Financial Wellness MD: Recent Episodes
Amir Baluch
If you can survive medical school, you can learn to handle your finances, you just need someone to point you in the right direction. Dr Amir Baluch is an Entrepreneur, real estate investor, author of "Make it, Keep it, The new rules of wealth preservation for doctors" and a practicing Anesthesiologist. In researching his book, Dr. Baluch learned from the best and now he wants to pass that knowledge onto you. Welcome to the Financial Wellness MD Podcast.
The book, "The Richest Man in Babylon by George S. Clason," is considered a classic in personal financial advice. It has appeared on modern recommended reading lists for personal financial advice and wealth management. This has kept the book in print for almost 90 years after its first edition. More than 2 million copies have been sold.
If you're curious about why this book has sold millions of copies, you can listen to my 10-minute book summary.
Top things you will learn:
- Live below your means.
- Learn how to be lucky.
- Never take on debt. (Which I disagree with)
If you want to watch the video, go to my website
Out of over 400 books I've read on investing, mindset, business, leadership, etc... the book "Rich Dad, Poor Dad" was one of the best, especially for Mindset. You can listen to my 10 min book summary on this podcast now and get the scoop and see why this book keeps selling millions of copies every year...
Thinking about buying stocks? Don’t buy another stock, or make any investment for that matter, until you’ve answered these questions.
Many blindly invest in the stock market. They may do this directly or abdicate decisions to a broker or retirement plan manager who just spreads bets as thinly as possible.
On the surface, stocks may seem overly complicated. This may be intentional so that investors fall into default financial vehicles and let someone else invest their money. However, you should at least know some basics. Hear this podcast and learn them
In my latest podcast, I interview the CEO of Quest IRA and discuss how the top 2% create a portfolio inside their IRA, devoid of traditional products that make financial advisors wealthy and not you. You will learn: 1. What are the benefits of self directing your IRA 2. Why do financial advisors hide this option from you 3. The top 3 asset classes that successful investors buy in their IRA
KEY TAKEAWAYS * Private equity is an alternative form of private financing, away from public markets, in which funds and investors directly invest in companies or engage in buyouts of such companies. * Private equity firms make money by charging management and performance fees from investors in a fund. * Among the advantages of private equity is easy access to alternate forms of capital for entrepreneurs and company founders and less stress of quarterly performance. Those advantages are offset by the fact that private equity valuations are not set by market forces. * Private equity can take on various forms, from complex leveraged buyouts to venture capital.
In this episode, Amir discusses:
· The downsides to a traditional 401K.
· How the markets effect your retirement funds.
· How a Roth IRA works & income limits on a Roth IRA.
· How to do conversions or roll-overs from one retirement account to another.
Key Takeaways:
· Investing in a Backdoor Roth IRA can boost your net worth.
· Think about other means for investing, rather than just stocks and bonds.
· There are backdoor ways to get a Roth IRA even if you are outside the income limits.
· Talk to your accountant/a self-directed custodian about other options for investing and retirement accounts and keep your options open.
"Diversity is good, not just outside your IRA, but also inside your IRA, for your own retirement’s sake." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
· Good debt verses bad debt.
· Statistics surrounding doctors and their debt.
· The frustration many doctors are having about becoming a doctor due to bad debt.
· Using smart debt leverage to add a passive income.
Key Takeaways:
· A new report shows that more doctors are paying more in student loans but making less from the beginning.
· Good debt will make you money every month rather than costing you.
· Be alert to bad debt, but appreciate good debt and leverage.
· Use your knowledge to build the finances you really want.
"Remember, being a doctor is an accomplishment, but at the same time, that doesn’t mean you need to work yourself to death, or choke yourself on debt forever and put off passive investing." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
- The effect of taxes on when you should retire.
- Your job becoming part of your identity, and the effect it has on your retirement.
- Taking a partial retirement later in life, or even starting it now.
- Working even when you don't need the extra money.
Key Takeaways:
- Taxes on business income and investment income are typically far less than on earned income from a job.
- Don't wait to enjoy life for in the future, it's a scam.
- Retirement doesn't have to be boring, you can do more of what you love.
- Your work can help out the world even if you don't need the income.
"The new retirement isn't about having money it's about having time." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Jessie Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
- Being charged too much in taxes
- Tax rates
- Paying less on taxes
- You have the right to protest your property taxes
Key Takeaways:
- Funds from taxes aren't used effectively
- Taxes are based off of local tax assessments
- You can get discounts for paying taxes early
- You can get tax rebates
"Tax payers are routinely overcharged with the expectation that they will appeal, though few know that they can even do that." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Jessie Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
- How to get into real estate safely
- Get your mindset right
- Working as a team
- Weigh risks vs. return
Key Takeaways:
- It's an evolving journey
- Don't constantly second guess yourself
- Partnering with someone who knows what they're doing helps a ton
- There's great advantages to do something early
"You learn from the process, and keep moving on." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Jessie Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
- Reasons for wanting to file a tax extension.
- Being relaxed during tax season.
- Having tax professionals work for you.
- Tax laws are always changing and how to have that work in your favor.
Key Takeaways:
- Buy the time that you need to do your taxes right.
- Take time to do your taxes well and flawlessly.
- You'll be getting a big bill if you're not organized.
- Wait until you get the correct forms to file your taxes.
"There's one thing no one gets away with no matter how grand their celebrity status is and it's paying taxes. So just avoid the extra unwanted attention from the RIS and just file an extension." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Jessie Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
- What’s the Deal with Financial Advisors
- Fiduciary Duty & the Hippocratic Oath
- No Skin in the Game
- The Roulette Approach to Investing
Key Takeaways:
- Financial advisors generally don’t give you the information you need
- Traditional financial advisors, retirement accounts, and investment portfolios, there should be no expectation of being treated fairly
- You should know what you’re investing into
- Amir is not like these horrible advisors and you should consult him
"While there are probably some great ones hiding out there in the garbage pile of needles and waste, I find medical professionals are far more likely to get stuck by a bad one and infected with a zombie brain toward investing, than to get the information they really need to be intelligent about their money." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn:http://www.linkedin.com/amirbaluchmd
Website:http://www.financialwellnessMD.com
Show notes by show producer: Jessie Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
From https://mail.google.com/mail/u/1/#search/abaluchmd%40yahoo.com/163aff269f084108
In this episode, Amir discusses:
- How to get better at value purchasing
- Be more frugal when it comes to your car
- Be smart when buying a home
- Don’t waste money on food
Key Takeaways:
-
Don’t spend a ton of money on a phone that is unnecessary when you can’t afford it
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Put your savings in a self-directed IRA and invest it
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Plan vacations where you can get value out of it
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Don’t waste money, but go for quality
" Food is another huge pet peeve of mine. And it probably is for you if you are in healthcare. We all know that eating off the dollar menu every day is going to get really expensive one day soon. Either from all the gym memberships and cosmetic surgery you need, or the medical bills from the complications it hits you with." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn:http://www.linkedin.com/amirbaluchmd
Website:http://www.financialwellnessMD.com
Show notes by show producer: Jessie Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Amir discusses:
- To minimize taxes on investment gains, especially when talking about retirement, we use 1031 exchanges, self-directed IRAs and trusts.
- 99% of those living in this country can’t count on their current financial planning for a sustainable retirement
- ‘Retirement’ does not have to be boring or mean you quit doing what you love. In fact, it means to get to do more of those things.
- How do you do it? How do you make enough to get time back on your side?
Key Takeaways:
-
Amir's book for medical professionals ‘Make It, Keep It.’ He is offering free copies just for my podcast listeners, just email me at amirbaluchMD@yahoo.com and I’ll send you a copy.
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To minimize taxes on investment gains, especially when talking about retirement, we use 1031 exchanges, self-directed IRAs and trusts.
- Just because you make enough money at some point to retire early, doesn’t mean you have to quit doing what you care about.
- Our recent reports shows that the biggest and smartest funds like Harvard and MIT have moved the bulk of their portfolios to alternative assets, like real estate.
"Whether you need a few years off, or just crave the freedom to work on things that are more important to you, with more control of how they are done, and want to live your purpose - I don’t think there is any choice but to get your finances to the stage where you can afford to retire as soon as possible." — Amir Baluch
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Danielle Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
If you can survive medical school, you can learn to handle your finances, you just need someone to point you in the right direction. Dr Amir Baluch is an Entrepreneur, real estate investor, author of "Make it, Keep it, The new rules of wealth preservation for doctors" and a praciting Anestesiologist. In researching his book, Dr. Baluch learned from the best and now he wants to pass that knowledge onto you. Welcome to the Financial Wellness Podcast.
Connect with Amir Baluch:
Email: amir@financialwellnessMD.com
LinkedIn: http://www.linkedin.com/amirbaluchmd
Website: http://www.financialwellnessMD.com
Show notes by show producer: Danielle Taylor
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.