olsonplanner.bsky.social
The physician's financial planner and tax professional.
#MedSky
Planning Services:
www.olsonfp.com
Podcast and Other Resources:
www.physiciancents.com
898 posts
1,334 followers
600 following
Regular Contributor
Active Commenter
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If you’re unsure what to look for in a policy:
- True own-occupation
- Partial/residual benefit
- Non-cancellable
- Specialty-specific
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Bottom line:
Disability insurance isn’t just for surgeons.
It’s for any physician whose ability to think, speak, focus, or lead is essential to their job.
That means you.
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If you’re a non-proceduralist thinking, “I’ll be fine,” consider this:
Most long-term disabilities don’t come from dramatic accidents.
They come from health shifts that build slowly - until one day you can’t practice anymore.
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You don’t buy disability insurance because you expect to use it.
You buy it because if something serious happens, there’s no fallback.
Your ability to earn an income is your #1 asset.
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Let’s do some quick math:
A physician earning $200K/year over 25 years is sitting on a $5M income stream.
Disability insurance costs approx 1 - 3% of income per year.
That’s not cheap, but the risk of losing everything is worse.
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This is where own-occupation disability coverage comes in.
It means if you can’t do your job - your specialty - you can get paid, even if you could technically do some other work.
That’s key for non-proceduralists.
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Mental health and chronic fatigue can absolutely make it impossible to safely or ethically practice.
You don’t need to be bedridden to be disabled.
You just need to be unable to do the core duties of your role.
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The most common long-term disability claims among physicians aren’t from trauma or physical injury.
They’re from:
- Depression, anxiety, burnout
- Autoimmune or chronic illnesses
- Cancer
- Neurological conditions
These don’t spare non-proceduralists.
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Proceduralists (surgeons, etc.) often see the value right away - if they lose hand function, they’re done.
But what if you’re a psychiatrist, internist, or pediatrician?
Is the risk really there?
Short answer: Yes.
But not in the way most expect.
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Helping people align their money with what actually matters - that’s the core of financial planning.
Not spreadsheets.
Not stock picks.
Clarity.
Peace.
Control.
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A real financial plan connects your values with your goals.
It helps you:
✅ Define enough
✅ Set boundaries
✅ Make trade-offs you can live with
✅ Avoid regret
Numbers just measure it - but they don’t drive it.
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If you’re a high-earning professional and still feel financially stuck, it’s probably not about the numbers.
It’s about what money means to you.
That’s where the work begins.
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Financial decisions are often driven by:
• Fear
• Guilt
• Scarcity mindset
• Family expectations
• Burnout
• A need for control or safety
None of these show up on a balance sheet - but they shape your financial life.
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Think about it:
Why do two people with the same income make completely different choices with their money?
Because personal finance is more personal than financial.
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Thank you!
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Freedom doesn’t come from a gourmet kitchen.
It comes from margin.
Buy a house that keeps your savings rate alive - not one that buries it in drywall.
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Physicians, repeat after me:
Lower rates are a chance to reclaim financial agility, not go house shopping with Monopoly money.
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Use falling rates to enter a HCOL market (decide carefully!) build a bigger cushion, not a bigger house.
If you want to prioritize early retirement, extensive travel, etc...your housing cost should ideally still stay under 30% of your gross income - even if rates drop to 4% again.
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Here’s the real flex:
Still saving 25%+ of your gross income
Still maxing retirement accounts
Still investing in brokerage
Still sleeping at night
That’s not possible if your house eats your cash flow.
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The bank’s math:
“How much debt can you carry without defaulting?”
Your math should be:
“How much house can I afford without killing my wealth-building speed?”
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Let’s break it down.
Each 1% drop in rates gives you 10–15% more buying power.
Cool.
But that just means a $5,000/month payment buys a $1.2M house instead of a $1M house.
Same payment.
Potentially a bigger trap.
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Yes, lower rates = bigger mortgage approval.
But that doesn’t mean you should automatically pump up the purchase price.
Ask yourself: do I need more house? Or can I use this opportunity to lower the financial pressure on myself?
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I love how much I learn from you and all of your colleagues!
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haha yeah the books can be given away for free because the primary focus is to get up blog and podcast viewership.
$$$$$$$
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hahaha
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Yeah and ID comp does not help.
Are you looking into the decision to buy a home? Or are you mainly just feeling resigned to have to rent?
I’m happy to talk out details if it’d help
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Yeah for sure.
I’m available to talk out questions that are on your mind whenever.
And I don’t mean - “hire me”
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If I may say so, I’m really proud of what you and your husband have accomplished financially speaking.
You should be proud too.
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You both raise important points.
High COL areas may mandate accepting a higher multiple and it’s okay if a home is a major priority.
Along with that decision must come acceptance that other priorities may be forced to take a backseat, sadly.
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I believe it. Truly I should clarify that there are definitely anomalies, high COL areas.
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You’re totally doing it the right way, Alana.
I should have led with the following disclaimer:
“In all of my home purchase multiples suggestions abd advice, assume I am NOT talking about the Bay Area or NYC.
Those places are wild and deserve their own threads.”
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Build wealth with intention.
Buy the house that lets you buy back your time.
Not the one that keeps you on call until you’re 65.
- A financial planner who works with docs
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Physicians: just because the bank will lend it doesn’t mean you should borrow it.
Stop flexing with your primary residence.
You can’t refinance stress.
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Here’s the killer:
The high-house doc might have more square footage…
But the low-house doc has more freedom.
Freedom > the perfect house
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Meanwhile, the doc who buys a $500K house:
✅ Saves $3K+/mo
✅ Has a 6-month emergency fund
✅ Can invest aggressively
✅ Can walk away from burnout
✅ Actually feels rich
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Want to take a sabbatical?
Go part-time?
Start a business?
You can’t - your house owns you now.
A $1.2M house on $300K income means you need your income to survive.
You have NO slack.
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What you’re giving up:
❌ Brokerage investing
❌ Backdoor Roths
❌ Optionality to change jobs, retire early, or coast
❌ Emergency fund margin
❌ Sanity
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At $300K income, a $1.2M home (with 20% down and 7% interest) runs you:
• ~$6,000/month total housing cost
• 50% of your take-home pay
• Basically, you’re paying a mortgage instead of building wealth
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Let’s be blunt:
Your income might be elite, but if your house eats your cash flow, you’re just a high-income hostage.
Buying at 4× your income is the fast lane to financial stress, even for docs.
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Thank you!