The Grow Your Wealthy Mindset Podcast

If you have an amount of money to invest into your index funds, what's the best way to do it? Do you invest it all at once, called lump sum investing, or do you spread it out over time, called dollar cost averaging? In this episode, I discuss both investment strategies. The Leverage and Growth Virtual Summit is returning! Registration opens on March 1, 2023 and the summit itself will be March...

In this episode, I reflect on what I have come to realize was a life changing event for me that changed the trajectory of my life. That life changing event was the first Leverage & Growth Virtual Summit that was held in May 2020. It came during a life changing year, the pandemic, and arguably its inception was due to the pandemic.  The Leverage and Growth Virtual Summit is returning! Registrat...

There’s still time for you to do a Backdoor Roth IRA for 2022! In this episode, I discuss the IRA, or individual retirement account, in more detail. There is the Traditional IRA and the Roth IRA. The Backdoor Roth IRA is a strategy to help high income earners contribute to a Roth IRA since there are income limits for directly contributing to a Roth IRA. Many high Income earners can’t tax deduct co...

Asset allocation is one of the most important decisions when it comes to investing. It will determine your overall return on your investment as well as the fluctuations in the value of your investment portfolio. It can be the difference between reaching your financial goals or being caught short when the time comes. In this episode, I give multiple examples of asset allocation for the goal of long...

Target Date Funds have been touted as the one fund you need for retirement. Pick the year you want to retire, choose the Target Date Retirement with that year, and you’re all set. Is it really that simple? What does a Target Date Fund actually do? Are there better investing options? Listen to this episode for those answers and more.   Please subscribe and leave a review on your favorite Podcasting...

Dr. Linda Street is the Founder & CEO of Simply Street MD Negotiation Coaching where she helps female physicians negotiate for the salary they deserve.   Women physicians earn up to 30% less than male physicians in similar positions. Studies show the gender pay gap is independent of women working part time, taking maternity leave, or any other factors. By earning less, it makes it even harder...

Episode 34: Certificates of Deposits Stocks are a great investment for people with long term horizons but what to do with money that’s ear marked for something with a short time horizon? There are High Yield Saving Bang Accounts (high yield meaning they pay better interest than average), Money Market Accounts, short term US treasury bonds, or the topic if this week’s episodes, Certificates of Depo...

For instant diversification in the stock market, buying a index fund is a good way to go. Index funds come in two different flavors, as traditional mutual funds as well as exchange traded funds. In this episode, I go into the pros and cons of each type of fund to help you decide what is best for your situation. If you want to start your path to financial freedom, start with the Financial Freedom W...

We start the new year with this information about student loan forgiveness. Many physicians have 6 figures of student loan debt. The burden of student loan debt has been increasing. It’s not uncommon to have more than $200,000 or even $300,000 of student loan debt. For some people, Public Service Loan Forgiveness may be a solution.  This week, I interview Megan McGuire who is a Certified Student L...

What is a growth mindset and how does that differ from a fixed mindset? With The Grow Your Wealthy Mindset, I want to encourage you to embrace having a growth mindset more often than having a fixed mindset. Listen to this episode to find out more about mindsets and how you can work to make that switch.  Please subscribe and leave a review on your favorite Podcasting platform.  If you want to start...

This episode talks about all the costs that are associated with investing and how much it can impact the returns of your investment. All investments have some cost associated with them. Some costs are more visible while some costs can be hidden. Fees that seem small can cost 6 or 7 figure over your investing lifetime.   Tune in each week to learn more on how to grow your wealthy mindset!  Please s...

“Boundaries are the distance at which I can love you and me simultaneously.” Prentice Hemphill  A boundary consists of a request you make, followed by the action you will take.  A financial boundary are limits you set to protect your money. You may even set a boundary to protect your money from yourself.  Listen to more learn about financial boundaries.  Please subscribe and leave a review on your...

This week, we have a special guest, Dr. Lara Hochman, who is the founder of Happy Day Health and has the mission to help physicians practice medicine where an environment where they love practicing medicine. She’s been called the medical matchmaker, matching physicians with medical practices where it’s a good match for both the physician and the practice.    You can reach Dr. Lara Hochman at  Webs...

In this episode, I explain the concept of multiple streams of income. I then elaborate on the different types of income as well as the concept of passive vs. active income.  Active income generally occurs when you are trading time for money. Passive income is income that where the work involved is much less compared to the income. Usually there is still some work involved, usually upfront, but the...

This episode is about the practice of gratitude, which has been shown to improve physiological and psychological health. What's even better in that improvements can be seen with only 5 minutes a week. In this episode, I reference The Huberman Lab Podcast Episode 47 The Science of Gratitude & How to Build a Gratitude Practice. There are also a number of research papers referenced which are...

In this episode, I talk about different tools, (software and apps) that you can use to help track your Net Worth and your spending habits.  Personal Capital https://www.personalcapital.com/ Tiller https://www.tillerhq.com/ Kubera https://www.kubera.com/ Mint https://mint.intuit.com  YNAB https://www.youneedabudget.com/ Quicken https://www.quicken.com/ New Retirement https://www.newretirement.com/ ...

Are we in a recession and who gets to decide? Learn more about recessions and how to prepare for the next recession in this episode.  How do Economist determine whether the economy is in a recession?” https://www.whitehouse.gov/cea/written-materials/2022/07/21/how-do-economists-determine-whether-the-economy-is-in-a-recession/ National Bureau of Economic Research Business Cycle Dating Committee htt...

This weeks episodes talks about risks and how to overcome fear when it comes to investing.  Not investing has it's own risks. Money decreases in value due to inflation. It's not possible for most physicians to save enough money for retirement. The saved money needs to be invested so that it can grow, your money needs to be working hard for you so you don't have to keep working hard...

In this episode, Elisa talks about the short-term rental she purchased in 2021 and how this became both a profitable investment as well as resulted in a large tax refund.  In the course, she mentions Dr. Sabitha Setty, also known as The Unorthodox Doc, who runs the course Roadmap to Investing In Short Term Rentals. The book mentioned in the podcast is Short-Term Rental Long-Term Wealth by Avery Ca...

In this episode, I cover two powerful real estate strategies that have allowed investors to save tens of thousands of dollars in taxes. The first strategy is achieving Real Estate Professional Status and the second is using the Short Term Rental Loophole. Bonus depreciation has supercharged the ability of these strategies to decrease the tax burden for W-2 and 1099 employees.   REPStracker App can...

Real estate investing is a great way to grow wealth and diversify your investment portfolio. There are many ways to get involved in real estate investing that ranges from being very hands on to being completely hands off. In this episode, I introduce multiple ways to invest in real estate. You’ll learn about the difference between long term, mid term and short term rentals, which are always ways o...

The largest life time expense most physicians will have is taxes. In this episode, I review tax deductions available to W-2 earner physicians. I then talk about how the majority of tax deductions go to business owners.  Please subscribe and leave a review on your favorite Podcasting platform.  You can learn more about Elisa at her website or follow her on social media. Website: www. GrowYourWealth...

Some people equate financial independence with retirement but there are more reasons to achieve financial independence other than retirement. In this episode I talk about the benefits of financial independence as well as the different levels of financial independence.  Please subscribe and leave a review on your favorite Podcasting platform.  You can learn more about Elisa at her website or follow...

Your employer sponsored retirement plan may have limited choices, or may have so many choices you have no idea what to pick. There may or may not be index funds or there may be index funds. So how do you go about choosing which funds to invest in? That’s what you’ll learn in this episode of The Grow Your Wealthy Mindset Podcast.  Please subscribe and leave a review on your favorite Podcasting plat...

I start this episode taking about the Warren Buffet Challenge and how he won a million dollar bet that the S&P500 index fund would outperform an actively managed hedge fund. I discusses the three most popular indexes, the Dow Jones Industrial Average, The S&P 500 Index and the Nasdaq Composite Index. I then go a little into the history of mutual funds, discussing actively managed funds and...