Fiscal Therapy - December 2023 Edition

Your Monthly Dose of Financial Wisdom for Healthcare Professionals

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

“For me it’s gearing up for tax season and making sure all of my investment accounts are contributed to (401k, HSA, etc, etc)”

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

Really, any deal across the board leads the customer down the same path: You need to spend money in order to save a significantly smaller fraction of that same sun. At the end of the day, you are negative, regardless of how good the deal is.”

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)

Thankfully my institution supplied us with UWORLD but not everyone has that opportunity. And we still pay so much out of our pocket for third party resources. It is definitely difficult because you know you either pay the price or maintain a high barrier to learning by not obtaining good resources.”

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 📩 

Social Media Oasis 🏝️ 

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