Prescribing Wealth: A Doctor's Prescription for Financial Freedom

[00:00:08] Hi there. Welcome to the HIT Like a Girl Podcast. My name is Joy Rios. Today's host, we are doing a series on investing and I am super, super excited about today's guest. We have Dr. Aditi Joshi. And I would like to give you a moment to introduce yourself because you have a story and I'd like to hear how you share it, if that's okay. Wonderful. Thank you so much, Joy, for having me. I'm so excited to be here. And I love that you're talking about investing, which is something that I'm very passionate about.

[00:00:36] Hello, everyone. My name is Enkem Eziamama. I'm an ER physician and I'm based out of Nashville, Tennessee. I've been practicing for the last about 10 years. I think it's almost 11 now, which blows my mind, but I've always loved medicine. I can't remember a time where I wasn't thinking about saving lives and making an impact in healthcare. But all of that kind of started shifting a little bit.

[00:00:56] Like we were, our hospital was going through some changes from a business perspective. And so we got bought over by a private equity firm and just, it became more about the business of medicine than actual patient care. And that's common. We hear that story. It's happening all over.

[00:01:11] I lived there. So they fired physicians, which is something I never thought that they would do. And our hours started getting cut. They're just different policies started contacting us and our patients. And so I was looking for a way to not rely on that income source as my only source.

[00:01:28] And so I thought about investing. I thought about real estate. And I always remember the wealthiest of the wealthiest have their money steeped in real estate. They always tell you buy dirt, right? They always say invest because people always need a place to stay. And so I started doing that.

[00:01:43] I started investing in apartments. And then I saw that there weren't a lot of us in that space. There weren't a lot of women. There weren't a lot of healthcare professionals, right? Really thinking about investing. And so I built a company with the goal and the idea is, how can we build passive income around real estate and how to grow? So I think that's the most important thing that has happened to me so far. And that's the genesis of what I've built.

[00:02:09] And it's one thing to do that for yourself. But it's an entirely different thing to help others go through that. And from what I understand, you are helping... Well, you've helped thousands of people from what I... So can we talk about the impact that you've had? And it's only been 10 years-ish. And what is it that you have seen? And what kind of difference have you made for the lives of the folks that you're helping? Because your market is mostly healthcare professionals and helping them grow their wealth.

[00:02:39] And I guess I'll just caveat that by saying, we talk so much about investing in women's health, at least in this particular podcast. But it's also about women investors and how do we invest in ourselves? And how do we get more comfortable with the flow of money and putting our money where it matters and where it counts? And it will... We get to be the recipients of the return on those investments. So I'll pass it back to you.

[00:03:07] You are so spot on because we are experts in the only in the thing that we do, right? So nobody teaches us how to manage money. Nobody teaches us any of that stuff. Nobody teaches us about investing. And so I'm good at all. And so that was a shift. That was a mindset shift that had to make and the limiting belief that I had to overcome that I could only do medicine.

[00:03:29] And so a lot of our investors kind of came with that same mindset and that same pain point that, man, I don't know anything about investing. I don't know where to put my money. How do I grow wealth? I don't want to rely on that. So I think that is the biggest impact that I've made to date. And it's one that I'm so proud of, right? And my investors, I meet with them across the country. I meet with them at conferences.

[00:03:50] And it's so nice to just say, thank you for planting that seed. Thank you for advocating for me. This is what I'm doing with it. I'm going and I'm buying more dirt and I'm investing and I'm building with my family. Right. So it's really, it's almost sparked the chain reaction, if I'm going to say. And so to be a part of that is gratifying. It's humbling. And it's just a start to something really cool. But yes, it's the idea that we as healthcare professionals, right, we can build wealth outside of our daily practice and we can use that as leverage, right?

[00:04:19] So we are fortunate that we can work hard and make money and then use that to build multiple streams of income, including real estate. So we go from the idea of just being a worker to now starting to own something that is ours, that's income producing, that's cash flowing, right? And so that mindset shift is very important. And I think that's, if you ask me, one of my biggest wins for my investors, I think that's it.

[00:04:40] Okay, but the housing market is notoriously hard to get into right now for anybody. So how are you helping people get over the challenges just of the market and the economy? Because it's... That's a good question. Sorry, I didn't mean to cut you off. But I do understand what you're saying. And I think the first step is education, right? So I think there's so much that we don't know. And there's so much that we are thinking about.

[00:05:06] So from the not knowing aspect, I'm actually at a property tour. So we're about to acquire another property for our investors. And so I'm at the tour. So there's like hustle and bustle around me. So it's like, can you guys just move? So the idea is people, it's daunting, right? To think about, well, how do I start? Where do I start? Is this market falling apart? Is this market good, right? And so I think the first step is education. And then the second step is partnering with the right person, the right operator who understands the market,

[00:05:34] who has done market analysis, who's able to give you insight on what's growing, what's dying. So what market should you stay away from? What market is blooming, right? Location is one of the most important things when you're looking for where to invest, where to buy. And so you're looking for things like, is the population growing? Are jobs growing in the area, right? Are people moving in the area? What are the, are there landlord friendly terms, right? All of this, are there, like, what are the terms for the tenants, right? So you're thinking about all of this.

[00:06:03] And those are the points that you think about when you're thinking about where to move to, or where to invest, where to buy. But those are some of the thoughts that you have in your mind. But it truly starts with getting educated, number one. And number two, it starts with partnering with the right person and the right team, the right people. Okay. So then what are some of the results that you have seen in the time that you have been supporting people? I'd love to hear. In the last three and a half years, we have gained about 150 investors. About 90% of them are healthcare professionals.

[00:06:33] We've acquired about 153 million in assets under management across the Southeast. And so it's not a small fee, but it's not what we've done by ourselves. It's really coming together and partnering with our investors. In that period, right, we have given housing to about almost 800 families, right? Because that's what we think about. Every time we acquire a property that has apartments in it, it's really a family. We're thinking about families as the people who are benefiting from what we're doing.

[00:06:59] And so that, those things are things I'm really proud of is what we built and where we're going to. So if I understand correctly, you're supporting both folks who are essentially becoming landlords and also ensuring that the tenants are well taken care of. Exactly. I love a full circle. I mean, do you want to speak about women as investors? And please. Please. The numbers are so small, right? The numbers of women owners, women investors, right?

[00:07:27] And it's really, it's a male-dominated field. But one of the things I'm doing is I'm like shining a spotlight on other women. So I'm bringing in other women investors, right? I can say that I have a higher percentage of women investors than men investors. And I'm so proud of it, right? I'm speaking tonight to a group of women physicians. And that excites me because they see me and they realize this is possible, right? We can buy, we can own, we can manage, right? We can think about building wealth.

[00:07:57] And that's a spin, a different spin on where we just didn't have access. We didn't think it was possible, right? And so that really excites me. My heart is to continue to make seats at tables so that us women can be part of the conversation, right? We can be part of making a difference. And then if you see me, right, my heart and my goal is that a younger girl will be like, okay, well, I can do that too, right? I can, like, I planted that seed. We planted that seed and we're pulling each other up as we grow.

[00:08:25] That has always been my part, right? So I'm so excited, like partnering with women property managers, partnering with women asset managers, partnering with women acquisition analysts, right? Like it's just, it's beautiful when we can come together and be like, we did that. We can look back and see the changes that we've made because we came together, but we do have to stick together, right? It's kind of, it's a man's world, but it's wonderful the impact that we make when we come together.

[00:08:51] I think a lot about, this is something I've been contemplating quite a bit recently. It's the shifted mindset of coming from a place when you either grew up or have formed a habit, whether it's intentional or not, just to be in survival mode. And when you finally get into a position that you're like, not necessarily in survival mode, it's really hard to get your mind in, to open up and to be thinking in terms of, oh, there

[00:09:18] is abundance out there and it is meant for me. And do you have any familiarity with that feeling? The idea of, I used to have significant imposter syndrome, right? Like, can I speak, right? Can I, can I get investors? Can I stand and tell my story, right? Like, but the truth is there's plenty for all of us. And if you don't let go of that limiting belief saying like, I can't do this. This isn't for me. This isn't for us, right? I have learned there's plenty, right?

[00:09:48] Like you and I can come into the same space and we can thrive. We can grow. We can, we can do well, right? But you have to have that mindset that there's plenty for all of us. You have to have the mindset that it's better to link arms and go far, right? Like if we do it together, we can go far as opposed to if I do it by myself, right? Where am I going to land up? Where am I going to end up? Where am I going to land? And so when I think about it that way, I'm more empowered, right? And I'm not worried.

[00:10:15] You have to approach this from, you have to approach this truly from an abundance mindset, not a scarcity mindset. So be willing to give, be willing to share some of the successes, how you have grown, right? I get a lot of, I have my calendars open on LinkedIn. And so I get a lot of people who are just like a lot of women who are like, okay, tell me how you did this. How did you start? What does it look like? How do I even begin to think, right?

[00:10:41] What should I be reading today to help me change my mindset to empower me, right? So all of those are conversations that I'm always happy to have. How does it like that feeling of maybe like searching, striving to one that actually feels like financial freedom? Oh, that's good. Yeah. It's even, I have experienced where like, even if it looks good on paper, it doesn't always translate in your head. So it's not a one-to-one relationship.

[00:11:08] And it's for me, I've been having to have like, okay, how do I talk myself into just understanding everything is okay? It is going to be okay. It's true. And I would say just to that, right? I would say there is beauty in consistency and there's beauty in taking a step every single day. So I have learned that it's not about the end result. It's the journey, right? Because in that journey, I'm growing. In that journey, I'm becoming a better version of myself. In that journey, I'm empowering others.

[00:11:38] I'm teaching others, right? Who I am at the start versus in the middle versus at the end are completely different women, right? And so that's the mindset I started to see and appreciate everything that I'm doing. And I think when you come at it from that mindset, there's a higher chance that you are more grateful, right? Because when you look back, you'll see, man, I couldn't do that before. And now I did that, right? I couldn't raise a dime before. And now I raised a million or whatever it is, right? I didn't even think financial freedom was possible.

[00:12:08] But now with the steps I've taken, I've done this, right? I now have an emergency fund. And now I have residual income. Now I'm thinking about investing in my first property. Now I'm thinking about buying my first property, right? But if you don't pause and look back, you will see the growth. And also, if you don't continue to take a step every day, it's tiny steps, right? Like tiny drops for the notion. It's not mighty, right? It's just one thing that I did that you keep building, you keep doing, right?

[00:12:36] And when you look back, you're like, oh, I did all of that, right? But I think that the biggest thing I've learned in my journey is consistency. I tell my team every day, it's putting in the reps, right? You sometimes can't see it. And so the result at the end of the day, you might not see it. But when you look at it a month, a quarter, right? When we do a quarterly meeting, you're like, oh, these are all the things you accomplished, right? You look at it at a year, look at it at 10 years, right? That's saying that we underestimate what we can do in a year versus 10 years, right?

[00:13:06] That's kind of the way I look at it. And that's the way I've started to approach life. I wholeheartedly agree. And I think that it's also been really clear to me to leave with gratitude, to just start the day by I'm grateful for where I am. I'm grateful for how far I have come, whoever's in my life and for whatever's next. I may not be where I want to be, but I'm on the road. And being on the path is something to be grateful for. 100% agree, yes.

[00:13:32] So when people want to get started, is there a magic number? Is there a magic number? I have to have this magic number in order to become an investor. I think a lot of people might just feel like, oh, what do I do? That's not always an easy thing too. No. Okay. So I want to be... I'll lay it out for you because I want to be 100% honest. So you start... It depends on where you want to start, right? You don't... You can start by maybe... So for some people who maybe don't have a lot of money, right?

[00:14:01] They might buy maybe like duplex, right? So two units. Live in one and rent out the other one, right? So some people start that way. Some people start with maybe buying a single family home that they lived in and maybe they moved and they kept that as a rental property, right? And then they continue to use that to grow, to understand what it means to be a landlord or a landlady, like whatever that is, right? And so you look at that and then some people start immediately with investing, right?

[00:14:27] And so to qualify to be an investor in Phoenix Capital, right? There are two... And these are Security and Exchange Commission rules, right? You have to make at least $200,000 in annual income and you have to have made that the prior two years as an individual or $300,000 together as a spouse. So you and someone else, you and a spouse making $300,000 or you have to have a million dollars in net worth that does not include your primary residence.

[00:14:57] So those are qualifications that if you don't meet that, right? You cannot invest in our deals, in the apartment deals that we purchase. But again, right? I wanted to say that it's not the only way to invest, right? There are multiple ways and there are multiple other areas in real estate. So there's self-storage, there's retail, there's office, there's all sorts of different things, right? There's residential, there's all sorts of different things that you could start and build.

[00:15:25] But I think the first thing is, I will say this, it's always, it's getting educated. And then number two, it's figuring out what your goals are. What do you want? Like, right? Are you trying to get financial freedom by the age of this, right? How much money do you have? What do you need to start with? What do you need to build towards, right? So some of those questions, even before you start saying, how much do I have in my wallet? How much do I have in the bank, right? I think you have to answer the questions for yourself, right? Which is, what do I want? If you're married, what do we want, right? What are we building? What does it look like?

[00:15:54] What's my one-year goal? What's my three-year goal? What's my five-year goal? I think all of those are really important to help you figure out the big picture. Okay. Well then, what is your one year and your three-year and your five-year goals? So that looks different for me now. So from a personal standpoint, right? Before, I was my... Okay, so I'll start with when I first finished residency, right?

[00:16:20] So just when I started working, my goal was, okay, I'm going to spend the first year. I'm going to pay off my loans. So that was one of my big goals, right? I wasn't going to do it in a year, but I was going to be aggressive about paying off my student loan. So that was one of my big goals. While I was doing that, I was like, okay, I need to diversify. So I started looking at investing in stocks. I was maxing around my 401k at work, right? I wasn't even thinking about real estate at this point. But those were the goals that I was... I mean, those are the goals that I had.

[00:16:50] And those are the goals that I'm building towards, right? So that was my one-year plan. And then that changed now. So when I did that, I achieved that. I paid off my student loans. I started investing. I started... I got my emergency fund situated, right? And so then my three and my 10-year goal look different, right? And so today, right, one of our goals in Phoenix Capital is that we want 10,000 healthcare professionals to think about building wealth, right? To start investing, to start understanding that this is possible, right? And so those are one of our big goals.

[00:17:19] We're not going to accomplish that tomorrow, right? But we are... We have like stops in place to check, right? Checks and balances. Okay, what are we doing today? How are we building that? Where are we meeting them? What questions are we answering for them? What are we helping them build? What opportunities have we created so that goal can be achieved? So it looks different for the young woman who's just starting out, right? Maybe her goal is, okay, I need three months of emergency fund. I need...

[00:17:46] If I have student loans, I want to pay that off in a certain amount of time, right? And then you might be thinking, okay, I want to start investing and I want to start putting money aside. So I think it just depends on where in life you are to help you better answer that question. Yeah, but I don't think people knew that your organization was an opportunity that was available to help them. Good point. We want to lead them to you because I love the idea of just basically supporting folks with wealth creation. I think that it feels like there's a lot of folks that... Yeah, it's scary.

[00:18:16] It's scary. It's scary. Yeah. Yeah. And I'm really into the idea of generational wealth these days too. Of just like, how do you support the generations coming in after you? You don't have to do it alone. Like gone are the days we have to do this alone. We can come together and that's what we do. And a lot of what we do is group investing. So we find as the operator, like we find the property and we bring it to you and we're like, okay, are you interested in this, right? So you don't have to go at it alone because alone, you need more money. You don't have the time to manage it.

[00:18:45] So what does it look like if we helped you do that, right? And then you brought in the money, you brought in the equity part of it, right? Because we're all coming in together. And then you get to do what you love. You get to continue to work while we take care of the day-to-day. I love that you've essentially transferred your caregiving. Like you're still in a caregiving profession. I've never thought about that like that. I was going to say, are you still practicing medicine? I do. I still, I love, I love medicine, but it looks different today, right?

[00:19:13] Like you said, my investors are important. My patients are also equally important, right? So now I get to do both, but it looks different. And I don't want to take credit, right? I've built a solid, strong team who can help me, like they see my vision and they understand our mission, right? And they can further that, but I don't have to be there every step of the way. So I can still take care of my patients, but I've definitely decreased that work, right? So I don't work as much as I used to work, but I'm able to still do that with the same

[00:19:41] passion and excitement while I still help investors achieving their goal as well. Again, I started this conversation saying, when you pause and realize like all the things that you can be grateful for, it helps you to have that mindset to help you move forward. I love all of the things that you're doing. And I just want to say thank you. Thank you for your contribution to the world. And I think that there's times right now and I won't speak for anybody else, but it just feels overwhelming.

[00:20:09] There's a lot that's overwhelming in the world. And so it's nice to have a bright light of people that are making a difference. So thank you for bearing your light. I'm so happy. Thank you. This was so wonderful. And having conversations like this, like I remember when I was starting and I was listening to podcasts and I was trying to grow, right? So it's like, I love this because I get to pay back and share my experience and have, and like help others understand that this is possible, right? It doesn't have to always look glamorous, right?

[00:20:37] I remember days where like I cried in my office and I'm like, what am I doing? Right? But I told you it was baby step every single day, taking one step, moving in the right direction that has gotten me here today. And believing in yourself, right? Believing in your dream. Yes, absolutely. We are all grateful for everything that you're doing. Thank you again. You're very, very welcome. I've enjoyed every step of the way and like empowering women along the way has been truly rewarding.

[00:21:04] Thanks so much for listening to this episode of Hit Like a Girl Pod. If this episode resonated with you, please follow us on social media at HitLikeAGirlPod. That's H-I-T-L-I-K-A-G-R-L-P-O-D across all platforms. And to learn more about the show, our guests, or to join our waitlist for what's coming next, please visit our website. The link is in the show notes. The Hit Like a Girl podcast is built on joy, fueled by love, and led with grace. We're so glad that you're here.

[00:21:34] We'll see you next time.