Money Checkup with Anjali Jariwala

Joe Biden ran on a number of proposed tax law changes during the 2020 campaign. Several of these proposals temporarily took effect as part of the American Rescue Plan, and several others have been introduced in Congress. Note that, historically, major tax reforms seem to pass towards the end of the year, with changes applying to the following year. In this episode, I’ll summarize some of the proposed changes.  Also, Money Checkup will be taking a hiatus after this episode. This summer I’m focusing on renovating our home and working on a lifelong dream of mine: Publishing a children’s book. I’ll be blogging about our renovation all summer, so if you’re interested in following along, sign up for my newsletter here.

While playing professional football, Jedidiah Collins realized that he didn’t know how to manage money. Despite earning a high salary, he’d spend most of his paycheck right after he received it and didn’t know how to plan for the future. With encouragement from his family and mentor, he began to learn about personal finance, eventually studying for the CFP® exam during the offseasons. After a few years of working in wealth management, Jedidiah realized his passion was helping people who were just beginning their financial journeys.    "Rich is having a lot of money today," Jedidiah says. "Wealth is how many tomorrows I don't have to worry about money."  Today, Jedidiah runs Your Money Vehicle, an online certification course in financial literacy. His hope is that students will learn basic principles of personal finance and put them to use throughout their lives. https://fitadvisors.com/financial-literacy-jedidiah-collins

Physician contracts can be very complex, and often physicians turn to attorneys for help reviewing them during the negotiation process. Poonam Lakhani, an employment and business attorney with The Prinz Law Firm, works with physicians to do just that. She reviews contracts to understand compensation structures, non-compete clauses, termination clauses, whether there are specific steps that can lead a physician to become a partner, and more. “My goal is to make sure that as much is defined as possible, because when there’s vagueness in an agreement, that’s where disputes occur," she says. Poonam is based in the Chicago area and is a member of the South Asian Bar Association of Chicago. She has been named a Super Lawyers Rising Star every year since 2016. https://fitadvisors.com/contract-review-for-physicians-with-poonam-lakhani

Dasarte Yarnway founded his own wealth management firm at age 24 out of a desire to help people create multi-generational wealth. At Berknell Financial Group, he encourages clients to think deeply about their relationship to and beliefs about money, then works alongside them to create a unique, holistic plan that reflects their values across all aspects of their financial life. Then, he helps clients use their wealth to invest in themselves, their families, and their communities.  “How do you create that better life when no one’s telling you what the rules are to this system?… If they had a compass, how could that change the trajectory of their financial life?”  The child of immigrants from Liberia, Dasarte is passionate about making financial planning more accessible to everyone. https://fitadvisors.com/episode-59-designing-your-wealth-with-dasarte-yarnway/

Tracey Bissett works with business owners to help them understand their financials, manage their cash flow, and set pricing in a way that ensures they earn a fair salary. Though Tracey believes it is essential for business owners to know their numbers, she doesn’t believe anyone should feel shame because they don’t — and she works with her clients to understand where those feelings come from and develop strategies for addressing them.  “I don’t see how you can actually hit your goals for your business without knowing your numbers.” Tracey operates her firm, Bissett Financial Fitness Inc., from Toronto. She is also a professor at Centennial College’s School of Business. https://fitadvisors.com/managing-your-business-cash-flow-with-tracey-bissett

In this episode, US Bank loan officer Christina Razzi (NMLS# 162739) walks us line by line through a loan estimate. She outlines what each number means, which ones vary from bank to bank or from state to state, and which are estimates that will change as you get closer to closing. Here is a sample loan estimate that you can use to follow along: https://www.consumerfinance.gov/owning-a-home/loan-estimate For more detail, visit: https://fitadvisors.com/how-to-read-a-loan-estimate

I recently had the opportunity to join former Money Checkup guest Brent Lacey on his podcast, The Scope of Practice. We talked in detail about tax planning for 2021 and beyond. I hope you enjoy this bonus episode!  For more details and to learn more about The Scope of Practice, visit: https://www.thescopeofpractice.com/podcast-episode-40-how-to-maximize-your-tax-savings-in-2021-anjali-jariwala-ceo-of-fit-advisors/

A few years ago, one of Mac Gardener’s clients approached him. She served on the board of a children-serving nonprofit, and she asked if Mac could create some financial literacy materials for the kids the organization served. Mac did — and he learned along the way that many kids have very little exposure to the basics of personal finance. He created The Four Money Bears to help instill in kids those basic principles. “There are really only four things you can do with money: Spend it, save it, invest it, and give it away. Those are the four building blocks of financial literacy.” Mac also runs a company, FinLit Tech, that focuses on building bridges between financial literacy and financial technology. He lives in Tampa with his family. 

Katrina Ubell, MD worked for a decade as a pediatrician. After years of big fluctuations in her weight, she lost 45 pounds in a year and has been able to keep it off since. With her physician husband’s encouragement, she left her practice to launch her own business, where she focuses on helping other physicians understand their food habits so they can make permanent changes to their lifestyles.  “Swapping out different actions will only help for so long, because you’ll still be thinking those thoughts and feeling those feelings that don’t support you.” More: https://fitadvisors.com/weight-loss-katrina-ubell

Less than 2% of global assets under management, across mutual funds, hedge funds and other asset classes, is managed by women and people of color, according to a 2019 Knight Foundation report. After a decades-long career in investing, University of Rochester Senior Investment Officer Rob Rahbari knew statistics like these. So in 2020, when the university’s president challenged every university department to recommit to diversity, equity and inclusion, Rob and his teammates developed an open-source list of funds owned and managed by women and people of color to share with other endowments and foundations. “It doesn’t mean anything until dollars start moving in the direction of these diverse firms. We haven’t seen a sea change there yet, and we’ll only be satisfied when that happens.”  Moving investment dollars is challenging and will likely be a slow process. Rob hopes his team’s list is just the first step. 

Financial planners are like pilots, Carl Richards says. We can create flight plans for our clients, showing them a map of the next few decades. But life and the markets both change in ways we don’t expect. Financial planners need to learn to communicate that uncertainty, and to establish themselves as guides who can adjust plans as clients’ lives and goals change. “You can have the best investment plan in the world, but if you don’t know why you have it, you’re not going to get where you want to go," he says. As the financial planning industry evolves, Carl hopes advisors will continue listening deeply to clients’ goals, finding productive ways to talk through their emotional responses, and creating plans that align with those goals. 

In the first few weeks of the COVID-19 pandemic, the markets were incredibly volatile. But they stabilized fairly quickly, and now, it looks as if the stock market will end 2020 at or near record highs. In March, Trace Tisler reminded us that prudent investors don’t chase returns — that makes investing a game rather than a strategy. Diversification is key to weathering storms. He was largely correct. To prepare for the next crisis, listen to his advice: https://fitadvisors.com/episode-34-navigating-the-market-uncertainty-of-covid-19/

Events during 2020 — the COVID-19 pandemic, social unrest, economic uncertainty — upended our lives in many ways, straining our mental and emotional health. In May, psychologist Amee Dassani joined me on the show to provide insight on managing stress and practicing mindfulness. If you missed this episode in the spring, or if you could benefit from that advice again, it's here!  https://fitadvisors.com/episode-37-coping-with-stress-through-mindfulness

As 2020 draws to a close, it may be difficult to remember every event that affected your finances. In this episode, we'll cover Paycheck Protection Program loans, student loans, and mortgage refinancing. I'll also discuss a few things to keep in mind for your 2020 tax planning, including charitable contributions and retirement plan contributions.

Dr. Brent Lacey coaches physicians in all phases of their careers — whether it's to find the right institution for their goals, to assume leadership roles and advocate for change within those institutions, to launch their own practices, or to master their personal finances.  Though physicians typically work in silos, Brent says, COVID-19 has demonstrated how important it is for physicians to understand the inner workings of their hospitals or practices and to advocate for the changes they wish to see — and if the culture is too entrenched for those changes to occur, he encourages physicians to move on.  “The most effective way to bring about change is to participate in it," Brent says. It takes courage to ask questions of leaders and to have difficult questions with them, but those are hallmarks of leadership too. 

Kenji Asakura and Letizia Alto are experienced and passionate real estate investors. They share their knowledge with other physicians and high income earners through their business, Semi-Retired MD, which offers courses, coaching and more.  “Whenever you’re in a challenge, say, ‘how can I?’ Then figure out every possible solution and try them, and never give up and say ‘this is impossible.’ There’s always a possible solution — you’ve just got to figure it out and try to hit it from as many ways as you can and be very, very persistent," Leti says. Since their last appearance on Money Checkup about a year ago, Kenji and Leti have nearly doubled the size of their real estate portfolio and have begun transitioning out of clinical medicine to focus on their businesses. https://fitadvisors.com/real-estate-investing-semi-retired-md

You may already know Farnoosh Torabi. She’s a financial journalist and TV and podcast host who appears regularly on The Today Show, NextAdvisor, Bloomberg Opinion, CNBC and more. She is the author of several books, the most recent of which is When She Makes More: 10 Rules for Breadwinning Women. In addition to running her own business, Farnoosh is a wife and mom to two kids. She and her family live in New Jersey.  https://fitadvisors.com/farnoosh-torabi-personal-finance-female-breadwinners

Geraldine Carter believes CPAs should do more than compliance. A great CPA, she believes, can act as a fractional CFO, offering cash flow forecasting and strategic support to business owners. She founded She Thinks Big Coaching and launched her podcast, Smart Strategy for CPAs, to do just that: Help CPAs establish themselves as key members of business owners’ teams, focusing on specific niches where they can develop expertise.   On the other side of the equation, Geraldine encourages business owners to find the right CPA or fractional CFO as soon as they can afford to do so. Business owners need to understand their financials, but there’s no substitute for expertise. https://fitadvisors.com/geraldine-carter-cpa-niche-business-owners-cfo

The tech industry can be challenging to navigate. Tech workers tend to change jobs often as startups launch or fail. Many are compensated not only with a traditional salary and benefits package, but with stock options — which, if a company succeeds, can result in “life-changing amounts of money” for employees. Chloé A. Moore, CFP® helps tech workers prepare for those incredible possibilities while protecting themselves and their financial security. https://fitadvisors.com/money-checkup-tech-compensation-chloe-moore

Lauryn Williams became a professional track and field athlete at age 20. Suddenly, she found herself earning six figures and, despite studying finance in college, she ended up working with two financial planners who took advantage of her inexperience. In this episode, Lauryn speaks candidly about her mistakes — especially buying more house than she could afford — and how she now tries to provide frank, accessible advice to her clients as the founder of her own financial planning firm, Worth Winning.  https://fitadvisors.com/lauryn-williams-worth-winning-unique-financial-path

Veena Jetti is a real estate investor specializing in multifamily properties. At her firm, Vive Funds, she seeks to develop investment opportunities, primarily in Texas and Florida, then to bring investors together to take advantage of those opportunities. She continually reminds potential investors that they’re investing in the sponsorship team as much as the property itself. A good team can make a good deal into a great deal, she says; the opposite is less likely. https://fitadvisors.com/veena-jetti-multifamily-real-estate

At the beginning of the COVID-19 pandemic, the CARES Act paused interest on federal student loans. Legislators have been discussing additional student loan relief as they work on additional stimulus legislation. Travis Hornsby, founder of Student Loan Planner, says it’s important for borrowers to keep an eye on these changes so they can plan for their futures. https://fitadvisors.com/travis-hornsby-student-loans-pandemic-policy-change/

Amber Romo is a real estate agent in the Los Angeles area. Despite the COVID-19 pandemic, she and her team are busy with home purchases and sales. https://fitadvisors.com/buying-property-during-the-covid-19-pandemic

Brian Thompson is a tax attorney and CFP® who works with LGBTQ+ founders of mission-driven businesses to hone their ideas and maximize their impact. https://fitadvisors.com/episode-42-creating-a-mission-driven-business 

A real estate agent can be instrumental in buying or selling your home. Chicago’s Suchi Bhagat explains what agents do and how to identify a partner. https://fitadvisors.com/episode-41-choosing-the-right-real-estate-agent

Wilma Broering, CFP®, is a financial counselor to military service members. She is dedicated to helping service members navigate the day-to-day challenges of military life, take advantage of their benefits, and save for retirement. She retired from a financial planning practice in 2008, where she served the general population, before narrowing her focus to military members.  

 Anjali Jariwala and Mary Beth Storjohann are working and parenting full-time from home during the pandemic. They’re both learning to say no more often. Learn how. https://fitadvisors.com/episode-39-running-a-business-from-home-with-kids

David Lieberman and Sachin Parikh of Palo Alto’s L&P Aesthetics share their tips for a successful partnership in a medical practice. https://fitadvisors.com/episode-38-launching-a-practice-with-a-partner

The COVID-19 pandemic has upended our lives in many ways, straining our mental and emotional health. I recently had psychologist Amee Dassani on the show to provide insight on how to get through this crisis and manage stress. Join us and listen to the episode now. https://fitadvisors.com/episode-37-coping-with-stress-through-mindfulness

Kids around the country have been out of school for weeks now and may not return until the fall. Monica Jariwala, a high school teacher, joins us to talk about what teens are experiencing during the COVID-19 pandemic and how families Read more: https://fitadvisors.com/episode-36-a-high-school-teachers-approach-to-navigating-covid-19 

Has your financial situation changed, or do you expect it to change, as a result of the COVID-19 pandemic? Review your emergency fund and make any changes you need to make; review your estate planning documents, and take advantage of expanded unemployment benefits and delayed student loan payments.  Talk to your financial advisor about immediate, specific steps you can take to weather this storm.  Read more: https://fitadvisors.com/episode-35-planning-in-times-of-uncertainty

This show was initially syndicated partially to Apple Podcasts. We're republishing it in an effort to share the full show.  The last two weeks have been full of market volatility, making many people anxious about their finances. The COVID-19 is putting external pressure on our economy. Traditional economic stimulus tools may not work as they have in the past. The next weeks and months are likely going to be rocky, but that doesn’t mean you should pull your investments out of the markets — that’s a risky gamble that, historically, has not paid off.  ABOUT THE GUEST: Trace Tisler, CFP® is a financial advisor based in Hudson, Ohio, who primarily works with mid-career professionals and clients transitioning into retirement. He founded his firm, Epic Financial, in 2013. Read more: https://fitadvisors.com/episode-34-navigating-the-market-uncertainty-of-covid-19

The last two weeks have been full of market volatility, making many people anxious about their finances. The COVID-19 is putting external pressure on our economy. Traditional economic stimulus tools may not work as they have in the past. The next weeks and months are likely going to be rocky, but that doesn’t mean you should pull your investments out of the markets — that’s a risky gamble that, historically, has not paid off.  ABOUT THE GUEST: Trace Tisler, CFP® is a financial advisor based in Hudson, Ohio, who primarily works with mid-career professionals and clients transitioning into retirement. He founded his firm, Epic Financial, in 2013. Read more: https://fitadvisors.com/episode-34-navigating-the-market-uncertainty-of-covid-19

Puneet Cham joins Money Checkup to talk about the nuts and bolts of making your estate plan: Power of attorney for healthcare, power of attorney for property, guardianship for minor children, revocable trusts, a succession plan for your business, and more. Even if you feel like you won’t need your estate plan for many years, putting one in place will ensure that your family and your asset are protected.   Puneet Cham is a partner at Latimer LeVay Fyock who focuses on holistic estate planning and business succession planning.  Read more on www.fitadvisors.com.  Want a financial planner in your corner?! I'd love to connect. You can reach me at anjali@fitadvisors.com.

Kaya Ladejobi is the founder of Earn Into Wealth, a financial planning firm that serves high-earning women and dual-career couples. Kaya holds an MBA in entrepreneurship and is a Certified Financial Planner™. She works virtually with clients in their 30s and 40s as they navigate student debt, weddings and honeymoons, having children and planning for family obligations.  EPISODE HIGHLIGHTS Weddings are often the first big expenses couples assume together. Kaya encourages her clients to understand what’s on the horizon. If couples plan to have kids or purchase a home right away, they may need to spend less money on a wedding to have funds available for a down payment, childcare, or other coming expenses.  Many high-earning professionals carry high levels of student debt. Kaya encourages clients who have six-figure debt to make it a top financial priority.  Talking about finances before marriage and creating a detailed cash flow plan can help couples avoid conflict later.  Kaya estimates that about half of her clients are first- or second-generation Americans who have cultural obligations to their parents or extended family members, so she includes that in their cash flow plans.  For more, check out the show here: https://fitadvisors.com/planning-for-marriage-from-weddings-to-college-funds 

David Draghinas is the host of Doctors Unbound, a podcast for and about physicians who are doing extraordinary things inside and outside the medical field. He practices clinical medicine as an anesthesiologist in the Dallas area on top of spending time with his wife and their four children. David is an anesthesiologist in working private practice with Metropolitan Anesthesia Consultants in the Dallas area. He is a graduate of the USC Keck School of Medicine who started his career as a U.S. Navy physician in San Diego. David and his wife have four young children.  Social, website, book links: Follow David on Twitter at @ddraghinas.  Learn more about Doctors Unbound at www.doctorsunbound.com.  EPISODE HIGHLIGHTS As Dr. Dragahinas met more and more physicians, he found that many of them had fascinating stories outside their work in clinical medicine, from founding companies to running for office. He launched Doctors Unbound to share those stories.  More physicians than ever are talking about burnout, which gives physicians more power to adjust their practice or their finances to reduce or eliminate the causes of burnout.  David started in short-term rentals by offering a home they already owned on AirBnB. About nine months in, they felt there was enough demand to purchase another home to market exclusively as a luxury AirBnB. These two homes generate 8 to 10 times as much revenue as standard long-term rentals.  Initially, David planned to develop a long-term rental business, but he found it would be very difficult to cash flow more than $200 per month per unit. Their AirBnBs can cash flow as much as $2,000 per month per unit. But when he purchases a home, David considers its viability both as a short- and a long-term rental in case local regulations change.  David and his wife do due diligence on their guests and share their cell phone numbers with their properties’ neighbors. When guests seem like they might be rowdy or upset neighbors, they leave money on the table rather than jeopardize relationships.  David seeks to practice “work-life harmony” rather than “work-life balance.” He tries to batch his projects by, for example, spending a full day working ahead on Doctors Unbound so he can step away from it for a month.  David and his wife both aim to spend quality one-on-one time with each of their kids at least once per quarter.

When it comes to financial planning, the default is to think that you’re just dealing with dollars and cents. In reality, it’s so much more than that. financial planning is about figuring out what you value in life, too. In today’s episode, my guest, Scott Frank, CFA, CFP, of Stone Steps Financial talks about how to connect what you’re doing with your money to what you’re doing with your life. And as financial planners, what we can do to help! Read more about Scott here: https://fitadvisors.com/episode-30-values-based-financial-life-planning

Anjali Jariwala, CPA, CFP® is the founder of FIT Advisors. She works with physicians and business owners to build stable financial futures and use their money in ways that support their values.  “Give yourself a year-end checkup just to make sure that you’re set for not only this year, but set up appropriately for 2020.” KEY RESOURCES REFERENCED IN THIS EPISODE For more about P&C insurance, try Money Checkup Episode 20. For more on retirement plans for small business owners, try Episode 13. For more on life insurance, try Episode 16. To learn more about college savings options, read this blog post.  To better understand your small business’s financials, read this. EPISODE HIGHLIGHTS As soon as possible, revisit your retirement plan contributions. You can contribute up to $19,500 to a 401(k) in 2020, plus an additional $6,500 if you’re 50 or older.  Revisit your contributions to your HSA and deferred compensation plans. HSA limits for 2020 are $3,550 for individuals and $7,100 for couples, plus an additional $1,000 per person if you’re 55 or older.  Do a detailed review of your cash flow so you know how much you bring in, how much you spend and how much you save. Start by listing all your fixed expenses. Then prioritize your savings for both short-term and long-term goals.  However much income is left is how much you have available for discretionary spending. review your recent credit card and bank statements to see how much you spend in various discretionary categories, including eating out, shopping and entertainment. If you’re spending more than you’d like to, put yourself on a budget in 2020. If you contribute to a 529 or other college savings plan, revisit your contributions at the start of the year. Find out if your state offers a tax deduction to contributing to their college savings plan. In general, I recommend that my clients invest 50% of the cost of college in a 529 and 50% in a taxable investment account.  Check your credit report using annualcreditreport.com or a free credit monitoring service.  Calculate your net worth annually. To do this, list your assets and then subtract your liabilities or debts. If your net worth is growing, is it due to increasing assets, shrinking debt, or both?  Review your debt. A good rule of thumb, generally, is to carry debt worth less than 28% of your pre-tax income. Work with your financial advisor to eliminate your high-cost, non-tax-deductible consumer debt and gradually pay down your other debts.  Review your insurance policies. Is your umbrella coverage sufficient for your net worth? Has your income increased such that you need more life or disability insurance?  Lastly, for individuals: Review your investment portfolio. Revisit your investment allocations to make sure they are consistent with your projected retirement date, and work with your financial advisor to identify tax-efficient investments. Rebalance your investments if necessary.  Business owners: Use the start of the year to clean up your books. See if your accounting practices are providing the data you need to effectively run your business. If you’re in the service sector, break out your revenue and expenses by service to understand how profitable each revenue stream is. If you have employees, try to understand the revenue generated by each person.  Compare your 2019 P&L to those of prior years. How much did your revenue, expenses and profit change? Compare the reality to your projections from last year, and use your experience to set goals for 2020. Work with a financial advisor or CPA to make projections for the next 1, 3, 5 and 10 years.  If you own an S Corp, note that negative equity means you pulled out more than you should have from your business, and you may need to pay tax on your withdrawals.  Review your tax payments from 2019. If you haven’t yet made sufficient payments, put aside money for the bill that will be due April 15, and update your accounting procedures so you make on-time payments throughout 2020.  If you own an S Corp, talk to your CPA about revising your salary for 2020. And if you don’t yet have a retirement plan set up for your business, talk to your financial advisor about whether that’s a realistic goal for 2020. You don’t need to address every single one of these goals in January. Focus on those that feel most pressing to you and your situation, and work with a financial advisor to prioritize those.  STAY IN THE LOOP WITH US! Follow FIT Advisors on Facebook, LinkedIn, or Twitter, or sign up for our monthly email newsletter at the bottom of the homepage. Do you like Money Checkup? Please be sure to let me know by rating and reviewing the show! If you loved this episode, try Episode 23: How Business Owners Can Build Balanced Lives.

In this episode, we will look at the benefits of being an independent contractor and some of the tax challenges you might also run into. As an added bonus I’ll take a deep dive into the Qualified Business Income deduction (“QBI”) that came out last year with the new tax changes. We will go over the good, bad and what you can do to optimize the QBI for your taxes this year. Oh look! We've written a companion blog that can be found here: https://fitadvisors.com/tax-and-retirement-planning-for-independent-contractors/ 

Bonnie Koo is a board-certified dermatologist and the founder of Wealthy Mom MD. As a financial coach, she empowers women physicians to take control of their finances and plan for the lives they want without stress and anxiety. MORE ON BONNIE! Bonnie Koo, MD is a board-certified dermatologist, as well as a business owner, wife, mother, and stepmother. She works as a physician on a locum tenens basis. With Wealthy Mom MD, Bonnie writes about how women physicians can manage money in addition to addressing childcare, elder care, divorce, and other unique concerns faced by breadwinning women. She offers an eight-week online course, Money for Women Physicians, as well as one-on-one financial coaching. Website: http://wealthymommd.com  EPISODE HIGHLIGHTS Early in her career, Bonnie joined a Facebook group where women physicians talked about money. She was in credit card and student loan debt, but would hear her fellow residents talk about their investments. They recommended The White Coat Investor.  Later, at a friend’s recommendation, she started a blog.  Bonnie met Peter Kim of Passive Income MD (a former Money Checkup guest) at a financial planning conference and he encouraged her to “go big or go home.” In late 2018, she began transforming her blog into a business.  As the business grew and her family life evolved, Bonnie switched from working full-time to locum tenens assignments.  About a year into running her business, Bonnie has not yet taken a salary. Her backup plan is to return to a full-time schedule as a dermatologist, which would require four days of 9-to-5 work per week.  Bonnie works with a life coach and would recommend the experience to anyone feeling burnt out or stuck.  Bonnie recently hired a project manager and a virtual personal assistant so she can delegate some of her business tasks. That helps her free up time to focus on the things that only she can do.  Many women physicians are the breadwinners in their families, and for now, Bonnie is the primary breadwinner in hers. She and her partner try to evaluate their situation regularly to see whether they are both happy. STAY IN THE LOOP WITH US! Follow FIT Advisors on Facebook, LinkedIn, or Twitter, or sign up for our monthly email newsletter at the bottom of the homepage. Do you like Money Checkup? Please be sure to let me know by rating and reviewing the show! If you loved this episode, try Episode 24: Understanding Physician Burnout with Nisha Mehta, MD.

As the end of the year approaches, make sure you make time to review your finances for 2019 and prepare for 2020. From retirement plan contributions to employee benefits to tax returns, work with your financial advisor and CPA to make sure you’re on track to maximize your tax benefits and save for your future.  After subscribing to the podcast, read more about how to give yourself a year-end financial checkup here.

Letizia Alto and Kenji Asakura are physicians in Seattle. After a few years of full-time work and a transformative vacation to New Zealand, they decided to begin real estate investing so they could embrace the semi-retired lifestyle. Today, they own several dozen residential and mixed-use properties. They blog and lead real estate investing classes at Semi-Retired MD.  Leti continues to work half-time as a family medicine physician and Kenji moonlights as an internal medicine physician. They live in Seattle.  KEY RESOURCES REFERENCED IN THIS EPISODE FB Group for: Physicians and their spouses Dentists and their spouses Lawyers and their spouses High-Income Professionals and their spouses Course page: https://semiretiredmdvip.mykajabi.com/zerotofreedom

Dr. Nisha Mehta identified the symptoms of burnout fairly early in her life as a radiologist. Instead of pursuing an academic career, she chose to begin writing and speaking about issues surrounding physicians’ demanding lifestyles, including work-life balance, women in medicine, physician finances, healthcare policy and the industry landscape, physician entrepreneurship and more. EPISODE HIGHLIGHTS Fewer and fewer physicians say they would recommend a career in medicine to their children because the profession is so demanding.  Dr. Mehta thinks most people in medical careers are beginning to realize the seriousness of burnout, including administrators and policymakers who see how that impacts hospital bottom lines and patient outcomes.  Physicians don’t have to de-prioritize their work to maintain work-life balance. They often just need to be more intentional with their time — including prioritizing family time, wellness and sleep. Physicians often do as much as they can until they’re totally overwhelmed, then try to make a drastic change. Dr. Mehta encourages them to think about career longevity instead. How much do you need to slow down if you’re going to finish this marathon?  It can take physicians a long time to come out of the scarcity mentality of training. At a certain point, if earning more money takes away from your family time or your well-being, it may not be worth it.  Decide how much money you and your family need to live comfortably and to save for your goals, and then use that as a benchmark for deciding whether you need to put in additional hours or take on additional responsibilities. Often physicians need to work less than they think they do.  Know your worth and negotiate for the compensation you deserve. Physicians only make up 8% of healthcare costs. Advocate for your share.  STAY IN THE LOOP WITH US! Follow FIT Advisors on Facebook, LinkedIn, or Twitter, or sign up for our monthly email newsletter at the bottom of the homepage. Do you like Money Checkup? Please be sure to let me know by rating and reviewing the show!

Sophia Bera, CFP®, is the founder of Gen Y Planning and a friend of mine. She does an admirable job of balancing her work with her personal life, and this week on Money Checkup, she shares advice on how to structure your business to align with your goals and values. To learn more about Gen Y Planning, visit genyplanning.com. Follow Sophia Bera on Twitter at @SophiaBera.  But first! Be sure to read the companion blog here: https://fitadvisors.com/how-business-owners-can-build-balanced-lives 

Over 20,000 physicians talk about starting a medical practice, and according to this week’s guest, it’s a fallacy to think that physicians aren’t actually doing it anymore. On the contrary, Debra Phairas, president of Practice & Liability Consultants, LLC, has helped over 500 physicians open their own medical practices in her 34 years as a practice management consultant.  With her technical expertise on how you can open your own, you're bound to sooner than later.  Want more? Find the blog on the FIT Advisors website! 

The U.S. sees six to eight medical malpractice claims per 100 doctors per year says Dr. Jason Shah, cofounder of Flagship Healthcare.  If a judge rules in favor of the patient, the average settlement or judgment is about $400,000 — although that can vary widely based on where the claim is filed and the physician’s specialty.  At the most basic level, physicians need to be insured for the potential of a malpractice suit.  Check out the show with Jason as he walks us through the basics and nuances when pursuing this type of insurance. Jason Shah, M.D. is cofounder of Flagship Healthcare, a medical malpractice insurance firm that was acquired by Alera Group in 2017. His business is now known as the Alera Healthcare Professional Liability Division and insures more than 5,000 physicians nationwide. Learn more about their services here. Contact Jason at jason.shah@aleragroup.com.

There are many more risk factors out there than there used to be. Thus, it’s necessary to change your mindset - you’ve worked hard, built wealth, may have a family relying on you - so you want to make sure that you are protected! Prevention is always the best course of action, you don’t want to be put in a bad situation because you weren’t prepared. Meaghan Dowd, Personal Risk Advisor, joins me to delve into the importance of insurance and the different coverages you should be sure to have.

Contract agreements will be written to favor the hospital or group over the doctor so take the time to make sure you are protected and know exactly what you are getting into. You often spend more time working than you do with your family so you don’t want to lock yourself in to a career that isn’t what you had in mind when signing the contract. Becoming a partner in a practice is an exciting time, but you need to be careful before signing the partnership agreement and putting in hundreds of thousands of dollars. Join in as Kristen Prinz, employment lawyer, business counselor and founder of the Prinz law firm delves into not only the importance of reviewing employment contracts but understanding the nuances of buying into a medical group.

It’s halfway through the year, summer is coming to an end. It’s the perfect time to do a mid-year money checkup. The purpose of this checkup is to ensure that you are on the right track for your personal financial goals for the year. Join in on this solo episode where I go in detail about not only what you should be looking at but also the reasons behind each step. Doing a mid-year checkup is sure to save you some sanity and maybe even some money come tax time! For more content, please visit: www.fitadvisors.com.  Or like and follow our NEW Money Check Up FB Page:  https://www.facebook.com/Money-Checkup-Podcast-2415950861799497/

It’s incredibly important to be proactive and focus on asset protection prior to an incident. You want to protect those assets during your life so that you can enjoy them and so that there is something to go into estate planning. Join in as Ike Devji, an attorney who focuses on asset protection, wealth preservation, and risk management as he delves into why asset protection is critical along with ensuring you are appropriately covered. Ike Devji is an attorney whose practice has focused on asset protection, wealth preservation, and risk management for more than 15 years. Contact him at http://www.proassetprotection.com/.   

Life insurance is such a crucial piece of a financial plan for your life, but it’s not always something that people understand or prioritize. What type of policy do you need? Do you have adequate coverage? Should your spouse have life insurance? In today’s Money Checkup, Mark Maurer gives us some helpful pieces of advice to answer these questions, and others, as we chat about why life insurance is an important component of one’s financial life. We go through term life policies versus permanent policies, how much insurance you should have and even talk about how much is too much insurance. Tune in to learn what type of policy and how much coverage is right for you. Mark is the President and CEO of LLIS, a comprehensive insurance practice that works with advisors and their clients to find the right solution. As the son of insurance experts, Keith and Judith Maurer, Mark grew up in the insurance industry and has an impressive combination of education and mentoring. He constantly monitors the insurance and financial services industries and, under his leadership, LLIS continues to expand its portfolio of products and services. Mark’s dedication, along with his unique industry perspective, education, and experience, allow him to build upon the LLIS traditions of cutting-edge information and customer service that fee-only financial advisors and their clients have relied upon since 1992. Mark earned his CFP® designation in 2006, his bachelor’s degree in business and finance from Emory University’s Goizueta Business School in Atlanta, Georgia, and his MBA from University of Florida’s Warrington College of Business. Earlier in his career, he managed market operations for an energy trading company and financial operations for an international shipping company. What We Will Cover How Mark got into the insurance industry An explanation of the different types of life insurance Two options for term life insurance and the benefits to each option A good rule of thumb if you are selecting a term policy The different options for permanent life insurance How a cash value works on a permanent life insurance policy How a variable life policy differs from a whole life policy The types of people that could benefit from a variable life policy When a variable life policy would be more beneficial than a term policy The tax advantages of permanent policies if one is right for your situation Why even a non-employed spouse should have life insurance Questions to ask yourself before choosing a permanent policy General rules of thumb to know how much life insurance you need How much is too much life insurance How layering life insurance policies could be a better option for some people When to look for insurance if you or your spouse are thinking about having a baby Why you may not want to solely rely on your employer’s group policy How to proceed if you’re ready to obtain life insurance The importance of answering health questions honestly A Financial Goal in the Works Save money for an addition for his house One Piece of Financial Advice Open a retirement account as early as possible and put money away each month Getting Connected With Mark LLIS website LLIS Twitter Mark's email Click here if you want to read the transcript instead! Life Insurance with Mark Maurer