The Financial Playbook for Young Physicians

As a resident I’ve pretty much been dreaming of the day when all of my money worries melt away with my first check as an attending. But while daydreaming is fun, there are a huge number of questions on how to actually get on track with my financial wellness when that magic day comes. Below I’ve put together many of my top questions and considerations, and then paired them with the opinions of Chad Chubb, CFP®, CSLP® the financial planner and mastermind behind WealthKeel.

What’s my strategy for tackling my student loan debt?

I should be preparing to refinance into a short, aggressive payoff or well into Public Service Loan Forgiveness (PSLF).

In training years I’ve amassed a lot of consumer debt as well, what should I do there?

Eliminate high-interest consumer debt as soon as possible, and commit to staying out of debt.

Oh and I guess it’s time for an emergency fund.

Grow a savings to be 3-6 months of your living expenses. 

And maybe I should catch up on my child’s 529…

Open the 529 plan, and if I can add money to it great. If not, have others gift to it.

… And my retirement funds

Easy, max out my qualified plan(s), max out my backdoor Roth IRA(s), load up my taxable account to accomplish my goals.

Insurance? What insurance? How do I protect myself and my assets?

Two term life policies for my wife and I and one own-occupation disability policy, plus an umbrella policy for additional protection against medical liabilities.

If you want to get the full download of all of Chad’s financial tips for physicians a good place to start is by reading his 15-page ebook “A Doctor’s Prescription to Comprehensive Financial Wellness.” We can’t say enough about him and his advice so please do check him and his youtube channel out! Lastly, join the Physician Masterclass Facebook Group to chat more through all of your financial questions and get notified for all of our upcoming live events.


WealthKeel provides comprehensive financial planning for Gen X & Gen Y physicians. Their specialty is financial planning and investment management for you, Gen X & Gen Y physicians and your family. Together, they will navigate the complexity of everyday life by crafting a streamlined financial plan that is agile for your evolving needs. They will help you utilize your wealth to free up time and energy to focus on your family, your practice, and what you love most.

Find out more about WealthKeel: Website | LinkedIn | Twitter | Youtube

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