Fiscal Therapy - April 2024 Edition

Your Monthly Dose of Financial Wisdom for Healthcare Professionals

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

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?

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:

Chuck Kable, Esq.
Legal Advisor, Andwise

🗞️ New Andwise Member Resources