How is my Financial Health, Doc?

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,...

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 sugges...

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 h...

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 h...

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 harmon...

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 lear...

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 th...

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 hmfh...

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 hmfh...

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 doe...

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 doe...

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 k...

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 k...

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 k...

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...

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'...

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 rea...

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 performa...

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...