In this episode, the risks surrounding the Public Service Loan Forgiveness (PSLF) program are reviewed. PSLF was established to incentivize individuals to pursue careers in public service by offering loan forgiveness after 10 years of qualifying payments. However, scrutiny has highlighted the various challenges and uncertainties that borrowers often face along the way. From eligibility criteria to bureaucratic hurdles, the road to PSLF can be fraught with obstacles, leaving many borrowers disill...
Mar 08, 2024•11 min
Have you ever thought about monetizing your passions within medicine or without? Have you considered transitioning out of medicine altogether? Or have you ever thought about becoming a digital nomad and traveling the world? If you answered "yes" to any of these questions, you have to take a listen to this conversation with Chelsea! Dr. Chelsea Turgeon is an MD trained career coach, bestselling author, digital nomad, and host of the Life After Medicine podcast. In 2019 she left the hustle and gri...
Feb 23, 2024•40 min
This episode covers red flags and green flags to look for in physician assistant / physician associate jobs. The red flags can help you identify which jobs to avoid or to transition away from, and the green flags can help you identify which jobs would be great to accept or identify when you're in a great PA role. Questions or feedback? Email pathefiway@gmail.com Are you just beginning your journey to financial independence and want to learn more? Download your FREE copy of the PA the FI Way Begi...
Feb 09, 2024•21 min
In this episode, we're tackling a common challenge that many face: impulsive spending. Whether it's that tempting impulsive online purchase or the spontaneous splurge at the mall, impulsive spending can wreak havoc on our financial goals and leave us feeling frustrated and stressed. But I've got you covered with 10 practical tips to help you reduce those impulse purchases and take control of your finances. From creating a budget to tracking your expenses and setting clear financial goals, we'll ...
Jan 26, 2024•12 min
Colleen Sloan, PA-C, RDN joins me on the show to share her wealth of knowledge that she has as a Registered Dietitian and PA. Colleen provides several wonderful tips to help you save both time and money as a busy healthcare professional that is trying to make nutritious meals for yourself and your family. Join us as we discuss practical strategies, time-saving tips for meals, and budget-friendly foods designed to empower healthcare professionals to eat healthy without breaking the bank. Colleen ...
Jan 12, 2024•44 min
Do you earn a six-figure salary, but wonder where in the world your money is going because you're still living paycheck to paycheck? Here are 10 reasons why high earners are still often living paycheck to paycheck as well as some tips for what you can do to get out of that cycle. If you need some guidance on your financial journey, reach out to me about coaching opportunities through Instagram or by emailing me at pathefiway@gmail.com Are you just beginning your journey to financial independence...
Dec 29, 2023•22 min
Are you married or in a serious relationship? Listen to learn the surprising benefits and drawbacks to both separate and joint bank accounts for married couples. Interestingly, some studies (linked below) have shown that couples that have joint accounts may be happier in their marriages and have stronger relationships. However, this may not be the best option for every couple, and some may find a compromise of a hybrid approach to be best for their situation. https://academic.oup.com/jcr/article...
Dec 15, 2023•17 min
In this episode, we cover the debated question of whether you should contribute to Roth retirement accounts (such as a Roth IRA or Roth 401K) or traditional retirement accounts (such as a traditional IRA or a traditional 401K)? You'll see that the answer to that question is both simple on the surface, yet more complex once you dive a bit deeper. If you need some guidance on your financial journey, reach out to me about coaching opportunities through Instagram or by emailing me at pathefiway@gmai...
Dec 01, 2023•14 min
Lauren is a physician associate, and she and her husband have been investing in real estate for a few years in addition to her continuing to practice clinically as a PA. They have long term rentals (LTRs) and recently started a short term rental (STR) . Their rental portfolio includes duplexes and single family homes. Lauren shares how the decisions they have made on their way to financial independence have come down to the goals that they have set for themselves as well as their future family (...
Nov 17, 2023•46 min
In today's episode, my sister who works in the dental field as a LDA (licensed dental assistant) joins me on the show to share about our recent joint medical and dental mission trip to Honduras. It's important to think about how you will want to spend your time once you reach financial independence, and you should test those ideas out before you even get there. You may decide to try to give back your time, your skills, or your money (or possibly all of them!) to others at home and abroad. There ...
Nov 03, 2023•1 hr 5 min
A HELOC, aka Home Equity Line of Credit, might be a helpful financial tool for you. However, there are several pros and cons of HELOCs to consider prior to opening one. Take a listen to learn what a HELOC is, the pros and cons of opening a HELOC, and some ideas of what you could use a HELOC for, including some that could help you build wealth. If you're ready to get started on your financial journey, reach out to me about coaching opportunities: pathefiway@gmail.com Are you just beginning your j...
Oct 20, 2023•15 min
In today's PA the FI Way podcast episode, we will explore the 5 types of FIRE: 1. Traditional FIRE: This method is for you if you're pursuing financial independence (FI) with the option to retire early (RE) after investing until you accumulate enough wealth to sustain your lifestyle without relying on traditional employment. Typically, this means reaching a savings goal of 25 times your annual expenses, or up to 30 to 33 times your annual expenses if you want to retire very early. 2. Lean FIRE: ...
Oct 06, 2023•12 min
If you regularly tune into the PA the FI Way podcast, you likely have had the thought about becoming a business owner or starting a side hustle. In this episode, we're diving into the 25 benefits of becoming a business owner and taking the entrepreneurial leap. We will review how owning a business can offer the potential for independence, flexibility, autonomy, wealth-building opportunities, and personal growth. We will also review how entrepreneurs enjoy the freedom to make their own decisions,...
Sep 22, 2023•13 min
With student loan interest starting to accrue again this month and student loan payments resuming next month, this is the student loan podcast episode you’ve been waiting for! Andrew Paulson, CSLP, who is a student loan expert, is with Student Loan Advice, a trusted White Coat Investor company. Andrew joins me on the show to discuss the changes to student loans since the COVID pandemic, the new SAVE plan, and some recent changes to PSLF. We also discuss how you can decide if one of these options...
Sep 08, 2023•43 min
In this episode, Shayne Foley, PA-C and Jordan Fisher, PA-C from The PA Blueprint join as guests to discuss Ramit Sethi's 10 Money Rules. We share our thoughts and personal variations of the rules, and we discuss other money rules to consider. We also share what our future rich lives look like once we have reached financial independence as PAs, and some steps we're taking to try to live our rich lives today. If you haven't already yet, read or listen to Ramit's book called I Will Teach You to Be...
Aug 25, 2023•1 hr 4 min
If you're a self-employed physician associate or other healthcare professional who is a practice owner or an independent contractor (1099), you likely have several business expenses that you could use to help lower your taxes. In this episode, we'll review the common business expenses that you might have, and you'll learn why it's important that you work with a qualified tax professional to help you with your specific situation and to understand if the expense is ordinary and necessary for your ...
Aug 11, 2023•22 min
The contribution limit for your 401K in 2023 is $22,500 for those of us under the age of 50, so you're assuming you for sure can contribute that whole amount to max out your 401K out for the year, right?? Unfortunately, that's not always the case! If you're considered a highly compensated employee (HCE), then if you try to max out your 401K, you could actually get a 401K refund due to your employer not passing the nondiscrimination test. Listen to learn more about what this means! If you're read...
Jul 28, 2023•18 min
Many physician associates and other health care providers are changing jobs due to burnout or negotiating better compensation and benefits in other roles. But what are you supposed to do with the money in your old 401K plan through your previous employer? What happens to it if you change jobs? What are your options? You actually have 4 different options to consider for your investments within your old 401K plan. In this episode, we'll review what those options are, discuss which option isn't ide...
Jul 14, 2023•25 min
More and more healthcare providers are experiencing burnout and considering leaving medicine altogether. Instead of leaving medicine completely, it's possible that working in a nonclinical role in medical industry could provide you with the work-life integration that you're looking for. Rachel Jurgenson is a fellow PA-C who transitioned into industry several years ago after working in clinical medicine for many years. She has had several industry roles and feels as though the medical industry fi...
Jun 30, 2023•50 min
Did you know that Harvard has been conducting a study for 85 years now? This study is called the Harvard Study of Adult Development, and it has shown some interesting things about health and happiness. Perhaps to your surprise (or not), happiness is not all about wealth and prestige. In this episode, some of the key findings are discussed, with an emphasis on the most important finding: the quality of our relationships impacts our health and happiness, and loneliness kills. Learn why this concep...
Jun 16, 2023•17 min
You very likely either have seen or will see noncompete clauses come up when you're reviewing contracts throughout your career. What are noncompete agreements? Should you sign a contract with a noncompete clause in it? What does a detailed and well-defined noncompete clause look like? How do noncompetes impact patients and providers? Will noncompetes be banned? These are all the questions that are answered in this episode! Are you just beginning your journey to financial independence and want to...
Jun 02, 2023•16 min
It doesn't matter if you're a new grad or an experienced healthcare provider, you very likely have some anxiety when you're preparing for an upcoming job interview. You may even feel more anxious when you're in the middle of the interview! Often, your heart can race, your body can shake, and your voice can crack. This isn't a fun experience at all! Besides potentially taking a beta-blocker, here are some other strategies you can implement to prepare for your upcoming job interview, and then you ...
May 19, 2023•29 min
Women often feel intimidated and overwhelmed when learning about investing and financial literacy. I used to feel that way! However, studies have shown that women actually tend to be better investors compared to men. (This is after they find the confidence and courage to start investing). Listen to find out the 5 reasons why women usually are great investors. If you're ready to get started on your financial journey, reach out to me about coaching opportunities: pathefiway@gmail.com Are you just ...
May 05, 2023•16 min
My husband was finally able to join as a guest on the podcast for this episode! We share about how we were clueless when it came to finances early in our relationship, how we made financial mistakes, and how we are now trying to find the balance between enjoying life in the present while saving and investing for our future on our journey to financial independence. We also discuss how to try to approach the topic of finances with your spouse or significant other as well as tips to having successf...
Apr 21, 2023•32 min
While there are so many potential benefits to pursuing and reaching financial independence (hello, work being optional!), it is important to also consider the few potential drawbacks that may come with it. Learn what these types of drawbacks could be as well as the solutions that you can start doing now on your way to FI to help! Are you just beginning your journey to financial independence and want to learn more? Download your FREE copy of the PA the FI Way Beginner’s Workbook here! Are you int...
Apr 07, 2023•16 min
As a PA student, there are different ways that you can begin your job search right now for your first PA role while you are still in PA school. In this episode, a few important things to search for in your first PA job are reviewed (and they aren't what you think!), as well as why it's important to apply to several jobs as a PA student or as a new grad PA. Additionally, you'll learn many different resources and avenues of how you can find both your first PA job as a new grad as well as a new PA ...
Mar 24, 2023•30 min
PA school is TOUGH. You're learning so much information at once, the stakes are high, and the pressure feels intense. PA school can take a toll on your confidence, your friendships, your relationships, your physical health, and even your mental health. It's vital that you learn how to take care of your mental health during PA school because studies show that PA students are at higher risk for anxiety, depression, and burnout. Take a listen to hear some suggestions that I have for you to protect ...
Mar 10, 2023•26 min
If you want to be inspired on your way to financial independence (FI) as a physician associate (PA) or another healthcare professional such as a nurse practitioner (NP), then you need to take a listen to this episode! Wilson is a PA-C who has a nonclinical remote role working in informatics, and Stephanie is a remote oncology NP. They are each pretty early in their careers and recently became engaged, but are well on their way to FI as they are already a millionaire couple! Huge congrats to them...
Feb 24, 2023•57 min
If you're fortunate enough to learn about financial independence before PA school or during PA school, there are actually steps you can start taking to develop good personal finance habits even as a broke grad student. If you work on these steps while you're a PA student, you'll be wayyy ahead of the curve once you start earning income as a new grad physician associate. Resources mentioned: Thanks to Picmonic for sponsoring today's episode! Learn more about using Picmonic as a studying tool or s...
Feb 10, 2023•17 min
Both W2 and 1099 jobs have pros and cons as reviewed back in episode 099. But what are all of the steps involved once you decide that you want to work as an independent contractor in a 1099 position as a PA or other medical healthcare provider? Since you're functioning as both the employee and the employer in a 1099 role while contracting with another company, there are many things that need to be set up behind the scenes. In this episode, my friend and colleague Kristen joins me to discuss vari...
Jan 27, 2023•1 hr 24 min
