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

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