personal finance
Finance Friday Articles
- 5 Investments You Don’t Really Need
- 8 Retirement and Investing Books Christine Benz Recommends
- 10 Ways to Feel Rich
- A Brutal Bond Market
- Can You Be a Boglehead Tech Investor?
- Can You Build Real Retirement Wealth on a Federal Salary with the TSP?
- Cybersecurity Education Is No Longer Enough
- How 2026 may set the table for stronger bond returns
- Implications of rising bond yields
- Most Stocks are Losers
- Nearly 500,000 veterans to get 3-month break from paying life insurance premiums
- Should You Meet the Capital Call?
- Strange Times
- Strengths & Weaknesses of Advisor Fee–Only Models from the Client Perspective
- The 2027 Retirement Plan Contribution Limits
- The Importance of Social Interaction in Retirement
- TRICARE, Medicare, FEDVIP Open Season Dates Set
- Understanding Umbrella Insurance Coverage: What’s Protected and What’s Not
- VA Announces Premium Holiday for Veterans’ Group Life Insurance Plan
- Who Is Really Rich in America? (Hint: Main Street Millionaires)
- Why bond yields are rising and why everyone should care
- Will the AI Bubble Destroy our Retirement?
Finance Friday Articles and Disability Insurance
- A Short History of Trend-Following and Momentum
- Don’t Roth All of Your 401(k) Money
- Fall 2026 Retirement Guide: Avoid These Tax Traps
- Financial Planning Roundup: 153 Million Drivers License Scans Made Illegally Available for Sale
- Millionaires Everywhere
- Nobody Knows Anything, Rate Expectations Edition
- People Hate Paying Taxes More Than They Like Making Money
- Roth Conversions
- TRICARE Toolkit: Extending TRICARE Into the College Years
- What Was the Best Portfolio Over the Last 50 Years?
In addition, we have a new Partners tab on the blog. Our first Partner is DI4MDs.com, my preferred provider for disability insurance (DI). Here is some info on securing DI early in your career from them, which is exactly what I did!
Protecting Your Greatest Asset: Disability Insurance
Your ability to practice your specialty represents $8–10 million in career earnings and the military’s insurance benefits do not protect your full income. Your window to lock in critical protection for your total compensation is widest right now.
Why You Need to Act Before You Separate
- The military doesn’t cover your specialty income – VA disability compensation is based on the rating you receive, not what you earn as a specialized physician. Even a 100% rating falls far short of the 60% income-replacement level considered adequate protection, particularly once specialty and moonlighting pay are counted.
- Your separation physical can eliminate your options – at least one major physician disability insurance company denies coverage outright above a 10% VA rating on any single condition. The same tests that document conditions for the VA become “pre-existing conditions,” on your non-government disability insurance application. This evidence of a disability triggers exclusions or can result in you being declined coverage completely.
- Age is already working against you – a physician’s odds of becoming disabled are three times higher at 55 than at 30, so both cost and approval odds only get worse the longer you wait.
- The active-duty discount disappears at separation – a permanent 25% premium discount applies only if you establish coverage while on active duty. Waiting until age 45 as a veteran, instead of 35 on active duty, means paying 20%+ more in lifetime premiums for 10 fewer years of income protection.
- Applying early solves these challenges – an individual policy secured now, with a Future Insurability Option or Benefit Increase Rider, locks in your current health and lets you increase your monthly benefit later as your income increases from moonlighting or starting a civilian job.
Why You Should Contact DI4MDs
DI4MDs helps military physicians and dentists protect their hard-earned income today and post-separation. They’re proud to serve those who serve.
- Specialized, not generalist – DI4MDs works exclusively with physicians and dentists, with a specific niche focus on military physicians and dentists.
- Independent and carrier-agnostic – as independent agents, DI4MDs represents all major insurance carriers, including the only two that will insure active-duty physicians and dentists.
- They know exactly where the traps are – from the 10% VA rating rule to the separation-physical paper trail, DI4MDs built their practice around helping you avoid the traps that prevent you from protecting your most valuable asset and provide the policy service you deserve for your entire career.
There’s no cost or obligation to talk through your situation — and no advantage to waiting. Contact DI4MDs today.

Andy G. Borgia CLU
D.K. Unger
Jenna Borgia Karamanos
858-523-7518
Finance Friday Articles
- Bonds Are as Attractive as They Have Been in 20 Years: What Should You Do About It?
- Do People Who FIRE Regret Not Spending Money on Things They Could Have Enjoyed?
- How Do GI Bill Benefits Work With a 529 Plan?
- How to Invest When Your Portfolio Gets Bigger
- How to Report Non-Cash Charitable Contributions for Your DAF (IRS Form 8283)
- It’s a Concentrated World
- Living Poor to Die Rich
- The Economics of Going Home on Time
- The End of a Golden Era For Investors
- Will Young People Ever Buy a House?
Finance Friday Articles
- 10 Things You Need to Know About Investing in Stocks
- 14 Questions I’m Thinking About
- Beyond the TSP’s 5 Core Funds: L Funds, Mutual Fund Window
- Four myths about women investors
- Jerry Seinfeld’s Evergreen Career Advice
- My Favorite Mutual Fund
- My Most Contrarian Opinion Right Now
- Some Extreme Ways to Dramatically Reduce Your Tax Bill
- The 6 Financial Stages of Retirement
- The DIY Dilemma: When to Manage Your Own Money (And When to Hire Help)
- Time for an Account Checkup? Be Sure Your DFAS Information Is Up to Date
- What’s Upsetting the Bond Market?
- Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA)
Finance Friday Articles
- Let’s Talk About Cash…
- The AI buildout comes to the bond market
- TRICARE Toolkit: Extending TRICARE Into the College Years
- Why Do Passkeys Prevent Phishing?
- Why the bond market is flexing its muscles, and why everyone needs to care
- Why the Front Door Is Locked: The Origins of the Backdoor Roth IRA
- Why the Stock Market Has to Crash
Moonlighting Tips for Officers in Navy Medicine
Someone who donated some money in support of the blog requested a post addressing moonlighting. Here are some questions they had or issues they raised plus a few more:
Should You Moonlight?
Moonlighting is not required to advance your career in the Navy. I barely moonlighted. Moonlighting is optional.
For many specialties and locations, moonlighting is essential to maintain the full scope of your skills. If you need it for case complexity or volume, that is certainly a valid reason to do it.
The extra money doesn’t hurt either, but you need to make sure that you do not become dependent on the moonlighting income. For example, during COVID the Surgeon General prohibited all moonlighting. You can also lose the ability to moonlight due to a deployment or permanent change of station (PCS). If you are dependent on that extra money, now you have a real financial problem. Make sure moonlighting income is extra and you are not dependent on it.
Get Approved First
Everyone who is active duty needs to get approval from their command before they engage in moonlighting. There may be ways to do it without command approval, like when you are on leave, but I would still recommend you run this by a legal officer before you do it.
The safe bet is to just get approval before you do it.
Should You Set Up an LLC?
Many people think that if they moonlight they should set up a Limited Liability Corporation (LLC) to get extra protection against malpractice judgements. There may be reasons to set up an LLC, but protection from malpractice liability is not one of them. You cannot shield yourself from malpractice liability with an LLC.
If you are going to setup an LLC or some other corporate structure like an S Corporation (S Corp), it would be for tax or financial purposes, not to limit malpractice liability.
Do you need an LLC? No. If you moonlight as an employee, you are employed by that employer and your income is handled like any other employed income. If you moonlight as an independent contractor without an LLC, the IRS considers you to be a “sole proprietor” and your income just flows to your personal income tax return. This is how a single person LLC works too. It is what they call a “disregarded entity” and your income just flows through to your personal income tax return.
If you have consistent income from moonlighting, you could form an S Corp for tax reasons. All of these issues are best summarized in this White Coat Investor article. I’d check it out for a complete explanation.
The bottom line is that most people who moonlight probably will not form an LLC or other type of corporation. They will either be an employee or a sole proprietor.
SEP IRA vs Solo/Individual 401K
If you choose to moonlight, you can do so as an employee or as an independent contractor. Most people are tempted to do it as an employee because it seems like the easy button. Your employer will take care of withholding taxes on any income you make. If the employer offers a 401K, you may be able to use it.
If you moonlight as an independent contractor, you will have to make sure your taxes are properly withheld, usually by submitting quarterly taxes. This is a little bit of a pain, but you or your accountant can easily take care of this.
The real reason to consider moonlighting as an independent contractor is because you are eligible to open up an additional retirement account. As I mentioned above, if you are an employee you can probably use your employer’s 401K, but it doesn’t get you any additional retirement account space. In 2026, you would be limited to $24,500 total (assuming you are < 50 years old) between your Thrift Savings Plan (TSP) and your employer’s 401K. You can’t contribute the $24,500 limit twice.
If you are an independent contractor, you can open up a SEP IRA or solo/individual 401K. These accounts come with additional retirement contribution space in addition to the $24,500 limit you’d have in your TSP. In other words, moonlighting as an independent contractor allows you to have additional tax protected space to invest in.
Should you open a SEP IRA or a solo/individual 401K? The details are spelled out in this White Coat Investor post, but the bottom line is that you should probably set up a solo/individual 401K instead of a SEP IRA. A SEP IRA can mess up your backdoor Roth IRA and a solo/individual 401K allows you to put a little more away than a SEP IRA does.
Where do you open a solo/individual 401K? We used to have one at Vanguard, but they got out of that business and transferred the account to Acensus, which has worked out fine for us. I have no experience with any other providers.
Do You Need Tail Insurance and Who’s Paying For It?
If you are moonlighting, you will likely need malpractice insurance. There are two types of malpractice insurance, occurrence and claims made.
If you have occurrence malpractice insurance, you are covered even after you leave that moonlighting gig. If you have claims-made malpractice insurance, you are no longer covered after you leave that employer and will need what they call tail insurance in order to ensure you remain covered. Tail insurance can be expensive. In fact, you may find it costs more than the entire sum you made moonlighting!
If you are going to moonlight, make sure you find out ahead of time if you will need a tail and who is paying for it (you vs the employer). If you are going to be paying for it, try to find out approximately how much it will cost. You don’t want to moonlight for an extra $30K only to find out your tail insurance will cost more than that!
The Bottom Line
Moonlighting is optional, but make sure to get command approval first. You probably won’t set up an LLC and will start as a sole proprietor, only considering a corporation if your income is steady and significant. Make sure you know if you need tail coverage and who is going to pay for it.
Finance Friday Articles
- 8 Financial Tasks That Are Intimidating . . . Until You Do Them Once
- Become a Pediatrician, Get Rich
- Financial Independence Is Not the Holy Grail
- Financial Planning Roundup: Long-Term TIPS Yielding 3%
- How Often Should You Check Your Portfolio?
- I Built a $5M TSP; These are the Errors TSP Investors Continue to Make
- IRS warns crypto holders about fake compliance portal scam
- Keeping Your Bitcoin Riches Safe Has Never Been Harder
- Long TIPS Yield 3%. Time to Buy?
- Margin: The Most Underrated Tool in a Physician’s Financial Plan (and in Their Emotional Well-Being)
- Now THIS is a Bull Market
- Should You Invest Your Real Estate Dollars with DLP?
- The Mega-cap IPOs’ Impact on Index Funds
- Umbrella Insurance and Medical Malpractice: Do They Overlap?
- What Doubters Get Wrong About the 60/40 Portfolio
- You May Not Get to Choose When You Retire. Here’s How to Prepare
Finance Friday Articles
- An Advisor’s Guide To Opening 530A “Trump Accounts”
- An Appropriate Amount of Investing Risk
- I just received a lump-sum payout. What should I do first?
- Investing is a Game of Survival
- Reducing Spending Throughout Retirement
- Retirement is Squishy
- The 11 Boglehead Principles
- The Benefits and Pitfalls of Entering the World of Concierge Medicine/Direct Primary Care
- The Best Way to Sell a Concentrated Position
- This is how much money we need to be happy, according to science
- What It Feels Like to Lose Money
- What Types of Annuities Does the TSP Offer?
Resources for Survivor Benefit Plan Decision
When you retire, you need to decide if you want to take the Survivor Benefit Plan (SBP) that allows your designated family member to receive a percentage of your pension in the even of your death. This is a very important and individual decision.
The default if you do nothing is that your spouse gets the full SBP. If you want to take anything less than this, he/she has to agree and sign the form that you submit electing less than full SBP.
Here are some of the resources that may be useful to those facing the decision:
DFAS Understanding SBP, DIC and SSIA Webpage
Department of War Office of the Actuary SBP Financial Analysis Tools
Here is a paid link that gets me a small commission for a very short book that I found useful about the SBP: