The Passive Income MD Podcast #278 Is Traditional Financial Planning Broken for Doctors?
Aug 25, 2025
Austin Dean, Founder and CEO of Waystone Advisors, shares insights into revolutionizing financial planning for physicians and high earners. He emphasizes escaping 'money jail' and achieving financial flexibility today, not just at retirement. The discussion includes diversifying investments such as real estate and private lending, and personalizing strategies to enhance immediate cash flow. Austin also critiques traditional financial advice, advocating for tailored approaches that prioritize independence and adaptability in wealth management.
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Money Jail Of Traditional Planning
- Traditional planning often traps money in tax-deferred retirement accounts that are effectively inaccessible until retirement age.
- Austin Dean suggests wealthy people prioritize flexible, leverageable assets like businesses and real estate to gain control and liquidity.
Vet Alternatives With A Checklist
- Do rigorous due diligence before investing in alternatives: meet operators, request audited financials, and confirm exit strategies.
- Test allocations with small personal investments first and build a repeatable checklist for vetting deals.
Goals First, Then Strategy
- High-level concepts (flexibility, leverage, cash flow) apply broadly but require customization to personal goals and timelines.
- Define concrete goals first, then layer non-traditional assets to meet timing and income needs.