How is my Financial Health, Doc?

In this episode, I am having a conversation with Dr. Milad Modabber, an ophthalmologist who shares the same interest and passion for making financial literacy a part of our medical training. We will understand why he thinks so and how we can work towards this goal.   If you have any comments or feedback, please email me at hmfhd2020@gmail.com.

There is no doubt we are facing a scenario that no one has ever seen before. The tumultuousness of the economy and markets at the hand of 1 person and his policies is unparalleled.  Despite the uncertainty, a few silver linings are beginning to emerge. The future in Canada, in the US, and across the globe will be bright. We will all emerge stronger.   How do we prepare for today and the short-term pain? How do we prepare for tomorrow's long-term gain?   We will discuss with Jonathan Lin.   Please enjoy!   To leave me comments or feedback, please email me at hmfhd202@gmail.com.    

It is now official and Trump has been inaugurated as the President of the USA. Even before he was inaugurated, he had an impact on the stock market. He will continue to have impact on the market over the next 4 years (and maybe even beyond).  What does this mean for your portfolio? What does this mean on how you save and/or invest? Let's talk to Edan and get some insights.   To leave me comments or feedback, please email me at hmfhd2020@gmail.com  

Many physicians I know have lots of great ideas and passion. Very few of us know how to convert these ideas and passion into reality. There are many explanations for this and I believe mindset is the major obstacle. Second is fear. Third is the lack of know-how.    In this episode, we will have a fire-side chat with Dr. Mike Long who is himself a physician and an entrepreneur. Let's get inspired by Mike. I think we all "want to be like Mike" by the end of this episode.   To leave me with comment, please email me at HMFHD2020@gmail.com   To register for Code Green financial literacy conference, visit www.codegreenfinancial.com

**** Disclosure***** Myself (Vu Kiet Tran) and Mr. Jean-Pierre Laporte are co-founders of the Canadian Physicians' Pension Plan.   Over the last 2-3 years, several pension plans for physicians have come onto the Canadian market. Physicians are now more concerned with their retirement and financial wellness (and they should be), especially with the most recent announcement by the federal government that increased the inclusion rate on Capital Gains. Physicians are starting to understand the financial impact of this new change and are looking for solutions. They are now being marketed on the Specified Multi-Employer Pension Plan (SMEPP). Physicians need to know what this pension plan is about. Physicians need to do their due diligence.   To leave me comments or feedback, please email me at hmfhd2020@gmail.com   To visit the Code Green Financial Fluency conference for Feb 15th, 2025, please visit  www.codegreenfinancial.com    

The Healthcare of Ontario Pension Plan (HOOPP) will welcome Ontario incorporated physicians on January 2nd, 2025. For more than 60 years, HOOPP has been providing secure pensions to Ontario healthcare workers. With more than 460,000 members and 670 participating employers across the province, HOOPP's membership continues to grow.   Physicians play an important role in Ontario's healthcare sector, and HOOPP is pleased to announce that HOOPP will open the Plan to eligible incorporated physicians across the province in January 2025.  Medical associations have advocated and now doctors have another pension option.   What is The Healthcare of Ontario pension Plan? Who was it designed for? Were physicians in the initial calculations back in its establishment in 1960? If not, how do incorporated physicians fit in there now?   Does HOOPP even meet the needs of incorporated physicians in Ontario in 2025? Does it fall short and where?   To leave me with comment, please email me at HMFHD2020@gmail.com   To register for Code Green financial literacy conference, visit www.codegreenfinancial.com      

Many have heard of the terms "Infinite Banking", "Bank on Yourself", and "Be Your Own Bank". They are the same and describes a strategy using Whole Life insurance. What is it? What are the benefits? What are the drawbacks? Who can use this strategy? We will reveal all this in this episode.   The Code Green Financial Conference registration is now open at www.codegreenfinancial.com Early Bird has been extended until Dec 31st, 2024. $249.00 per person instead of $349.00 per person. Register now!   To leave me with feedback or comments, please email me at HMFHD2020@gmail.com.  

Small business owners (which incorporated physicians are) can help their employees with health and medical bills via a Health Spending Account (HSA). It is a benefit that is tax deductible to the corporation. How can it be used? What are the indications? Who can use it? What can it be used for? Many of these questions will be answered in this episode.   To leave me comments or feedback, please email me at HMFHD2020@gmail.com.   To visit and register for the Code Green Financial Fluency conference on Feb 15th, 2025, please visit www.codegreenfinancial.com  

Most of us are invested in the "market" in traditional assets such as stocks, ETFs, and bonds. Our investment portfolio ride the roller-coaster that is the market. Can we invest in assets that are not correlated to this roller-coaster? The answer is "yes". One way to diversify our investment portfolio is using Alternative Assets (also known as Private Equity). What are the pros, cons, caveats, and risks? We will address these questions in this episode.   To leave comments and feedback, please email me at HMFHD2020@gmail.com.   The Code Green Financial Conference will be on Feb 15th, 2025 in Toronto at the Old Mill Inn. Registration is now open! If you are interested in attending the Code Green Financial Fluency conference for healthcare professionals, please visit us at: https://codegreenfinancial.com/  

Physicians have now been bombarded with advertisements about pensions "designed" for them. Unfortunately, much of the marketing are not 100% truthful. As consumers of these plans, physicians need to understand 100% of the solution because being 50% truthful (while still true) is not the same as being 100% truthful. Buyer beware. Physicians need to do do their own due diligence.   To leave me comments or feedback, email me at hmfhd2020@gmail.com

You have heard of the new Canadian federal budget that increased the Inclusion Rate on the Capital Gains tax. It finally went into effect on June 25th, 2024. Physicians were given the right to incorporate their practices in lieu of a salary increase. Consequently, many physicians saved their money inside their corporation in the form of retained earnings and then invested it, as a way to save for retirement. Now, with the increase in the Capital Gains Inclusion Rate, this strategy is no longer as efficient. But what about all those physicians who used this strategy for the last 20 years? Is it all lost? Well, if no actions are taken, then "yes".   A few strategies to mitigate this increase exist. Listen to learn about them!   If you want to leave me comments or feedback, please email me at hmfhd2020@gmail.com.

Physicians have now been bombarded with advertisements about pensions "designed" for them. Unfortunately, much of the marketing are not 100% truthful. As consumers of these plans, physicians need to understand 100% of the solution because being 50% truthful (while still true) is not the same as being 100% truthful. Buyer beware. Physicians need to do do their own due diligence.   To leave me comments or feedback, email me at hmfhd2020@gmail.com

Physicians have now been bombarded with advertisements about pensions "designed" for them. Unfortunately, much of the marketing are not 100% truthful. As consumers of these plans, physicians need to understand 100% of the solution because being 50% truthful (while still true) is not the same as being 100% truthful. Buyer beware. Physicians need to do do their own due diligence.   To leave me comments or feedback, email me at hmfhd2020@gmail.com  

We have Sandy back again to help us dive into understanding the importance of financial fluency for physicians and other healthcare professionals.   If you want to leave me with feedback and comments, please email me at hmfhd2020@gmail.com  

In this episode, I am being interviewed by the David MacNicol, host of Lighthouse Outlook Podcast. We go into more private questions about me and how I came to create "How is my financial health, doc?". We also discuss the financial challenges of physicians and why this is so. I discuss the importance of financial wellness for healthcare professionals. I highlight the common mistakes made by medical professionals, such as neglecting personal finance, not understanding financial products, and falling victim to scams. Finally, I emphasize the need for financial fluency and the impact it has on preventing burnout among healthcare providers Please enjoy.   Leave me your feedback at hmfhd2020@gmail.com.  

I welcome my friend Dr. Roger Sen to share with us his most recent passion and joy, which has become an income source for him. Dr. Sen has learned a new skill. We all can learn a new skill. he has developed his passion. We can all develop and nurture our passion. Who knows, someday, it can even become an income source. Let's learn a little bit about Technical Analysis and investing in the stock market.   If you want to reach out, please email me at hmfhd2020@gmail.com.  

In this episode, we will have a very informative and generative discussion with my guest Sandy Pollack about what it means to make wise choices for your career and business that not only protect what you have worked so hard to build but reflect your why.    Please send me your comments and feedback at hmfhd2020@gmail.com.

Physicians typically do not just wear one hat. Many of us tries to wear many hats at the same time (to our detriment). Don't worry, I do this too. Some of us also wear the hat of a researcher (either big "R" or small "r").   However, most of us do not know we can be compensated by the government for the research we do. There is much money left on the table.   Here is an episode that deals with the SR&ED program.   Everyone should know about SR&ED. You may be entitled to receive this money back from the government.   If you have any comment or feedback, please email me at hmfhd2020@gmail.com.  

Some of us have learned how to trade in the market. However, many of us have never heard of the Options market. What is it? What does it do? This awareness building episode on Options is just the place to get acquainted with it.    I am also launching my Executive/leadership/personal coaching service. If you are interested in finding out more, please email me at hmfhd2020@gmail.com.

In 2024, there are multiple options for pensions for Canadian physicians. In fact, there may be too many to chose from. Nonetheless, physician should want a pension plan. The issue is understanding all of them. In this episode, we will spend a lot of time discussing 1 of them.   I am also launching my executive/leadership/personal coaching service. If you are interested in finding out more, please email me at hmfhd2020@gmail.com.

Disability Insurance (DI) is one of those things in life that you do not think you need it until you really need it. And by then, you wished you had it. We will dive deep into the topic of DI with Saad Nadeem.   To leave me with feedback or comments, please email me at HMFHD2020@gmail.com   To learn more about the conference... The Code Green Financial Literacy Conference. Feb 2nd, 2024. Novotel Hotel, North York, Ontario Designed by physicians, for physicians. Visit us at www.codegreenfinancial.com  

With my real-estate agent and friend, Vy Ngo, we discuss the inner workings of investing in pre-construction real-estate.   To leave me with feedback or comments, please email me at HMFHD2020@gmail.com   To learn more about the conference... The Code Green Financial Literacy Conference. Feb 2nd, 2024. Novotel Hotel, North York, Ontario Designed by physicians, for physicians. Early bird special until Dec 31st, 2023. Visit us at www.codegreenfinancial.com  

Dr. Roger Sen, Dr. Michael Long, and myself created a financial literacy conference for physicians and dentists.   The Code Green Financial Literacy Conference. Feb 2nd, 2024. Novotel Hotel, North York, Ontario Designed by physicians, for physicians. Early bird special until Dec 31st, 2023. Visit us at www.codegreenfinancial.com  

We did episodes on "Top 10 financial mistakes" made by physicians in early and mid-stage career. Late-stage physicians need not feel left out. Here is an episode for the late-stage career physicians. It is important to recognize that most of the financial mistakes in late-stage career are consequences of things not done in early and mid-stage career. But not all hope is lost. Many things can still be corrected. But better yet, for physicians in early or mid-stage career, this is a good episode to learn how not to get to this point!   For feedback of comments, please email me at HMFHD2020@gmail.com   We also launched a financial literacy conference for physicians in February 2nd, 2024. The Code Green Financial Literacy Conference. Designed by physicians, for physicians. Early bird special until Dec 31st, 2023. Visit us at www.codegreenfinancial.com  

We did episodes on "Top 10 financial mistakes" made by physicians in early and mid-stage career. Late-stage physicians need not feel left out. Here is an episode for the late-stage career physicians. It is important to recognize that most of the financial mistakes in late-stage career are consequences of things not done in early and mid-stage career. But not all hope is lost. Many things can still be corrected. But better yet, for physicians in early or mid-stage career, this is a good episode to learn how not to get to this point!   For feedback of comments, please email me at HMFHD2020@gmail.com   We also launched a financial literacy conference for physicians in February 2nd, 2024. The Code Green Financial Literacy Conference. Designed by physicians, for physicians. Early bird special until Dec 31st, 2023. Visit us at www.codegreenfinancial.com    

This is an advertisement for a financial literacy conference Dr. Sen, Dr. Long, and myself have created for physicians. This conference was designed by physicians for physicians, discussing person finance topics geared for physicians. Hope to see you there!   The early bird special end on December 31st, 2023. So, register soon.   To learn more and to register, please visit www.codegreenfinancial.com

Canadian physicians have recently been heavily promoted on a new Multi-Employer Pension Plan (MEPP).  What is this new MEPP? How is it structured? How do physicians fund it? What are the benefits? What are the drawbacks? Let's look beyond the sales and marketing information. Let's look underneath the hood to truly assess this MEPP. To leave me feedback or comments, please email me at hmfhd2020@gmail.com.  

Physicians and almost all providers in healthcare have very poor financial literacy. It is very common for us to make financial mistakes. The sad news is that most of us are not even aware of them. As we progress in our career, we hope that we finally "arrived". We might have done so professionally in medicine. However, have we "arrived" financially?   I am also letting the audience know of our inaugural Code Green Conference on Feb 2nd, 2024 at the Novotel Hotel in North York. It is an all-day jam full of financial knowledge. Save the Date! More details to come soon. If you don't come for the knowledge, at least come for the Wine&Cheese!   As usual, if you have any comments or feedback, please email me at hmfhd2020@gmail.com  

As physicians, we make a lot of financial mistakes. Some of us are aware, but most of us are not aware we are making them. This is because we have blinders on. We are lead astray by our cognitive traps. In this podcast, we discuss of some them with Dr. Ketan Kulkarni.   To leave your comments, please email me at hmfhd2020@gmail.com  

Many of our colleagues have been instructed by accountants to use a "Dividends Only" strategy to take money into the personal hands. This strategy may be valid for some, but not for most (at least not after 2014). Unfortunately, despite the changes in the law, our colleagues have not been instructed to change strategy. This persistence down the same path may have major detrimental repercussions. Learn what these repercussions could be and how they apply (or not) to you.   If you want to leave me feedback or comments, please email me at hmfhd2020@gmail.com.

Many of us use banks. But most of us don't understand the banking industry. I surely don't understand fully the industry myself. That is why we have a guest on today to explain the underbelly of the banking industry and what the banks don't want you to know. This conversation with an ex-banker is honest, blunt, and edgy. I hope you're ready for it.   To leave me feedback, please email me at hmfhd2020@gmail.com

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 hmfhd2020@gmail.com   If you want to understand more about the Canadian Physicians' Pension Plan, please visit www.canadianphysicianspensionplan.ca

Many of us use banks. But most of us don't understand the banking industry. I surely don't understand fully the industry myself. That is why we have a guest on today to explain the underbelly of the banking industry and what the banks don't want you to know. This conversation with an ex-banker is honest, blunt, and edgy. I hope you're ready for it.   To leave me feedback, please email me at hmfhd2020@gmail.com

This is an episode I recorded with my good friend Saad Nadeem, a CFP who helps foreign trained physicians in Canada. The concepts we talked about are not just for foreign trained physicians. Many of my colleagues trained in Canada are still suffering from the challenges we discussed. The learning points are relevant and real, very real. It is my strong belief that physician burnout is tied to financial well-being. Listen to see if you agree.   If you want to leave me with feedback or comments, please email me at HMFHD2020@gmail.com

There are 7 Money Mindsets. Do you know which one(s) you subscribe to the most often? Which one you adopt in times of stress or major money/investment decisions? "Know Thy Self" is crucial to your financial success.    For feedback or comments, please email me at HMFHD2020@gmail.com.

I had the pleasure to have on my show Roger who shared with me his financial literacy journey and how he came to understand Suitability vs Best Interest Standard.   Please email me if you have any comments or feedback at HMFDH2020@gmail.com

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 hmfhd2020@gmail.com   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 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 hmfhd2020@gmail.com   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 hmfhd2020@gmail.com 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 hmfhd2020@gmail.com

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 HMFHD2020@gmail.com.

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 HMFHD2020@gmail.com.

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 HMFHD2020@gmail.com.

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 hmfhd202@gmail.com

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 hmfhd2020@gmail.com. 

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 hmfhd2020@gmail.com. 

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 hmfhd2020@gmail.com  

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 hmfhd2020@gmail.com