By Jared Andreoli, CFP®, CSLP® Physicians face the realities of life and death in their daily work, yet many can shy away from contemplating their own mortality. Nevertheless, it’s crucial for doctors to consider this inevitability and to strategically plan their estate. An estate plan gives you control over who inherits your money and property if you die or who can make medical or financial decisions on your behalf. While physicians face some unique legal challenges, like safeguarding against malpractice claims, their career stage and age should not be barriers to initiating estate planning ..read more

By Jared Andreoli, CFP®, CSLP® If asked, “What is the average professional’s most valuable asset?” most might think of their house or their 401(k) retirement account. Either may be true, but in reality the answer is the ability to earn income. Physicians normally earn a higher-than-average income throughout their careers, so this ability to use their training to help their patients is a uniquely valuable asset. Just as a property or a business should be insured, so should this asset as part of their overall financial planning. Those under age 35 have a 33% chance of incurring a partial disabi ..read more

By Jared Andreoli, CFP®, CSLP® Tax season can be a complex balancing act, especially for married physicians filing taxes separately. While the benefits of Married Filing Jointly (MFJ) are undeniable for many couples, Married Filing Separately (MFS) can offer unexpected benefits for high-income earners.  As a CERTIFIED FINANCIAL PLANNER™ professional at Simplicity Financial LLC, I work with a lot of married physicians with student loans. Depending on their specific situation, I typically suggest they file their taxes separately from their spouse. For high-earning married clients, the redu ..read more

By Jared Andreoli, CFP®, CSLP® Have you ever encountered patients who think WebMD has all the answers? Sure, AI-generated health advice may work when it’s something simple, like a cold. But for more complex needs, it’s best to rely on advice from a trusted physician, like yourself. The same can be said when it comes to relying on AI or robo-advisors for your finances. While these tools are great for beginners, they can’t do everything—especially when it comes to the specific financial challenges faced by physicians.  Let’s explore the top reasons for working with a financial advisor over ..read more

By Jared Andreoli, CFP®, CSLP® As a physician, you thought you were prepared for just about anything—until you decided to grow your family. Any new parent will tell you how life-changing parenthood can be, giving a whole new meaning to being “on call.” Sure, there will be times when you follow your intuition or even wing it, but you’ve quickly realized there’s one area you won’t compromise on: your finances. Adjusting your finances to support a growing family isn’t just about budgeting and childcare costs, it’s about planning for your child’s future. Up to this point, you have committed to yo ..read more

By Jared Andreoli, CFP®, CSLP® For physicians, sorting out finances can seem as complex as diagnosing a complicated medical case. Balancing high incomes, repaying medical school student loans, and making wise investment moves require a specialized approach to financial planning. So, having a financial advisor goes beyond seeking guidance on money matters; it’s also about gaining a partner who understands your goals—both in your career and personal life. From your investment strategy and retirement planning to the fees you pay, your choice of financial advisor goes a long way in determining yo ..read more

By Jared Andreoli, CFP®, CSLP® With the year quickly drawing to a close, it’s the perfect time for physicians to carefully assess their financial situation to avoid any surprises in the upcoming year.  But while many professionals focus on tax-saving strategies, they may be missing out on an equally crucial component: withholding enough taxes throughout the year. In fact, one of the biggest financial challenges for young physicians is navigating and managing their tax liability.  Even if you’ve already taken advantage of every opportunity to save on your taxes, you’ll also need to c ..read more

By Jared Andreoli, CFP®, CSLP® We can all agree that pursuing higher education should be a path to a brighter future—not crippling debt. And this is especially true for young physicians balancing both professional and financial obligations.  So, with student loan payments resuming this fall, physician borrowers will want to be aware of a new repayment plan that offers relief to those with education debt: the Savings on a Valuable Education (SAVE) plan. The SAVE plan, which launched in August 2023, could be a game-changer when it comes to repaying student loans, with potentially lower mon ..read more

By Jared Andreoli, CFP®, CSLP® Simplicity Financial provides financial advice and planning catered to medical physicians and residents who want to manage their student loans, optimize their investments, and develop a comprehensive financial plan. At Simplicity Financial, our primary goal is to help early-career physicians pursue their financial goals. If you’re planning out the final year of your residency and aren’t sure where to start, check out our video with the top five financial planning steps you can take. 1. Assess Your Finances and Make a Budget Before a diagnosis or even a plan for ..read more

By Jared Andreoli, CFP®, CSLP® As a physician, you know the importance of having the right amount and type of insurance. All too often, however, physicians can fall victim to not following their own body of knowledge. Let’s end that right here with this info-packed article about the most important insurance coverage for physicians to carry.  Physicians benefit from having certain types of insurance coverage. Their situation is unique in that they carry a great deal of responsibilities, which possibly includes owning their own practice. Insurance provides physicians with several benefits ..read more