The Hidden Financial Challenges of Physician Ownership Featuring Anjali Jariwala, EP 219
Financial planning expert Anjali Jariwala joins Tracy to discuss the unique financial challenges physician practice owners face and why comprehensive planning requires both personal wealth management and business strategy. With her background in tax and financial planning plus personal ties to the physician community, Anjali offers insider perspective on navigating the complex transition from residency to high earnings, building sustainable businesses, and creating alignment between personal values and professional goals.
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Episode Highlights
The physician financial transition challenge: Why going from minimal resident income to high earnings overnight creates both financial and emotional complications that most physicians aren't trained to handle
Personal before business: Anjali's approach of spending 2-3 months on personal financial planning before touching business finances, and why this sequence creates better long-term alignment
Accountant vs. strategist: The critical distinction between historical accounting and forward-looking financial strategy—and why practice owners need both
Growth barriers decoded: How to recognize when your practice has hit a growth ceiling and what changes are typically needed to break through
The guilt factor: Why physician owners struggle with asking for help or outsourcing tasks, and how to reframe these decisions as strategic investments
Building your professional team: Beyond your clinical team, you need accountants, tax specialists, financial advisors, and attorneys—here's how to leverage them effectively
Know your numbers: Why practice owners must understand their books better than anyone else, even when outsourcing bookkeeping functions
Time as currency: Calculating your hourly rate and using it to make smarter decisions about which tasks to keep versus delegate
Memorable Quotes
"At the end of the day, money is a tool. We have emotions that get tied up in it, but we really need to unwind the emotion from the fact that this is just a tool."
"For many practice owners, your personal finances are so interconnected with the business that I want to have clarity on what you want to achieve personally. So then when I go into the business, we can align everything up to meet those goals."
"Part of it is identifying what are your strengths and where are your weaknesses, and then who are the people that you can plug in to help you with those weaknesses so it's not hindering your ability to grow."
"We spend so much time working in the business because we want to provide good care and take care of our clients and patients, that we don't focus enough time on working on the business."
"There's sometimes feelings of guilt to ask for help. Part of it is really coming at it from a standpoint of: I need help, it's okay to ask for help, and I shouldn't feel guilty about asking for this help because it's going to make my life better, my family's life better, and all the people who work for me better too."
Closing
Anjali's message about releasing the guilt around asking for help really resonates. As practice owners, we often carry this sense that we should be able to handle everything ourselves—but that mindset actually limits our growth and our impact. Whether it's financial planning, operations support, or strategic guidance, building the right team of trusted advisors isn't a weakness—it's how you create a practice that truly thrives.
Bio:
Anjali Jariwala is the founder of FIT Advisors, a financial planning firm serving physicians and business owners across the US. After working with Fortune 500 clients at distinguished firms, Anjali launched her own practice to help clients understand that money is a tool for reaching financial goals—while acknowledging how emotions impact financial decisions. Her expertise in tax and finance has been featured in CNBC, Bloomberg, The New York Times, USA Today, and Business Insider. Beyond financial planning, Anjali is also a children's book author. As a South Asian mom, she wrote Why We Eat With Our Hands to highlight day-to-day cultural traditions and increase representation for children who look like her daughter. Whether through financial advising or children's literature, Anjali is passionate about helping people feel empowered to build the lives they want.
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