How is my Financial Health, Doc?

Lack of financial education among healthcare professionals - ”I wish I knew” (Part 1)

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.

There are many ways to invest in real-estate for the HCP. Is BTRSFR right for you?

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!

Financial Anonymous: are you really good?

 "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

How and why your incorporated medical professional business can quickly lose its small business tax allowance?

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.

Are you aware of Real-estate development investing through a Limited Partnership?

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.

When it comes to your financial health, are you dealing with a ”bike salesman” or a ”personal trainer”? Are you getting ”suitable” or ”best interest” advice?

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.

What is pre-construction real-estate?

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

What is debt and how to USE it to build wealth? (Part 2)

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. 

What is debt and how to USE it to build wealth? (Part 1)

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. 

What is Participating life insurance? Let’s take a deep dive into the question with an insider.

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