A Life Well Lived: A Physicians Guide to Wealth

Ep10: 5 Mistakes 1099 Physicians Don’t Know They're Making That Could Cost Them Thousands in Retirement Savings

Episode Summary

What if your business structure is costing you thousands—or your backdoor Roth IRA is actually backfiring? In this Masterclass, James Nutter, CPA Matt Barczak, and CFP Jeff McPherson break down the five biggest financial missteps physicians make, and exactly how to avoid them.

Episode Notes

Money is the number one source of stress for most American families—and physicians are no exception. In this candid, educational, and downright entertaining episode, host James Nutter teams up with CPA Matt Barczak and CFP Jeff McPherson to reveal the five most common and costly financial mistakes physicians make.

Whether you're a W2 doc, locums, or in private practice, this session is packed with practical case studies, simple breakdowns of complex topics, and a game-changing whiteboard explanation on backdoor Roth IRAs that will blow your mind. From choosing the wrong retirement accounts to missing out on tax-advantaged savings for your kids, this isn’t just financial advice—it’s financial CPR for physicians.

Top 5 Key Takeaways:

1. Choose the Right Retirement Account
   A Solo 401(k) can allow for significantly higher contributions and backdoor Roth compatibility compared to a SEP IRA—especially for 1099 earners.
    
2. Mind Your Business Structure
   Switching from sole proprietorship to S-corp may save you taxes—but only if your income and goals support it. A one-size-fits-all approach can cost you.
    
3. Don’t Fumble the Backdoor Roth
   Pro rata rules can trigger unexpected taxes. Jeff’s whiteboard explainer is a must-watch if you have any pre-tax IRA funds lying around.
    
4. Master Your Cash Flow
   You can't hit your financial goals without understanding your inflow, outflow, and free cash flow. Rocket Money or a spreadsheet—just get it done.
    
5. Leverage Hidden Savings Opportunities
   Want to fund a 529 and a child Roth IRA with pre-tax dollars? Learn how paying your kids through your practice can create massive tax-advantaged growth.

Resources & Next Steps:

• Download the PSLF Hacks Checklist
• Join the waitlist for a  free financial wellness session with James
• Get access to exclusive physician financial tools at www.imwealth.com
• 1% of IM Wealth’s revenue is dedicated to providing scholarship funds to medical students. Learn more about the Meaningful Journeys Scholarship and how you can join the fight here.
• Learn more about the impact IM Wealth is making in the lives of physicians here.
• Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here.

About the Show:

This isn’t just another finance podcast—it’s a movement. We’re challenging the status quo, cutting through the noise, and giving physicians real strategies to take control of their money and their future. 

Because true wealth isn’t just about numbers—it’s about freedom.

Find and follow the show on YouTube. 

About James Nutter:

James Nutter is on a mission to help physicians reclaim their financial power. With a deep understanding of the unique challenges doctors face, he provides real-world strategies that cut through the noise and lead to lasting financial freedom.

Follow James on Instagram.