The Freedom Formula for Physicians | How Doctors Cut Debt & Slash Taxes | Business Of Medicine | Financial Education

Some of us have to learn the hard way... through the school of hard knocks and through our own mistakes. Others of us embrace our mentors. Sometimes it may take a kick in the rear end or sometimes a moment of epiphany. Our next guest has experienced all of this and has some incredible words of wisdom for us. Click here to discover all the resources, show notes, and mentions from this podcast episode. Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances. Our next guest has not only been a physician, but also has created a side-hustle focused on concierge real estate for physicians called Curbside Real Estate. A little bio on him… he is practicing, full-time, anesthesiologist. He lives in beautiful Sunny Southern California, my birth home. Go Lakers! I mentioned that he has this passion from real estate that stemmed from his own frustrations and failures. I know he has a ton of wisdom to share with us and with no further adieu… Please help me welcome Dr. Peter Kim! In part one of this episode, you will discover: - How his relationship with his dad led to a passion of medicine - The moment his engagement changed his perspective on finances and his management of money (Hint: It had to do with his father-in-law) - The lessons he learned growing up & how debt impacted his future life - The number of credit cards he had & why he fell into that trap - How he hustled and got it all paid off within 1 year - How my wife and I differ on how we grew up with money Click here to discover all the resources, show notes, and mentions from this podcast episode.

Make sure to check out all the show notes and resources by visiting www.doctorfreedompodcast.com     In this episode, you will discover:   - Two habits I am picking back up and doing more of in 2017 - My challenge to you - 2 whole new introductions. Which will you want in 2017? - Have you checked out the new podcast art? What do you think?    

In this episode, I am honoring my friend Dr. Amanda Liu with the last podcast of the year. About a month ago, she passed away unexpectedly. She was a bright, bubbly light showing the way to prosperity. She left for us a legacy of love, caring, and devotion to medicine, colleagues, and most of all, her family. I'm not sure how long her website may be in existence due to her passing away, but you can discover her nuggets of wisdom at www.drwisemoney.com for as long as it is available. I hope to preserve her legacy and her mission on a go-forward basis. May she rest in peace.  

In another 'best of' episode, I am bringing to you the 2016 solo show that I am very proud of. It's hard to choose your favorite child... =-) Anyhow... Have you ever wondered, am I making the right moves? Have you ever worried, gnashing your teeth over a financial decision? Like most of my listeners and readers, maybe you’ve even made a few mistakes along the way. I’m constantly reading and learning and growing. As a matter of fact, I recently read an article from another financial advisor and he gives the 11 Best Pieces of Advice from a Financial Planner. Some of them were awesome, some of them I disagreed with, and others I think just simply don’t apply to doctors. In this podcast, I give my reactions to his article and what he missed out on that is specific to physicians and other white coats. Would it be okay if I shared them with you? In this podcast, I reveal… –  The best piece of advice that EVERY doctor and (pretty much everyone else!) should be doing EVERY month – The strategy that the author mentioned that was completely self-serving and what you should do instead – The three amazing strategies that are physician specific that MOST financial advisors (and thousands of doctors) miss out on For the full transcript, the show notes, and loads of free resources, check out www.doctorfreedompodcast.com 

For the full podcast and all the show notes, visit www.doctorfreedompodcast.com With Christmas coming around the corner, family is on my mind! In my family, we love to play all kinds of games. As a kid, we love Pinochle and Jenga and Match game and Chutes & Ladders and 'The Dice Game' and Yahtzee.  In reflecting on some of my favorite games (that aren't listed above), they really shaped & influenced my perception of money. Are you looking for an amazing Christmas present that will be both fun & educational? Look no further! In this podcast, you will discover: The 3 games that my listeners recommended My favorite all-time financial game that involves drilling for oil My recommended game that boils down Monopoly to only 15 to 20 minutes The top 4 lessons learned from Monopoly (Hint: One of them involves a mortgage) How to read your opponent's personality before you even start playing Monopoly The 2 games that I haven't played yet and want to check out

For all the show notes, resources, & loads of free resources, check out more podcasts at www.DoctorFreedomPodcast.com   Have you struggled with trying to decide how to tackle your mountain of student debt? Have you felt like pulling your hair and throwing your hands up in frustration over all of these options? PSLF, IBR, PAYE, ICR, & REPAYE. All these acronyms floating around in your brain and you aren't sure which one to choose! Well my friend, no worries we have your back covered today! Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances. This show is not always about actionable content. It is however a chance for you to see behind the curtains, to walk in another person’s shoes and experience their lives. Our next guest was kind enough to allow me to guest post on his blog for the second time and now he is generous enough to share with us his journey and his wisdom. I wanted to invite him back because he is a wealth of knowledge! As a matter of fact, he helped my wife and I save a few hundred bucks on our phone upgrade. He is currently a radiology resident at Florida Hospital Orlando. Throughout his medical education, he’s noticed a surprising lack of personal finance knowledge among young medical professionals, many of whom are extremely bright and talented. Hence, he created a blog, FutureProofMD.com Currently, he’s been focusing on topics relevant to a recent medical graduate such as loan repayment and financial organization. I can’t wait to get an update from him! Please help me welcome Dr. Bo Liu   In this podcast, you will discover... Why he switched from IBR to REPAYE His inspiration to start a blog Learn how you can get the government to subsidize the interest on your loans Why you need to understand the difference between subsidized & unsubsidized loans Why paying zero is a good thing (Hint: It leads to a lot more of something good) Discover the burden of capitalized interest & why REPAYE wouldn't be a good fit for some doctors

A few days ago, I received the devastating and tragic news that my friend, colleague, and co-author Dr. Amanda Liu passed away last week. I've been reflecting on her legacy since I heard of this news a few days ago. I've been absolutely shocked. Although we never met in person, she and I talked together on the phone a dozen times and emailed many times more than that. This super quick episode is a tribute to her. I will be re-running her interview from the podcast the very last episode of this year.    

Are you frustrated with your stagnant wages? Are you wondering how you can reclaim your time? I’ve been listening to quote a few other podcasts lately. One in particular is focused on dentists. What’s fascinating to me as I listen and learn from these dental entrepreneurs is how much they are focused on having a steady stream of patients that aren’t referrals from other clinicians. I really believe that the most financially successful physicians in the future are going to be those that are less reliant on reimbursements and more reliant on their own brand. From what I’ve seen so far, these physicians seem to have far more control over their time and their financial freedom. So, today, I’d like to empower you with information to help you do this. You my friend are the captain of your ship, in control of your destiny. Our guest today has been focused on digital marketing. As a matter of fact, I am really geeked out because I admire this man. He is the host of Onward Nation podcast. I just love listening to his voice!! He was made for radio. As a matter of fact, I may sound like a squeaky mouse next to his deep, booming, & beautiful voice. Anyhow, even more importantly, he is someone who is authentic and transparent and is a good soul. In a world with a lot of BS, he is someone who brings optimism with a dose of reality. I know because I was honored and privileged to be on his podcast about six months ago and we’ve chatted several times since. He is a friend and a mentor and I am humbled to have him on this podcast. So, let’s dive on in. I know we’re going to learn a ton today. Please help me welcome Stephen Woessner from Predictive ROI. In this podcast, you will discover: How to attract your ideal patient & achieve clarity Discover how a podiatrist has been miserable cutting toe nails & what he can do to break out of that The very first step that you need to take digitally to appeal to your ideal patient Discover Stephen's recipe for success Learn about the short cut of an unpaid intern to turbo boost your platform

It was May 13th, 2012. Mother’s Day. My wife, Cyrena, was having an incredibly difficult pregnancy. She had pounding headaches, blurred vision, and searing pain throughout her body. As a matter of fact, she had been in and out of the hospital for the last two weeks. Our tiny daughter was only developed 23 weeks in gestation. Her due date was September 9th, 2012. Unfortunately, my wife had extremely early onset toxemia and preeclampsia. Amid tears, she gripped my hand as we were told, “The blood flow is slowing between mom & your daughter. She is fighting, but she is getting weaker and weaker. In our opinion, she needs to come out, but it’s your choice." With a heavy sigh and two heavy hearts, we agreed with the doctor’s opinion and asked them to proceed. There I was trembling, turning around explaining the situation to my six year-old daughter Gabrielle (we call her Gabby). I got down on one knee. Tears were rolling down my cheeks. I told her, “Gabby, I need you to believe with me. Your sister might not make it today.” Gabby’s eyes got so big. Her eyes started watering. I thought I was going to lose it. Leaving Gabby with a family friend, I then promptly went into the surgery room to be with my wife. I was trembling and gnawing with anxiety. I couldn’t stop pacing. An hour and many prayers later, the doctors were right. Our little tiny baby, barely halfway through the pregnancy process, made it. She survived! Born at nearly 12 oz (a few ounces short of one pound!), she is our miracle baby. We named her Evangeline meaning “bearer of good news”. This was the incredible story that caused me to work with physicians. In this podcast, you will hear me interviewing my oldest daughter Gabby (pictured above at 5 years old). She is now 11 years old and is in 6th grade.   It was so inspiring and heart-felt to hear her perspective on this journey and what she went through emotionally.     In this podcast, you will discover: How my daughter almost broke down & what the most challenging times in our lives have been What she didn't know about doctors What it is like to live with a financial advisor  Learn what you may not know about me (Hint: It involves screaming)

Getting started on the right foot can be so hard! Unfortunately, making mistakes during the formative years of residents & fellowship can literally cost you years of retirement down the road. There's tons of people out there whispering in your ear and giving you advice. Let's boil it down the most critical pieces of advice that you can follow. Dave Denniston lays out for you the 7 Deadly Sins of Residents & Fellows In this podcast, you will discover... The BIGGEST sin which involves what you have at the bank (Hint: This has nothing to do with investing) Another sin related to where you live that can suck the cash out from under you What you need to do the second you start residency (or if you didn't get started, what to do now!) How residents & fellows get suckered into an expensive situation and the checklist you can use to avoid that trap For all the show notes and resources, visit the podcast website at www.DoctorFreedomPodcast.com 

For loads of content, the show notes, interviews with outstanding physicians, and lots of free resources visit the podcast website at www.doctorfreedompodcast.com Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances. Please help me welcome back Dr. Nii Darko, THE Doc Outside the Box…. In part two of this podcast, you will discover... The critical advice he would give himself in residency & in medical school Why he isn't living in his ideal setting & how much they are paying towards student loans The cost of starting a side hustle, his future plans, and his favorite DOTB episodes For loads of content, the show notes, interviews with outstanding physicians, and lots of free resources visit the podcast website at www.doctorfreedompodcast.com

For loads of content, the show notes, interviews with outstanding physicians, and lots of free resources visit the podcast website at www.doctorfreedompodcast.com Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances. This show is not always about actionable content. It is however a chance for you to see behind the curtains, to walk in another person’s shoes and experience their lives. Our next guest has not only been a physician, but is also exploring the question… what else am I besides a doctor? Where more value can I add to the world? A little bio on him… he is practicing, full-time, board-certified trauma surgeon. He is a fellow podcaster. He is a new York knick fanatic, but isn’t a fan of phil jackson. Even more, He has a passion for whole life insurance. Nah, just kidding, he doesn’t but we’ll talk about that. Beyond all of that stuff, he has a passion beyond medicine. He is breaking outside the barriers. I know he has a ton of wisdom to share with us and with no further adieu… Please help me welcome Dr. Nii Darko, THE Doc Outside the Box…. In part one of this podcast, you will discover... How his parents transformed into his heroes & how that influenced his financial choice of medicine The TV show that inspired his heart & spirit to desire to become a physician How whole life insurance shaped his view of financial advice & the horrible mistakes he made that started in a nightclub Learn about the difference between whole life & term life insurance Discover the pink price tag on DI For loads of content, the show notes, interviews with outstanding physicians, and lots of free resources visit the podcast website at www.doctorfreedompodcast.com

For oodles of free content, the show notes, and all the resources, visit the podcast website at www.doctorfreedompodcast.com Have you been wondering- how the heck can I pay less in taxes? If you have been grappling with these kinds of questions or if you are simply curious about them, you are going to love our next guest. Our next guest’s expertise lies in the area of tax planning. Her goal is to make sure successful entrepreneurs across the United States are paying the least amount of income tax they can legally pay. As a tax coach, she offers a FREE tax analysis for those interested in finding out if they are overpaying their income taxes. Her goal is to save taxes one business at a time through the use of pro-active tax planning. As a matter of fact, I ran across her because I heard her in another podcast and thought she could add a ton of value to you. I know we’re going to learn a ton today. Please help me welcome Diane Gardner! In this podcast, you will discover... Discover the stark differences between tax preparers and proactive tax planning The most common mistake that tax preparers make for physicians in independent practices Learn about the hidden tax deductions that you can get from your kids (yes! your kids) Learn about her self employed journey & why she had to re-create & re-invest her practice How she went about the process to write 8 different books and you can too! What the alternative minimum tax (AMT) is & how it can impact you For oodles of free content, the show notes, and all the resources, visit the podcast website at www.doctorfreedompodcast.com

For the whole podcast, show notes, and oodles of resources, check out www.doctorfreedompodcast.com  I was recently reading about a basketball athlete that went broke... Darius Miles. He's just a shade younger than me and his basketball career is over. It broke my heart. Unfortunately, he's not the only one. There's been dozens of cases of athletes running out of money despite earning tens of millions of dollars.  I was asking myself, how do these incredibly talented athletes blow through so much money? What can we learn from them? I started reading and reading and reading some more. I checked out some specific stories that I think would be helpful to you. I identified 5 specific lessons that we can take away from athletes that go broke. In this podcast, you will discover... The financial schemes that cost Scott Eyre nearly all of his life time earnings. He had to beg his franchise for an early day. The shocking amount of money that Evander Holyfield couldn't pay and the 11 reasons why he went broke The financial poison that kills the financial health of athletes & physicians alike How Rich Dad, Poor Dad may be a poor influence on athletes and what you can learn from one of their biggest mistakes The biggest financial principal that causes athletes to go broke For the whole podcast, show notes, and oodles of resources, check out www.doctorfreedompodcast.com 

For the whole podcast, resources, and tons of free stuff, make sure to visit www.doctorfreedompodcast.com   May I have your permission to share a struggle that I’ve had?   May I have your permission to share something incredibly personal,something private that not many folks know about?  It was nearly 4 years ago when my wife and I were going through someincredibly hard times. Evangeline was in the hospital and my oldest daughterwas starving for attention.     On top of all of that, I was fat & unhappy. I was grinding through life, taking one moment at a time juggling whatseemed to be a pretty impossible act.   At nearly 6’2, I’ve considered myself fairly athletic all my life. Icould pretty much eat and drink whatever the heck I’ve wanted to.   I’ve never been the all-star athlete, but I’ve worked pretty darn hardto keep in shape. 180 to 190 pounds is my happy spot. I swore I would never ge tover 200 pounds.     With all the stress we were going through pre and post-delivery ofEvangeline, I still worked out, but I was getting older and my metabolism slowing down.   Frankly, I let myself go a little bit. I was drinking a couple of sodas aday and consuming all kinds of yummy fatty foods like pizza and fast food with our crazy hectic schedule.   I’m about to tell all of you something that I’ve never revealed to anyone except my wife and my oldest daughter. I don’t think I even told my own parents (but I guess they know now)! In this podcast, you will discover.... The health scare that freaked out my wife What I did to turn around my circumstances and how I'm still working through it My challenge to you   For all the show notes, transcription and more, check out the podcast website at http://doctorfreedompodcast.com/