Defining your personal savings rate One of the most common questions I hear from physicians is simple: “How much do I actually need to save to retire?” The frustrating answer is usually some version of “it depends.” But that doesn’t help you decide whether your current lifestyle is sustainable or if you need to make changes. In this post, I’ll show you how to think about that question and give you a tool to calculate your own answer. First, some principles Everyone is differe

Every quarter, public companies are required to report their finances to shareholders ad potential investors. These reports can significantly alter stock prices and company value if anything defies expectations, even slightly. The core of the financial report is a balance sheet, an income statement, and a statement of cash flows and then there are a lot of pages of explanations and projections. With personal finance, also, it is a good idea for you to generate similar fina

I grew up in a household where making ends meet was always a struggle. When I look back on it, I am amazed at how my parents did it with their low income and five children to feed and clothe. We didn’t have much extra compared to many of my peers, but I never felt significantly deprived. The only way that could have happened is that my parents were really good at budgeting. And they still are! Now in their mid-80’s, they still live below their means even though their only s

My last few blog posts have been all about saving for the rising cost of college education. First was a post about how to figure out how much you will need to save. The second post was about the various savings options. This post is a little bit different and will try to address the question: What happens if I have saved all this money in a 529 account and my child doesn’t end up using it? As a quick review, a 529 account is a state-administered college savings account whe

Having reaped the reward from investing in higher education, it is natural for physicians to hope for the same for their children. But the cost of that education continues to climb and climb. If we can make that road a little easier for our kids, we do it. In my last blog, I introduced a college education savings calculator that is available in the "financial tools" page on my website. This is an easy-to-use tool to figure out how much you need to save for your kids. Toda

Saving for higher education As people who understand firsthand the financial power of higher education, most physicians encourage their children to follow in their footsteps, at least to the level of a college degree. But that degree comes with a significant cost—an ever increasing one. If you are in the stage of life where you are saving for kids to go to college, looking years ahead to the cost of attendance can be jaw-dropping. If you don’t start early with a solid inve

According to the 2024 Medscape Physician Burnout & Depression Report ("We Have Much Work to Do"), 49% of physicians reported feelings of burnout or depression. Emergency medicine physicians stood out from the rest, with a striking 63% reporting burnout. Rates in this specialty escalated dramatically during the COVID-19 pandemic—and unfortunately, they have remained high ever since. Prior to the pandemic, emergency medicine was about average among specialties in burnout rates.

By Bryan Jepson, MD, CFP® There are a few economic concepts that consistently require me to sit down with a pen and paper to sketch things out—and the value of the U.S. dollar is one of them. Its impact on inflation, trade, and policy can be tricky to wrap your head around. Since it's been in the news lately, I figured now is a good time for a refresher—not just for myself, but for anyone else trying to make sense of what a "strong" or "weak" dollar actually means. To the U.S

My previous two posts on common financial mistakes focused on young doctors and those nearing or in retirement. But what about all the physicians in the middle? Don’t worry, I haven’t forgotten you. In fact, it is probably the middle of your career when your decisions are less straightforward but just as impactful, if not more so. With more options come more opportunities to make great choices—but also to make costly mistakes. Because you still have time for compounding to

You have survived your 20-, 30-, or 40-year career in medicine and now have enough money to retire. Congratulations! Obviously, you have done some important financial planning along the way including consistent saving and savvy investing. But now, is your work finished? Not at all! Retirement isn’t the finish line for your finances. It is the starting line for the rest of your life and is fraught with all kinds of financial traps. If something goes wrong, you can no longer ju

1. Upgrading Your Lifestyle Too Fast (aka Lifestyle Creep) You did it! You survived four years of medical school, three to seven years of residency, and for some of you, another year or two of fellowship. Finally, you are going to get paid well for all that training. You’ve been living in cramped apartments, driving a beater, and vacationing in tents instead of hotels. Meanwhile, your high school friends have boats and houses—and didn’t even go to college. After years of dela

The Physician's Path to True Wealth by Bryan Jepson MD, CFP The Physician’s Path to True Wealth: 12 Steps to Gaining Control Over Your Money and Your Time is now available on Amazon. As I began my journey as a financial advisor, I realized something important: most people have very different ideas about what it means to be “wealthy.” For some, it's a big house, fancy cars, or lavish vacations. But for me—and for the clients I work with—true wealth isn’t about “stuff.” It’s ab