Succeed in Medicine EP475 - Avoid these Common Physician Tax Mistakes with My Financial Coach
This episode is sponsored by: My Financial Coach
You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity.
Visit myfinancialcoach.com/physiciansguidetodoctoring to meet your financial coach and find out if concierge planning is right for you.
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Are you making costly tax mistakes without realizing it? In this episode, host Dr. Bradley Block welcomes Enpo Tu, to discuss tax strategies for physicians. Enpo dives into the complexities of backdoor Roth IRAs, highlighting common errors like overlooking pre-tax IRAs or SEP IRAs that can trigger unexpected tax liabilities. He also explores the allure of real estate investments for tax savings, debunking myths about passive income and the challenges of liquidity and long-term tax implications. With practical advice on choosing a competent CPA and financial advisor, Enpo emphasizes the importance of transparency, coordination among professionals, and aligning strategies with personal financial goals. This episode offers actionable insights for physicians to navigate tax complexities, avoid audits, and build a secure financial future.
Three Actionable Takeaways:
- Understand Your Full Financial Picture – Ensure your CPA has a complete view of your assets, including IRAs and SEP IRAs, to avoid costly mistakes like improper backdoor Roth conversions.
- Evaluate Real Estate Investments Critically – Look beyond tax deductions to assess the long-term tax implications, liquidity challenges, and whether real estate aligns with your time and financial goals.
- Vet Your Financial Professionals – Ask potential CPAs and financial advisors about their expertise with physician clients, compensation structure, and how they coordinate with other professionals to ensure comprehensive planning.
About the Show:
Succeed In Medicine covers patient interactions, burnout, career growth, personal finance, and more. If you're tired of dull medical lectures, tune in for real-world lessons we should have learned in med school!
About the Guest:
Enpo Tu is the Chief Operating Officer of My Financial Coach, where he has helped build the company since 2018. As a key architect of its operations, Enpo ensures high-quality financial planning for over 400 medical families. A prominent public voice, he hosts webinars, publishes educational content, and engages with physicians at conferences. Passionate about education over sales, he helps clients avoid financial pitfalls and build wealth through tailored strategies. Known for his professional style—complete with bow ties and vests—Enpo brings clarity and expertise to complex financial topics.
Website: https://myfinancialcoach.com
LinkedIn: http://linkedin.com/in/enpotu
About the host:
Dr. Bradley Block is a board-certified otolaryngologist at ENT and Allergy Associates in Garden City, NY. He specializes in adult and pediatric ENT, with interests in sinusitis and obstructive sleep apnea. Dr. Block also hosts The Physician’s Guide to Doctoring podcast, focusing on personal and professional development for physicians
Want to be a guest? Email Brad at brad@physiciansguidetodoctoring.com or visit www.physiciansguidetodoctoring.com to learn more!
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This medical podcast is your physician mentor to fill the gaps in your medical education. We cover physician soft skills, charting, interpersonal skills, doctor finance, doctor mental health, medical decisions, physician parenting, physician executive skills, navigating your doctor career, and medical professional development. This is critical CME for physicians, but without the credits (yet). A proud founding member of the Doctor Podcast Network!
Visit www.physiciansguidetodoctoring.com to connect, dive deeper, and keep the conversation going. Let’s grow!
Disclaimer:
This podcast is for informational purposes only and is not a substitute for professional medical, financial, or legal advice. Always consult a qualified professional for personalized guidance.