Hi everyone from Los Angeles. I am really actually excited to be invited to give this talk. I call it basic financial literacy, but we'll cover disability insurance, some personal finance tips. This is a personal interest of mine and again I wanted to thank our course directors here for giving me the opportunity to participate. I'm sorry I'm not there in person to answer your questions, but I am left early because of Hurricane Hillary. First ever tropical storm warning in California, ever since they started naming the storms, and currently it's been ongoing and it's actually raining already in parts of Southern California. It's going to cover all of Southern California at some point. So disclosures, I have quite a few here. I'm not a financial advisor. I am not a CPA. I'm not a contract attorney. I am just a interventional gastroenterologist. I'm married to an academic surgeon. I have three kids. I live in a very high cost of living city and state. And I have no other financial disclosures. So, no one really teaches you about how to think about money in medical school residency. Tulka Wandi even said that, you know, from the moment you start practicing though, you have to think about it. It affects all aspects of your life, not just clinical care, but also your personal life. Everyone thinks you're a sucker. Financial advisors see you, they see a target, they see a sucker. And most physicians, unfortunately, are. Financial literacy is notoriously low for doctors. 90% of surveyed graduating residents feel that they're actually unable to handle their own finances. But this is easier than all the tests you took. It's easier than the MCAT to learn about it. It's easier than a USMLE 1, 2, or 3. It's definitely easier than the medicine board exam. And I know you guys haven't taken some, most of you guys have not taken this yet, but definitely also easier than the GI board exam. Definitely easier also than the California Floral License exam, which I thought was the hardest test I ever took, but story for another day. Nobody is going to care more about money, your money, than you, right? So you can do this. You can learn about it. You can practice it. You have room for mistakes. Just keep learning. So the thought is you want to become financially independent. You want to earn money. It's simple, but it's not easy. First thing you got to do is you got to make money. You don't want to spend more than you make. You want to take the difference between what you make and what you spend and invest it. Make your money work for you, passive income here. And you want to protect what you have from financial catastrophe, illness, divorce, those kinds of things. The biggest advice I can give you kind of as a mom colleague is one spouse and one house. It used to also be one job, but I think that's changed in these days. A lot of people have diversified their interests and things like that, but mostly one spouse, one house. The physician divorce rate is lower than the general population. It's 25%. Unfortunately, it's a little higher for female doctors and divorces are expensive. They cost a lot of money. The lawyers cost money and you lose a lot of income. The female doctors, actually, the median loss is about $150,000. So it is not insignificant change. So please pick wisely your partner and please pick your partner wisely in terms because it does affect your financial future. Again, one house, home maintenance is a lot of money. And the cost of constantly turning over homes, selling, buying, selling, buying, you add 15% to cost. And so eventually it will add up. Vacation homes are pricey. Airbnb allows you to rent for them, but a lot of places are cracking down on that. So again, one house. So the goal really is to achieve financial independence. This is the ability to cover your expenses indefinitely without having to work. You could do a number of ways. You could win the lottery. Could be one of these guys. Of course, you could always marry into it or about to marry into it. But how do you achieve this? Those four things we talked about making money, not spending that much, taking the difference, investing and protecting what you have. However, I would argue that for doctors, the order is a little different. You need to protect what you have first in the terms of insurance. You have to watch your spending. You have to plan and also diversify your income. So what do I mean by protecting what you have? You want to insure against financial catastrophes. What do these include? Disability. You got insured, you know, for death, which is life insurance. There's liability insurance. Most people are familiar with this malpractice, etc. Also, there are some insurances against things like divorce, prenups, postnups. That's kind of an insurance. But the one I want to talk to you most about today is called disability insurance. You have been in school training 12 years. Your most valuable asset right now is your ability to work. So please protect your current and future income by getting disability insurance. You need it more than you think. Most people believe that their odds of becoming disabled for more than three months. When I'm talking disability insurance, I'm talking about long-term disability insurance. This covers stuff for when you cannot work for more than three months. But most people believe their odds are 1% of getting disabled, which is not true. More than 25% of today's 20-year-olds will become disabled before they retire at age 65 or 70. So pretty high odds. And most people think they'll get in a serious accident or have a stroke. Those are the causes of disability. Not true. Again, most causes of disability claims and things like that are muscle skeletal disorders and then cancer. So what does this look like for GI physicians? One in seven physicians will require disability insurance sometime during his or her career. GI doctors are at high risk for disability. And we're actually higher than some other procedural internal medicine specialties, such as pulmonary, as well as cardiology, believe it or not. Our rates of disability claims have been similar to surgeons as well as interventional radiologists. Even as high as 89% of attending GI physicians have reported suffering muscle skeletal pain that affected their endoscopy schedule at one point. And in fact, even you guys, GI fellows, almost half of you have reported muscle skeletal injury. So ergonomics is important. I know we have a lecture on that later in this course, but this is really important. These are really high numbers. So it really matters for you to have disability insurance. So when should you buy the insurance? And this is as early as possible after medical school. It is the cheapest in training when you are young. You usually get discounts for being in training. And do not just rely on your future employer or your group to provide this. And I'll go into some of the reasons why. So now or before you graduate. So words matter here. You are looking for policy that has the words own occupation or own specialty. What you know, this is really particular and I'll go through this in detail a little bit. A lot of time you are looking for something that is guaranteed renewable, which means the company cannot cancel your policy. They can raise the price, but they cannot cancel the policy as long as you're paying. Non-cancellable. These are ones. This is a term that you want as well, because this is the company can't cancel your policy, raise the price or reduce the benefits as long as you're paying. And the there's level and graded premiums. This is level. Premiums are the ones where the premium doesn't change. This is the best for long term disability. Graded ones. What happens is it changes over time. So the initial price is cheaper and then they can raise the rates. And so a lot of group policies for specialty organization policies like the one that they advertise in the AMA all the time, they get you in cheap, but then they will raise the price as your insurance risk is more. So on one hand, you know, something is better than nothing. But this type of policy doesn't guarantee you great pricing as you age and develop more medical risk. So on occupation specialty, you are what this is protective against is that you are defined as disabled if you cannot do GI, regardless of whether or not you're gainfully employed. So this is if you cannot work as a GI doctor because you're disabled. This is how you will get paid, even if you could say, you know, work as a cashier or, you know, author or whatever. You can still work as that, but you will still get money for not being a GI doctor if you're disabled or deemed disabled. There are six major companies out there that cover physician specific disability insurance. I've listed them for you here. These are the big six that they call. There are some other ones out there that the policies are not as good. So please be careful. But these are the big six. They they cover many thousands of physicians. These are the ones you got to look at. So the question is, well, if my group is going to provide disability insurance, why can't I just use that one? Again, we talked about this earlier in the course, you could change jobs. A lot of people change jobs. You can't take that group policy with you. Group long term disability plans are not always own occupation. They may not cover any bonus income or have max monthly benefits. A lot of times they're easier to obtain, especially if you have pre-existing illness. However, the benefits are not so good. And unfortunately, what we're finding post-COVID is that a lot of these group policies, they have been excluding work related injuries, which is really lame. It kind of ties into work. But basically, for example, if there are some policies offered by group employers where, say, you work at a hospital, you caught COVID, you develop long COVID and go on disability because of that. They will not cover your long term disability because you caught the COVID at work, which is crazy. But that's how they play with the language. That's why you got to be careful. That's why you got to think about it really hard and review those group policies and look into carrying your own. The other benefit of having your own disability insurance has to do with taxes. You cannot get taxed twice on the same thing. Most work policies are paid by the employer with pre-tax money. So if you were to become disabled and you needed to get the money from your group policy, you get that money, you're going to be taxed on the benefit. Your own private policy that if you obtain one of these from one of those big six companies, that's paid with your post-tax income. So you pay taxes on your income and then you use your discretionary money and you buy a disability insurance. You've already paid taxes on that. So God forbid, if you're ever to become disabled and you need the benefit, that money comes to you. You don't have to pay taxes on it because you already pay taxes on it back when you were not disabled. So then the question is, how much coverage? In training, most standard policies will offer you $5,000. Again, post-tax money. Think about how much you, your family need to cover expenses. That number can be adjusted. There is a ceiling on most disability policies. They will not let you qualify for more than 60 percent of your gross income. Nobody wants to pay you not to work. And the cost of the coverage is also determined by a few other things. Your age. Younger is cheaper. Gender. Unfortunately, here women pay more. They used to be companies that offered more. More companies offer unisex rates. No longer. Specialty specific. For example, internal medicine pays less than GI, if you will. The amount of coverage you want obviously will affect the cost of coverage. Your health status. Are you a smoker? Were you a smoker? You know, those things can affect, you know, how much your policy costs. Many discounts you can get, again, cheaper in training. And you can get these riders, which are basically little lines that are specific to the contract that may help you kind of tailor the policy to yourself. The reason why GI costs more for women is the vast majority of if you look at claims data, the vast majority of women claim a lot more disability and about a quarter that is related to pregnancy and pregnancy related disability. And so insurance companies have to pay out so they know what they need to pay for. They know it's high risk and all that stuff. So so they will charge women more. That's just, you know, how the business world works for disability insurance. You want to buy before you get pregnant. The reason being, if you buy after pregnancy and you had a complicated pregnancy, they will put in language in the contract and the policy to exclude pregnancy complications. So if you were to get pregnant again and subsequently long term disability from that, they're not going to pay you. So please, please, please, ladies out there, buy your disability insurance before you get pregnant. And also before big birthdays. Again, use this to your advantage. The cost of coverage. These are just ballpark numbers. It's different for everybody. But usually the annual cost is about two to six percent of your annual benefit. There are unisex rates, usually about 500 annually per thousand dollars per month benefit. Women, you usually unfortunately have to play close to double that shop around insurance agents work for insurance companies like specific companies. Brokers can look across multiple companies to help you compare prices. So what you are looking for are independent brokers that can compare prices for you. And that's kind of what you want. There are writers. These are the things that if your policy doesn't include, you can add. If own occupation is not on the policy, please add it. Get it as a writer. Residual disability. This can be protects against partial disability. Say you can't scope, but you can still go to clinic. That's the kind of stuff that you can do it. This will also cover anybody who works part time. That's one of the things that's new because more people are part time now. There's cost of living adjustment writer. This is a good one to have. Adjust for inflation maxed out at about three percent, but it's helpful, beneficial early in the career when you don't have very much funds to begin with. This is the one you absolutely need to get the future purchase option writer. If you are a trainee, it gives you the ability to increase your benefit later on based on salary without having to reapply for medical underwriting. So you don't make as much coming out as you do in the peak of your career. This allows you to insure yourself to your attending level salary instead of just your fellowship training salary, if you will. There's also a student loan writer because get this one if you have a co-signer on your student loans, because there is. That's not discharged with death if you have a co-signer, unfortunately, or if you're disabled. And a catastrophic writer, if you can't do certain ADLs. I think it's two. You can get this one to get more money. There are some special circumstances. Please disclose everything to your insurance broker prior to your application. They're going to help determine if the standard kind of guaranteed standard plan will work. If you get denied for this guaranteed standard plan, like if you have, like, for example, MS or something like that. If you get denied, you cannot reapply from other companies. So please talk to your broker a little bit about your medical history and things like that to see what they are able to get you. That will be different. So some companies are better for mental health coverage. People can get their disability claims excluded based on any sort of past history. They will check your prescription history. They will check your prior medical records. Even if you've never been given a diagnosis, they can exclude you or deny you based on what you have had filled. So please don't have your friends write you prescriptions. There are options for you if you are very hard to insure, like J-Lo or David Beckham. David Beckham's leg is like insured for like 20 million dollars and he doesn't even play soccer anymore. Your brokers can work with you if there's something like that, but just something for you to think about. Why can you stop paying for a DI? The term limits for most policies age out 65, 67. Or if you're financially independent, you don't need DI. So life insurance. I'm going to go through this one really fast, because if you are somebody who has enough money for your own burial and nobody's depending on you for income, you don't need to listen to me for this part. When should you get life insurance? It's cheaper when you're younger. It's cheaper for women. Please get it before pregnancy because they will exclude certain things. There are different types of life insurance. Term life insurance. This is the one most people buy. It's sort of like rental insurance. There are 10, 20, 30 year policies and they will pay if you pass away in the time interval that you buy. Permanent whole life universal indexed type of insurance. They tie the insurance to an investment account. The sales guys who sell it to you make a lot of money. Not usually recommended. We can go into a whole debate about why. Some people do use it for estate planning, but you can look this up. It's not necessarily what you're looking for in terms of protecting yourself. So how much life insurance do you need? Depends on how much you need. The rules of thumb, 10% of income, 20% of income if you live in Los Angeles, New York, Bay Area, in California. $1 million per child is the number that's frequently thrown out. If you don't want to think about it, the general recommendation is about $3,030,000 term life insurance. Life insurance is much cheaper than disability insurance, especially for women. And the question is, you know, you want to cover your monthly expenses. Mortgage, college costs for any kids, student loans, large kit items like cars. You can ladder the policies. So you can buy, say, earlier on in your career, if you need more money, and you can buy, say, a policy for the first 20 years for, you know, $2,000,000, and then for 30 years for $1,000,000, because ideally after 20 years, you may only need $1,000,000 because all your kids are out of the house or something like that. Most physicians get between $1,000,000 and $5,000,000, but again, everybody, it depends. Some considerations. This one you actually have to pay attention to. Please do not genetically test yourself before applying for life insurance as well as disability insurance. If you have a genetic syndrome, if there's positive, there will be an issue with coverage. Insurance companies don't like paying for risk. So if you have BRCA1, BRCA2, all of these things, they will not issue policies for some of you guys. And they are actually in talks with the 23andMe, like, guys, they are actually trying to get that information, too, so that if you do have a polyposis syndrome or whatever, come up on that testing, like, they don't want to pay for you, okay? So what's sort of the next step? We'll talk a little bit about spending, estate planning, a little bit about, you know, how you diversify your income and make some money while you're at it. Be deliberate. If you buy things, there are consequences. After training, everybody will tell you, live like a trainee for two to five years, pay off your loans, save for your housing down payment, start your retirement savings. It's easier to make money when you're younger because longer hours are easier to work, but as you get older, some of us can and some of us can't. We just don't have that kind of energy. So be careful about how and be deliberate about how you spend things. You want to build an emergency fund? Most people say three months. Some people will do six months if you're more conservative to cover your expenses, you know, in case anything happens, you know. Put in some places easy to access, cash or checking. Sometimes high-yield savings is helpful here. Budget with your partner. Minimize your fixed expenses. Save about, they always say, about 20% of your gross income from retirement. Pay off your debts. Start with the credit card. Usually that interest rate is the highest. You have your auto loans and of course student loans. Housing will be your biggest purchase. Usually it's okay to rent. Save up for your down payment. You may not stay in your first job long enough to make owning that house worth it. So let's talk a little bit about student loans. Three-quarters of you guys probably have loans. The median is about $250,000, which means some of you guys is higher. And if you went to private colleges, even higher than that. And unfortunately, most of you guys graduated at a time of high interest for student loans. There are options that you can try for to try to make that debt burden a little easier, including public service loan forgiveness or refinancing private loans. Make a plan to pay off your loans pretty soon. Don't keep them around. They're not a family pet. So step one for public service loan forgiveness, it's you know, some of my colleagues are getting their money back now and their loans forgiven. What's the first thing to do? You got to pick the right employer. Nonprofit government. Kaiser also qualifies for this, by the way. It's what happens in this is, you know, it also applies only, unfortunately, to federal loans. So, or if you refinance your loans or these are private loans, you're not eligible for this program. So what you do in public service loan forgiveness, they're trying to get doctors to, you know, serve the underserved, etc. You pay as little as possible to reach your loans for about 10 years. The payments are income-based repayments or income contingent repayments and you pay back what you can based on your income. The nice thing is then at the end of 10 years after working at this place, you can get the remainder of your loans forgiven. And I have some friends where that's actually happened. So we know this program works. If you are looking at this income-based repayment, if you're married, sometimes it helps on taxes to be married filing separately to help lower your repayment amount. So, let's talk a little bit about retirement accounts. So this is where we start, you know, talking about how can we make our money work for us? How can we not pay so much in taxes? I, you know, it's my personal bias. I'm from California. We pay a lot of money in taxes for both state and federal. So let's talk a little bit about the power of compound interest. It is the, what we call the eighth wonder of the world. He who understands it, earns it. He who doesn't, ends up paying it. So let's do a little bit of math here. We have a salary of $200,000, you know, unfortunately, kind of like a pediatric salary. And you put 20% of your gross income towards retirement savings. So that's about $40,000. So if you look at it over 30 years and you don't have interest, like you just kind of put it, you know, under the mattress or whatever, you get about 1.2 million dollars. No growth. If you put it in and there's a 7% return, I know it's a little high, but say 7% return because it makes the math a little easier. Compound it 30 years, you will end up at the end of those 30 years, 4 million dollars. Okay? Half of which is in your, you know, contributions, a little bit less than half. And then most of, a good chunk of it, is in interest. Free money! So, and if you leave it for another 10 years without adding any more, you will actually get to almost 8 million dollars. If you delay this by just 10 years, in order to catch up to 4 million dollars at the end of 20 years, you need to contribute $96,000 a year for those 20 years more, just to get to that 4 million. As if somebody had started 10 years earlier. Okay? So, the interest builds and builds and builds. Okay? Principle, not too different. Okay? So really, time is your friend. You guys are young. Time is your friend. And why do retirement accounts matter here? And why does saving for retirement matter? We start saving for retirement so much later than a lot of other professions. Because, you know, the length of training, etc. There's inability, you know, to contribute fully because we're making residence salaries. This is tax advantage money. The nice thing about retirement accounts is they're actually not, they can't be seized by creditors. They're generally a protected asset, actually. You can set up your contributions to automatically withdrawals and live on the rest, you know, of your salary. If you're self-employed, you can set up your own. And you really want to, if your employer, especially big companies, they offer a match, like if they put in 5,000 and the employer will match up to, you know, 5,000 per percentage of your salary. You don't want to leave free money on the table. You want to do this. Okay? So, you know, this is really one of those things that you want to get on as soon as you, you know, get on your attending job and talk to HR. Okay? So how much do you actually need to retire? So the rule of thumb is 4%. So it looks at historical growth rates of a sort of like a, you know, historical inflation and kind of a balanced asset portfolio is the way we think about it. So the thought is you can withdraw 4% from your invested assets annually without touching the principal balance. So 4% is sort of like your projected annual expenditures so that you will have enough to live off of by leaving the principal untouched and just sort of living off the interest, like the compounded interest portion of it. So, you know, that way, you know, you can pay for big expenses out of principal if you absolutely need to, but that's sort of what it is. So if you say you retire and you have $3 million in assets, you know, you could withdraw, say, $120,000 a year, living comfortably, knowing that, you know, you'll be covered in retirement until you die. So of these, you know, accounts, like kind of what are some of the ones out there? So again, it goes back to taxes. It has to do with, you know, tax breaks and what's written into the tax law. And a lot of this is actually on the IRS website too as well, guys. There are two different types of accounts. One's called tax-deferred and one's called tax-free. So the tax-deferred are the traditional ones. These are 401ks and traditional IRAs. You fund these with pre-tax money or you by meaning employers, okay? And what you do is then when it's time to withdraw the money when you're retired, you pay those taxes at a lower income tax rate. And I'll show you kind of how that works. The tax-free ones, usually they start with Roth. There are income limits on it. You want to start one of these accounts when you are a fellow or a resident. Because once you become an attending, you exceed the income limits. Although there's a way to do it. There's something called a backdoor Roth. You can look it up. I'm not going to go into it here. It's kind of complicated. But for your, you know, for the majority of things, the backdoor Roth is a little loophole. But this, there is an income limit on it. So put your money in now while you still are underneath the ceiling of Roth accounts. And what you do is you, again, like disability insurance, you take your post-tax money you put it in a Roth account. Then what you do is you let it accumulate and compound tax-free. But when you withdraw it, you don't have to pay taxes again because this is your post-tax money. There are multiple different types of retirement accounts. 401s, 403s, all of these things. It varies, again, sort of by your employer. There are limits when you start, you know, annually. For example, traditional IRA is $6,500 for the year 2023. Once you turn 50, they let you put in an additional $7 to sort of play catch up, if you will, because you're 50, you know. So, kind of, retirement accounts are always tied to taxes. I'm going to try to go through this really quick. These are the 2023 federal tax brackets. And remember, federal taxation is different. It's not a flat tax. So say you make $12,000 as a single person. Your first $11,000, you pay a 10% federal tax, your next $1,000. So the next dollar above the bracket, you pay at 12%. So it's not that you pay the whole 12% at 12% or $12,000 at 12%. It's the difference, if you will. So that's important to know because that will kind of explain how the 401k works. Okay, so say you make $500,000. And so and you're contributing, you know, $56,000 or whatever to your 401k. So it's pre-tax money. So you lower your tax burden at the 35% bracket. And you put it to accumulate in a tax deferred account growing. Okay, and say, when it's time to withdraw, that money has become $100,000. But when you withdraw those $100,000, you're going to be down here in the 0, 10 and 12% bracket. So you're paying lower taxes. It'll be at a lower tax rate when you retire than when you actually earn the money. So this is the best part. This is why they say this is your best tax advantage. It's this math right here. You save on the pre-tax and you pay it at a lower tax rate in the future. And it's already compounded. So you pay even less than you would have. There's something called a health care savings account. This is relatively new in the last few years. It's great. It's called triple tax free. What it is is for high deductible plans. Some people can get it. Some people can't. Again, look at your HR people when you depending on what job you take. There's no tax. You do no taxes on contributions. No taxes on earnings or distributions. As long as you pay for it with qualified health care expenditures, right? Doesn't have to be used the same year as the health care expense. Just save a receipt. It rolls over. Compounding returns. It's great. A lot of people use this when you're young and healthy. This is a great account to use. So a little bit about sort of basic investment 101. The concept is pretty simple. Our risk tolerance for investments decreases as we age. Because you basically don't want to lose all your retirement money and savings before retirement, right? Because you need the money. Stocks and real estate, kind of high risk, high risk, but high reward. Higher earning potential. US bonds, for example, would be low risk, lower reward. But unless there's war or something like that, bonds generally are pretty stable. Don't don't earn as much. The interest rate is much lower. But, you know, you kind of ensure that your money is there. So if you have seen these target date funds, usually it'll be like the company in a year. So these, for example, if you have something that's called like a target retirement 2065 or something, 2065 is the year you're going to want to retire. What the fund does is a type of mutual fund and it adjusts its asset allocation based on retirement. So when you are younger, the mutual fund will have a lot more sort of stocks and higher risk things. And it will rebalance itself as you approach 2065 so that it's much more conservative and less risky investments as you get closer to 2065, knowing that you will need that money. It's usually managed. Mix of different assets offers a lot of diversity. A lot of employers offer government entities, etc. Really easy, almost like a set it and forget it type of situation. Really helpful. And generally, you know, again, reflects the market. There's something called three fund portfolio. This is, again, very similar sort of diversification of funds, similar concept to target funds, except you kind of do the adjustments yourself. The three funds are the U.S. bond market, U.S. stocks and non-U.S. stocks. And so much more aggressive, again, because you can take that risk. You can always afford a bigger loss when you're younger because you have time to make more money and time to compound versus otherwise. When you're 65, generally most of that money is in bonds. You don't want to lose that money because you're going to be using it. A loss for the three fund portfolio allows for diversification across the market. It's low maintenance, low cost. Very, you know, it will reflect the growth of the market. It's generally not going to beat the market over time. You kind of need to look at it and rebalance it from time to time to kind of see what you want. Some people call it really boring. It's not as exciting as, you know, owning like 10 Airbnbs in Santa Barbara or whatever. But it's not really a con. I think, you know, being able to have your money there is a source of stability that can be very freeing, if you will. Some other short term investments, CDs, corporate bond funds, money market accounts, treasury bills. There's a lot of these things are nice things to put your emergency fund in, but also earn a little bit of money, especially for CDs right now, because the interest rate is high. It's pretty nice. Finally, some final consideration, if you have children or planning on having children. I do want to mention this. One in seven women in the U.S. will eventually hit infertility, of which, unfortunately, in female physicians, the numbers higher. It's one in four female physicians do have infertility and require, you know, IVF and other things. Fertility planning is very expensive, unless you live in Massachusetts. It's not required for your health insurance to pay for fertility benefits. And one go around is about $20,000, things you need to plan for. OK, parental leave is also something you need to plan for. Not all organizations are required or offer paid parental leave, maternity or paternity. Some states do if the employer pays into it. But most private practices have a harder time, especially smaller ones, affording parental leave. So you need to plan for these things in terms of financial costs, especially since you guys are all in sort of that age range. If you want children for kids, there's something called a dependent care spending account tax free money. You can spend on child care, preschool lessons, those kind of things. Five hundred twenty nine college plans, again, a tax savings. If your kids decide they don't want to go to college, you can use that money for yourself as well. One of my friends actually used it to take culinary classes, I think, at some academy. It worked. But you can change the names on the college plans. So say you have two children. One of them didn't use it all. You can use the other one. You can change the name so that the other one can have it as well. Estate planning. Got to put in your wills, your trust. You've got to avoid probate. But the biggest thing is you have to understand that your financial independence is your biggest gift to your children so that they are not having to feel obligated to rely on or they're not feeling obligated to have to provide for you when you get older, if that's the thing. So there's a lot of ways you can learn more. A lot of books. Bobbleheads. That's the three fund portfolio. White Coat Investor. Physician side gigs is a reputable sort of online community that talks a lot about this physician on fire. That stands for financial independence. Retire early. They talk a lot about about the stuff. Carrie Reynolds is a peace doc. Actually, she runs a podcast called Hippocratic Hustle that goes over a lot of this. Bonnie Coos Dermatology does something similar. So, again, conclusions. I ran over time, but I wanted to let you guys know you've got to protect yourself. D.I. is really important. Live within your means. Save early. Save often. Max out all your tax advantage retirement accounts. Learn to invest. Make a financial plan. And I wish you guys all the best and success in your future careers. If you have any questions, again, I'm happy to help if I can. But again, I'm not a licensed CPA or financial planner. You can always reach me by email. Or if you ever want to hear more about Kaiser, you can always reach me by email. Enjoy the rest of the conference and take care. Have a wonderful rest of the conference and travel safely. OK.

financial literacy

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