Students still need white coat sponsors!

Through the Wisconsin Medical Society Foundation’s White Coat Campaign, every incoming medical student receives their first white coat and a note of encouragement from the physician who sponsored their coat. The white coat ceremonies are rapidly approaching, and we still need sponsors for more than 200 students!

All students attending Medical College of Wisconsin (MCW) -Central Wisconsin and MCW-Green Bay are sponsored and will receive their coats at white coat investiture ceremonies on July 7 and July 9 respectively. Ceremonies at MCW-Milwaukee and University of Wisconsin School of Medicine and Public Health (UWSMPH) are scheduled for August and sponsors are still needed for students at both schools.

To help make sure all students are welcomed to the profession, sponsor a coat online and type your message to the student in the space provided. You also can email foundation@wismed.org to donate or contact staff with any questions or concerns.

Wisconsin Medical Society President-elect Don Suk Lee, MD, will speak on behalf of the Society and Foundation at the MCW-Milwaukee and Green Bay ceremonies and Society President Wendy Molaska, MD, will speak at UWSMPH and MCW-Central. Both physicians will welcome students to their new professional family and encourage them to take advantage of the Society and Foundation’s support, networking and mentoring opportunities.

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Support your candidate for Governor with WISMedDIRECT

The Governor's seat is up for election this year! Governor Tony Evers is unopposed in the August 9 primary, but there are four competitive Republicans and two independents battling in the primary for the opportunity to move on to the November 8 general election.

If you're going to contribute to a candidate in this very important race, please do so through WISMedDIRECT, the Society's conduit, and contact Heidi Green at 608.358.6116 or heidi.green@wismed.org to let her know which candidate you want your contribution directed to via WISMedDIRECT. Your contribution is treated exactly as if you made it directly to the campaign. Physicians have the opportunity to support candidates who appreciate how physicians help make Wisconsin a national health care quality leader. Contributing through WisMed's political programs helps strengthen the physician voice.

Watch upcoming PACtalk features for information on the U.S. Senate candidates, Congressional candidates, Lieutenant Governor and important state legislative races. If there is other information you're interested in, let Heidi know!

Take a look at the websites below for more information on the candidates.

The Incumbent:

Democratic candidate Governor Tony Evers

The Republicans:

Rebecca Kleefisch, former Lt. Governor under Governor Scott Walker
Tim Michels, Army veteran and businessman
Kevin Nicholson, U.S. Marine veteran and management consultant
Tim Ramthun, State Representative

The Independents:

Joan Ellis Beglinger, retired registered nurse and hospital administrator
Jess Hisel, U.S. Air Force Veteran and founder of PCU4Education

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Pay off a mortgage or invest excess cash?

Recently a physician client asked whether they should pay off a mortgage or invest the excess cash. Here’s their situation:

• $500,000 in cash from a second home sale
• $120,000 mortgage at 2.75% on their first home with six years left to pay
• Claiming the standard tax deduction, so the mortgage does not reduce taxes
• Recently retired and relying on Social Security, pension and investments for income
• Desires a moderate risk portfolio and is bothered by debt

There are two answers to this situation. What would you do?

The first answer is based on math.

• Pay the mortgage as scheduled, invest $420,000 of the cash and leave $80,000 in the bank for upcoming expenses or a rainy-day fund.
• If the investment earns more than 4%, it’s better to invest than pay off the mortgage. Why more than 4% and not 2.75%? In this case, we need to account for volatility – some months the portfolio is up and some months down. To offset the withdrawals during the down months (i.e., selling low) some additional returns are needed. Given the recent market decline, forward looking investment projections are higher than 4%.

The second answer is based on well-being.

• Pay off the $120,000 mortgage, invest $300,000 and leave $80,000 in the bank.
• This alleviates their nagging feeling of debt and unlocks a feeling of freedom.
• It also reduces the amount of monthly investment withdrawals.

Together, we ran both projections, and this physician has a fully funded retirement regardless of which choice they make. So, they’ll need to decide what is more important to them, higher financial returns or higher emotional returns.

With the financial markets down, now is a great time to review your financial plan. Need help? WisMed Financial has the knowledge and robust planning tools to help you make the most of your finances.

If you haven’t yet, be sure to download the complimentary Physician Financial Guide from wismedfinancial.org.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®
WisMed Financial, Inc. part of the Wisconsin Medical Society.

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