How is my Financial Health, Doc?

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 [email protected] 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 [email protected] 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. 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 [email protected] 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 [email protected]

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 [email protected].

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 [email protected].

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 [email protected].

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 [email protected]

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 [email protected].

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 [email protected].

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected] 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 [email protected] 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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected].

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected]

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: [email protected].

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: [email protected]

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: [email protected]

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.