Welcome to the May 2024 Edition of the Andwise Newsletter!

Hello everyone,

I’m thrilled to connect with you again and share some exciting updates from Andwise! Your feedback has been instrumental in driving our progress, and I can't wait to hear more from you as we continue to grow together.

First, I’m delighted to announce our new Google-based account creation and login feature. No more passwords—simply use your Google account for seamless and secure access.

Thanks to your invaluable feedback, we’ve successfully launched the Contract Analyzer. In just our first week, we reviewed over 15 contracts! Now, we need your help to prioritize our next AI-powered features:

Top Feature Ideas:

• Financial Health Score: Assess your overall financial well-being with personalized insights. Add Your Vote and Comments

• Investment Advice for 401k/403b: Get tailored advice to maximize your retirement savings. Add Your Vote and Comments

Consultation Services:

• Salary Negotiation Tools: Equip yourself with strategies and tools to negotiate better salaries. Add Your Vote and Comments

Educational Resources:

• Webinars: Access live and recorded sessions on financial planning, contract negotiation, and more. Add Your Vote and Comments

Additionally, soon it’ll be even easier to set up or log back into your financial planning portal, powered by RightCapital—a benefit for all Andwise users.

Don't miss our Physician Career Transitions Workshop, taking place tonight at 7pm! This workshop is designed to help you navigate the complexities of changing specialties or roles within the medical field, offering practical advice and support.

We’ve also been focusing on wellness and financial literacy. Check out my latest posts on real wellness for physicians and empowering physicians through financial literacy. These articles delve into meaningful changes needed for physician wellness and the importance of financial literacy in navigating your career.

Your feedback is invaluable. Thank you for being part of our community and for your continued support.

Warm Regards,
Kanav Jain
Co-founder and CEO, Andwise

P.S. We've just launched a Help Center you can access any time if you get stuck somewhere.

📚️ What We’re Reading

Compiled by Tanya Frias, CFP®, Director of Financial Empowerment and Education at Andwise.

1. Why a 30-Something Who Paid Off $100,000 of Debt Has 7 Bank Accounts by Jennifer Streaks, Business Insider: Saving money is even more important now as economic challenges like inflation make life more expensive. Melissa Jean-Baptiste says her seven bank accounts help her save and track her spending. The easiest way for saving to become a habit is to automate your saving and then increase it over time.

2.  5 Things to Do with Your Money When You're 5 Years Away from Retirement by Hanna Horvath, Business Insider: In the midst of all this economic uncertainty, planning for retirement requires a lot of care. The way you save and invest money should change as you get close to retirement. This article is part of Business Insider's "The Finish Line," a series offering advice and answering burning questions about retirement planning.

3. Here's The Best Time To Convert Your 401k To A Roth IRA by David Rae, Forbes: What's the optimal timing for converting your 401k to a Roth IRA? Learn key factors to consider and make informed decisions about maximizing your retirement savings.

4. Widowed Before 40 and Coping With the Financial Consequences by Caitlin Kelly, The New York Times: The article discusses the overwhelming financial challenges young widows and widowers face, such as managing mortgages, loans, and funeral costs, often without prior planning, like wills or adequate insurance. It highlights the importance of financial preparation and support for those who lose a spouse unexpectedly, noting that many struggle with the emotional and financial burdens of sudden loss.

5. What is Supplemental Life Insurance? by Cheryl Lock, Lina Roby, and Alani Asis, Business Insider: Supplemental life insurance is coverage you can purchase in addition to primary life insurance. Employers may offer free or low-cost supplemental life insurance for full-time employees. It may cover things such as burial costs or accidental death and dismemberment.

🗓️ Workshop Series: Join Us Tonight at 7PM

Webinar Link

🔍 What You'll Learn:

• Planning Financially for a Break: Tips on preparing for a sabbatical.

• Comparing Compensation: Insights into full-time vs. locum tenens roles.

• Contract Essentials for Locum Tenens: What to negotiate in locum tenens agreements.

• Exploring Non-Clinical Careers: Transitioning to roles in pharmaceuticals and health tech.

Webinar Link

🔍 What You'll Learn:

Demystifying Audits: Gain a comprehensive understanding of audits, their significance, and how they impact both personal and professional finances.

Mastering Financial Documentation: Learn which critical financial documents to review and prepare to ensure a smooth audit process and financial transparency.

Navigating Legal Compliance: Understand the regulatory requirements relevant to financial and legal audits, empowering you to maintain compliance and mitigate risks.

Identifying and Avoiding Pitfalls: Acquire insights from industry experts on common pitfalls encountered during audits and strategies to avoid them, safeguarding your financial and legal standing.

⚖️ Chuck’s Legal Corner

Dear Andwise Community,

As discussions around the proposed ban on non-compete agreements by the Federal Trade Commission (FTC) intensify, it's crucial to delve into the legal challenges that such a ban might face. Here's an overview of the existing legal hurdles and considerations surrounding this contentious issue:

Constitutional Concerns:

One of the primary legal challenges to the proposed non-compete ban revolves around constitutional principles, particularly the protection of contracts. Non-compete agreements are contractual obligations between employers and employees, and any attempt to ban them outright could be seen as infringing upon the freedom to enter into contracts. This raises questions about the constitutionality of federal intervention in the regulation of non-compete agreements, especially given the traditionally strong deference to states in matters of contract law.

Preemption Issues:

Another legal challenge stems from the doctrine of preemption, which holds that federal law supersedes conflicting state laws. Since many states already have laws governing the enforceability of non-compete agreements, a federal ban could potentially conflict with existing state regulations. Resolving these conflicts and ensuring consistency across jurisdictions would be a complex legal endeavor and could lead to protracted legal battles.

Enforceability and Scope:

Even if a federal ban on non-compete agreements were to be implemented, questions would arise regarding its enforceability and scope. Non-compete agreements vary widely in their terms and conditions, and determining which agreements would be affected by the ban and how it would be enforced presents significant legal challenges. Additionally, the effectiveness of any ban would depend on clear definitions and exemptions, which would require careful drafting and consideration.

Litigation Risk:

Any attempt to impose a nationwide ban on non-compete agreements is likely to face legal challenges from employers, industry groups, and other stakeholders. Indeed, litigation has already been filed in Texas.  Litigation over the constitutionality, preemption, and enforceability of such a ban could prolong the process and result in uncertainty for businesses and employees alike.

Balancing Interests:

Ultimately, the legal challenges to the proposed non-compete ban highlight the need to strike a balance between competing interests—protecting workers' rights, fostering competition, and respecting contractual freedoms. Crafting effective regulations that address these concerns while navigating the complexities of constitutional law and federalism will be a formidable task for policymakers and lawmakers.

As discussions on this issue evolve, it's essential for health care practitioners to consider the legal landscape and the potential ramifications of any regulatory changes on their personal situations.  It is not clear, at this point, whether the FTC ban will have the intended effect on health care contracts.

Next time, I will dig into the issues surrounding the FTC ban and impact on non-profit and for profit businesses.

Best,
Chuck Kable, Esq.
Legal Advisor, Andwise

🤝 Join the Andwise Physician Community Directory Today!

In our latest initiative, we're thrilled to introduce the Andwise Physician Community Directory, an exclusive platform designed for physicians like you to connect, share experiences, and foster professional growth. By joining, you'll have the opportunity to network with peers, seek mentorship, and contribute to a supportive community dedicated to your success. Complete your profile today and become an integral part of our dynamic community!

🗞️ New Andwise Member Resources

Whistleblowing as a Medical Resident: Protecting Patients

As a resident physician, you're dedicated to learning the intricacies of the healthcare system. Sometimes, this means encountering practices that compromise patient safety.

www.joinandwise.com/blog/whistleblowing-as-a-medical-resident-protecting-patients

Andwise: Redefining Healthcare from the Inside Out

Unlike traditional healthcare companies that develop medical devices or patient portals, Andwise focuses on empowering the people at the heart of quality care.

www.joinandwise.com/blog/andwise-redefining-healthcare-from-the-inside-out

The Power of "No": Setting Boundaries and Asserting Your Rights in the Workplace

Discover how to balance your professional obligations and personal well-being with Andwise's strategies for saying "no" in the workplace.

www.joinandwise.com/blog/the-power-of-no-setting-boundaries-and-asserting-your-rights-in-the-workplace

Strategic Wealth-Building for Physicians: "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko

Unlock wealth-building strategies for physicians inspired by "The Millionaire Next Door." Learn how Andwise supports smart financial decisions for medical professionals.

www.joinandwise.com/blog/strategic-wealth-building-for-physicians-the-millionaire-next-door-by-thomas-j-stanley-and-william-d-danko

Renegotiate Your Success: A Hospitalist's Guide to Contract Optimization

With Andwise, master contract renegotiations with our guide. Learn key strategies to enhance value, balance, and professional growth in your role.

www.joinandwise.com/blog/renegotiate-your-success-a-hospitalist-s-guide-to-contract-optimization

Investing Simplified: How Physicians Can Use "A Random Walk Down Wall Street" to Their Advantage

With Andwise, explore smarter investing for physicians with 'A Random Walk Down Wall Street.' Learn how busy doctors can build wealth through index funds and diversification.

www.joinandwise.com/blog/investing-simplified-how-physicians-can-use-a-random-walk-down-wall-street-to-their-advantage

✉️ Letter from the Co-founder and CEO

Welcome, Future Healthcare Innovators,

As you prepare to begin your residency, this April we’re focusing on practical advice to secure your financial health and maintain emotional balance. Our goal is to equip you with straightforward strategies for managing your finances and well-being in the unique context of residency.

Financial Health: Clear Actions

• Assess Your Financial Situation: Start with a clear view of your loans, expenses, and expected income. Use this understanding to craft a realistic budget.

• Explore Debt Management: Investigate repayment options and forgiveness programs specifically designed for healthcare professionals. Our Andwise tools are here to help simplify this process.

• Financial Planning Workshop: Join us to learn about creating a financial plan that’s both realistic and resilient, tailored for the early stages of your medical career.

Emotional Balance: Tangible Steps

• Schedule Health Appointments: Make time for any overdue check-ups or dental visits. Addressing health concerns now can reduce stress later.

• Establish a Balanced Routine: Focus on creating a daily routine that includes time for meals, exercise, and rest. Small changes can make a big difference in your overall well-being.

• Consider Your Living Space: Think about how your home can best support your needs. A calm, comfortable environment can significantly enhance your ability to relax and recharge.

Let's use this April to take meaningful steps toward financial clarity and emotional steadiness. Andwise is here to support you with resources and advice tailored to the demands of residency.

Warmest regards,
Kanav Jain
Co-founder and CEO, Andwise

📚️ What We’re Reading

Compiled by Tanya Frias, CFP®, Director of Financial Education and Empowerment at Andwise.

1. Budgeting Tips for Gen Z as the Cost of Living Eats into Your Savings by Alice Kantor, Bloomberg: This article addresses the financial challenges faced by Generation Z due to rising living costs. It provides practical advice from financial advisors on budgeting effectively and emphasizes the importance of saving, even with constraints, to reach financial goals and ensure long-term security.

2. Navigating the Housing Market Brick by Brick by Frank Sorrentino, Forbes: This article discusses the complexities of the current U.S. housing market, focusing on fluctuating interest rates, supply and demand imbalances, and the impact of economic confidence on housing. It also discusses the significance of understanding market dynamics, such as the effects of interest rates on affordability and the challenges posed by housing inventory shortages.

🗞️ New Andwise Resources

Loud Budgeting for Early-Career Physicians: Building Financial Wellness Together

Discover 'loud budgeting' for early-career physicians: a supportive community approach for financial wellness.

www.joinandwise.com/blog/loud-budgeting-for-early-career-physicians-building-financial-wellness-together

Mastering Personal Finance with "Your Money or Your Life"

Andwise review: "Your Money, Your Life" offers physicians strategies for financial independence, value-based spending, and aligning money with life goals.

www.joinandwise.com/blog/mastering-personal-finance-with-your-money-or-your-life

Undeterred by DEI Challenges: Andwise Champions a More Equitable Future in Healthcare

Andwise tackles healthcare DEI challenges head-on, advocating for diversity and equity in patient care. Join us for a more inclusive future in healthcare.

www.joinandwise.com/blog/undeterred-by-dei-challenges-andwise-champions-a-more-equitable-future-in-healthcare

The Importance of Simplifying Your Financial Accounts

Streamline finances, mitigate risks. Simplify accounts for growth, ease. Learn how to manage effectively.

www.joinandwise.com/blog/the-importance-of-simplifying-your-financial-accounts

📱Social Media Oasis

Wander into our Social Media Oasis, and enjoy curated content—no doomscrolling necessary.

Twitter tweet

Twitter tweet

Twitter tweet

🌟Secure Your Future with Our Exclusive Negotiation Workshop

Presented by Renowned Experts: Tanya Frias, CFP® & Chuck Kable, Esq.

Workshop Link

🔍 What You'll Learn:

• Maximize Your Salary: Strategies to ensure your compensation matches industry standards.

• Navigate Non-Compete Clauses: Effective tactics to handle restrictive covenants in your contracts.

• Understand Legal Boundaries: Key legal considerations in contracts and when to consult a professional.

🗓️ Upcoming Workshop: Mark Your Calendars

Workshop Link

🔍 What You'll Learn:

• Planning Financially for a Break: Tips on preparing for a sabbatical.

• Comparing Compensation: Insights into full-time vs. locum tenens roles.

• Contract Essentials for Locum Tenens: What to negotiate in locum tenens agreements.

• Exploring Non-Clinical Careers: Transitioning to roles in pharmaceuticals and health tech.

⚖️ Chuck’s Legal Corner

Dear Andwise Community,

I hope this message finds you well. As part of our commitment to keep you informed on developments that impact your professional life, we want to update you about an important upcoming event.

FTC Decision on Non-Compete Agreements

On April 23, 2024, the Federal Trade Commission (FTC) will hold a commission meeting at 2 PM Eastern Time to vote on a Proposed Rule to ban non-compete clauses. This decision could significantly affect physicians across the United States, including you.

What This Means for You

The proposed rule is designed to apply retroactively to all existing non-compete agreements. If passed, it may affect your current employment contract or any non-compete provisions that operate as a de facto non-compete. Understanding the details of this rule is crucial, especially if you are considering a job change or renegotiating your contract terms.

Next Steps

We recommend staying tuned to the outcomes of this meeting and considering how the potential changes could influence your career choices and contract negotiations. To assist you in navigating these changes, we will provide a follow-up with detailed analysis and recommendations once the decision is made.

We understand how vital it is to stay ahead of changes that impact your practice and professional life. Please feel free to reach out if you have any immediate questions or need further clarification.

Thank you for trusting us to keep you informed.

Warm regards,
Chuck Kable, Esq.
Legal Advisor, Andwise

Empower Your Financial Future with Andwise

Dear Andwise Community,

As the spring season ushers in renewal and growth, it's a poignant time for us at Andwise to reflect on our shared journey toward financial empowerment and professional excellence. This April, as we curate insights and resources tailored for the dynamic world of healthcare professionals, our focus remains steadfast on enriching your financial well-being and legal acumen.

This edition of Fiscal Therapy is brimming with actionable knowledge and expert advice designed to navigate the evolving landscapes of finance and healthcare. From demystifying the housing market to offering strategic tax planning for your investments, we aim to arm you with the tools necessary for informed decision-making and financial stability.

Our commitment to your success extends beyond mere words. It's embodied in the curated content, the expert-led workshops, and the ever-expanding array of resources we diligently craft each month. We're here to support your journey every step of the way, ensuring that each stride you take is on solid ground, towards a future of financial freedom and professional fulfillment.

So, as you delve into this month's edition, remember that Andwise stands as your ally, your resource, and your community. Together, we're not just navigating the present; we're shaping a future where every healthcare professional is empowered to achieve their financial and career aspirations with confidence.

Warm Regards,
Kanav Jain
Co-founder and CEO, Andwise

📚️ What We’re Reading

Compiled by Tanya Frias, CFP®, Director of Financial Empowerment and Education at Andwise.

1. Navigating the Housing Market Brick by Brick by Frank Sorrentino, Forbes: This article discusses the complexities of the current U.S. housing market, focusing on fluctuating interest rates, supply and demand imbalances, and the impact of economic confidence on housing. It also discusses the significance of understanding market dynamics, such as the effects of interest rates on affordability and the challenges posed by housing inventory shortages.

2. Investment Income Can Be Tricky at Tax Time by Kelly Phillips Erb, Forbes: This article explores the complexities of managing investment income during tax season. It explains various forms of investment income, such as interest, dividends, and capital gains, and provides guidance on their tax implications. Additionally, it touches on topics like tax-exempt interest, asset location strategies, tax-loss harvesting, and special considerations for retirement accounts.

3. The One Habit That Will Help You Stop Living Paycheck To Paycheck by Bernadette Joy, Forbes: This article addresses the issue of financial instability among Americans, focusing on breaking the cycle of living paycheck to paycheck. It introduces the concept of a cash flow cushion—a readily accessible buffer in your checking account equal to one month's worth of expenses—as a practical strategy for achieving financial stability and emotional peace. The piece provides guidance on how to build, maintain, and benefit from having a cash flow cushion, emphasizing its advantages over relying solely on an emergency fund​.

4. Budgeting Tips for Gen Z as the Cost of Living Eats into Your Savings by Alice Kantor, Bloomberg: This article addresses the financial challenges faced by Generation Z due to rising living costs. It provides practical advice from financial advisors on budgeting effectively and emphasizes the importance of saving, even with constraints, to reach financial goals and ensure long-term security.

🗓️ Upcoming Workshop Series: Mark Your Calendars

Register for calendar invite.

Your Questions, Answered:

1. How can I effectively negotiate my salary and benefits to align with industry standards in my specialty and region?

2. What are some effective negotiation tactics for dealing with non-compete clauses?

3. What legal aspects of the contract should I be particularly careful about, and when should I seek legal advice?

Register for calendar link.

Workshop FAQs: Addressing Your Top Concerns

1. How does compensation compare between full-time and locum tenens positions?

2. What are typical contract terms for locum tenens assignments, and what should I negotiate?

⚖️ Chuck’s Legal Corner

Elevate Your Contract Negotiation Skills

Dear Andwise Community,

This April, we turn our focus towards a pivotal skill set for any professional's career development—employment contract negotiations. With the aim to empower you in this critical area, I'm here to provide actionable strategies and insights.

A Closer Look at Employment Contracts: Your Negotiation Foundation
Your contract outlines key aspects of your professional relationship, including compensation, roles, and termination terms, among others. Understanding these elements thoroughly forms the bedrock of effective negotiation.

Strategic Approaches to Negotiation

1. Be Prepared: Knowledge of standard compensation and benefits within your specialty and region is crucial. This information is your leverage.

2. Flexibility: Differentiate between what you're flexible on and your absolute must-haves. Not all contract terms are fixed, and knowing where there's room to negotiate is key.

3. Legal Expertise: The insight of a healthcare attorney can be pivotal, offering you a distinct advantage by highlighting legal nuances and industry norms.

Communication: The Essence of Negotiation
The success of your negotiation lies in the delivery. Engage in discussions with the aim to find mutually beneficial solutions, presenting your case with clarity and confidence.

Taking Your Negotiation Skills Further
To dive deeper into mastering employment contract negotiations and understanding the legal aspects of your professional practice, I recommend scheduling a personalized session with me through Andwise's educational offerings. These sessions are tailor-made to equip physicians with the critical legal knowledge necessary for career protection and advancement.

For more information and to schedule your session, please visit: joinandwise.com/educational-sessions.

Best,
Chuck Kable, Esq.
Legal Advisor, Andwise

🗞️ New Andwise Member Resources

Strategic Reframing: Negotiation Techniques for Physicians

Explore strategic reframing in our guide designed for physicians negotiating their employment contracts. Learn to articulate your value in a way that resonates.

www.joinandwise.com/blog/strategic-reframing-negotiation-techniques-for-physicians

Mastering Personal Finance with "Your Money or Your Life"

Andwise review: "Your Money, Your Life" offers physicians strategies for financial independence, value-based spending, and aligning money with life goals.

www.joinandwise.com/blog/mastering-personal-finance-with-your-money-or-your-life

Supporting Physicians Through Career Transitions: A Comprehensive Guide for Advisors

Guidance for advisors on helping physicians navigate career changes, addressing burnout, job dissatisfaction, and exploring alternative careers in medicine.

www.joinandwise.com/blog/supporting-physicians-through-career-transitions-a-comprehensive-guide-for-advisors

Undeterred by DEI Challenges: Andwise Champions a More Equitable Future in Healthcare

Andwise tackles healthcare DEI challenges head-on, advocating for diversity and equity in patient care. Join us for a more inclusive future in healthcare.

www.joinandwise.com/blog/undeterred-by-dei-challenges-andwise-champions-a-more-equitable-future-in-healthcare

The Importance of Simplifying Your Financial Accounts

Streamline finances, mitigate risks. Simplify accounts for growth, ease. Learn how to manage effectively.

www.joinandwise.com/blog/the-importance-of-simplifying-your-financial-accounts

Letter from the Co-founder and CEO ✉️ 

Dear Future Physicians,

Congratulations on reaching Match Day—a pivotal moment in your medical career. As you embark on this exciting journey, Andwise is here to ensure your financial foundation is as strong as your commitment to medicine. We introduce our latest innovations: the Student Loan Management tool and Contract Analyzer, specifically designed to address the financial challenges of early career physicians.

Navigate your student loans with ease using our personalized management tool, crafted to optimize repayment and understand forgiveness options. The Contract Analyzer will be your guide through employment contracts, demystifying terms and empowering negotiations for fair compensation.

Join Andwise today and take the first step towards financial empowerment, focusing on your residency without the weight of financial uncertainty.

Warmest regards,
Kanav Jain
Co-founder and CEO, Andwise

What We’re Reading 📚️ 

Compiled by Tanya Frias, CFP®.

1. The 3 best pieces of money advice I've ever received by Jennifer Streaks, Business Insider: Drawing on a decade of financial journalism, the author shares the top three money management tips gleaned from numerous experts.

2. Looking for a Lower Credit Card Interest Rate? Good Luck. by Ann Carrns, The New York Times: The landscape of credit card interest rates is complex, with smaller banks and credit unions often offering more competitive rates than their larger counterparts. However, navigating this terrain is made difficult by online comparison tools that skew towards cards from bigger banks.

New Andwise Resources 📩

Gearing up for Residency: Essential Tips for a Smooth Transition

Congratulations on your residency match! This guide offers expert tips for a smooth transition into your program, including essential resources and wellbeing strategies.

www.joinandwise.com/blog/gearing-up-for-residency-essential-tips-for-a-smooth-transition

Empowering First-Generation Medical Graduates with Andwise

Our platform provides the comprehensive support first-generation medical graduates need to navigate the complexities of the healthcare industry with confidence.

www.joinandwise.com/blog/empowering-first-generation-medical-graduates-with-andwise

Resident-first: our approach to building for physicians

Discover how Andwise champions a resident-first philosophy to empower doctors with personalized financial tools and resources, fostering a community for early-career physicians.

www.joinandwise.com/blog/resident-first-our-approach-to-building-for-physicians

Conquering Student Debt: Insights from a PGY-1

Dr. Dhruvil Patel shares insights on managing student debt, highlighting Andwise's tools for financial empowerment and career growth for medical professionals.

www.joinandwise.com/blog/conquering-student-debt-insights-from-a-pgy-1

Letter from a PGY-1 ✉️ 

Dear Future Doctors,

I remember last year during this time, when I was dreading match week. From as long as I could recall there were very few moments that would have as much of an impact on my life as finding out if and where I was going to match in pursuing my dream to be a physician. In this pivotal moment for your transition from medical students to doctors, I am compelled to reflect on the journey that brought me, and now you, to this juncture. It is a time rife with anticipation, hope, and, admittedly, a fair share of nerves. Yet, it is also a moment where I urge you to take stock of the incredible path you’ve traversed, the sacrifices that you have made and for those you have gone above and beyond almost daily in pursuit of a calling that is nothing short of noble.

To my fellow future physicians, as we embark on this next stage of our journey, I urge you all to always take the opportunity to ask for help. Your program director, senior, and co-residents from the day you match to the rest of your career are special connections who all have been in your shoes. For those who are preparing for next year’s match - the altruism of our fellow physicians cannot be understated. Within Andwise and beyond, I have personally seen many give their time for they believe those they are helping to be vital additions to the medical profession. Know that there will always be someone out there who will believe in your path and help you. 

Regardless of your match outcome - Andwise is here to help you, because we as a team, and our broader community believe that you deserve to be a successful physician.

Here's to the future, to the challenges and triumphs that await, and to the incredible journey of medicine we are privileged to continue. Together, we are stepping into a bright future, one patient, one moment, one breakthrough at a time.

With heartfelt congratulations and best wishes for Match Day! 

Sincerely,

Dhruvil Ashishkumar Patel, MD
Internal Medicine - Pediatrics, PGY-1

Product Strategist Andwise

Empower Your Financial Future with Andwise

Dear Andwise Community,

In an era where financial challenges uniquely confront healthcare professionals, Andwise introduces transformative tools to secure your financial well-being. We're thrilled to unveil our Student Loan Management tool and Contract Analyzer, designed to simplify and enhance your financial management, regardless of your career stage.

Our Student Loan Management tool offers personalized strategies, leveraging technology to optimize repayment plans and navigate loan forgiveness programs, tailored to your unique financial landscape. The Contract Analyzer empowers you to approach employment contracts with confidence, simplifying legal jargon and highlighting key terms to ensure fair compensation for your dedication and expertise.

Andwise is committed to supporting you through every financial milestone, from residency to retirement. Our platform combines sophisticated technology with expert insights, fostering a community where financial empowerment and professional dedication thrive together.

Embrace these tools and join us on a journey towards financial clarity and success, allowing you to focus more on what matters most—your patients and your career.

Warm Regards,
Kanav Jain
Co-founder and CEO, Andwise

What We’re Reading 📚️ 

Compiled by Tanya Frias, CFP®.

1. The 3 best pieces of money advice I've ever received by Jennifer Streaks, Business Insider: Drawing on a decade of financial journalism, the author shares the top three money management tips gleaned from numerous experts.

2. Looking for a Lower Credit Card Interest Rate? Good Luck. by Ann Carrns, The New York Times: The landscape of credit card interest rates is complex, with smaller banks and credit unions often offering more competitive rates than their larger counterparts. However, navigating this terrain is made difficult by online comparison tools that skew towards cards from bigger banks.

3. Capital Gains Tax: What It Is, How It Works, and Current Rates by Jason Fernando, Investopedia: The article provides a comprehensive overview of capital gains tax, explaining its application on profits from investments like stocks, real estate, and collectibles. It outlines the distinction between short-term and long-term capital gains, their respective tax rates, and strategies to minimize tax liabilities.

4. Here's Where Venture Capitalists Are Putting Their Money in 2024 by Vitaly Gerko, Entrepreneur Magazine: As 2024 unfolds, venture capital trends are shifting, with investors increasingly cautious, seeking opportunities in industries poised for growth despite global economic challenges.

New Andwise Member Resources 📩

Guide to Disability Insurance for Physicians in 2024

Empower early-career physicians with community-driven loud budgeting for financial wellness.

www.joinandwise.com/blog/guide-to-disability-insurance-for-physicians-in-2024

Transitioning to a New Specialty after Residency: A Comprehensive Guide

This guide explores the challenges and strategies for transitioning to a new medical specialty after residency training.

www.joinandwise.com/blog/transitioning-to-a-new-specialty-after-residency-a-comprehensive-guide

Returning To Work After Parental Leave

Returning to work after parental leave can be a daunting prospect for many new parents, especially those in demanding professions like healthcare

www.joinandwise.com/blog/returning-to-work-after-parental-leave

Resident-first: our approach to building for physicians

Discover how Andwise champions a resident-first philosophy to empower doctors with personalized financial tools and resources, fostering a community for early-career physicians.

www.joinandwise.com/blog/resident-first-our-approach-to-building-for-physicians

A Guide for Physician Spouses and Partners: Navigating the Financial and Legal Labyrinth

Being a physician's spouse/partner comes with unique financial & legal challenges. Navigate the complexities with Andwise's guide.

www.joinandwise.com/blog/navigating-the-financial-and-legal-labyrinth-a-guide-for-physician-spouses-and-partners

Documentation Checklist for 2023 Tax Filing

As we embark on a new tax season, it's paramount to ensure our financial affairs are in order for smooth and accurate filing. To aid in this endeavor, we've crafted a concise yet comprehensive 2023 Tax Filings Checklist. This checklist will serve as your guide to gathering all necessary documents and information required for completing your tax return efficiently. To download the full checklist, click the image above.

Hi, 

We want to express our gratitude for attending our recent 'Countdown to Match Day' event! We discussed budgeting, transition to residency, student loan management, career strategy, and so much more. We hope you found the event informative and that you gained valuable insights from our expert speakers and panelists. 

We encourage you to explore the links below: 

• To learn more about how Andwise could assist you as a future resident physician 

• To schedule a 1:1 financial education session with Tanya Frias, CFP® 

• To schedule a 1:1 legal education session with Chuck Kable, JD

• To read Residency Agreements and Program Benefits by Dhruvil Patel, MD

Additionally, if you would like Andwise to speak with a student group virtually or on campus, feel free to reach out to us to coordinate.

Lastly, if you have any feedback or suggestions for future events, we’d love to hear from you. Your input helps us tailor our offerings to better serve the needs of medical students like yourself. 

Andwise is committed to your financial and professional journey. Best of luck as you approach Match Day! As the Community Growth Lead, feel free to contact me with any questions, concerns, or general guidance about Andwise. 


Ishmael Williams
Community Growth Lead 

ishmael@andwise.net 

Schedule a meeting with me. 

Letter from the Co-Founder ✉️ 

Dear Andwise Community,

Greetings to all of you from the Andwise team!

February is Black History Month, a time to celebrate the significant contributions of African Americans to U.S. history - and naturally our community has a special interest in the medical field. The Association of American Medical Colleges highlights the journeys of African-American medical pioneers, who overcame immense racial barriers to lay the groundwork for future generations. Two that caught my eye: James McCune Smith, MD, became the first African American to earn a medical degree in 1837 (although he had to study at the University of Glasgow Medical School due to discriminatory practices in the U.S). Rebecca Lee Crumpler broke additional ground in 1864 as the first African American woman to receive an MD degree in the United States. Their stories are not just about personal achievements but are a testament to resilience, hope, and the fight for equality.

As we honor these pioneers during Black History Month, let's draw inspiration from their determination and continue advocating for equity and diversity in medicine and beyond. Their legacies remind us of the importance of persistence, courage, and the ongoing journey towards a more inclusive society. There are obviously still a lot of systemic barriers to education equality and much work for us to do.

We remain steadfast in our commitment to empower the Andwise community with the best of personal finance education, innovative technology, and expert guidance, which remains stronger than ever.

Exciting Developments at Andwise:

• Educational Expansion: We're tirelessly working to broaden our educational resources, ensuring you have access to the most relevant and impactful knowledge to navigate your financial and career journey. Look out for announcements on webinars and workshops soon.

• Technological Advancements: Our tech team is working hard on the Andwise app, set to launch before Match Day. This tool promises to revolutionize how you optimize your financial wellness - with personalized nudges and algorithmic based guidance.

• Team Growth: We're thrilled to announce the arrival of Chuck Kable, Esq., our new in-house legal expert. Chuck brings a wealth of knowledge and experience that will be invaluable to our community, especially in understanding the legal nuances of employment contracts and our physician career trajectory. He joins Tanya Frias, CFP® in building out our ‘trusted circle’ of experts inside of Andwise. 

Market Updates:

• S&P 500 Achieves New Heights: This past month, the S&P 500 soared to another record, reflecting the ongoing resilience and potential of the market. Such milestones serve as a reminder of the opportunities that lie within disciplined investing and strategic financial planning.

• Federal Reserve Insights: Despite the market's performance, Fed Chief Jerome Powell has indicated that a March rate cut is unlikely. This stance underscores the importance of a well-considered investment strategy that can adapt to shifting economic signals.

• Tesla's Turbulence: In a surprising turn, one of the ‘Magnificent Seven,’  Tesla's stock has experienced a 20% decline. This highlights the volatile nature of individual stocks and the critical need for a diversified investment portfolio to navigate market unpredictabilities.

Looking Ahead:

As we move forward, our focus remains on providing you with not just the tools, but also the guidance to make informed decisions about your financial wellbeing and career. Our upcoming app release is just the beginning of many more innovative solutions Andwise plans to introduce.

Remember, whether it's managing student loans, planning for retirement, investing wisely, or navigating challenges during our careers - our mission is to serve as your compass. With our expanding team, technology, and educational resources, we're here to support every step of your journey towards financial independence and success in your career as a physician.

Thank you for being an integral part of the Andwise community. Your trust, engagement, and feedback fuel our drive to serve you better. Here's to a future filled with prosperity, wisdom, and success.

Warm Regards,
Varun Verma MD
Co-Founder, Andwise

What We’re Reading 📚️ 

Compiled by Tanya Frias, CFP®.

1. The Most Important Man in Finance You’ve Never Heard Of by Andrew Duehren, The Wall Street Journal: The article highlights Josh Frost, the U.S. Treasury Department's Assistant Secretary for Financial Markets, emphasizing his pivotal role in shaping the government bond portfolio, with far-reaching implications for financial markets and national debt management, exploring his career, approach to bond market challenges, and influence on financial market stability.

2. 8 Tips To Make Tax Filing Easier This Year by Robert Farrington, Forbes: The article advises individuals to stay organized with tax documents, file promptly, report interest income, consider electronic filing, and seek professional assistance if necessary, emphasizing the significance of accounting for life changes, adhering to deadlines, and tracking eligible deductions and credits.

3.  What to Do When Your Home-Insurance Policy Isn’t Renewed by Veronica Dagher, The Wall Street Journal: The article offers advice for homeowners dealing with non-renewal of their home insurance policies, recommending actions like home improvements, quick response to notices, exploring alternative insurers, including lesser-known options, and considering state-mandated FAIR plans as a last resort, with an emphasis on choosing a reliable insurer capable of fulfilling claims.

4. A Rewards Strategy That Can Cost You: Booking Travel With Your Card Company by Jacob Passy, The Wall Street Journal: The article explores the intricacies of utilizing credit card companies' travel portals for booking flights and hotels, emphasizing the disparities in prices compared to direct bookings and analyzing the pros and cons, while also addressing the influence of credit card rewards and incentives and challenges related to travel disruptions and loyalty points.

New Andwise Member Resources 📩

Integrating Essential Financial Literacy into Residency Programs - About Andwise - Andwise Blog

Read 'Integrating Essential Financial Literacy into Residency Programs' by Kanav Jain for Andwise, the physician's career planning and financial empowerment platform.

www.joinandwise.com/blog/integrating-essential-financial-literacy-into-residency-programs

What Do Physicians Need to Know about Modern Portfolio Theory? - Physician Perspectives - Andwise Blog

Read 'What Do Physicians Need to Know about Modern Portfolio Theory?' by Varun Verma, MD for Andwise, the physician's career planning and financial empowerment platform.

www.joinandwise.com/blog/modern-portfolio-theory

How Medical Associations Are Strengthening Financial and Legal Literacy - About Andwise - Andwise Blog

Read 'How Medical Associations Are Strengthening Financial and Legal Literacy' by Kanav Jain for Andwise, the physician's career planning and financial empowerment platform.

www.joinandwise.com/blog/how-medical-associations-are-strengthening-financial-and-legal-literacy

Physician Money Mistakes Part 2: My Journey to Avoiding Financial Pitfalls - Physician Perspectives - Andwise Blog

Read 'Physician Money Mistakes Part 2: My Journey to Avoiding Financial Pitfalls' by Varun Verma, MD for Andwise, the physician's career planning and financial empowerment platform.

www.joinandwise.com/blog/physician-money-mistakes-part-2-my-journey-to-avoiding-financial-pitfalls

Andwise: Empowering Financial Well-being for Physicians - About Andwise - Andwise Blog

Read 'Andwise: Empowering Financial Well-being for Physicians' by Kanav Jain for Andwise, the physician's career planning and financial empowerment platform.

www.joinandwise.com/blog/andwise-empowering-financial-well-being-for-physicians

Social Media Oasis 🏝️ 

Step into our Social Media Oasis and savor the delight of curated social media content – no need to doomscroll here!

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Letter from the Co-Founder ✉️ 

Dear Andwise Community,

Welcome to the Andwise newsletter, and a Happy New Year to all our members! As we embark on a new year, it's evident that our community of medical students, residents, and physicians is navigating a landscape filled with unique challenges and concerns. Many of you have expressed concerns about the current economic climate (particularly regarding inflation and stock market fluctuations), the dream of buying a home seems more out of reach than ever for many young professionals, and the burgeoning impact of AI on various medical specialties is a topic that's garnering significant attention.

At Andwise, we're committed to supporting you through these evolving times. Our offerings are tailored to address your concerns and aid in your professional and personal financial wellness journey.

Let 2024 be the year where you take action. Here’s some places you can start:

1. Write out your own goals and have a written financial plan. FOMO can lead to rash decisions in both investing and spending, as we’re constantly bombarded with images of others’ success and consumption. However, overcoming FOMO is crucial for maintaining a healthy financial life that is in line with your personal goals and values. Resist the temptation and stay focused on your financial journey.

2. Simplify your financial life. There’s no point opening a dozen credit cards, checking and high yield savings accounts and then losing track of all the incentives. If you’re just starting out and looking to get some ‘free’ money by paying off your credit card balance each month then please look into the 2% cashback credit cards (like Wells Fargo), or a low annual fee points card (Chase Sapphire Preferred). You can see my write up of why high annual fee cards and chasing points don’t make sense for most people : https://www.joinandwise.com/blog/why-chasing-credit-card-rewards-is-a-waste-of-time-for-most-physicians

3. Make sure you have a 3-6 month emergency fund set up. Obviously if you’re a medical student or trainee, this may not be possible. But if you’re an Attending then you absolutely should calculate your essential expenses like housing, food, insurance and put away this money in FDIC insured high yield savings accounts for a rainy day.

4. Maximize your retirement savings. Contribute to your employer sponsored plan, open a Roth IRA if you’re below the income limits, consider a backdoor Roth IRA if you’re a high income earner, and if you have side-gig 1099 income then look into opening a tax advantaged retirement account.

As we start 2024 I invite you to explore all that Andwise has to offer:

1. Tune into our insightful podcast for in-depth discussions on these topics. https://andwise.podbean.com/

2. Join our private physician Slack community to connect, share, and learn from peers facing similar challenges. https://www.joinandwise.com/get-verified

3. Explore our new website joinandwise.com. Our digital presence has just leveled up with the launch of our new website! It's designed to be more user-friendly, informative, and a one-stop hub for all your professional needs. We invite you to explore the new layout and features that have been crafted with your needs in mind.

4. For personalized guidance our financial educator Tanya Frias, CFP® is available for complimentary 1:1 sessions, offering expert financial advice to navigate this intricate landscape. Together, let's make this year a period of growth, learning, and success! https://www.joinandwise.com/blog/complimentary-financial-education-consultation-for-medical-professionals

5. Learn from our resource library. Given the ongoing challenges with home buying, we have assembled multiple resources such as our blog on rent vs buying. https://www.joinandwise.com/blog/renting-or-buying-how-to-decide-as-a-physician 

Much more to look forward to:

In addition to the support and resources already mentioned, we are thrilled to announce some exciting new developments that further our commitment to empowering our community:

Welcoming Our First Legal Educator Team Member: We understand that legal matters can be daunting for medical professionals. To address this, we are on the verge of introducing our first legal educator team member. This expert will provide education and guidance on a variety of legal matters, equipping you with the knowledge to have more nuanced conversations with any attorney you subsequently hire. Stay tuned for the official announcement!

Mobile App Development with a Target Release Before Match Day 2024: Understanding the need for on-the-go access to resources, we're excited to announce that our mobile app is currently in development. With a target release date set before Match Day 2024, this app will bring Andwise's valuable resources right to your fingertips, ensuring that support and guidance are just a click away, wherever you are.

We're constantly striving to enhance our offerings to better serve our community. Your growth and success are what drive us, and these new developments are just the beginning of many more innovative solutions we plan to introduce. Thank you for being a part of the Andwise family!

Warm Regards,
Varun Verma MD
Co-Founder, Andwise

What We’re Reading 📚️ 

Compiled by Tanya Frias, CFP®.

1. What Went Right in 2023 by Zachery Karabell, The Wall Street Journal: An optimistic view of the year's progress, highlighting achievements in different economic sectors and challenging media's negativity.

2. S&P 500 Is Nearing a Record High. This Could Derail It in 2024. by Janet H. Cho, Barron’s: It’s been quite the year for stocks, and one that could end with a cherry on top—a record high for the S&P 500. The index begins the final two trading days of 2023 just 0.3% off its all-time high reached in January 2022.

3. Here’s How To Find An Old 401(k) Account by David Rae, Forbes: This article provides valuable guidance for individuals trying to locate their forgotten or misplaced 401(k) accounts. It offers practical steps and strategies to trace these accounts, especially when changing jobs or losing track over the years.

Financial Wellness Wednesdays Recap

Financial Wellness Wednesdays are a weekly discussion series tailored specifically for the unique financial journey of physicians at every stage of their careers.

Attending Physicians Discussion Post End-of-year tax planning is crucial. What last-minute tax tips or strategies can you share that have worked well for you in the past?

Medical Students Discussion Post The holiday season is upon us. How do you plan to enjoy the festivities while maintaining your financial goals, and what tips can you offer your peers?

Physician Mortgages: A Resident Physician’s Experience

Dhruvil Patel, one of our team members, put together an extensive guide on the process of getting a physician loan and purchasing a house. To download the guide, click the image above.

New Andwise Member Resources 📩

Why Chasing Credit Card Rewards Is A Waste Of Time For Most Physicians - Andwise Blog

Read 'Why Chasing Credit Card Rewards Is A Waste Of Time For Most Physicians' by Varun Verma, MD on the Andwise Blog. This Physician Perspectives article offers in-depth insights and expert perspectives on key topics relevant to physicians.

www.joinandwise.com/blog/why-chasing-credit-card-rewards-is-a-waste-of-time-for-most-physicians

Navigating a Financial Windfall: Making the Most of a Life Insurance Payout - Andwise Blog

Read 'Navigating a Financial Windfall: Making the Most of a Life Insurance Payout' by Tanya Frias on the Andwise Blog. This Financial Education article offers in-depth insights and expert perspectives on key topics relevant to physicians.

www.joinandwise.com/blog/navigating-a-financial-windfall-making-the-most-of-a-life-insurance-payout

Unique Financial Challenges That Physicians Face - Andwise Blog

Read 'Unique Financial Challenges That Physicians Face' by Varun Verma, MD on the Andwise Blog. This Physician Perspectives article offers in-depth insights and expert perspectives on key topics relevant to physicians.

www.joinandwise.com/blog/unique-financial-challenges-that-physicians-face

Social Media Oasis 🏝️ 

Step into our Social Media Oasis and savor the delight of curated social media content – no need to doomscroll here!

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Welcome to the fourth issue of Fiscal Therapy! We're here to help you succeed in your career and personal life by giving you practical tips and real-life stories. Our goal is to provide you with actionable insights and strategies that fit your situation. Get ready to learn and change the way you handle your financial wellbeing.

Letter from the Co-Founder ✉️ 

Dear Andwise Community,

I trust this newsletter finds you well and thriving. It's with great pleasure that I share some remarkable developments taking place at Andwise, your go-to destination to optimize your financial wellness as a medical student, trainee or early career physician. We've been hard at work to elevate your financial well-being journey, and I'm delighted to unveil three significant updates that will benefit the community.

Starting the Andwise Personal Finance Fellowship for Medical Students:

• In line with our mission, we're excited to start the Andwise Personal Finance Fellowship for Medical Students with our first cohort of 10 students from across the US. Recognizing the unique financial challenges faced by medical students, we have embarked on a mission to support their financial growth by paying them to learn about personal finance! Through this program, we will not only provide financial education but also mentor students, offering them a stipend to learn about personal finance. Our aim is to equip these future healthcare leaders with the financial literacy they need to excel both personally and professionally.

Andwise's Revamped Website:

• We're thrilled to announce the launch of our redesigned website, aimed at improving your online experience with Andwise. The new website is now live and offers enhanced accessibility to valuable resources and our latest updates. Whether you're a financial expert or just starting your financial wellness journey, our website is your one-stop destination for all things Andwise.

Presenting the "Know Scrubs" Podcast:

• To further our commitment to providing you with valuable financial information, we are excited to present the "Know Scrubs" Podcast by Andwise. This podcast series will feature engaging discussions, expert interviews, and practical tips to empower you to make informed financial decisions and reach your financial goals. Our initial episodes are now available on popular podcast platforms, and we eagerly await your feedback. Please listen, subscribe, and join us on this exciting audio adventure. Remember to please leave us a review if you found the information valuable.

These updates represent just a glimpse of the exciting developments happening at Andwise, and we're eager to share more with you in the coming months. As always, your feedback and suggestions are invaluable to us as we continue to refine and enrich the Andwise experience.

Thank you for being a valued member of the Andwise community. Together, we'll empower individuals to seize control of their financial futures, leading to happier, more prosperous lives.

Warm Regards,
Varun Verma MD
Co-Founder, Andwise

Meet Our Personal Finance Fellows

Join us in congratulating the Andwise Personal Finance Fellows for 2024 🥳 

Learn more about the Personal Finance Fellowship program on our website.

What We’re Reading 📚️ 

Compiled by Tanya Frias, CFP®.

1. Why Save for Retirement in Your 20s? by Steven Richmond, Investopedia: It's easier to save for retirement when you're young and may have fewer responsibilities. Compound interest, which is the interest earned on your initial savings and the reinvested earnings, is a great reason to start saving early.

2. Long-term Care 101 by Joel Johnson, Forbes: A comprehensive guide to understanding long-term care, an increasingly important aspect of financial planning. It addresses the fundamentals of long-term care, highlighting its necessity for many individuals as they age. The piece explores various options and costs associated with long-term care, providing essential knowledge for those preparing for future healthcare needs.

3. Does your income exceed IRS limits? Try a backdoor Roth IRA by Coryanne Hicks, Fortune: For individuals with incomes too high to contribute directly to a Roth IRA, the "backdoor" Roth IRA strategy offers a savvy financial workaround. This article explores how the backdoor Roth IRA operates, allowing high-income earners to benefit from the Roth's tax-free growth and withdrawals.

Financial Wellness Wednesdays Recap

Financial Wellness Wednesdays are a weekly discussion series tailored specifically for the unique financial journey of physicians at every stage of their careers.

Attending Physicians Discussion Post With the year winding down, how do you evaluate your investment performance, and what adjustments are you considering for the upcoming year?

Response from Stuart Solomon, MD

Residents and Fellows Discussion Post This Thanksgiving, let's share our financial wisdom. How do you navigate holiday deals and discounts in a way that aligns with your long-term financial goals? Let's exchange tips for making the most out of Black Friday and Cyber Monday.

Response from Aalap Shah, MD

Medical Students Discussion Post With final exams on the horizon, how are you balancing the costs of exam preparation with your other financial commitments?

Response from Jay Vasilev (MS4)

End Of Year Checklist

As we approach the end of the year, it's crucial to turn our attention to essential financial matters such as taxes, insurance, and other financial planning needs. To streamline this process, we've prepared a two-page, end-of-year checklist. To download the full checklist, click the image above.

New Andwise Member Resources 📩 

Should More Medical Schools Have A Personal Finance Curriculum? - Andwise Blog

Read 'Should More Medical Schools Have A Personal Finance Curriculum?' by Varun Verma, MD on the Andwise Blog. This Physician Perspectives article offers in-depth insights and expert perspectives on key topics relevant to physicians.

www.joinandwise.com/blog/should-more-medical-schools-have-a-personal-finance-curriculum

Complimentary Financial Education Consultation for Medical Professionals - Andwise Blog

Read 'Complimentary Financial Education Consultation for Medical Professionals' by Andwise Team on the Andwise Blog. This Schedule a Consult article offers in-depth insights and expert perspectives on key topics relevant to physicians.

www.joinandwise.com/blog/complimentary-financial-education-consultation-for-medical-professionals

Social Media Oasis 🏝️ 

Step into our Social Media Oasis and savor the delight of curated social media content – no need to doomscroll here!

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Welcome to the third issue of Fiscal Therapy! We're here to help you succeed in your career and personal life by giving you practical tips and real-life stories. Our goal is to provide you with actionable insights and strategies that fit your situation. Get ready to learn and change the way you handle your financial wellbeing.

Letter from the Co-Founder ✉️ 

Dear Andwise Community,

In a landscape that's ever-changing, our promise at Andwise remains the same—to guide medical students and early-career physicians through the complexities of financial planning with confidence and clarity.

Market Recap: October's Financial Dynamics
The financial markets in October have continued their unpredictable momentum. The S&P 500 saw its third consecutive month of downturns, a signal that speaks to the heart of our educational mission here at Andwise. Similarly, the bond market faces a historic moment with surging yields, which brings a direct impact on borrowing rates and long-term financial decisions.

Educational Corner: Knowledge Is Your Financial Anchor
We've bolstered our free educational offerings to shed light on the paths through these challenging times:

• Blog Insights: Delve into "The Power of Personal Finance Education" (Read Now) and "Achieving Financial Success as a Dual Physician Couple" (Read Now), designed to equip you with actionable steps towards financial wellness.

• Video Learning: Our YouTube channel presents “The Financial Blueprint: Your Financial Plan," a visual guide to strategizing your financial journey (Watch Here).

Community Hour: A Source of Inspiration and Learning
Our latest community hour on 10/24/23 featured the remarkable Dr. Stephanie Pearson, sharing her journey from an injury that halted her medical career to empowering physicians in financial defense strategies.

Looking Ahead: Complimentary Expert Consultations
Remember, you don't have to navigate these waters alone. Schedule a complimentary consultation with Tanya Frias, CFP, our Director of Financial Education and Empowerment, for tailored advice that can fortify your financial stability (Book Now).

In Gratitude
Your active participation is the cornerstone of our community. Together, we'll continue to face the financial tides, turning challenges into opportunities for growth and success.

Warm Regards,
Varun Verma MD
Co-Founder, Andwise

What We’re Reading 📚️ 

Compiled by Tanya Frias.

1. How sustainable is a 30 year, 8% mortgage? by Michael McKee and Claudia Sahm, Bloomberg: In September, sales of previously owned US homes dropped to their lowest level since 2010 due to worsening affordability and the impact of historically high mortgage rates.

2. Wealthy investors are relying in financial advisors more than ever by Naomi Buchanan, Investopedia: Affluent investors are relying on financial advisors more than ever amid economic uncertainty, according to research from Cerulli Associates. Over two-fifths or 43% of affluent investors with over $100,000 in investable assets receive advice from financial advisors, up from 36% a year ago.

3. 3 tax mistakes not to make by the end of the year by Jennifer Streaks, Insider: Plan your year-end taxes carefully to maximize potential savings in April by ensuring accurate income and donation records and considering contributions to an IRA, which may lower your taxable income if eligible.

4. How to take advantage of a Health Savings Account by Ann Carrns, The New York Times: Insurance plans with high deductibles may seem unappealing, but the savings accounts that often come with them offer significant tax benefits.

5. 4 Tips to Help Aging Parents Manage Their Finances by Debbie Carlson, Barron’s: Aging parents or relatives need more help managing their finances.  If the onus is on you, here’s a primer on where to start.

New Andwise Member Resources 📩 

Complimentary Financial Education Consultation for Medical Professionals

Being a physician goes beyond the practice of medicine; it’s a profound calling with unique financial challenges. Let Andwise guide you.

blog.joinandwise.com/complimentary-financial-education-consultation-for-medical-professionals

The Power of Personal Finance Education: Helping Loved Ones

Empower family with personal finance education. Secure retirements, lower healthcare costs, protect assets, and more. Start today!

blog.joinandwise.com/the-power-of-personal-finance-education-helping-family

Achieving Financial Success as a Dual Physician Couple

Navigating the complex world of personal finance as a dual physician couple presents both unique challenges and opportunities.

blog.joinandwise.com/11-steps-to-winning-financially-as-a-dual-physician-couple-insights-from-personal-experience

Social Media Oasis 🏝️ 

Step into our Social Media Oasis and savor the delight of curated social media content – no need to doomscroll here!

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Welcome back to the second issue of Fiscal Therapy, your go-to source for tailored financial wisdom for healthcare professionals. Each month, we aim to equip you with actionable insights, proven strategies, and relatable stories that help you achieve financial wellness in your professional and personal lives.

Letter from the Co-Founder

As we navigate through the unpredictable waters of 2023, the financial landscape continues to evolve, teaching us invaluable lessons along the way. Recent events, such as Congressional actions and stock market fluctuations, serve as poignant reminders of the necessity of a well-thought-out financial plan. During times of uncertainty, it's easy to react emotionally, which could lead to life-altering financial mistakes—like selling off retirement assets at the wrong time.

This month, we turn our attention to the commendable efforts aimed at recognizing Latino and Latina physicians. Although there is currently no official day to honor them, a meaningful grassroots movement has been gaining momentum. It aims to designate October 1st as National Latino and Latina Physician Day.

The underrepresentation of Latinos in medicine is not just a statistic; it has real-world implications for healthcare outcomes in diverse communities. At Andwise, we stand firmly committed to leveling the playing field by providing essential financial tools irrespective of background.

What's New at Andwise:

1. The Andwise Personal Finance Fellowship Program is now welcoming applications, offering a unique educational opportunity for medical students across 10 states.

2. Our bi-weekly Community Hours continue to be a platform for learning and dialogue; we’ve now held 3 and we’re getting better with each one 💪 

3. We're excitedly developing a new website to offer you an enhanced digital experience and showcase more features of our forthcoming mobile app.

We’ve been excited to hear positive feedback from physicians who have joined our Director of Financial Education and Empowerment, Tanya, for an introductory consultation. Whether you’re an Internal Medicine physician with an early-stage digital health startup, a CMO with an MBA, or a 4th year medical student getting ahead of the curve, meeting with Tanya is a great way to start your journey, and it’s completely free ✨ 

In solidarity and with a commitment to financial empowerment for all,

Varun Verma, MD

New Andwise Member Resources

Andwise Personal Finance Fellowship Program

Andwise Personal Finance Fellowship Program is a 12 month independent contractor opportunity to learn about personal finance, network, receive mentorship

blog.joinandwise.com/personal-finance-fellowship

Introducing Community Hour by Andwise

Community Hour by Andwise: Empower physicians with lessons about personal finance & tools. Featuring experts Tanya Frias CFP & Dr. Verma. Register now!

blog.joinandwise.com/introducing-community-hour-by-andwise

Complimentary Financial Education Consultation for Medical Professionals

Being a physician goes beyond the practice of medicine; it’s a profound calling with unique financial challenges. Let Andwise guide you.

blog.joinandwise.com/complimentary-financial-education-consultation-for-medical-professionals

What We’re Reading 📚️ 

1. She tried a cash-only budget for a week. Here’s how quickly she saw $150 disappear by Mariya Postelnyak, The Globe and Mail: High income doesn't always mean high financial security. Discover how to manage your earnings effectively to secure your future.

2. Getting The 'Why' When Making A Private Investment by Bruce Roberts, Forbes: Understand the importance of asking 'why' when considering any investment opportunity.

3. Taking The Stress Out Of Financial Planning by Tim Maurer, Forbes: Financial planning doesn't have to be stressful. Here are some practical tips to navigate it.

4. Student Loan Bills Are Higher Than Mortgage Payments for Some Borrowers by Claire Ballentine, Bloomberg: Discover why some people are paying more towards student loans than their mortgages, and understand the macroeconomic implications.

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Upcoming Andwise Events

💻️ 10/10 at 7pm ET: Community Hour (Guest and Topic TBD)

During our Community Hour, Andwise members have the opportunity to learn from and ask questions of financial professionals, lawyers, accountants and esteemed members of our medical advisory board. Register here.

💻️ 10/24: Community Hour (Guest and Topic TBD)

@andwise

Join our community hour 7pm ET every second Tuesday. Ask questions of our Educational Director Tanya Frias CFP, interact with our medical ... See more

We're committed to delivering content that addresses your unique financial challenges. Your feedback is invaluable; don't hesitate to let us know what you'd like to see in future editions. Here's to building a financially secure future together.

Warm regards,

Varun Verma, MD & The Andwise Team

Letter from the Co-Founder

2023 has presented its share of hurdles—rising inflation, geopolitical shifts, and climbing mortgage rates, to name a few. For physicians, the landscape is even more intricate with significant student debt, looming Medicare payment reductions, and ever-changing healthcare dynamics.

However, at Andwise, we see these challenges as opportunities for empowerment. Our core mission is to provide medical students, residents, early-career attending physicians, and all those associated with the healthcare profession the tools to confidently chart their financial path. By embracing financial wellness, we believe a harmonious balance between one's professional duties and personal dreams can be achieved.

Here’s what’s new at Andwise:

• Exciting Additions: We're thrilled to welcome Tanya Frias, CFP®, ChSNC®, with over 20 years in Financial Services, as our Director of Financial Education. Her expertise will be instrumental in guiding our members. We’re also excited to welcome Ishmael Williams as our Marketing and Community Growth Lead, who will help us forge and strengthen relationships with medical schools and residency programs nationwide.

• Community Hours: Mark your calendar for our bi-weekly Andwise Community Hours. Our inaugural session, "Creating Your Own Written Financial Plan," features Tanya and will be on 8/29/2023 (⏰ tonight!) from 7pm-8pm ET. Registration link below.

• Recent Insights: I’ve shared personal reflections on the blog about transitioning specialties during residency and my experiences as a hospitalist spanning multiple hospitals.

New Andwise member resources

Switching Specialties During Residency

Varun Verma, MD discusses switching specialties during residency from ophthalmology to internal medicine, the challenges he faced and provides tips to physician

blog.joinandwise.com/switching-specialties-during-residency

Complimentary Financial Education Consultation for Medical Professionals

Being a physician goes beyond the practice of medicine; it’s a profound calling with unique financial challenges. Let Andwise guide you.

blog.joinandwise.com/complimentary-financial-education-consultation-for-medical-professionals

Things To Consider About Locum Tenens Work

However, there are some potential pitfalls and challenges that physicians should be aware of before engaging in locum tenens work.

blog.joinandwise.com/things-to-consider-about-locum-tenens-work

What we’re reading

Recent financial updates curated by Tanya Frias, CFP, Andwise’s Director of Financial Education and Planning

1. How To Manage Your Risk Via Life, Long-Term Care Insurance: Explore insurance planning for physicians, focusing on the unique needs of female practitioners. Your career cares for others; ensure you’re also protected.

2. Living Together But Unmarried: Can A Special Trust Protect You?: Living with a partner without marriage? Discover how a simple trust can protect you from unforeseen tax and legal challenges amidst changing relationship dynamics.

3. What You Need To Consider Before Adding AI To Your Portfolio: AI: It's not just tech talk. Dive into the implications of AI in healthcare and learn how it could reshape your investment portfolio.

4. You Made a Nice Profit Selling Your House? Beware What Happens Next: Sold your home at a profit? Understand the psychology behind why many overpay on their next buy and navigate your next housing decision wisely.

Upcoming Events

💻️ 8/29 at 7pm ET: Community Hour with Tanya Frias, CFP and Dr. Verma: Join us for an empowering session aimed at helping our members create their own written financial plan amidst their demanding professional commitments. If you haven't written down your 'why,' created goals or charted out your financial journey - you won't know where you're going or know when you've arrived there (eg. how much is enough). Register here.

💻️ 9/12: Community Hour (Guest and Topic TBD)

We hope this first issue of Fiscal Therapy has provided you with valuable insights and inspiration to take charge of your financial wellbeing. By implementing the strategies and tips covered in these articles, you can navigate the unique financial challenges faced by healthcare professionals and achieve both professional and personal success.

In the coming months, we'll continue to bring you even more informative and engaging content tailored to the needs of healthcare professionals. We encourage you to share this newsletter with your colleagues and invite them to join us on this journey towards financial wellness.

Your financial journey is unique, and we're honored to be a part of it. If there are any topics or concerns you'd like us to address in the coming editions, please don't hesitate to reach out. Here's to building brighter futures together!

Warm regards,

Varun Verma, MD & The Andwise Team