Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the fascinating lives of our favorite entrepreneurs. We’re taking a closer look at their backgrounds, careers, and financial journeys.

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We interviewed Dr. Uli K. Chettipally, MD., MPH., a leader in the healthcare space. He takes us inside his unique healthcare, entrepreneurial, and personal finance journey.

Dr. Uli K. Chettipally, a former emergency department chairman in South San Francisco, has transitioned from emergency medicine to become a successful entrepreneur and researcher. He founded Sirica Therapeutics, focusing on innovative autism therapy through robotics and gaming. Additionally, he leads InnovatorMD, a platform fostering physician-led healthcare innovation. Dr. Chettipally's work, including publications like "Punish The Machine―The Promise of Artificial Intelligence in Healthcare," reflects his passion for leveraging technology to improve healthcare outcomes.

Career

What inspired you to begin your entrepreneurial journey?

I was doing a regular physician/researcher job for several years. I saw that the technology was changing fast and there was an opportunity to make things better in healthcare. I wanted to accomplish something significant in my lifetime. I had an option to take early retirement and I took it! I felt that the best way to improve things faster is through entrepreneurship.

Was there a pivotal moment where your career majorly changed?

The pivotal moment occurred when I had an opportunity to be a co-founder of a tech startup during the dotcom boom times. Although I was involved only for a year, I learned a lot and realized the power of technology. This helped me pivot to a healthcare technology research career, which eventually led to entrepreneurship.

Money

What’s one money tip you live by?

Being an entrepreneur is very challenging because a lot of work needs to be done and the income may not be there. It’s both a challenging and stressful type of work.

Before you become an entrepreneur make sure you’re in good health. Not only physically and mentally, but financial health as well. Make sure you have enough money to keep you going, especially when the going gets tough.

Also, always have a backup plan. Start slowly don’t jump into it. As you grow and develop your entrepreneurship skills and your company, you get more comfortable. Always have a plan B.

What’s one area of personal finance more people should think about?

My main mantra:

Save a lot and save early. That way your money can work for you in the long run. Especially if you have a 401k or any type of retirement account — make sure you’re maxed out .

I also picked a company that had a great benefit package. Don’t just look at cash compensation but make sure to also look at benefits the company offers. Some people get attracted to a higher cash compensation, but I’d rather prefer the benefits because that’s what will make the work-life balance better. If you’re purely going for the cash you’re working too hard.

To learn about different retirement account types and which may be best suited for you, learn more here.

To learn more about Dr. Uli K. Chettipally and stay connected, you can find him on Linkedin or visit innovatormd.com and siricatx.com.

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If you want more resources on building wealth as an solopreneur/entrepreneur, check these out:

• The Solo 401k handbook 

• What is a Solo 401k?

• How to Open a Solo 401k

• Common Solo 401k FAQs

• Solo 401k Contribution Calculator