Listen in to episode 5.10 as host David Mandell interviews Dr. Jude Pierre, internist, doctorpreneur, fellow podcaster and coach to young physicians.

Jude begins by sharing his background, including a brief description of his family's immigrant story as immigrants from Haiti who moved back to Haiti from New York City when Jude was eight years old, for a business opportunity for his father—beginning his entrepreneurship interests. This entrepreneurship continued in his residency, as he began moonlighting and early real estate investing.

The conversation shifts to the challenges Jude had starting a practice in Miami and why he chose to move to a more rural area outside of Tampa. He explains his success in “getting busy” but also gives some advice around getting too busy and work-life balance for physicians.

David and Jude then discuss Jude’s work as a content creator, through books and videos, as well as his work coaching young physicians. They discuss the type of help he provides other physicians through this content, as well as his "Independent Physicians Blueprint" podcast.

The podcast concludes with Jude giving some specific advice for young physicians.

Key Points

Dr. Jude Pierre's Background: Trained in internal medicine, he has been providing primary care since 2000 in South Florida and Tampa Bay metro area. Dr. Pierre actively mentors new physician graduates, helping them navigate the challenges of a rapidly changing healthcare environment. Apart from practicing medicine, Dr. Pierre is a podcast host and coach for physicians, sharing strategies to succeed both in medicine and entrepreneurship.

Diverse Upbringing: Raised in Haiti after being born in New York, Dr. Pierre attributes his entrepreneurial spirit to early exposure to his parents’ business ventures in Haiti. Residency and

Financial Challenges: During his residency, Dr. Pierre faced significant financial pressures, prompting him to moonlight and prioritize early debt repayment.

Real Estate Ventures: Dr. Pierre began investing in real estate during residency, starting with a condominium and later flipping properties, which sparked his interest in entrepreneurship.

Physician Practice Challenges: Early in his career, Dr. Pierre faced challenges establishing a private practice in Miami due to oversaturation of primary care providers.

Strategic Career Moves: Dr. Pierre moved to Spring Hill, near Tampa, for greater professional opportunities, noting that smaller markets can offer significant practice growth potential compared to larger urban areas.

Burnout Awareness: Dr. Pierre emphasizes the importance of work-life balance, sharing his experiences with burnout and the personal impact on relationships.

Coaching and Education: He launched a course, "Learn About Medicare Advantage (LAMA)," to educate physicians on managing patient populations and insurance dynamics effectively.

Independent Practice Advocacy: Dr. Pierre promotes independent practice models like concierge medicine and direct primary care as alternatives to corporate healthcare.

Risk Management in Rural Practice: He highlights the risks of being overwhelmed in underserved areas, urging physicians to set boundaries and prioritize manageable workloads.

Efficient Practice Management: Dr. Pierre coaches physicians on balancing patient care with payer relationships to optimize practice sustainability.

Podcast Rebranding: His podcast, initially "Practice Impossible," was rebranded to "Independent Physicians Blueprint" to align with his mission of empowering independent practitioners.

Advice to Physicians: Dr. Pierre advises doctors pursuing entrepreneurship to seek wise counsel and avoid taking on ventures alone, emphasizing the value of collaboration and specialized guidance.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

Listen in as host David Mandell interviews financial advisor Jay Zigmont PhD, MFA, CFP®, the CEO of Childfree Wealth.

David begins that he had read’s Jay first book and was extremely interested in the topic—as he and his wife Sheila do not have children. He and Jay then discuss Jay’s background and how he came to direct his career around helping child-free clients.

Jay then shares some statistics from various studies about the prevalence of childfree people and how this demographic is growing rapidly. David and then dig into the various ways traditional financial planning misses the mark for childfree people—working backwards from estate planning to present day financial decisions. David makes the point that even folks with kids or grandkids can learn from tactics that childfree people use often.

Jay then provides to David and the audience a few resources that childfree people can utilize if they are interested and concludes with Jay emphasizing the importance of community.

Key Points:

• Childfree Wealth Defined: Childfree Wealth caters to individuals who do not have children by choice or circumstance, representing a significant and underserved demographic in financial planning.
  
  
• 25% of the U.S. Population is Child-Free: Research indicates that 25% of Americans are child-free or permanently childless, highlighting a large, often overlooked segment of the population.
  
  
• Lack of Representation in Financial Planning: Traditional financial planning is geared towards families with children, leaving child-free individuals with advice that doesn't align with their unique needs.
  
  
• Financial Impacts for Child-Free Individuals: Child-free people often focus less on wealth transfer to future generations and more on living fulfilling lives, with different priorities such as disability insurance, long-term care, and lifestyle investments.
  
  
• Higher Net Worth Among Child-Free People: Research from Pew shows that child-free individuals tend to have higher net worth, and gender pay gaps are significantly reduced within this group.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

Listen as host David Mandell continues his conversation with dentist and coach Dr. Sue Keller.

Picking up where they left off at the end of Part I, David and Sue discuss the ongoing financial challenges of her specialty dental practice. Here, they tackle Sue’s difficult decision to file bankruptcy for the practice after more than 20 years -- and the legal, practical and emotional processes involved.

The discussion then turns to Sue’s transition after closing her practice – from working part-time for another dentist, serving patients as part of a non-profit and her eventual interest in, and transition to, coaching.

David and Sue conclude the conversation chatting about Sue’s role as a coach and how physicians and dentists could benefit from this type of advisor.

Key Points

• David discusses the stigma around bankruptcy in the medical and dental fields and how it can be a difficult but necessary decision.
  
  
• Dr. Sue opens up about the emotional attachment she had to her practice, likening it to one of her children, which made it hard to let go despite financial struggles.
  
  
• By 2018, Sue realized she was losing $7,000 per month despite working with coaches, accountants, and business consultants.
  
  
• She shares that her staff turnover and the irregular income of her practice contributed to her financial distress, comparing the ups and downs to a "gambling addiction."
  
  
• A business coach encouraged Dr. Sue to explore bankruptcy, which led her to interview multiple lawyers to understand her options.
  
  
• Sue highlights the emotional weight of separating her identity from the practice, realizing she wouldn't "die" if the practice failed.
  
  
• Once she accepted the need for bankruptcy, Dr. Sue moved quickly, closing the practice within a month and transitioning into part-time work at another practice.
  
  
• Working part-time at another dental practice, Sue found she earned more with less stress and more time for herself than she ever did in her own practice.
  
  
• The bankruptcy process took several years to resolve, but Dr. Sue managed to repay part of her debt and eventually moved on from the practice.
  
  
• During the COVID-19 pandemic, Sue worked with the Medical Reserve Corps, vaccinating as part of a team, which she found rewarding and different from the solo nature of running a practice.
  
  
• Dr. Sue transitioned into life coaching after discovering her love for helping people make positive life changes, drawing on her own experiences of resilience.
  
  
• She explains the distinction between coaching and therapy, emphasizing that coaching focuses on helping clients take steps toward future goals, rather than revisiting past traumas.
  
  
• Sue advocates for the importance of balance in life, urging professionals to reflect on whether their careers are enhancing or detracting from their overall well-being.
  
  
• She notes the value of mastermind groups and communities where professionals can openly share challenges and vulnerabilities without competition.
  
  
• The episode ends with Dr. Sue encouraging listeners to seek support, whether through coaching, therapy, or peer groups, as no one is truly alone in their struggles.

Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!