Healthcare Worker Money Mistakes: 401(k), Roth IRA, Student Loans & Financial Planning Explained

In this episode of Banter at the Bedside, Abby and Kaleigh are joined by longtime critical care nurse practitioner Michael and Certified Financial Planner Nick Faulkner to discuss the financial lessons they wish every healthcare worker learned earlier.

Together, they tackle some of the biggest questions facing nurses, nurse practitioners, physician assistants, physicians, and other healthcare professionals, including student loans, retirement planning, investing, budgeting, and avoiding expensive financial mistakes.

Rather than focusing on getting rich quickly, this episode emphasizes building long-term financial security through education, consistency, and intentional decision-making.


Whether you're just graduating nursing school or planning for retirement, you'll walk away with practical advice that can help you make smarter financial decisions throughout your career.


About Our Guest
Nick Faulkner - is a CERTIFIED FINANCIAL PLANNER™ and Founder of Testament Wealth Management, a fee-only financial planning firm. Nick started his own firm to provide comprehensive, objective financial advice that goes beyond just investment management, helping individuals, families, and business owners integrate tax planning, retirement planning, estate planning, and other important areas of their financial lives. He can be found at Linkedin Page: https://www.linkedin.com/in/faulknernick/
Key Takeaways
- Start investing as early as possible—even small contributions compound significantly over time.
- Don't assume a higher salary automatically creates wealth.
- Avoid making major purchases simply because you qualify for the financing.
- Understand your student loans and repayment options.
- A fiduciary financial planner can help prevent costly long-term mistakes.
- Consistency matters more than trying to perfectly time the market.
- Financial wellness is an important part of preventing burnout in healthcare.