This is a pre-podcast episode to introduce the new podcast that is releasing on June 1, 2022!
Dr. Elisa Chiang started her financial education in 2004 when she bought her first house while still a student. Tune in to hear her story and see how she grew her monthly mindset which led her to be a millionaire within 3 years of finishing her medical training.
Sadly, there are many physicians who are have earned a good income but have not built wealth. More and more physicians are becoming burned out as our health care system continues to change. Join the movement of physicians embarking on the journey to take matters in our own hands so we can continue to thrive.
Tune in each week to learn more on how to grow your wealthy mindset!
Imagine your life when you have the financial knowledge to create wealth so you can practice medicine on your own terms.
Many of us have fallen into the trap of arrival fallacy, or the belief that you'll finally have lasting happiness once you achieve a specific goal our outcome. Yes, reaching goals can make us feel happy for a while, but eventually that becomes your new baseline and life goes back to "normal." Learning to enjoy the journey which is going to include both ups and downs will lead to more happiness now.
Do you know your financial net worth?
If you don't, then this episode is for you!
If you're working on growing your wealth, you'll want to know where you stand now.
You'll also want to give some serious thought about what that means to you.
Debt is money that you bought and the price you pay for that money is interest. Debt is neither good nor bad. Understanding debt can take away some of the shame people have around debt. The ability to buy money is actually a great benefit.
Everyone makes financial mistakes. Some are smaller, like missed opportunities, and some are larger, costing tens or even hundreds of thousands of dollars. The more financial mistakes you can avoid, the better. Talking about financial mistakes helps other people avoid them. Here are some financial mistakes physicians often make.
How do people define rich or wealthy? In this episode, I dig into that question. A lot of people had different opinions on what it means to be rich or wealthy. Some people felt like being rich is different from being wealthy.
If you want to build wealth, you'll need to know something about investing. Investing is all about making your money work for you so you don't have to always work for money.
Most investments fall into
1) Investing into a business
2) Lending money to earn interest
3) Buying something you hope goes up in value
Some people would call #3 gambling. It's not hard to argue that there is some gambling, or measure of chance, that occurs with investing so I'm not going to argue about investing vs. gambling.
In the episode on investing, I briefly mentioned considering which accounts you want to use in your financial plan. In this episode, I will discuss many tax-advantaged accounts that can be used for investing. Many of these accounts are designed to help people save for retirement but there are other accounts with different goals as well. It can sound confusing since many accounts are named with letters and number. Once you get use to the names, it's really not so bad.
I'm excited to bring the first guest to the Grow Your Wealthy Mindset Podcast, Dr. Recha Bergstrom.
Recha Bergstrom, MD is a practicing radiologist in Northern California specializing in Women’s Imaging. She is also a mom of three, wife, entrepreneur, and philanthropist.
Recha founded The Physician Philanthropist to help doctors donate effectively, invest responsibly and spend thoughtfully so that they can maximize the positive impact they want to have in the world. She established The Physician Philanthropy Impact Fund to make it easy for doctors to advance their goals of healing and alleviating suffering globally, in all its forms, for people and planet.
Her blog “Intentional Money for Doctors” provides simple steps to start learning how to use the power of the money you have as the most effective way to create change in the world. She also offers self-paced online courses for busy doctors. “The Physician Philanthropist Course” is a comprehensive online course to develop an impactful giving plan. “Profit & Purpose: Impact Investing for Doctors,” helps doctors align their investment portfolios with their values without sacrificing returns.
You can follow her on FB & IG @physicianphilanthropist, and there is a private FB group for doctors - www.facebook.com/groups/thephysicianphilanthropist. Her blog and courses can be found at www.thephysicianphilanthropist.com.
Social media links:
Website & course: https://www.thephysicianphilanthropist.com/
Instagram: https://www.instagram.com/physicianphilanthropist/
Facebook: https://www.facebook.com/physicianphilanthropist
LinkedIn: https://www.linkedin.com/in/recha-bergstrom-3058352/
Facebook group for physicians: https://www.facebook.com/groups/thephysicianphilanthropist
AFFILIATE LINK:
https://www.thephysicianphilanthropist.com/affiliate_users/sign_up
I bonds have been around since 1998 so why does it seem like people only started buying them recently? It all has to do the the I part of I-bonds, I standing for Inflation. With inflation at the highest rates in decades, the interest rate on I-bonds have suddenly become very attractive. But is it worth all the hype? Listen to find out.
There is a common saying that money can't buy happiness, but is that really true? In this episode, I discuss many studies around money, wealth and happiness. It turns out that there are ways of spending money that can potentially increase happiness .
When do you need to have an Emergency Fund?
How much should you have in it?
Where is the best place to keep an Emergency Fund?
Do doctors really need an Emergency Fund?
Listen to learn all about Emergency Funds.
For most early career physicians, their greatest asset is the ability to earn income practicing medicine. All doctors know about health insurance. Anyone who owns a car is required to have auto insurance. If you have a mortgage on your home, your bank will require you to have home owners insurance. Most people have heard about life insurance. But there are still a lot of physicians out there who don't know about or don't have the proper disability insurance. What you don't know can hurt you, so listen to the episode to learn about long-term disability insurance.
Stephanie Pearson, MD, FACOG was in the prime of her career as an OB/GYN when she suffered a shoulder injury at work that soon prevented her from practicing medicine. Her struggle navigating the disability claims process, along with the challenges of losing her identity as a physician, drove her to become a passionate advocate and advisor to her peers on the importance of disability insurance.
Stephanie dedicated herself to educating others on the vital need to have the appropriate policy (something she had lacked) and decided to become an insurance broker; specifically, the rare type of broker who follows her clients throughout their careers, advising them continuously as their life circumstances change.
She is now the CEO and Insurance Advisor at PearsonRavitz which was founded in Philadelphia in 2017.
Website: https://www.pearsonravitz.com/
Office: Phone: 610 658 3251
Office: Fax: 610 667 1497
Have you been thinking about whether or not to hire a financial advisor?
This episode discusses who should consider hiring a financial advisor, what financial advisors can help with you and how they can provide value, and how to choose a financial advisor if you decide it's right for you.
I start this episode taking about the Warren Buffet Challenge and how he won a million dollar bet that the S&P500 index fund would outperform an actively managed hedge fund.
I discusses the three most popular indexes, the Dow Jones Industrial Average, The S&P 500 Index and the Nasdaq Composite Index. I then go a little into the history of mutual funds, discussing actively managed funds and index or passive funds. I end with how to invest using index funds.
Your employer sponsored retirement plan may have limited choices, or may have so many choices you have no idea what to pick. There may or may not be index funds or there may be index funds. So how do you go about choosing which funds to invest in? That’s what you’ll learn in this episode of The Grow Your Wealthy Mindset Podcast.
Some people equate financial independence with retirement but there are more reasons to achieve financial independence other than retirement. In this episode I talk about the benefits of financial independence as well as the different levels of financial independence.
The largest life time expense most physicians will have is taxes. In this episode, I review tax deductions available to W-2 earner physicians. I then talk about how the majority of tax deductions go to business owners.
Real estate investing is a great way to grow wealth and diversify your investment portfolio. There are many ways to get involved in real estate investing that ranges from being very hands on to being completely hands off. In this episode, I introduce multiple ways to invest in real estate. You’ll learn about the difference between long term, mid term and short term rentals, which are always ways of actively investing in real estate. I also discussed passive real estate opportunities, both investing in real estate equity or investing in debt backed by real estate. If you haven’t hard of the Augusta Rule, listening to this episode could save you thousands of dollars in taxes a year depending on your personal situation.
In this episode, I cover two powerful real estate strategies that have allowed investors to save tens of thousands of dollars in taxes. The first strategy is achieving Real Estate Professional Status and the second is using the Short Term Rental Loophole. Bonus depreciation has supercharged the ability of these strategies to decrease the tax burden for W-2 and 1099 employees.
In this episode, I talk about the short-term rental I purchased in 2021 and how this became both a profitable investment as well as resulted in a large tax refund.
This episode talks about risks and how to overcome fear when it comes to investing. Not investing has its own risks. Money decreases in value due to inflation. It's not possible for most physicians to save enough money for retirement. The saved money needs to be invested so that it can grow, your money needs to be working hard for you so you don't have to keep working hard for money.
Are we in a recession and who gets to decide? Learn more about recessions and how to prepare for the next recession in this episode.