The Art of Medicine with Dr. Andrew Wilner
"The Art of Medicine with Dr. Andrew Wilner" explores the arts, business and clinical aspects of the practice of medicine. Guests range from a CPA who specializes in helping locum tenens physicians file their taxes to a Rabbi who shares secrets about spiritual healing. The site features physician authors such as Debra Blaine, Michael Weisberg, and Tammy Euliano, and many other fascinating guests.
The Art of Medicine with Dr. Andrew Wilner
Financial Planning and Investment with Justin Nabity, CFP
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Many thanks to Justin Nabity, CFP, for joining me on this episode of The Art of Medicine with Dr. Andrew Wilner! Justin is a Founder and Partner of Physicians Thrive, a wealth planning and financial management service for doctors.
Justin explained that optimizing the physician's work contract is the first step in successful financial planning. Physicians Thrive has access to over 100 advisors, attorneys, and negotiating specialists to ensure that physicians receive appropriate compensation, whether employed or self-employed.
Next is a financial plan that for many people will include estate planning, a will, an emergency fund, power of attorney, disability, and life insurance options. Once physicians establish these basics, they can consider alternative investments, such as commercial real estate.
One step to financial independence is to graduate from trading "time for money," the traditional physician model, to other types of income that pay passively. Justin recommended the book, "Rich Dad, Poor Dad," as required reading for those interested in establishing financial independence.
During our 50-minute interview, Justin outlined the steps to become an "accredited investor," which provides access to alternative investments. These high-value real estate investments, such as apartment complexes, are not liquid investments. Investment in residential properties is another alternative, but it tends to have lower yields than commercial properties.
Justin defines "hurdle rate" and provides more insights into commercial property investment. He also explains "opportunity zones."
Justin emphasized that physicians should support pending legislation HR10073, which would reverse Medicare reimbursement cuts. Physicians should reach out to their representatives in Congress and underscore the importance of this bill.
To learn more, please contact Justin Nabity, please check out the website:
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Finally, this production has been made possible in part by support from “The Art of Medicine's” wonderful sponsor, Locumstory.com, a resource where providers can get real, unbiased answers about locum tenens. If you are interested in locum tenens, or considering a new full-time position, please go to Locumstory.com.
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