How is my Financial Health, Doc?

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.

 

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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.

 

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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?

 

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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.

 

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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.

 

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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.

 

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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?

 

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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.

 

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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