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!

Listen in or watch as host David Mandell interviews dentist and coach Dr. Sue Keller. David begins with questions he asks all doctor guests to the program—about their initial interest in becoming a doctor, early career journey and more. Sue relates her personal experiences that lead her to dentistry and a shift from an interest in orthodontics to general dentistry.

Sue explains her initial venture into private practice, purchasing an existing practice from a burned-out dentist, and her initial attempts to grow the practice. She and David discuss her challenges in growing the practice, the positives and negatives to developing a niche practice, to moving the physical location and the difficulties of keeping good staff.

For the remainder of this first part of a two-part episode, Sue tells David about the challenges of keeping the practice afloat financially. In part two, they discuss Sue’s decision to file bankruptcy for the practice after more than 20 years and her career transition thereafter.

Insights:

• Sue shares her personal journey, mentioning her early interest in dentistry after having her first loose tooth at six years old.
  
  
• Sue had a positive childhood experience with her dentist, which fueled her desire to make dentistry comfortable for others.
  
  
• She discusses the transition in her career, starting her practice after a residency and eventually purchasing an existing practice from a burned-out dentist.
  
  
• In 1995, Sue took over a family practice and started building it up, noting challenges with old technology and financial constraints.
  
  
• She explains that her practice focused on treating anxious adult patients with oral sedation, creating a niche in an underserved area.
  
  
• She moved her practice in 2007, creating a comfortable environment in Northampton but encountered financial challenges in 2008 due to the financial crisis, including losing two-thirds of her patients after the move and facing difficulties hiring motivated staff, leading to constant turnover.
  
  
• Sue reflects on the decision to go fee-for-service and the financial pressures of taking insurance while striving to maintain high-quality care.
  
  
• Despite her advanced education, she struggled to implement complex treatments due to a lack of patients who could afford the care.
  
  
• Sue emphasizes the importance of utilizing specialists, even for bread-and-butter dentistry, to maintain quality and avoid complications.
  
  
• She outlines the ongoing financial struggles from 2008 to 2017, refinancing multiple times to stay afloat amid a tough market.

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!