We Catch MAJOR Pitfalls in This Doctor’s DIY Portfolio

[00:00] Introduction: Meet Chuck and Margot

Brian Preston: Welcome to Making a Millionaire, where we help millionaires and millionaires-in-the-making build their Great Big Beautiful Tomorrow. I’m your host Brian Preston, joined by Mr. Bo Hanson.

Bo Hanson: That’s right! We are so excited to do a deep dive into the financial lives of listeners just like you. Today, we have Chuck and Margot joining us. Thanks for being here, guys!

Chuck: Thanks for having us.

Margot: Yeah, we’re excited.

[01:34] Background: Who Are Chuck and Margot?

Bo Hanson: Let’s give our audience a quick bio. Who are you, what do you do, and what’s your family setup?

Margot: We’re in our early 30s with one child, a two-and-a-half-year-old. We live on the East Coast, in the Mid-Atlantic area. Chuck is an anesthesiologist, and I’m a psychologist.

Chuck: We met in DC right after undergrad. Both of us were doing research fellowships in different labs. It was super nerdy, but that’s how we clicked.

[03:05] Growing Up With Money: Two Different Stories

Bo Hanson: You mentioned that you came from very different financial backgrounds. Can you tell us about that?

Chuck: I grew up mostly with my dad from second grade on. We weren’t rich, but we had what we needed. Still, I developed a lot of financial anxiety. I put myself through college with loans and summer jobs. I lived off $3,000 a year. So now, I worry about not having enough money, even though we’re doing well.

Brian Preston: Scarcity mindset can become a superpower, especially when it pushes you to achieve something difficult like medical school. But we want to help you move into a mindset that’s sustainable long-term.

Margot: My upbringing was very different. I came from an upper-middle-class family. My grandparents paid for my education, so I graduated debt-free. I always worked part-time jobs, but it wasn’t out of necessity. We didn’t talk about money much, and to this day I don’t know how much my dad earns.

[07:45] Financial Compatibility and Communication

Bo Hanson: Did those backgrounds cause friction when you started building a life together?

Margot: Surprisingly, no. Our values align well. We complement each other. Chuck gets anxious about big purchases, and I help him see when it’s okay to spend.

Chuck: We do finance “date nights” about twice a year. We’ve done things like Kinder questions to set our goals. We also talk informally every week.

[09:59] Net Worth Breakdown

Brian Preston: You’ve done great. Your net worth is over $550,000 in your early 30s!

• Cash: $60K total
  • $37K in savings
  • $22K in I-bonds
• Retirement Accounts:
  • $60K each in Roth IRAs
  • $10K in Chuck’s old 403(b)
  • $168K in Chuck’s 401(k)
  • $56K in Margot’s solo 401(k)
• Taxable Brokerage: $222K
• Primary Home: $735K
• Angel Investment: $80K (family business; already paid off 4x!)

[13:20] Debt Overview and Student Loans

Bo Hanson: Let’s talk debt. You have:

• Mortgage: $670K @ 3.88%
• Student Loans: $74K left from an original $307K
• Forgivable Loan (Sign-on Bonus): $150K @ 3.18%

Brian Preston: And the student loans are at 0% right now?

Chuck: That’s right. We’re aggressively paying it down, but it’s zero interest.

Bo Hanson: That might not be the best use of your dollars.

Check out our Financial Order of Operations® to better prioritize how you’re saving vs. paying debt.

[17:52] Saving for College

Brian Preston: You’ve already saved $75K in a 529 plan. That’s amazing! Is the goal to cover full education?

Margot: Yes, that’s my strong preference. It was such a gift for me growing up.

Chuck: I lean more toward the idea that our child should have some skin in the game.

For more, read our Ultimate Guide to Paying for College.

[20:30] Joint Finances

Bo Hanson: Do you combine your finances?

Margot: Everything is joint. We made that decision early and it worked well for us, especially as our incomes evolved over time.

Brian Preston: That’s great. Merging finances builds unity and takes the power away from money.

[23:10] Financial Goals and Work-Life Balance

Bo Hanson: What are your biggest goals?

Margot: We want to enjoy life. 2024 was rough health-wise. I want to earn enough to represent my value, but also prioritize time with family and personal well-being.

Chuck: I love my job but also have lots of hobbies. My work-life balance is great right now.

Brian Preston: Financial independence gives you freedom. You’re both optimizing that beautifully.

[27:00] Student Loans vs. Opportunity Cost

Bo Hanson: You’re directing a lot of your savings to 0% loans. What if that money went into a Mega Backdoor Roth instead?

Brian Preston: The compound growth you’d gain over the years could be massive—potentially hundreds of thousands of dollars per year in tax-free growth.

[31:15] Asset Location Optimization

Bo Hanson: One thing we noticed: your Roth accounts hold low-growth assets like bonds and REITs. These accounts should contain your most aggressive assets due to the tax-free growth.

Brian Preston: You’ve got the right tools; they just need to be in the right spots.

[36:20] Long-Term Portfolio Strategy

Bo Hanson: If you save $140K/year with just 6% returns, you could hit:

• $5M by age 50
• $10M by age 60

That’s the power of compounding.

Brian Preston: If you invest tax-efficiently and take advantage of all your buckets, you can build a plan that supports both financial independence and enjoying life now.

Use our Net Worth Template to track your growth annually.

[41:00] Financial Psychology and Budgeting

Margot: How can Chuck overcome his anxiety around money?

Brian Preston: Review your net worth together annually. Write your long-term goals and also your goals for the year. That helps you enjoy the moment while staying on track.

Bo Hanson: Also, define your dream life now so you know when you get there. Avoid always moving the goalposts.

[46:40] Final Homework

1. Increase your emergency fund to 6 months
2. Reallocate your Roth assets to higher-growth options
3. Prioritize Mega Backdoor Roth over debt payments
4. Define short- and long-term goals together
5. Review and revise annually

Brian Preston: Chuck, Margot—thank you so much for sharing your journey. You’re in a fantastic spot. Keep making those smart decisions, and your Great Big Beautiful Tomorrow is looking bright!

Bo Hanson: And if you’re out there and want to be part of Making a Millionaire, head over to moneyguy.com/apply. We love diving deep with you all.

Ready to optimize your finances too? Explore the Financial Order of Operations® and other powerful tools at moneyguy.com/resources.