an issue for you? Alisa talks about her system for that and her philanthropic ventures and also talked to us about:

  • How the Living Balance Sheet can help you organize and strategize with all your legal, tax, mortgage, and banking advisors to get the most from their services
  • The difference between net worth and high income
  • How the Life Visions process can help you create a wealth strategy to accomplish your highest vision

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Dr. Dennis Bethel – NestEggRX

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Dr. Dennis Bethel is the founder of NestEggRx, a real estate investment firm with the mission to help doctors and other health professionals diversify into real estate without any of the management headaches. Dr. Bethel is passionate about real estate and teaching others how to reach their goals. He tells us:

  • Why he perfected his system to educate other professionals about the advantages of commercial/multifamily real estate investing and what got him started down this path
  • How to get into larger multimillion dollar commercial properties with direct fractional investing
  • How to avoid management headaches most people struggle with in real estate investing
  • The five different ways to make money in real estate investing
  • What to look for before investing your money with a real estate investment firm

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Reese Harper – Aquire Advisors

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Reese Harper, founder of Aquire Advisors is a financial service provider who specializes in serving general dentists, oral surgeons, and specialists. Have you ever worried about how steer clear of financial scams? Reese taught us a few things about that and also gave some great tips on:

  • The 7 BIG mistakes private practice dentists and physicians are making and how to avoid them
  • Why using an independent financial advisor is crucial
  • What the balanced approach to paying off debt is and how to apply it in your life
  • How physicians and dentists can avoid being defrauded like Bernie Madoff’s clients were

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