Grow your wealth by working on your mindset and up leveling your game. Your thoughts about money have created your current financial net worth. Sadly, there are many physicians who are have earned a good income but have not built wealth. More and more physicians are becoming burned out as our health care system continues to change. Join the movement of physicians embarking on the journey to take matters in our own hands so we can continue to thrive. Tune in each week to learn more on how to ...
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Audio-based bench banter at your local boxing club, hosted by Jus Lee, Boston and a slew of other known or up-and-coming pugilists. Based in Los Angeles, these knuckleheads interview athletes, coaches, trainers, nutritionists, health specialists, teachers, motivators and artists. Less about who's gonna win the next super-fight and more about the lives and backgrounds of fighters (both in life and in the ring). We'll shoot the shit about sports, the arts, history, politics, dating, health and ...
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Episode 117: Investing vs Paying Down Debt
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This episode is really targeting to those physicians who have recently finished training but will be helpful to anyone who is debating between deciding to pay down debt versus investing. There are multiple factors when it comes to figuring out the best place to put your money. When looking at whether to pay down debt, things to consider include the…
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Episode 116: Qualified vs Non-Qualified Dividends and How They Are Taxed
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Qualified dividends are taxed at a lower rate, similar to capital gains tax whereas non-qualified dividends are taxed at the ordinary income tax rate. This episode goes into detail what makes a dividend considered qualified to help you make choices to lower how much you ultimately pay in taxes. Please subscribe and leave a review on your favorite P…
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Whenever there is money to be made, Uncle Sam wants his cut. Part of building wealth is learning the rules to legally decrease what you pay to Uncle Sam. In this episode, I talk about Capital Gains Tax, which is the tax on any profit from selling an asset. By holding on to an asset for over a year (366 days), the profit from the sale of the asset i…
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Episode 114: How much can you really save by adjusting your thermostat?
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With climate change, there have been more heat waves. This lead me to thinking about our use of air conditioning and the cost associated with it. In this episode, I talk about how much energy and money is saved by setting the thermostat to a warmer temperature in the summer and cooler temperature in the winter. This could be done all the time, or o…
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Episode 113: Transitioning from Guaranteed Salary to Compensation Based on Productivity
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Depending on your job situation, there’s a good chance that at some point, you may switch from a guaranteed salary to being paid based on your productivity. The productivity may be based on Revenue Value Units/RVUs or collections. Many people, and probably more so trainees looking at their first position post medical training, focus on the salary o…
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Episode 112: The Journey to Financial Independence
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Many people tend to think of Financial Independence as a static goal, achieving some magical number in net worth or passive income that means you don’t have to work for money anymore. However, many people will push the goal post once they achieve their number, feeling like they need more. I see financial independence more as a journey with differen…
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Episode 111: Changes In Realtor Commissions with Samantha Chin
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You may have heard that the National Association of Relators was sued by a group of homeowners earlier this year and the outcome of the lawsuit was a settlement included a changes to relator compensation. Traditionally, when you sell a piece of property through a relator, the seller pays both the seller’s agent and the buyer’s agent anywhere betwee…
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Episode 110: Are Physician Medical Surveys a Potential Additional Income Stream?
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In the quest to build multiple income streams, is doing physician surveys something to consider? In this episode, I discuss my own experience with medical surveys as well as the experience of Dr. Rikki Racela, who wrote a blog article entitled “How I made $30,000 Taking Doctor Surveys” (You can read the blog article for yourself at https://www.whit…
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Episode 109: A Look into the US Social Security Program
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What do you actually know about the Social Security Program and what kind of benefits you may possibly receive from Social Security? If you are like me, not all that much. You may know that you pay taxes to Social Security and may think it’s unlikely you’ll get much payout or all those taxes that you have paid over your entire working life. I spent…
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Episode 108: Check Your Contract for Three Items When You Start Thinking of Changing Jobs
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Employment contracts layout the terms of employment and generally layout the terms for what can cause termination of employment as well as any consequences that result from termination of employment. If you are considering leaving your current job for another job, then you will want to find your current employment contract and review what you previ…
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Episode 107: High-Cost Medications and the Co-Pay Accumulator Policy with Dr. Celine Lee
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If you, any of your family members, friends, or patients are taking a very expensive medication for which a coupon card or program is being used for assistance to pay for the medication, you will want to tune in to learn about the Co-Pay Accumulator Policy. Dr. Celine Lee, a rheumatologist practicing in the state of Utah, explains what the Co-Pay A…
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Episode 106: Be the Bank: Investing Through Private Lending and Lending Funds
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Private lending offers possible stock like returns over a short term time horizon while being uncorrelated with the activity of the stock market. There is thought to be a higher level of risk compared to investments like CDs or government bonds, but these investments can be backed by hard assets like real estate, and thus lowering the risk. Sound i…
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Episode 105: Gift Tax and How to Gift More Than the Annual Exclusion Limit
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You may know that there is a limit to monetary gifts you can give to anyone other than your spouse in a calendar year, currently $18,000 in 2024. While $18,000 in gifts is a generous some, what if you want to give more? This often happens with people who want to help their adult children, whether it’s to help them buy a home, chip in for a wedding,…
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Episode 104: Where to Put Cash and Short Term Investments
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When you have a long investing horizon of 5 years or more, there are many options for investments with potentially high returns. What about when you have a shorter time horizon? They may be saving for a downpayment on a house to purchase in the next 2-3 years or for a specific dream vacation. Or it may be money that you are setting aside for the ne…
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Episode 103: What to know about 457 plans
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Depending on where you work, you may have the ability to invest in a 457 plan. 457 plans are another type of retirement account where money can grow tax free similar to a 401K or 403B but there are some important differences compared to 401Ks and 403Bs. Depending on your employer, it may not be a good idea to invest within their 457 plan. Generally…
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Episode 102: Stagnation Inflation Stagflation: What it means and what to do about it
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If you've been listening to business or financial news, you may be hearing the term Stagflation. Stagflation is the combination of stagnation and inflation describing a period of low growth with high inflation. There are concerns that we are headed towards stagflation. What does that mean and what can you do to protect yourself? Tune in to learn mo…
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Episode 101: Choosing Autonomy Over Money with Dr Shanika Esparaz
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Shanika Esparaz, MD is a medical retina specialist with board certifications in both ophthalmology and lifestyle medicine. In this episode, we talk about how starting a direct specialty practice and developing that entrepreneurial mindset as well as the finances behind starting a practice. You can find Dr. Shanika at Instagram link: https://www.ins…
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Wow, what a milestone! 100 episodes of The Grow Your Wealthy Mindset Podcast! If you have listened to all 100 episodes, you have hopefully learned a lot about personal finances and investing. Learning is a great first step, but you need to take action to create your version of a wealthy life. What does it really mean to be wealthy? It’s a topic I e…
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Episode 99: Employer Sponsored Retirement Accounts: 401(k) and 403(b) Plans
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Pension plans and defined benefits plans are becoming more scarce and 401(k) and 403(b) and other types of defined contribution plans have become the norm. In this episode, I start with a brief summary of the history behind funding retirement before I dive deeper into the most common type of retirement plans currently available to W-2 employees. Th…
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Episode 98: Has the time come for using Robo-Advisors for investing?
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Artificial Intelligence is getting better and better. What does that mean for robo-advisors, or using programing and technology instead of a human financial advisor? Wealthfront and Betterment were the first two large platforms to offer robo-advisors services. Now Vanguard, Fidelity, and Charles Schwab are offering robo-advisor services. This episo…
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Episode 97: Getting More High Fixed Interest Rate I-bonds
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I-bonds purchased between Nov 1, 2023 and April 30, 2023 have a fixed interest rate of 1.3%, the highest fixed rate in 15 years. Combined with the inflation rate, they are paying 5.27%. If you've ever been interested in buying I-bonds, now is the time. If you don't particually want more I-bonds in your portfolio but you have I-bonds previously purc…
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Episode 96: Self Directed Retirement Accounts
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How did Mitt Romney amass $20-100 Million in his IRA? In this episode, I introduce self-directed retirement accounts, what they are and what they are used for. Please subscribe and leave a review on your favorite Podcasting platform. If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free c…
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Episode 95: My Own Personal Money Scarcity
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This week’s episode is a really personal one where I share how recently, a lot of money scarcity has been coming up in my life and how I’ve been working through it. Its really a raw episode, me talking while I'm in the thick of it, with minimal editing. (mostly to take out long pauses) Please subscribe and leave a review on your favorite Podcasting…
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Episode 94: Adding International Index Funds to Diversify Your Investment Portfolio
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There are those who believe that investing in the United States stock market is all the diversification you need for your stock portfolio. Some even limit themselves to the S&P 500 Index fund while other go with the total US stock market. This week’s episode talks about adding international stock exposure to your portfolio. Please subscribe and lea…
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In this episode, I review updates with filing taxes for 2023 as well as discussing different tools and help offered by the IRS to get your taxes done. The standard deduction for 2023 is $13,850 for single or married filing separately and $27,700 for a married couple filing jointly. To create an account to pay your taxes online or set up a payment p…
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Episode 92: More Differences Between Tradtional and Roth Retirement Accounts
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This is a follow-up episode from last week, so if you haven't listened to Episode 91: Choosing Between Traditional or Roth Retirement Accounts, I would encourage you to do that first. Last week I centered the discussion around marginal tax rates. This week, I review factors like age and timelines as well as planning if you want to leave your retire…
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Episode 91: Choosing Between Traditional or Roth Retirement Accounts
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More employers are offering the choice between a Traditional 401K or 403B and a Roth 401K or 403B. How do you choose which one is best for you? Unlike with the choice for which IRA to use (the backdoor Roth IRA is the clear winner for physicians), deciding between for 401Ks or 403Bs involve more thought. The hardest part of making the decision is p…
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Our society is increasingly become cashless and most of use rarely use actual money. We have money electronically transferred in and out of our bank accounts. So what does this mean for banking and how can you optimize your banking? Tune in to learn more. If you have ever thought of being an entrepreneur, then you definitely want to attend the Leve…
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Episode 89: The Rise of Capital Calls in Real Estate Syndication Investments
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If you invest in real estate syndications, you may have gotten notice about a capital call. Capital calls for real estate syndications have been on the rise in the last year. This week’s episode discusses possible causes for the increase in capital calls. Registration is now open for the Leverage and Growth Summit, which will be February 26 to Marc…
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Episode 88: Shifting from Scarcity to Abundance with Dr. Liz Aguirre
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Dr. Liz Aguirre is a remarkable women. She grew up in poverty without reliable access to food or shelter and is now a mom, wife, and a physician with passion for person-centered health. We talk about how she grew her wealthy mindset and how coaching has assisted that journey. I am so lucky to have great clients like Dr. Liz. You can find Liz Aguire…
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Episode 87: New Filing Requirement for All Corporations and LLCs
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The Corporate Transparency Act, which was passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduced new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership. This episode details who needs to file a Beneficial Owner Information Report, what information is collected…
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Episode 86: Setting Goals and Getting to Antarctica
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Many people set goals or New Year resolutions around this time for the year ahead, and then never look at those goals again. In this episode, I talk about my thoughts and approach to goal setting as well as some goals I set over a decade ago that I recently accomplished. Please subscribe and leave a review on your favorite Podcasting platform. If y…
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Episode 85: A Practical Guide to Treasury Investments
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Treasuries are considered one of the safest investments out there as they are backed by the full faith and credit of the US government. They can be directly purchased at TreasuryDirect.gov as well as bought and sold on the secondary market. Yet Treasuries are often overlooked by the individual investor compared to CDs (certificate of deposits). Thi…
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Episode 84: The Life Planning Approach to a Wealthy Life with Dr. Weili Gray
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A lot of physicians, including Elisa, love to travel. Dr. Weili (pronunced "Way Lee") Gray, host of the Dare to Dream Physician Travel Podcast talks about her journey from burnout to life planning to traveling around the world while still enjoying working as a physician. A pivoting point in Weili’s life was when she volunteered at a conference for …
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Episode 83: Strategies for Building a Strong Credit Score
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Depending on background and circumstances, building a strong credit score may have come naturally or more be more difficult. It can certainly be more difficult to those who come to the United States, especially from countries that don’t use a lot of credit. In this episode, I discuss what goes into determining credit scores and how anyone can build…
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Episode 82: Getting out of Credit Card or Consumer Debt
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During this time of year, there are some people who do a lot of spending. While physicians tend to be considered good credit risks, there are some physicians who find themselves with credit card or consumer debt. While student loan debt doesn’t generally carry a feeling of shame, credit card debt can which means it may not be talked about. This epi…
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Episode 81: Gift Giving and Spending with Elisa and husband Nathan
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I tend to space out episodes with guests but this week, I’m breaking that trend. This episode was created spontaneously after Nathan and I started having a conversation that seemed like it would be relevant for the podcast. We’ve been married for 23 years, and together for 26 years so it’s a lot of time to reflect on. I’m really curious to get your…
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Episode 80: Growing a $330M Mindset with Dr. Elaine Stageberg
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Elaine Stageberg, MD is a trained psychiatrist, who alongside her husband Nick, built a real estate empire valued at over $330M. Elaine and Nick founded Black Swan Real Estate where they started with single family homes and have since expanded to much larger projects. None of this was handed down to them by their families. Tune in to learn more abo…
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Episode 79: Demystifying Hedge Funds and How They Differ From Mutual Funds
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You’ve probably heard about hedge funds but you probably don’t know much about them. Honestly, I don’t know a whole lot about them either, I’ve never invested in a hedge fund personally. In the recent episode on diversification, I talked about a study by JP Morgan that came out this year showing that adding alternative investments to a traditional …
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Most people don’t look forward to spending time paying bills, tracking spending, or reviewing their personal finances. While some people enjoy the investing part, I would say even those people have something else they would prefer doing, meeting up with friends for dinner, watching a good movie, reading a good book, etc. Setting up systems and auto…
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Episode 77: Is now the right time to invest in real esate?
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This question gets asked a lot. People generally lament that it’s too late to invest in real estate, that they missed the good opportunity X number of years ago. The funny thing is that people continue to say that, and yet most people wish they actually got started when they first started thinking of it, except maybe if they started thinking of it …
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Episode 76: Diversifying Your Investment Portfolio
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When it comes to investing, diversification is the key to increasing returns while reducing risks. Tune in to learn more about diversification, including diversifying beyond the traditional assets of stocks and bonds. You can find the report discussed in this podcast episode at https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/insights/…
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Episode 75: Dare to Dream Abundance is Not a Number
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Two years ago, I was a guest on the Dare to Dream Podcast hosted by Dr. Weili Gray. Dr. Weili is a gifted interviewer and I love the conversation which become three podcast episodes. This is the second of a three-part series bringing you the episodes from the Dare to Dream Podcast. In this episode, we continue our conversation about money and how t…
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Episode 74: Dare to Dream Grow Your Wealthy Mindset
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Two years ago, I was a guest on the Dare to Dream Podcast hosted by Dr. Weili Gray. Dr. Weili is a gifted interviewer and I love the conversation which become three podcast episodes. This is the second of a three-part series bringing you the episodes from the Dare to Dream Podcast. In this episode, we talk about the subject of money including how e…
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Episode 73: Dare to Dream Change Your Mind Before Changing Your Job
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Two years ago, I was a guest on the Dare to Dream Podcast hosted by Dr. Weili Gray. Dr. Weili is a gifted interviewer and I love the conversation which become three podcast episodes. This is the first of a three-part series bringing you the episodes from the Dare to Dream Podcast. In this episode, we talk about how I first came into coaching and ho…
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Episode 72: Financial Freedom with One Door with Dr. Kristi Klee
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Dr. Kristi Klee is a physician and a mom of four who set a goal to get to financial freedom in as few door as possible so that she could practice medicine, raise her kids, and live life on her own terms. She was able to reach the goal of financial freedom with one short term rental. Her second short term rental replaced her clinical income. Tune in…
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Episode 71: What Can Physicians Learn from The Millionaire Next Door
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"The Millionaire Next Door" by Thomas J. Stanley and William D. Danko is a book that examines the habits and characteristics of wealthy individuals in the United States. The authors conducted extensive research and surveys to identify common traits among millionaires and prodigious accumulators of wealth (PAWs). The book challenges common stereotyp…
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Episode 70: Feeling Insecure Around Money
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Do you tend to worry about money? Do you feel insecure when it comes to money? Tune in to learn how to address those worries and insecurity. Please subscribe and leave a review on your favorite Podcasting platform. If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https:…
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Episode 69: The Basics of Estate Planning
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This episode gives an overview to Estate Planning. Tune in to hear about: Wills Trusts Health Care Proxy Durable Power of Attorney Estate tax Inheritance tax Please subscribe and leave a review on your favorite Podcasting platform. If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free cop…
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Episode 68: Increasing Your Physician Income
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If you could increase your physician income without working more hours or seeing more patients, or otherwise adding more day-to-day hassle, that’s something you’d probably say yes too. More money and more income is a “preferred neutral” meaning all else being equal, its better to have more money or more income. What can you do to increase your phys…
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