How is my Financial Health, Doc?: Recent Episodes
Vu Kiet Tran
Today we’re talking about seg funds, a type of investment that blends market growth potential with some built-in protection features. They’re offered by insurance companies and banks and can include things like maturity guarantees, death benefit protection, and in some cases creditor protection. We’ll look at how they work, who they may be a fit for, and what to keep in mind before adding them to a portfolio.
To leave me with feedback or comments, please email me at hmfhd2020@gmail.com
This is the second episode about being a physician landlord. We continue our conversation with Mr. Andrew Fortis who will share with us his advice and wisdom as a real-estate lawyer.
To leave me with feedback or comments, please email me at HMFHD2020@gmail.com
Wealth planning can be very complex if we want it to be. Many advisors make it very complex to the point it can be very intimidating for us, the healthcare professionals.
But it does not have to be.
Parth Shah had drilled it down to simple geometries that we all are familiar with: The Square, the Triangle, and the Circle. He is also inviting to be intentional.
Please enjoy!
If you have any comments or feedback, please email me at HMFHD2020@gmail.com.
You already know my penchant towards real-estate as an asset. It is a good asset to hold. Most Canadians believe so as well. But how healthy is our Canadian market? Where are the opportunities? What types of real-estate investments are available beyond owning a rental unit?
This episode with Ray Punn will try to answer these questions.
If you have any feedback, please email me at hmfhd2020@gmail.com
This is the first episode of a 2-part series about the legal pitfalls of being a physician landlord. If/when you become a real-estate investor and desire passive income through rental properties, there are many traps to avoid. Prevention is really the best medicine.
This episode complements the previous one from Dr. Michael Long. Between these 2 episodes, there are multiple golden nuggets and wisdom only from those who have done it and lived it can share.
Please enjoy.
To leave me comments or feedback, please email me at hmfhd2020@gmail.com
Physicians are busy enough at their regular day (and maybe) night job. We do not need another gig? or do we?
Many aspire to own real-estate and make passive income from it.
It is not easy. It can be fairly complicated or complex.
Dr. Mike Long shares with us his 30 years of experience as a landlord. There are multiple golden nuggets in this episode. Please enjoy responsibly!
To review the list of topics and speakers, and to register for the Code Green Conference, please visit www.codegreenfinancial.com.
In this episode, one of the co-founders of Code Green Financial Conference, Dr. Roger Sen, explains and discusses ETFs. The "What", "How" and "When" of investing in ETFs.
To register for the Code Green Conference, please visit www.codegreenfinancial.com
To leave me with your comments, please use hmfhd2020@gmail.com.
Many people, including physicians, enjoy real-estate as an asset class. There are more than 1 way to invest in real-estate. Today, we discuss one of them. They Why, What, and How.
To leave me with your feedback, please email me at HMFHD2020@gmail.com
Please also visit www.codegreenfinancial.com to register for the Code Green Conference on March 29th, 2026 at the Old Mill Inn in Toronto.
Since the Healthcare of Ontario Pension Plan (HOOPP) made itself available to incorporated physicians in Ontario, many experts and podcasters have discussed it in the public realm. I have heard many inaccuracies and my hope is to address them in this episode with the help of my friend and business colleague Mr. JP Laporte who is a pension lawyer.
Physicians in Ontario should fully understand these inaccuracies, which themselves come from the complexity of pension plan structures.
Physicians should do their due diligence.
If you want to leave me with your feedback, please email me at HMFHD2020@gmail.com.
To register for the Code green Conference, please visit https://codegreenfinancial.com/.
Real-estate is an asset everyone wants to own in the investment portfolio. There are lots to like about owning real-estate. There are many legal questions that must be answered before signing on the purchase agreement's dotted line. Know what they are.
To leave comments or feedback, please email at HMFHD2020@gmail.com
To register for the Code green Conference on March 29th, 2026, visit codegreenfinancial.com
It is very interesting that as healthcare professionals who deal with illness, disability, and Death everyday of our lives we very commonly are ill prepared ourselves to face these life events, especially when it comes to planning for legal matters.
In tis episode, we will dive a bit into the topics of Wills and Estate Planning with an Estate Lawyer who can provide us with a bit of light and direction.
To leave me comments or feedback, please email me at HMFHD2020@gmail.com.
In this episode, we will pick the brain of the Savvy Physician, someone who has shared with our community his learnings throughout the years about personal finance. Dr. Kulkarni has written a book that is making very positive impact with colleagues. I hope we can absorb some of his wisdom today.
To leave me comments or feedback, please email me at HMFHD2020@gmail.com.
This episode, I am having a conversation with Dr. Varenbut about his impetus for writing his book about personal finance for Canadian physicians. We will learn from his experience and wisdom surrounding the topic of financial wellness among members of our community. I am certain many will walk away with lots of pearls and golden nuggets.
To reach out to me, please email me at hmfhd2020@gmail.com for any feedback of comments.
Save the Date for the Code Green Conference: March 29th, 2026 at the Old Mill Inn in Etobicoke.
We have a fireside chat with my good buddy Pratik and we discuss his approach to his career, personal life, and financial journey. Pratik shares with us his learnings and also many golden nuggets. Nobody teaches us these life lessons. We kinda have to learn these as we go. Sadly, many of us still are struggling to learn these life lessons.
To leave me with feedback or comments, please email me at hmfhd2020@gmail.com
Physicians have skills that can be applied to many industries and sectors of the economy. Many of us have followed our passion or calling. Many of us can still do this while working our day job.
To leave me with your feedback or comments, please email me at hmfhd2020@gmail.com
To reach me for financial coaching, email me at the address above.
While I am not an accountant, I like to learn about taxes in Canada. This is because it allows me to better properly plan my financial life. I recognize many of us in the medical community shy away from learning about taxes that impact us. It is not in our best interest. It is essential to understand taxes well.
If you have any comments or have ideas for future podcasts, please email me at hmfhd2020@gmail.com.
I have many colleagues who have done their medicine in other countries. They have struggled tremendously before succeeding here in Canada. Many of their struggles are not unlike the Canadian trained physicians. However, they face other additional challenges.
In this episode, I am chatting with Samir, a good friend and colleague from Egypt. He recounts his own struggles and now shares his learnings with us.
If you would like to leave me with comments, please email me at hmfhd2020@gmail.com.
In this episode, I am having a conversation with Dr. Milad Modabber, an ophthalmologist who shares the same interest and passion for making financial literacy a part of our medical training. We will understand why he thinks so and how we can work towards this goal.
If you have any comments or feedback, please email me at hmfhd2020@gmail.com.
There is no doubt we are facing a scenario that no one has ever seen before. The tumultuousness of the economy and markets at the hand of 1 person and his policies is unparalleled.
Despite the uncertainty, a few silver linings are beginning to emerge. The future in Canada, in the US, and across the globe will be bright. We will all emerge stronger.
How do we prepare for today and the short-term pain? How do we prepare for tomorrow's long-term gain?
We will discuss with Jonathan Lin.
Please enjoy!
To leave me comments or feedback, please email me at hmfhd202@gmail.com.
It is now official and Trump has been inaugurated as the President of the USA. Even before he was inaugurated, he had an impact on the stock market. He will continue to have impact on the market over the next 4 years (and maybe even beyond).
What does this mean for your portfolio?
What does this mean on how you save and/or invest?
Let's talk to Edan and get some insights.
To leave me comments or feedback, please email me at hmfhd2020@gmail.com
Many physicians I know have lots of great ideas and passion. Very few of us know how to convert these ideas and passion into reality. There are many explanations for this and I believe mindset is the major obstacle. Second is fear. Third is the lack of know-how.
In this episode, we will have a fire-side chat with Dr. Mike Long who is himself a physician and an entrepreneur. Let's get inspired by Mike. I think we all "want to be like Mike" by the end of this episode.
To leave me with comment, please email me at HMFHD2020@gmail.com
To register for Code Green financial literacy conference, visit www.codegreenfinancial.com
* Disclosure**
Myself (Vu Kiet Tran) and Mr. Jean-Pierre Laporte are co-founders of the Canadian Physicians' Pension Plan.
Over the last 2-3 years, several pension plans for physicians have come onto the Canadian market. Physicians are now more concerned with their retirement and financial wellness (and they should be), especially with the most recent announcement by the federal government that increased the inclusion rate on Capital Gains. Physicians are starting to understand the financial impact of this new change and are looking for solutions. They are now being marketed on the Specified Multi-Employer Pension Plan (SMEPP). Physicians need to know what this pension plan is about. Physicians need to do their due diligence.
To leave me comments or feedback, please email me at hmfhd2020@gmail.com
To visit the Code Green Financial Fluency conference for Feb 15th, 2025, please visit
www.codegreenfinancial.com
The Healthcare of Ontario Pension Plan (HOOPP) will welcome Ontario incorporated physicians on January 2nd, 2025.
For more than 60 years, HOOPP has been providing secure pensions to Ontario healthcare workers. With more than 460,000 members and 670 participating employers across the province, HOOPP’s membership continues to grow.
Physicians play an important role in Ontario’s healthcare sector, and HOOPP is pleased to announce that HOOPP will open the Plan to eligible incorporated physicians across the province in January 2025.
Medical associations have advocated and now doctors have another pension option.
What is The Healthcare of Ontario pension Plan?
Who was it designed for?
Were physicians in the initial calculations back in its establishment in 1960? If not, how do incorporated physicians fit in there now?
Does HOOPP even meet the needs of incorporated physicians in Ontario in 2025? Does it fall short and where?
To leave me with comment, please email me at HMFHD2020@gmail.com
To register for Code Green financial literacy conference, visit www.codegreenfinancial.com
Many have heard of the terms "Infinite Banking", "Bank on Yourself", and "Be Your Own Bank". They are the same and describes a strategy using Whole Life insurance. What is it? What are the benefits? What are the drawbacks? Who can use this strategy? We will reveal all this in this episode.
The Code Green Financial Conference registration is now open at www.codegreenfinancial.com
Early Bird has been extended until Dec 31st, 2024.
$249.00 per person instead of $349.00 per person.
Register now!
To leave me with feedback or comments, please email me at HMFHD2020@gmail.com.
Small business owners (which incorporated physicians are) can help their employees with health and medical bills via a Health Spending Account (HSA). It is a benefit that is tax deductible to the corporation. How can it be used? What are the indications? Who can use it? What can it be used for? Many of these questions will be answered in this episode.
To leave me comments or feedback, please email me at HMFHD2020@gmail.com.
To visit and register for the Code Green Financial Fluency conference on Feb 15th, 2025, please visit
www.codegreenfinancial.com
Most of us are invested in the "market" in traditional assets such as stocks, ETFs, and bonds. Our investment portfolio ride the roller-coaster that is the market. Can we invest in assets that are not correlated to this roller-coaster? The answer is "yes". One way to diversify our investment portfolio is using Alternative Assets (also known as Private Equity). What are the pros, cons, caveats, and risks? We will address these questions in this episode.
To leave comments and feedback, please email me at HMFHD2020@gmail.com.
The Code Green Financial Conference will be on Feb 15th, 2025 in Toronto at the Old Mill Inn. Registration is now open! If you are interested in attending the Code Green Financial Fluency conference for healthcare professionals, please visit us at: https://codegreenfinancial.com/
Physicians have now been bombarded with advertisements about pensions "designed" for them. Unfortunately, much of the marketing are not 100% truthful. As consumers of these plans, physicians need to understand 100% of the solution because being 50% truthful (while still true) is not the same as being 100% truthful. Buyer beware. Physicians need to do do their own due diligence.
To leave me comments or feedback, email me at hmfhd2020@gmail.com
You have heard of the new Canadian federal budget that increased the Inclusion Rate on the Capital Gains tax. It finally went into effect on June 25th, 2024.
Physicians were given the right to incorporate their practices in lieu of a salary increase. Consequently, many physicians saved their money inside their corporation in the form of retained earnings and then invested it, as a way to save for retirement. Now, with the increase in the Capital Gains Inclusion Rate, this strategy is no longer as efficient. But what about all those physicians who used this strategy for the last 20 years? Is it all lost? Well, if no actions are taken, then "yes".
A few strategies to mitigate this increase exist. Listen to learn about them!
If you want to leave me comments or feedback, please email me at hmfhd2020@gmail.com.
Physicians have now been bombarded with advertisements about pensions "designed" for them. Unfortunately, much of the marketing are not 100% truthful. As consumers of these plans, physicians need to understand 100% of the solution because being 50% truthful (while still true) is not the same as being 100% truthful. Buyer beware. Physicians need to do do their own due diligence.
To leave me comments or feedback, email me at hmfhd2020@gmail.com
Physicians have now been bombarded with advertisements about pensions "designed" for them. Unfortunately, much of the marketing are not 100% truthful. As consumers of these plans, physicians need to understand 100% of the solution because being 50% truthful (while still true) is not the same as being 100% truthful. Buyer beware. Physicians need to do do their own due diligence.
To leave me comments or feedback, email me at hmfhd2020@gmail.com
We have Sandy back again to help us dive into understanding the importance of financial fluency for physicians and other healthcare professionals.
If you want to leave me with feedback and comments, please email me at hmfhd2020@gmail.com
In this episode, I am being interviewed by the David MacNicol, host of Lighthouse Outlook Podcast. We go into more private questions about me and how I came to create "How is my financial health, doc?". We also discuss the financial challenges of physicians and why this is so. I discuss the importance of financial wellness for healthcare professionals. I highlight the common mistakes made by medical professionals, such as neglecting personal finance, not understanding financial products, and falling victim to scams. Finally, I emphasize the need for financial fluency and the impact it has on preventing burnout among healthcare providers
Please enjoy.
Leave me your feedback at hmfhd2020@gmail.com.
I welcome my friend Dr. Roger Sen to share with us his most recent passion and joy, which has become an income source for him. Dr. Sen has learned a new skill. We all can learn a new skill. he has developed his passion. We can all develop and nurture our passion. Who knows, someday, it can even become an income source.
Let's learn a little bit about Technical Analysis and investing in the stock market.
If you want to reach out, please email me at hmfhd2020@gmail.com.
In this episode, we will have a very informative and generative discussion with my guest Sandy Pollack about what it means to make wise choices for your career and business that not only protect what you have worked so hard to build but reflect your why.
Please send me your comments and feedback at hmfhd2020@gmail.com.
Physicians typically do not just wear one hat. Many of us tries to wear many hats at the same time (to our detriment). Don't worry, I do this too.
Some of us also wear the hat of a researcher (either big "R" or small "r").
However, most of us do not know we can be compensated by the government for the research we do. There is much money left on the table.
Here is an episode that deals with the SR&ED program.
Everyone should know about SR&ED. You may be entitled to receive this money back from the government.
If you have any comment or feedback, please email me at hmfhd2020@gmail.com.
Some of us have learned how to trade in the market. However, many of us have never heard of the Options market. What is it? What does it do? This awareness building episode on Options is just the place to get acquainted with it.
I am also launching my Executive/leadership/personal coaching service. If you are interested in finding out more, please email me at hmfhd2020@gmail.com.
In 2024, there are multiple options for pensions for Canadian physicians. In fact, there may be too many to chose from. Nonetheless, physician should want a pension plan. The issue is understanding all of them. In this episode, we will spend a lot of time discussing 1 of them.
I am also launching my executive/leadership/personal coaching service. If you are interested in finding out more, please email me at hmfhd2020@gmail.com.
Disability Insurance (DI) is one of those things in life that you do not think you need it until you really need it. And by then, you wished you had it. We will dive deep into the topic of DI with Saad Nadeem.
To leave me with feedback or comments, please email me at HMFHD2020@gmail.com
To learn more about the conference...
The Code Green Financial Literacy Conference.
Feb 2nd, 2024.
Novotel Hotel, North York, Ontario
Designed by physicians, for physicians.
Visit us at www.codegreenfinancial.com
With my real-estate agent and friend, Vy Ngo, we discuss the inner workings of investing in pre-construction real-estate.
To leave me with feedback or comments, please email me at HMFHD2020@gmail.com
To learn more about the conference...
The Code Green Financial Literacy Conference.
Feb 2nd, 2024.
Novotel Hotel, North York, Ontario
Designed by physicians, for physicians.
Early bird special until Dec 31st, 2023.
Visit us at www.codegreenfinancial.com
Dr. Roger Sen, Dr. Michael Long, and myself created a financial literacy conference for physicians and dentists.
The Code Green Financial Literacy Conference.
Feb 2nd, 2024.
Novotel Hotel, North York, Ontario
Designed by physicians, for physicians.
Early bird special until Dec 31st, 2023.
Visit us at www.codegreenfinancial.com
We did episodes on "Top 10 financial mistakes" made by physicians in early and mid-stage career. Late-stage physicians need not feel left out. Here is an episode for the late-stage career physicians. It is important to recognize that most of the financial mistakes in late-stage career are consequences of things not done in early and mid-stage career. But not all hope is lost. Many things can still be corrected. But better yet, for physicians in early or mid-stage career, this is a good episode to learn how not to get to this point!
For feedback of comments, please email me at HMFHD2020@gmail.com
We also launched a financial literacy conference for physicians in February 2nd, 2024.
The Code Green Financial Literacy Conference.
Designed by physicians, for physicians.
Early bird special until Dec 31st, 2023.
Visit us at www.codegreenfinancial.com
We did episodes on "Top 10 financial mistakes" made by physicians in early and mid-stage career. Late-stage physicians need not feel left out. Here is an episode for the late-stage career physicians. It is important to recognize that most of the financial mistakes in late-stage career are consequences of things not done in early and mid-stage career. But not all hope is lost. Many things can still be corrected. But better yet, for physicians in early or mid-stage career, this is a good episode to learn how not to get to this point!
For feedback of comments, please email me at HMFHD2020@gmail.com
We also launched a financial literacy conference for physicians in February 2nd, 2024.
The Code Green Financial Literacy Conference.
Designed by physicians, for physicians.
Early bird special until Dec 31st, 2023.
Visit us at www.codegreenfinancial.com
This is an advertisement for a financial literacy conference Dr. Sen, Dr. Long, and myself have created for physicians. This conference was designed by physicians for physicians, discussing person finance topics geared for physicians. Hope to see you there!
The early bird special end on December 31st, 2023. So, register soon.
To learn more and to register, please visit www.codegreenfinancial.com
Canadian physicians have recently been heavily promoted on a new Multi-Employer Pension Plan (MEPP).
What is this new MEPP? How is it structured? How do physicians fund it?
What are the benefits?
What are the drawbacks?
Let's look beyond the sales and marketing information.
Let's look underneath the hood to truly assess this MEPP.
To leave me feedback or comments, please email me at hmfhd2020@gmail.com.
Physicians and almost all providers in healthcare have very poor financial literacy. It is very common for us to make financial mistakes. The sad news is that most of us are not even aware of them. As we progress in our career, we hope that we finally "arrived". We might have done so professionally in medicine. However, have we "arrived" financially?
I am also letting the audience know of our inaugural Code Green Conference on Feb 2nd, 2024 at the Novotel Hotel in North York. It is an all-day jam full of financial knowledge. Save the Date! More details to come soon. If you don't come for the knowledge, at least come for the Wine&Cheese!
As usual, if you have any comments or feedback, please email me at hmfhd2020@gmail.com
As physicians, we make a lot of financial mistakes. Some of us are aware, but most of us are not aware we are making them. This is because we have blinders on. We are lead astray by our cognitive traps. In this podcast, we discuss of some them with Dr. Ketan Kulkarni.
To leave your comments, please email me at hmfhd2020@gmail.com
Many of our colleagues have been instructed by accountants to use a "Dividends Only" strategy to take money into the personal hands. This strategy may be valid for some, but not for most (at least not after 2014). Unfortunately, despite the changes in the law, our colleagues have not been instructed to change strategy. This persistence down the same path may have major detrimental repercussions. Learn what these repercussions could be and how they apply (or not) to you.
If you want to leave me feedback or comments, please email me at hmfhd2020@gmail.com.
Many of us use banks. But most of us don't understand the banking industry. I surely don't understand fully the industry myself. That is why we have a guest on today to explain the underbelly of the banking industry and what the banks don't want you to know. This conversation with an ex-banker is honest, blunt, and edgy. I hope you're ready for it.
To leave me feedback, please email me at hmfhd2020@gmail.com
We all Canadian physicians have been yearning for a pension plan for the profession for approximately 120 years. No one has taken the time or given the effort to create one for us. That time has come. I, the co-founder of the Canadian Physicians' Pension Plan, have designed one that meet the needs of Canadian physicians. It is designed specifically for us.
98% of us are in RRSP, a vehicle designed for middle income individuals. It is not the ideal retirement vehicle and tax tool for Canadian physicians. A pension plan is.
Here is why.
If you have any comments or feedback, please email me at hmfhd2020@gmail.com
If you want to understand more about the Canadian Physicians' Pension Plan, please visit www.canadianphysicianspensionplan.ca
Many of us use banks. But most of us don't understand the banking industry. I surely don't understand fully the industry myself. That is why we have a guest on today to explain the underbelly of the banking industry and what the banks don't want you to know. This conversation with an ex-banker is honest, blunt, and edgy. I hope you're ready for it.
To leave me feedback, please email me at hmfhd2020@gmail.com
This is an episode I recorded with my good friend Saad Nadeem, a CFP who helps foreign trained physicians in Canada. The concepts we talked about are not just for foreign trained physicians. Many of my colleagues trained in Canada are still suffering from the challenges we discussed. The learning points are relevant and real, very real. It is my strong belief that physician burnout is tied to financial well-being. Listen to see if you agree.
If you want to leave me with feedback or comments, please email me at HMFHD2020@gmail.com
There are 7 Money Mindsets. Do you know which one(s) you subscribe to the most often? Which one you adopt in times of stress or major money/investment decisions? "Know Thy Self" is crucial to your financial success.
For feedback or comments, please email me at HMFHD2020@gmail.com.
I had the pleasure to have on my show Roger who shared with me his financial literacy journey and how he came to understand Suitability vs Best Interest Standard.
Please email me if you have any comments or feedback at HMFDH2020@gmail.com
We all Canadian physicians have been yearning for a pension plan for the profession for approximately 120 years. No one has taken the time or given the effort to create one for us. That time has come. I, the co-founder of the Canadian Physicians' Pension Plan, have designed one that meet the needs of Canadian physicians. It is designed specifically for us.
98% of us are in RRSP, a vehicle designed for middle income individuals. It is not the ideal retirement vehicle and tax tool for Canadian physicians. A pension plan is.
Here is why.
If you have any comments or feedback, please email me at hmfhd2020@gmail.com
If you want to understand more about the Canadian Physicians' Pension Plan, please visit www.canadianphysicianspensionplan.ca
We all Canadian physicians have been yearning for a pension plan for the profession for approximately 120 years. No one has taken the time or given the effort to create one for us. That time has come. I, the co-founder of the Canadian Physicians' Pension Plan, have designed one that meet the needs of Canadian physicians. It is designed specifically for us.
98% of us are in RRSP, a vehicle designed for middle income individuals. It is not the ideal retirement vehicle and tax tool for Canadian physicians. A pension plan is.
Here is why.
If you have any comments or feedback, please email me at hmfhd2020@gmail.com
If you want to understand more about the Canadian Physicians' Pension Plan, please visit www.canadianphysicianspensionplan.ca
We all Canadian physicians have been yearning for a pension plan for the profession for ages. No one has taken the time or given the effort to create one for us Canadian physicians. That time has come. I, the co-founder of the Canadian Physicians' Pension Plan, have designed one that meet the needs of Canadian physicians. It is designed specifically for us.
98% of us are in RRSP, a vehicle designed for middle income individuals. It is not the ideal retirement vehicle and tax tool for Canadian physicians. A pension plan is.
Here is why.
If you have any comments or feedback, please email me at hmfhd2020@gmail.com
If you want to understand more about the Canadian Physicians' Pension Plan, please visit www.canadianphysicianspensionplan.ca
Healthcare professionals are very good at what they do, but are very bad at personal finance. We go through our professional and private lives without knowing these major financial concepts. This lack of knowledge is severely detrimental to our financial wellbeing. It is imperative we correct this.
Healthcare professionals are very good at what they do, but are very bad at personal finance. We go through our professional and private lives without knowing these major financial concepts. This lack of knowledge is severely detrimental to our financial wellbeing. It is imperative we correct this.
Many of us look to include real-estate in our investment portfolio. There active ways to invest in real-estate. There are more passive ways. Investing with a Limited Partner (LP) may be right for you. How much do you understand of LP real-estate investing. What do you know about BTRSFR? It is time to upgrade your knowledge!
"I am good" is what I often hear from colleagues who either do not want to deal, do not want to be bothered, do not feel confident, or feel embarrassed about their own personal finances. Many are heading towards a path of financial hardship in the future because they haven't learned how to properly plan for the future. Physicians make a good income but physicians also like to spend. We have so-called "experts" helping with our finances. We often ask them for advice. The advice is not always in our best interest. But I am not sure that physicians can pick that up. Physicians have serious financial problems. Most physicians do not recognize it nor acknowledges it. Physicians need "financial anonymous".
Please leave your comments and/or feedback at hmfhd2020@gmail.com
We have been told by our accountants to take as little salary as possible and leave the rest of the corporate income in the corporation as retain earnings. Then we were told to invest these retain earnings in a non-registered investment account. Many of us have done this. It is no longer tax efficient to do so. Were you aware of it? Now learn the reasons why it is no longer advisable to do this. What are the potential solutions? How should I implement them?
If you would like to leave me comments or feedback, please email me at HMFHD2020@gmail.com.
As I mentioned several times, people in the healthcare industry loves to invest in real-estate. In fact, who doesn't? While most are familiar with buying a primary residence, many are still learning about alternative ways to invest in real-estate. Have you considered real-estate development investing through a Limited Partnership? Did you know what it was? If not, well, here is your chance to learn more about it.
To leave me your comments or feedback, please email me at HMFHD2020@gmail.com.
I hear this very commonly from my peers: "I will discuss this with my advisor/accountant". I know for a fact that most of my colleagues who say this have never questioned whether their advisor/accountant has the knowledge or expertise to opine on the question at hand. However, they believe the "experts" without a second thought. Are they getting "best interest" or "suitable" advice? Does the expert have the appropriate knowledge to provide "best interest" advice? It is something we do not ask ourselves too often. We eventually pay dearly financially for the questions we did not ask or have avoided to ask.
If you have any comments or feedback, please email me at HMFHD2020@gmail.com.
Purchasing real estate is still a wonderful investment strategy. However, it is big decision and often an even bigger financial commitment. Thankfully, pre-construction condominiums are an accessible way for investors to get into the physical real estate market. They can invest with a reasonable down payment, and throughout construction, their investment grows in value. So, by the time their building is ready for occupancy, their investment has already increased in value, and they can start making a passive income by renting out their unit to tenants.
In this episode, Dr. Dimitre from Physician Empowerment, interviews Dr. Tran, an experienced pre-con owner, about all you need to know before investing in this market. If you want to provide me feedback or comments, please email me at hmfhd202@gmail.com
We are brought up to hate debt and to pay-off every single dollar as fast as we can so we do not have debt. That is the common teaching. But using debt is different from having debt. We are not familiar nor comfortable with this concept. It does take a different mindset to absorb this. In this episode, we start with defining debt and OPM (Other People's Money). Then, we discuss how to leverage OPM. Enjoy the learning carefully!
If you want to leave me feedback or comments, please email me at hmfhd2020@gmail.com.
We are brought up to hate debt and to pay-off every single dollar as fast as we can so we do not have debt. That is the common teaching. But using debt is different from having debt. We are not familiar nor comfortable with this concept. It does take a different mindset to absorb this. In this episode, we start with defining debt and OPM (Other People's Money). Then, we discuss how to leverage OPM. Enjoy the learning carefully!
If you want to leave me feedback or comments, please email me at hmfhd2020@gmail.com.
There is great debate going on in the wider financial community about life insurance. There is really 2 schools of thought out there: only buy Term insurance and invest the difference (BTID) vs Whole life insurance. There are indications (medical lingo used here) for both types of insurances. We should take some time to understand them. This one is on Participating Life insurance. Please enjoy the learning responsibly!
If you would like to leave me feedback or comments, please email me at hmfhd2020@gmail.com
Many physicians feel they are trapped. I know many of these physicians. They cannot do anything else other than medicine (and their own specialty). The reality is that physicians have acquired throughout their studies many skills that are transferrable to other careers. However, at times, we are too emotionally trapped to recognize the spectrum of skills we have. We do have them. of course, we also need to learn new skills to embark into new adventures. With the rising rates of burnout among physicians and healthcare professionals, what could be the solutions? Is non-clinical work (and alternative method of making an income) part of the solution? The answer is a resounding "Yes!". Please see what opportunities are possible by learning from Dr. Tsiodras.
If you would like to leave me feedback or comments, please email me at hmfhd2020@gmail.com
Physicians know much about investing (in the Market). Many are not aware about Arm's length private lending. What is this and what does it eat in the winter? We are going to bring this to your awareness today. Enjoy the learning!
Please lave me feedback or comment at hmfhd2020@gmail.com
I hear a lot of my colleagues talk about real-estate investing and earning passive income via real-estate. Many have talked about it. Very fews have actually done it. Maybe because of lack of knowledge. Maybe because of fear. Maybe just procrastination. Whatever the reason, there is no more excuse after this episode.
If you want to leave me any comments or feedback, please email me at hmfhd2020@gmail.com
Many of us secretly dream of a non-clinical job or career. We struggle to figure out what that would look like but, more importantly, how to get there. As we face more burnout in our industry, it becomes an imperative to actually drive towards our passion that can become a signifcant side job in this GIG economy. Having a passion outside of clinical work is now, I think, a must to combat burnout. Julia Perreira, a very successful occupational therapist, shares with us how she did it and what tips she has for us. Julia serves as an inspiration to all of us.
Please leave me your feedback or comments at hmfhd2020@gmail.com
We, all Canadian physicians, have been yearning for a pension plan for the profession for ages. No one has taken the time or given the effort to create one for us Canadian physicians. That time has come. I, the co-founder of the Canadian Physicians' Pension Plan, have designed one that meet the needs of Canadian physicians. It is designed specifically for us.
98% of us are in RRSP, a vehicle designed for middle income individuals. It is not the ideal retirement vehicle and tax tool for Canadian physicians. A pension plan is.
Here is why.
If you have any comments or feedback, please email me at hmfhd202@gmail.com
If you want to understand more about the Canadian Physicians' Pension Plan, please visit www.canadianphysicianspensionplan.ca
Everyone loves to talk about investment and stocks. We love to talk about the latest and shiniest coin on the block. But it is really not as important as considering the entire financial plan. Focusing mainly on investments as your overall financial plan can lead to a failed plan. What else should we do then?
Please leave me with your feedback and questions at hmfhd2020@gmail.com
Many think life insurance is only for the estate after our passing (journey to the clouds). That is a very limited and scarcity mindset view of what life insurance can do. Those who truly understand life insurance know many other strategies to build financial security, independence, and wealth. This is one of such very powerful strategies. It is not for everyone, but it is something to be at least be aware of.
if you would like to leave me feedback, please email me at hmfhd2020@gmail.com
We, in healthcare, are no different than everyone else when it comes to evaluating a product or service. Everyone, even people whose expertise is financial products and strategies, fall in the same trap. That is basing their assessment mainly focused on cost and fees. That is absolutely the wrong mindset. And it is very costly in the end. Life is a great teacher, but this teacher is very expensive. Learn to evaluate a product or service based on value, not cost.
Please email me at HMFHD2020@gmail.com if you ave any comments or feedback.
I am certain you have many views about money. Are those views yours? or have they been implanted into your consciousness by your parents, your in-laws, or your neighbours? How you understand and view money determines how successful financially you will be. It will also dictate how happy you will be. So, do not underestimate the impact of your view about money.
Please email me at HMFHD2020@gmail.com if you ave any comments or feedback.
Ice cream is amazing on its own. Soda is also very tasty. The combination of ice cream with soda in an ice cream float is even more amazing! Well, here, we will discuss another amazing combination.
What is the Enhanced Smith Maneuver?
We will dive into this combination and understand how they can be synergistic for incorporated healthcare professionals.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
Are you engaged with a strategic accountant? In addition to filing your taxes, does your accountant educate and engage you in a discussion about financial planning for the future? As healthcare professionals, we rely on the expertise of others to manage our personal finance. One of the major player among these experts are the accountants. If they do not talk to us about things we are not aware of, how are we supposed to be aware? It is not so much what is said that is important. It is what is not said. So, are you having conversations with your accountant about things that are not said?
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
My personal take on the question of "suitability" vs "best interest" in regards to financial advice from advisors and accountants.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
Only a few of us have really spent time and energy thinking about the question regarding conflict of interest when it pertains to financial advisors. Some of us have recommended fee-only financial advisory services. But that really does not answer totally the question of "what is best for me?". There is another question we, as financial consumers, must answer. Is my advisor and/or accountant using the "suitability" or "best interest" standard? What is the difference between the two? You should know because it can drastically affect your financial outcome.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
There is an age-old debate between two camps: "Buy term and invest the rest" vs the Whole Life insurance. Many financial gurus and social media financial contributors who favor "Buy term and invest the rest". But what does it mean? How does it play out in the long-term? We will take a deep dive with a more analytical method. Please enjoy responsibly.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
I had a great interview with Galen Nuttall, a CFP and a podcaster. Hear my deepest thoughts about how we, as a community, are doing financially on a personal level.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
No one gets married with the expectation of having a divorce. But life happens. A divorce is devastating on so many levels. One of them is financial (for all parties involved). We will discuss this briefly with my good friend David.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
I have heard of the CDA account many times. It did not register with me until the third time. Then, it hit me like a ton of bricks. Do you know about it? Do you understand it? It is a very powerful estate planning tool for incorporated professionals.
To leave me feedback of comments, please email me at hmfhd2020@gmail.com
As busy healthcare professionals, we are very good at caring, treating, and healing others. However, how good are we are managing our own personal finances and planning for financial security? It is really a rhetorical question. We really are not. We should be good at it and educate ourselves. This however does not exclude needing the help of a professional. In this episode, Galen shares with us his profession and a look behind the scenes.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
As busy healthcare professionals, we are very good at caring, treating, and healing others. However, how good are we are managing our own personal finances and planning for financial security? It is really a rhetorical question. We really are not. We should be good at it and educate ourselves. This however does not exclude needing the help of a professional. In this episode, Galen shares with us his profession and a look behind the scenes.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
I am the host of this podcast because I earned it! I have made enough financial mistakes that I can about for an entire day. But for now, just avoid this one. Learn from my mistake and you can avoid yours. Enjoy.
I thought I was alone like Wolverine. But I found another physician mutant willing to discuss personal finance in healthcare. Our lives may be in danger now as the rest of the medical community want to lock us up or rehabilitate us. But Yatin was courageous enough to expose himself as well. We are following our dream of educating the masses and hopefully one day, we can all live together in harmony. One day, we will be accepted by society.
Please listen to Yatin as he shares his thoughts about personal financial literacy for healthcare professionals.
Yatin's podcast is "Beyond MD with Dr. Yatin Chadha" on all podcast platforms.
If you would like to provide feedback or comments, please email me at hmfhd2020@gmail.com
Canadian homeowners are somewhat disadvantaged in comparison to our American neighbours because we cannot right off the mortgage interest. We also think of debt in 1 (only one) way. We are taught this by our parents, cousins, neighbours, and our dog. But after centuries of doing it 1 way, we have not improved our overall financial security. There must be another way?
Yes, there is.
Please learn about the Smith maneuver and see if this strategy may be a good fit for you. It may not be, but at least, you will know what it is.
Please provide me your feedback or comments at hmfhd2020@gmail.com
100% of my colleagues have accountants.
99% of my colleagues are not aware of private individual pension plans.
What a huge disconnect!!
And 100% of the 99% are also obviously not aware of the Retirement Compensation Arrangement (RCA). It is one of the best kept secret in personal finance.
Incorporated individuals should learn about this solution and figure out if this is an appropriate fit for their situation.
Don't miss out!
If you ave any feedback or comments, please email me hmfhd2020@gmail.com.
This is another very polarizing topic among incorporated healthcare professionals. Accountants and advisors favor one or the other. The truth is probably in the middle (as always). Listen for yourself and see which one you prefer. By the end of these 2 episodes, you will find out which one I prefer (for a reason that no accountants are aware of).
Please leave me your feedback or comments at hmfhd2020@gmail.com
This is another very polarizing topic among incorporated healthcare professionals. Accountants and advisors favor one or the other. The truth is probably in the middle (as always). Listen for yourself and see which one you prefer. By the end of these 2 episodes, you will find out which one I prefer (for a reason that no accountants are aware of).
Please leave me your feedback or comments at hmfhd2020@gmail.com
Everyone knows how buys we are. You know how busy you are. But you also fancy investing in real-estate (not just the REITs stuff)! Can we do it? Hell yeah! If we can save someone life by operating on a brain or a heart, perform a LP with eyes closed, or treat complex mental health illnesses, we can be a real-estate investor. And it does not even take as long as open-heart surgery. It does take does skills that could be learned. Here are some things to think about as you take your first step!
Please reach out to me or leave me with your comments at hmfhd2020@gmail.com
Everyone knows how busy we are. You know how busy you are. But you also fancy investing in real-estate (not just the REITs stuff)! Can we do it? Hell yeah! If we can save someone life by operating on a brain or a heart, perform a LP with eyes closed, or treat complex mental health illnesses, we can be a real-estate investor. And it does not even take as long as open-heart surgery. It does take does skills that could be learned. But first, it take a change in mindset. Are you willing to change?
Please reach out to me or leave me with your comments at hmfhd2020@gmail.com
Most of us do not truly understand life insurance products. It is something takes a lot of time to learn and understand. The world of insurance products is vast and creative. There are many ways to purchase a life policy (even a very large policy). Have you heard of "mortgaging" one? If not, then you should listen here.
Please leave your comments and feedback here: hmfhd2020@gmail.com.
There are many advisors in the financial industry. As healthcare professionals, we rely on them to give us relevant advice to achieve our financial goals. We obviously do not know it all and we never will. So, it is a wonderful thing to have access to those who can help us be proactive and vigilant about our financial security. Here we will pick the brain of one of the most experienced advisor I know. Gordon offers a wealth of knowledge and wisdom (and stories). We will chat with him as he shares with us how healthcare professionals can set themselves on the right path from the very beginning. Come and listen to this 3rd and final installment of our fireside chat with Gordon Berger.
There are many advisors in the financial industry. As healthcare professionals, we rely on them to give us relevant advice to achieve our financial goals. We obviously do not know it all and we never will. So, it is a wonderful thing to have access to those who can help us be proactive and vigilant about our financial security. Here we will pick the brain of one of the most experienced advisor I know. Gordon offers a wealth of knowledge and wisdom (and stories). We will chat with him as he shares with us how healthcare professionals can set themselves on the right path from the very beginning. Come and listen to this 2nd installment of our fireside chat with Gordon Berger.
There are many advisors in the financial industry. As healthcare professionals, we rely on them to give us relevant advice to achieve our financial goals. We obviously do not know it all and we never will. So, it is a wonderful thing to have access to those who can help us be proactive and vigilant about our financial security. Here we will pick the brain of one of the most experienced advisor I know. Gordon offers a wealth of knowledge and wisdom (and stories). We will chat with him as he shares with us how healthcare professionals can set themselves on the right path from the very beginning. Come and listen to this fireside chat with Gordon Berger.
Many of us have a house (borrowed from the bank) or on the market looking to buy a house. Home-ownership is a Canadian dream. Given how strong the Canadian housing market is right now, many of us are willing to buy over-priced or extravagant houses. Once we won the bid and bought the house with a mortgage, we have all the intention to aggressively pay down the mortgage. It is what we are taught to do. Do not have debt! However, trying to live up to this dogma, we often neglect other important tasks that will increase our net worth. Are you doing this and don't even know it?
Please email me if you have any feedback, comments, or suggestion for future topics: hmfhd2020@gmail.com
Physicians in Canada were given the legal privilege to incorporate. It is a privilege indeed. It was decided so for many financial and estate planning reasons. Many have not incorporated. Do the drawbacks of incorporation outweigh the benefits? What is the long-term impact of not incorporating? This episode is part 2 and final thought on incorporation even if there is no retained earnings at year's end.
Since incorporation was allowed for physicians, many have taken the opportunity to do so. Many have not. While incorporation is not an answer to everyone's situation, it is however a good tax planning solution for most. Those who have not incorporated for the reason of "I do not have any retained earnings left in my corporation at the end of the year" should really reconsider. Incorporation is really just the first step. Having retained earnings or not at year's end is really irrelevant strategically speaking if the end goal is financial security and wealth building. Listen to understand this vantage point.
The eight and last installment in the serie on Behavioral Finance. Sunk Cost bias or Gambler's fallacy. This bias is something I am certain we all are victim of. You may not want to admit but you fall victim to this one as well. We are human and we act with emotions. It is very difficult to cut our losses and walk away. Just recognize this can be very detrimental to your overall portfolio performance.
The seventh installment in the serie on Behavioral Finance. Achieving Cheap at all cost. A race to the bottom is not the same as a race to find value. In fact, getting the cheapest you can find of everything is refusing to recognize opportunity cost. Beware of such cognitive bias!
We are good at what we have learned and do. We are good at providing medical care. After all, we are doctors. Does that also mean we are good at building financial security and wealth? Most of us are not. Some of us are. Or at least we think we are. What we think we are really good at is mainly in investment. Are we also really good at the other aspects of financial planning? The biggest enemy to knowledge is not ignorance, it is the illusion of knowledge.
Please email me if you have any feedback, comments, or suggestion for future topics: hmfhd2020@gmail.com
The sixth installment in the serie on Behavioral Finance. Taking too much risk due to greed. This bias is something I am certain we all can fall victim to. Are you trying to be a cowboy and hit home runs all the time? Or should you follow a strategy to grow your portfolio?
The fifth installment in the serie on Behavioral Finance. Songs of Sirens. This bias is something I am certain we all are victim of. Beware who you listen to and what is being said. Do you fall the beautiful stories? if so, you are most at risk.
Quantitative Easing (QE) is a word that has been bounced around for some time now. I never understood what this sophisticated word meant. To be honest, I did not care until I understood it just enough. Now, I feel the need to understand a bit more because it will impact my personal finances in a very large way. QE will be broken down into simple concepts even a doctor (me and you) would understand.
Please email me if you have any feedback, comments, or suggestion for future topics: hmfhd2020@gmail.com
The fourth installment in the serie on Behavioral Finance. Checking you portfolio often. This bias is something I am certain we all are victim of. Checking your portfolio too frequently and acting on emotions when you goal is long term adds no value. It only creates regrets.
The third installment in the serie on Behavioral Finance. Loss Aversion. This bias is something I am certain we all are victim of. We experience loss more deeply than we experience gain. This in turn makes us do things that are not in our best interest.
Another episode in the series of Mea Culpa. This time, we learn from Mikaela.
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com or email me at hmfhd2020@gmail.com
If you are making investment or money decisions on your own (DIY), are you doing it correctly? Have you considered the overall strategy? Or are you just buying assets haphazardly (like a plastic bag floating in the wind)? What is missing in the DIY strategy? You need to know (because what you don't know can really hurt you).
The second installment in the serie on Behavioral Finance. Confirmation bias. This bias is something I am certain we all are victim of. At least, in medicine, it is rampant. I see it everywhere and from everyone. Are you bringing it from your professional life into your investment decisions as well?
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
Do you think you always make the right decision in medicine? There many blind spots which we call cognitive biases. I am certain you are aware of these biases in your professional practice. However, are you aware of these blind spots when in comes to investing your money? This is the first in this serie on the topic of Behavioral Finance. Enjoy!
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
Given the new tax changes, many accountants and advisors are recommending Capital Stripping. Before you say yes, is there a better alternative that is more tax efficient? You better listen to this before you jump into Capital Stripping.
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
It is my belief that a well diversified investment portfolio should include equities, bonds (ok maybe not in this low rate environment), ETFs, insurance products, real-estate, and non-correlated investment products. It should also include REITs (which could be part of your non-correlated investment portfolio). But what are REITs you ask? Well, I (ok maybe not me, but my guest) have all the answers. Listen to learn more.
This episode is sponsored by:
Alignvest Student Housing REIT (ASH REIT) is a private REIT focused on consolidating the highly fragmented purpose-built student accommodation (PBSA) sector in Canada. Over three years, ASH REIT has acquired 10 high-quality properties with 4,200 beds valued at $550 million. ASH REIT has a proven track record, and demonstrated resiliency and stability through the pandemic – delivering an annualized return of 10.5% to investors, including an attractive tax-efficient distribution of 5.3%, paid monthly.
Sanjil Shah is the Managing Partner of Alignvest Student Housing REIT. He is a CPA and has almost 20 years of experience in real estate and investment management, having previously built one of Canada’s largest self-storage real estate businesses. Sanjil is also a Managing Partner of Alignvest Management Corporation, a private investment firm.
Additional information is available at alignveststudenthousing.com.
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
A few episodes back, we learned about private pension plans (IPP and PPP). We know what the benefits and drawbacks are. But there is 1 particular aspect of these pensions that deserve its own episode. This feature of the private pension plan (that is most powerful inside the PPP) is the most powerful of all the features. If you have children, you must know this!
I also am excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
Everyone likes to invest in real-estate. Healthcare professionals loves to invest in real-estate. Do you know why? If you are not invested in real-estate, should you? What are the incentives and the disincentives of investing in real-estate? This episode will try to answer some of these questions.
This episode is sponsored by another Emerg Doc, Dr Fred Voon, who has just come out with a new book called ‘Your Inside Guide To the Emergency Department… And How to Prevent Having To Go’
We hear the same questions and complaints in waiting rooms coast to coast. This book answers them.
People want to know how they can stay out of the Emergency Department, or how to get seen, and get out as quick as possible.
Dr Voon takes 15 years of experience and puts it into this book that you will want to give to your family and friends.
So he’s giving away books to the first 5 Canadians that respond on his website DrVoon.ca and to every 50th Canadian until the promotion expires.
You can buy his book online, special order it at your local bookstore, or ask your local library to add it to their collection.
I also am excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
Persistent Quality Part-time Effort is a powerful concept that all physicians must understand. Whether you want to call it Side Hustle or Multiple Revenue Stream, the power is in the financial freedom that it offers from your everyday professional life. One might say "isn't it enough that I am a physician? Why do I need to do something else?". The new medical profession is unlike the old medical professional. Just in a span of 25 years, I have seen it change before my own eyes. Within these changes, the question is "Can I afford not to change myself?".
I also am excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
The first one (June 4th 2021) was a success. Thank you for your support!
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
You hear about "rebalancing" often. What is it in fact? What is the purpose of rebalancing? How should you do it? Hear some answers here.
My guest David MacNicol from MacNicol & Associates Asset Management will help us learn more about Rebalancing.
I also am excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
The first one (June 4th 2021) was a success. Thank you for your support!
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect with me for mentorship/coaching related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
At some point in our life, we will be purchasing life insurance. When that time comes, hopefully our broker will educate us on how they help us determine how much life insurance is needed. To answer this simple questions, it could become quite complicated. Here is an episode to help us understand why that is.
I also am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
To connect with me for mentorship/coaching related questions, please also visit: www.financialhealthdoc.com
Or email me at hmfhd2020@gmail.com
Let's start with the premise that we all want to help people - the reason why we decided to go into medicine or nursing. We are all good people. We want to do good for people and our community. Then why did we end up with a College complaint? Are we bad people then? Why do others want to complain about us? Let me tell you, it is a confidence destroyer when that happens. It is also a real source of burnout.
Have you ever had a College complaint (yes! the one no one wants to say by name)? You may know why you had the complaint, but do you know the root cause of why you ended up there? If you do not see it, it is just a question of time that another complaint will be at your doorstep.
If you have not had a College complaint, then, congratulations! But how can you prevent one? Listen to see if it makes sense.
I also am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me at hmfhd2020@gmail.com
I made a lot of financial mistakes in my time and it is the main reason I decided to learn all that I can learn about personal finance. It is the main driver for me launching this podcast back in April 2020. But one mistake I regret the most is the setting up of the RESP for my son. That will be a podcast episode on its own in a near future. Then, when I set up my RESP account for my daughter, I thought I had corrected those previous mistakes. But now, I realize I could have done even better. My god, when does the learning stop? I know the answer, it was just a rhetorical question. Now, listen to these hacks and take advantage of them if you can.
I am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me at hmfhd2020@gmail.com
I am sure you have asked this question before: Should I incorporate? A question that have been asked by HCPs since 2009. Well, now, Cherry Chan CPA will answer this questions for you. If you do not listen to this episode, your wallet will resent you for a long long time!
I am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me at hmfhd2020@gmail.com
I am sure you have asked this question before: can I write off my car? Well, now, Cherry Chan CPA will answer this question for you. If you do not listen to this episode, your wallet will resent you for a long long time!
I am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me at hmfhd2020@gmail.com
I am sure you have asked these questions before: what can I deduct from my income tax? Is this meal deductible? How about my car lease? Well, now, Cherry Chan CPA will answer these questions for you. If you do not listen to this episode, your wallet will resent you for a long long time!
I am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me at hmfhd2020@gmail.com
The financial industry is not as regulated as the healthcare industry. Almost anyone can call themselves "advisors". There are some who have specific designations such as CFP, CFA, CLU (and by all means this is not an exhaustive list here). However, many do not and many are only interested in selling products as opposed to honestly provide advice and strategy. Know who you are dealing with. Are you engaging an advisor or a salesperson?
I am excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower your Future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me at hmfhd2020@gmail.com
In the healthcare team, we have many players. Among our team members are the nurse practitioners (NP). The NPs have different financial challenges that we will learn about today. But what are their major challenges? What could be their solutions? My guest Ella can help us understand the issues.
I am also excited to announce my upcoming virtual Financial Workshop on June 4th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"
Empower Your Future Self
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 100 attendees!
Please also visit: www.financialhealthdoc.com
Email me: hmfhd2020@gmail.com
Now that you know what Segregated Funds are, it is time to deepen that knowledge. Get ready for Part 2!
How many of you like to eat medallion steaks (filet mignon wrapped in bacon)? Yum yum...Well, what if an investment product that offers a medallion steak juiciness with a bacon deliciousness. Would you consider it?
Opportunity is here for you for the taking. Incorporated healthcare professionals can also enjoy a pension under the professional corporation. Here is Part 3 of a 3-part series.
Please visit: www.financialhealthdoc.com
Email me: hmfhd2020@gmail.com
Katy calls for us to stand up for yourselves and fight the tyranny of the Canadian tax system! Incorporated healthcare professionals can also enjoy a pension under the professional corporation. Here is Part 2 of a 3-part series.
Please visit: www.financialhealthdoc.com
Email me: hmfhd2020@gmail.com
No more need to envy those on HOOP, the Teachers Pension Fund, or the like. Incorporated healthcare professionals can also enjoy a pension under the professional corporation. Here is Part 1 of a 3-part series.
Please visit: www.financialhealthdoc.com
Email me: hmfhd2020@gmail.com
With the pandemic still going on and death numbers still rising, how can one explain the uptrend in the stock market? How can one explain the Gamestop craziness? More importantly, what should I do with my investments or savings? Should I invest in Gamestop (ticker: GME)? The answer is in the episode.
You are go-getter. You have listened to every personal finance podcasts there is to listen to. You are doing exactly what they are asking you to do. You rely on their knowledge and expertise. You think you are doing the right thing...until the day it really does matter. You do not know what you do not know...and unfortunately you will only learn about it at the worst possible time. Listen to these gurus with a large grain of salt. Learn first for yourself. Listen to their teachings later. Not the other way around!
There is nothing to learn from this episode. It is designed and produced to be this way. The episode is meant to trigger reflection and introspection. Am I being too deep? Maybe I am. But it is for a greater good. It is with the hope to trigger a movement. It is meant to nudge people into taking action; action that will hopefully eventually lead to better places for our young healthcare professionals (especially physicians) who are burning out at incredible speed.
I do not need to explain to you why 2020 was a challenging year. Our community has learned a lot of valuable scientific, medical and public health lessons. From a personal finance perspective, I have learned a lot of lessons as well. It just seems like the right time to share them with you.
As physicians, we should not long to become employees and lose our autonomy just for the sake of enjoying a pension. No more envy! Physicians, under professional incorporation, can set up their own pension plan. Individual Pension Plan (IPP) is just one mechanism. Learn more about it now!
As physicians, we should not long to become employees and lose our autonomy just for the sake of enjoying a pension. No more envy! Physicians, under professional incorporation, can set up their own pension plan. Individual Pension Plan (IPP) is just one mechanism. Learn more about it now!
When we say "the market", we usually talk about the stock market. But there are other markets that investors can invest in. Are you aware of it and what do you know about it? This is part 2 of our learning journey.
When we say "the market", we usually talk about the stock market. But there are other markets that investors can invest in. Are you aware of it and what do you know about it?
Good financial security and wellness planning starts the day a new grad begins his/her practice. Financial mistakes made in the first few years of practice will pave the road for financial uncertainty that can lead to the hamster treadmill routine, ultimately potentially leading to professional burnout. Learn how to break this cycle of destruction!
Burnout rate among healthcare professionals is high. Do we know we are burnt out? Do we recognize the signs? What does it have to do with our personal financial decisions?
Founder of Vanguard John C. Bogle said "The miracle of compounding returns is overwhelmed by the tyranny of compounding costs" because he understood the disastrous effects of fees on your investment portfolio. My guest Mr. Larry Bates agrees with him and also shares his thoughts about investing in Canada, especially for Healthcare Professionals.
Good financial security and wellness planning starts the day a new grad begins his/her practice. Financial mistakes made in the first few years of practice will pave the road for financial uncertainty that can lead to the hamster treadmill routine, ultimately potentially leading to professional burnout. Learn how to break this cycle of destruction!
If we are parents or going to be soon parents, we know that children are the focus until they become themselves adult (and maybe for some, our children never grows up). We really cannot engage in an adult discussion about financial security unless we include planning with our children in mind. Here are some things to think about.
If we are parents or going to be soon parents, we know that children are the focus until they become themselves adult (and maybe for some, our children never grows up). We really cannot engage in an adult discussion about financial security unless we include planning with our children in mind. Here are some things to think about.
What is a RRIF (Registered Retirement Income Fund)? What do you need to know now that will serve you 30-40 years later? Don't wait until retirement age to understand this!
What is a RRIF (Registered Retirement Income Fund)? What do you need to know now that will serve you 30-40 years later? Don't wait until retirement age to understand this!
You are "working" with a financial advisor. Is she/he working with your best interest at heart? Does she/he exercise her/his fiduciary duty towards you? Or is she/he another salesman? How can you tell? Well, this is what an insider can share with us.
In Medicine, we have M&M (Mortality and Morbidity) rounds where we learn of other's cases and mistakes. In Personal Finance, there are none until now. My father taught me "if I tell you there is a trap there, why would you still go there?". Dumb people never learn from their mistakes. Smart people learn from their own mistakes. Wise people learn from other's mistakes. This is a series of real learnings from real people.
Healthcare professionals work hard. However, it is all we know how to do well. Break free from the conventional use of money. Learn how you can save with intent and efficiency with Life Insurance.
Succeeding in personal financial security and wellness takes more than just knowing you are invested and what stocks to purchase. The secret is knowing what strategy you need to use to get to your end goal.
Here is another type of Life Insurance you should understand before make your final decision on what is appropriate for your strategy. Know the advantages and drawbacks of this type of product to fully appreciate its value in your financial portfolio.
Want your cake and eat it too? Well, now you can have Life Insurance and Invest or Save too. Learn how this vehicle can meet your financial strategy. But also recognize some of the flaws.
What can be simpler than Term Life Insurance? It is the basic Life Insurance we can purchase. But do we all need it? Who should need it? Why should we have it?
Healthcare Professionals are good at doing healthcare. It is what is expected of them of course. But their families and life expect more of them from a financial perspective. How can they be good at it when it was never taught during their training? Healthcare Professionals should no longer be financially illiterate.
One of the things we need to do to protect ourselves is proper risk management of medical events. Critical Illness Insurance is one of the steps in this risk management.
As healthcare professionals, we seldom think about Risk Management. Well, it is a very common mistake. But even when we do want to investigate, we do not know where to start and how to interpret the policies. Welcome to a Primer on DI.
Cash is excellent, but Cashflow is KING (positive cashflow that is)! Many of us have heard it before, but most of us do not understand it well (or refuse to heed the cautions). Living with positive cashflow is essential to your financial well-being.
Cash is excellent, but Cashflow is KING (positive cashflow that is)! Many of us have heard it before, but most of us do not understand it well (or refuse to heed the cautions). Living with positive cashflow is essential to your financial well-being.
Understand the importance of Power of Attorney (for Property and Health). How does it work?
It is important to understand Probate and minimize reduction in assets that is left to your loved ones.
Estate planning is crucial for your estate after your time on earth. Don't leave your family with a mess for your loved ones to figure out.
TFSA is one of the best gift the federal government has given to the Canadian population. However, many of us do not understand it and thus do not take advantage of one of the best tax-efficient accounts. If you are thinking of planning for your financial future, you MUST understand TFSA!
TFSA is one of the best gift the federal government has given to the Canadian population. However, many of us do not understand it and thus do not take advantage of one of the best tax-efficient accounts. If you are thinking of planning for your financial future, you MUST understand TFSA!
TFSA is one of the best gift the federal government has given to the Canadian population. However, many of us do not understand it and thus do not take advantage of one of the best tax-efficient accounts. If you are thinking of planning for your financial future, you MUST understand TFSA!
Ideal financial planning and investment will require us to fully understand asset allocation and location, both of which will impact our tax burden and our future returns
We have finite resources and assets. When we make financial decisions with these resources, are we thinking clearly about them? Did we account for effect(s) of the choices we did not take?
Your future self will thank you now. You don't know what you don't know. Ignorance is not bliss. Mistakes made now have tremendous future detrimental effect(s) on your financial security and well-being. Correct them now. Do not wait!
“You future self will thank you now”. Life will throw us curve balls. it is not a question “if”, but “when”. Are you prepared? Should you be? Let COVID-19 Pandemic teach us why we should.
COVID-19 pandemic is creating havoc in almost all sectors of our lives, not just in health. The markets have been majorly impacted by it. People have many questions about their savings and investments. Here we try to answer some of these questions and maybe lighten some anxiety.