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.
In this episode, I talk about different tools, (software and apps) that you can use to help track your Net Worth and your spending habits.
Personal Capital https://www.personalcapital.com/
Tiller https://www.tillerhq.com/
Kubera https://www.kubera.com/
YNAB https://www.youneedabudget.com/
Quicken https://www.quicken.com/
New Retirement https://www.newretirement.com/
PocketSmith https://www.pocketsmith.com/
Monarch Money https://www.monarchmoney.com/
Every Dollar https://www.ramseysolutions.com/ramseyplus/everydollar
Albert https://albert.com/
This episode is about the practice of gratitude, which has been shown to improve physiological and psychological health. What's even better in that improvements can be seen with only 5 minutes a week.
In this episode, I reference The Huberman Lab Podcast Episode 47 The Science of Gratitude & How to Build a Gratitude Practice.
In this episode, I explain the concept of multiple streams of income. I then elaborate on the different types of income as well as the concept of passive vs. active income.
Active income generally occurs when you are trading time for money.
Passive income is income that where the work involved is much less compared to the income. Usually there is still some work involved, usually upfront, but then income can continue with significant effort or time.
I also discussed the difference of active vs passive income in the eyes of the IRS, which involves whether or not your materially participated in the business.
The link for the IRS website which defines material participation is : https://www.irs.gov/publications/p925#en_US_2021_publink1000104582
I also mention Doc 2 Doc Lending, find out more information at https://www.Doc2DocLending.com
For full disclosure, I do have a financial interest in Doc 2 Doc Lending.
This week, we have a special guest, Dr. Lara Hochman, who is the founder of Happy Day Health and has the mission to help physicians practice medicine where an environment where they love practicing medicine. She’s been called the medical matchmaker, matching physicians with medical practices where it’s a good match for both the physician and the practice.
You can reach Dr. Lara Hochman at
Website: www.happydayhealth.co (not .com)
LinkedIn: https://www.linkedin.com/in/larahochman/
Youtube: https://www.youtube.com/channel/UCorwNuzOmzeH25dDy6i6N5w
TikTok: https://www.tiktok.com/@happydaymd
Instagram: https://www.instagram.com/happydaymd/
“Boundaries are the distance at which I can love you and me simultaneously.” Prentice Hemphill
A boundary consists of a request you make, followed by the action you will take.
A financial boundary are limits you set to protect your money. You may even set a boundary to protect your money from yourself.
Listen to more learn about financial boundaries.
This episode talks about all the costs that are associated with investing and how much it can impact the returns of your investment. All investments have some cost associated with them. Some costs are more visible while some costs can be hidden. Fees that seem small can cost 6 or 7 figure over your investing lifetime.
What is a growth mindset and how does that differ from a fixed mindset?
With The Grow Your Wealthy Mindset, I want to encourage you to embrace having a growth mindset more often than having a fixed mindset. Listen to this episode to find out more about mindsets and how you can work to make that switch.
We start the new year with this information about student loan forgiveness. Many physicians have 6 figures of student loan debt. The burden of student loan debt has been increasing. It’s not uncommon to have more than $200,000 or even $300,000 of student loan debt. For some people, Public Service Loan Forgiveness may be a solution.
This week, I interview Megan McGuire who is a Certified Student Loan Planner and Senior Student Loan Advisor at Student Loan Planner.
You can find out more information about Student Loan Planner at https://www.studentloanplanner.com/
For instant diversification in the stock market, buying a index fund is a good way to go. Index funds come in two different flavors, as traditional mutual funds as well as exchange traded funds. In this episode, I go into the pros and cons of each type of fund to help you decide what is best for your situation.
Stocks are a great investment for people with long term horizons but what to do with money that’s ear marked for something with a short time horizon? There are High Yield Saving Bang Accounts (high yield meaning they pay better interest than average), Money Market Accounts, short term US treasury bonds, or the topic if this week’s episodes, Certificates of Deposits, often abbreviated as CDs. Listen to learn more about CD’s as well as building a CD ladder.
Dr. Linda Street is the Founder & CEO of Simply Street MD Negotiation Coaching where she helps female physicians negotiate for the salary they deserve.
Women physicians earn up to 30% less than male physicians in similar positions. Studies show the gender pay gap is independent of women working part time, taking maternity leave, or any other factors. By earning less, it makes it even harder for women to build their wealth, which is why I’m so excited to have Dr. Street here to talk about how women physicians can negotiate for better compensation.
Target Date Funds have been touted as the one fund you need for retirement. Pick the year you want to retire, choose the Target Date Retirement with that year, and you’re all set. Is it really that simple? What does a Target Date Fund actually do? Are there better investing options? Listen to this episode for those answers and more.
Asset allocation is one of the most important decisions when it comes to investing. It will determine your overall return on your investment as well as the fluctuations in the value of your investment portfolio. It can be the difference between reaching your financial goals or being caught short when the time comes. In this episode, I give multiple examples of asset allocation for the goal of long-term growth, generally for retirement. I also talk about asset classes beyond stocks and bonds and how to invest in them.
There’s still time for you to do a Backdoor Roth IRA for 2022! In this episode, I discuss the IRA, or individual retirement account, in more detail. There is the Traditional IRA and the Roth IRA. The Backdoor Roth IRA is a strategy to help high income earners contribute to a Roth IRA since there are income limits for directly contributing to a Roth IRA. Many high Income earners can’t tax deduct contributions to a traditional IRA so the Backdoor Roth IRA strategy is helps be more tax efficient with investing for retirement.
https://www.irs.gov/publications/p590b#en_US_2020_publink1000230955
In this episode, I reflect on what I have come to realize was a life changing event for me that changed the trajectory of my life.
That life changing event was the first Leverage & Growth Virtual Summit that was held in May 2020. It came during a life changing year, the pandemic, and arguably its inception was due to the pandemic.
If you have an amount of money to invest into your index funds, what's the best way to do it? Do you invest it all at once, called lump sum investing, or do you spread it out over time, called dollar cost averaging? In this episode, I discuss both investment strategies.
If you have an amount of money to invest into your index funds, what's the best way to do it? Do you invest it all at once, called lump sum investing, or do you spread it out over time, called dollar cost averaging? In this episode, I discuss both investment strategies.
I recently returned from WCICON23, short for the White Coat Investor Conference, where I gave a talk on Transforming from Burning Out to Burning Brightly
This podcast highlights points from the Keynote given by Stacy Taniguchi, PhD titled Choose to Thrive. I go over points made in the talk, though I left out the wonderful stories Stacy shared. If you want to hear the original talk, you can purchase access through The White Coat Investor.
What caused the 16th largest bank in the United States to collapse in March 2023 and what does this mean about the US banking system? And what does it mean for you? Listen to find out!
This week, we have the amazing Kate Mangona, MD as a guest on the podcast. Kate is a pediatric radiologist as well as a Marriage coach. Tune in to our conversation on money and marriage.
You can find more about Kate at:
Website: https://www.medicinemarriageandmoney.com/
Podcast: https://podcasts.apple.com/us/podcast/medicine-marriage-money-with-dr-kate-mangona/id1526737149
Facebook: https://www.facebook.com/katemangonamd
Burnout has been reported to affect 40-60+% of US physicians. Last year, 10% of physicians left the practice of medicine, a number far higher than what would be expected for “normal retirement.” Burnout is likely one of the causes for physicians leaving medicine, making it a threat to building our wealth. (unless they left after having built their wealth but I suspect many were not at that point)
Talbot and Dean argued that physicians aren’t burning out, they are facing moral injury.
In this episode, I talk about the terms of burnout and moral injury, the historical context of when those terms started to apply to those in healthcare, as well as the signs and symptoms.
In this episode, I discussed what is an Accredited Investor and what opportunities are available to people who qualified and an Accredited Investor. I also discussed Qualified Client and Qualified Purchaser. Welcome to the world of expanded investment opportunities!
Dr Latifat is a Gastroenterologist and founder of The Money Coaching School for Badass
Women Physicians. She is also the host of The MoneyFitMD podcast. She combines her interest
in personal finance, her training as a certified life coach, and her passion for physician wellness.
She believes every physician can create their own wealthy life. Her mission is to equip every
physician with the tools they need to be financially liberated to live well, fully, and without
burning out. She is the author of, “Done With Broke: A Woman Physicians Guide to More
Money and Less Hustle” available for purchase May 2, 2023.
Email: Moneyfitmd@gmail.com
Website: MoneyfitMD
Facebook: MoneyfitMD | Facebook
Instagram: Latifat Akintade. MD. GI (@moneyfitmd) • Instagram photos and videos
Podcast: MONEYFITMD PODCAST on Apple Podcasts
Youtube: MoneyFITMD – YouTube
Buying a home, or a primary residence, has long been part of the American Dream. As physicians, we often move a lot for our training and some of us look forward to the day where we can buy that big, beautiful house to call home. When is it actually smart to buy that house and how do we know how much to spend on it? Tune in to this week’s episode to find out!
This week, listen in on a conversation that Karen Leitner and I had on what mindset really means and how it influences our lives. It’s a candid conversation between two coaches with a focus on money mindset and topics like negotiation, the gender wage gap, and reframing failure.
Karen Leitner is a primary care physician and an experienced life coach. She helps women physicians feel better and happier in their lives by empowering them to overcome work-life overwhelm, imposter syndrome, parenting challenges, and all the other joykills so common to women physicians (and so rarely talked about…until now).
You can find her on:
https://www.facebook.com/groups/howtofeelbetterforwomenphysicians
Wow, we're up to episode 50! Thank you to all the listeners who have shared the podcast and listen regularly. For this 50th episode, I thought I would get back to basics and talking about the fundamentals of building wealth, which is acquiring assets.
Just like the world of medicine has its own language, the world of finance and investing also has its own language. This is why when you first starting developing your financial literacy, everything seems complicated. By learning the meaning of different terms, everything starts to make more sense. In this episode, I go over various financial terms you’ll encounter when you look at different investments.
Dr. Mamta Kumar is Integrative medicine physician turned Land Investor for the last 3 years. In this episode, we talk about what got her started with land investing, what’s involved, and how she’s grown it into a full real estate business. She helps educate other physicians on land investing her Facebook group "Financial freedom with land investing for physicians with land investing" and has a 12 week group program for physicians on Land Investing.
The cost of tuition for higher education has risen significantly in the past few decades, well above that rate of inflation. 529 plans are sponsored by states, state agencies, or educational institutions and are a way to help people save and invest for future educational expenses. Different plans give different benefits, depending on the plan and the state you live in. This podcast looks at the basics of 529 plans.
Of the many websites I looked at, I found https://www.savingforcollege.com/ to be a helpful website. It is owned by VentureKite, which appears to be a private for-profit business. Savingforcollege.com states they provide “unbiased information to assist families in meeting the rising costs of education.”