Shows
How is my Financial Health, Doc?Physicians are investigating pension plans - they need to do their due diligence on Specified Multi-Employer Pension Plan (SMEPP)**** 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 P...2025-01-1853 minHow is my Financial Health, Doc?What is the Healthcare of Ontario Pension Plan (HOOPP) and is it a good fit for incorporated physicians of today?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 Heal...2025-01-021h 03How is my Financial Health, Doc?Infinite Banking - strategy revealedMany 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 fe...2024-12-211h 08How is my Financial Health, Doc?Another tool in your corporate toolbox - What is a Health Spending Account (HSA)?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...2024-12-0845 minHow is my Financial Health, Doc?What are Alternative Assets and should I consider them?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 Co...2024-11-161h 01How is my Financial Health, Doc?Marketing inaccuracies about pension plans "designed" for physicians - Part 3Physicians 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
2024-10-1442 minHow is my Financial Health, Doc?What does the increase in the Capital Gains Inclusion Rate mean for me and my family?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...2024-09-2146 minHow is my Financial Health, Doc?Marketing inaccuracies about pension plans "designed" for physicians - Part 2Physicians 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
2024-09-0833 minHow is my Financial Health, Doc?Marketing inaccuracies about pension plans "designed" for physicians - Part 1Physicians 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
2024-09-0133 minHow is my Financial Health, Doc?Financial fluency for healthcare professionals - an intimate conversation with Sandy PollackWe 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
2024-08-1049 minHow is my Financial Health, Doc?Confession of your podcast host Vu.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...2024-07-2048 minHow is my Financial Health, Doc?Technical Analysis and investing in the market: a conversation with Dr. Roger SenI 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.
2024-07-1352 minHow is my Financial Health, Doc?Don't leave a mess - How to disaster-proof you family legacy. A conversation with Sandy PollackIn 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.
2024-06-2355 minHow is my Financial Health, Doc?If you are a researcher (big "R" and small "r"), you need to know this: SR&EDPhysicians 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 kno...2024-06-0845 minHow is my Financial Health, Doc?The Options market: an awareness-building episode for most of us.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.
2024-04-2749 minHow is my Financial Health, Doc?What is a Specified Multi-Employer Pension Plan (SMEP)? Should I know this?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.
2024-04-191h 28How is my Financial Health, Doc?You don't think you need it until you actually need it: Disability Insurance (DI)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.
Vi...2024-01-2657 minHow is my Financial Health, Doc?Real-estate investing that can be aligned with the lifestyle of a busy healthcare professional: Pre-construction real-estate investingWith 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
2023-12-2745 minHow is my Financial Health, Doc?Promotional content: Code Green Financial Literacy ConferenceDr. 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
2023-12-2407 minHow is my Financial Health, Doc?Top 10 financial mistakes made by physicians in late-stage career - Part 2We 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 c...2023-12-1852 minHow is my Financial Health, Doc?Top 10 financial mistakes made by physicians in late-stage career - Part 1We 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 c...2023-12-0447 minHow is my Financial Health, Doc?Code Green Financial Literacy Conference for physiciansThis 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
2023-12-0302 minHow is my Financial Health, Doc?The new Canadian physician Multi-Employer Pension Plan (MEPP): What is really underneath the hood?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.
2023-11-131h 04How is my Financial Health, Doc?Top 10 financial mistakes made by mid-career physiciansPhysicians 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 D...2023-11-051h 10How is my Financial Health, Doc?Financial mistakes you did not even know you made - Where are your financial blind spots?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
2023-10-1648 minHow is my Financial Health, Doc?What was appropriate prior to 2014 is no longer applicable in 2023: Dividend only strategyMany 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.
2023-09-1651 minHow is my Financial Health, Doc?Things you should know about retail banking - Confessions of an Ex-banker (Part 2)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
2023-09-0340 minHow is my Financial Health, Doc?Special Edition 5: What is the Canadian Physicians’ Pension Plan (Question from accountants)?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.
...2023-09-0140 minHow is my Financial Health, Doc?Things you should know about retail banking - Confessions of an Ex-banker (Part 1)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
2023-08-2643 minHow is my Financial Health, Doc?Financial teaching points for foreign trained physicians (and many others)!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
2023-08-131h 10How is my Financial Health, Doc?Seven Money Mindsets: which one(s) you have will determine your financial security and wealthThere 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.
2023-07-281h 02How is my Financial Health, Doc?Roger’s story about Suitability vs Best InterestI 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
2023-07-1537 minHow is my Financial Health, Doc?Special Edition 4: What is the Canadian Physicians’ Pension Plan (Question from physicians) - Part 2We 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.
...2023-07-0353 minHow is my Financial Health, Doc?Special Edition 3: What is the Canadian Physicians’ Pension Plan (Question from physicians) - Part 1We 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.
...2023-07-0351 minHow is my Financial Health, Doc?Special Edition 2: The Canadian Physicians’ Pension Plan (CPPP) - Part 2: a pension plan truly designed for the physician in mindWe 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 wh...2023-07-0353 minHow is my Financial Health, Doc?Special Edition 1: The Canadian Physicians’ Pension Plan (CPPP) Part 1: a pension plan truly designed for the physician in mindWe, 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 hmfhd2020@gmail.com
If you want to understand more about the Canadian Physicians' P...2023-07-0356 minHow is my Financial Health, Doc?Lack of financial education among healthcare professionals - ”I wish I knew” (Part 2)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.
2023-07-0133 minHow is my Financial Health, Doc?Lack of financial education among healthcare professionals - ”I wish I knew” (Part 1)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.
2023-06-1747 minHow is my Financial Health, Doc?There are many ways to invest in real-estate for the HCP. Is BTRSFR right for you?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!
2023-06-0349 minHow is my Financial Health, Doc?Financial Anonymous: are you really good? "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 c...2023-04-2318 minHow is my Financial Health, Doc?How and why your incorporated medical professional business can quickly lose its small business tax allowance?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, p...2023-04-1758 minHow is my Financial Health, Doc?Are you aware of Real-estate development investing through a Limited Partnership?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.
2023-04-0855 minHow is my Financial Health, Doc?When it comes to your financial health, are you dealing with a ”bike salesman” or a ”personal trainer”? Are you getting ”suitable” or ”best interest” advice?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...2023-03-1858 minHow is my Financial Health, Doc?What is pre-construction real-estate?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 exp...2023-03-051h 19How is my Financial Health, Doc?What is debt and how to USE it to build wealth? (Part 2)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. 2023-02-2637 minHow is my Financial Health, Doc?What is debt and how to USE it to build wealth? (Part 1)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. 2023-02-1953 minHow is my Financial Health, Doc?What is Participating life insurance? Let’s take a deep dive into the question with an insider.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
2023-02-0953 minHow is my Financial Health, Doc?Physicians are not just physicians. We can be so much more - a chat with Dr. Thanasi TsiodrasMany 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...2023-01-2842 minHow is my Financial Health, Doc?What is Arm’s length lending with your RRSP?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 hmfhd2020@gmail.com
2023-01-241h 14
Mangtas NationThe Future of Finance: Exploring the World of Fintech with Kiet Tran | S2 EP10Kiet Tran shares his heartening career story and learning experience from his stint as a bartender to working as a financial adviser and now becoming the CEO of his own startup. In this episode, he also tackles the importance of building skillsets, growing in your career, and prioritizing work-life balance. Apart from this, he gave us substantial insights about the future of Fintech as well as tips on building a startup.
With more than 17 years of experience, Kiet has become a prominent personality in the Fintech industry. His current startup embraces the phrase “data is the new oi...2023-01-1653 minHow is my Financial Health, Doc?How to get started in real-estate investing for healthcare professionalsI 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 hmfhd2020@gmail.com
2023-01-131h 03How is my Financial Health, Doc?Occupational therapist gone entrepreneur! Passion beyond clinical work.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...2023-01-0648 minHow is my Financial Health, Doc?It’s not sexy, but it is important - Financial Planning for SECURITY!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 hmfhd2020@gmail.com
2022-12-2451 minHow is my Financial Health, Doc?Build financial security, independence, and wealth with the Wealth CreatorMany 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 hmfhd2020@gmail.com
2022-12-0458 minHow is my Financial Health, Doc?Value should be your focus, not just cost!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 HMFHD2020@gmail.com if you ave any comments or feedback.2022-11-0753 minHow is my Financial Health, Doc?How we view money determines how successful financially and how happy we will be.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 HMFHD2020@gmail.com if you ave any comments or feedback.
2022-10-3039 minHow is my Financial Health, Doc?The Enhanced Smith Maneuver: invest in your own corporation, build a corporate pension plan, and pay down your mortgage faster!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 hmfhd2020@gmail.com
2022-10-1629 minHow is my Financial Health, Doc?A frank conversation with a ”strategic accountant” - what does one look like?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...2022-10-0947 min
How is my Financial Health, Doc?Are you using the ”suitability” standard or the ”best interest” standard when you are advising me? Part 2 - An EditorialMy personal take on the question of "suitability" vs "best interest" in regards to financial advice from advisors and accountants.
If would like to leave any comments or suggestions for future episodes, please email me at hmfhd2020@gmail.com
2022-10-0143 minHow is my Financial Health, Doc?Are you using the ”suitability” standard or the ”best interest” standard when you are advising me? Part 1Only a few of us have really spent time and energy thinking about the question regarding conflict of interest when it pertains to financial advisors. Some of us have recommended fee-only financial advisory services. But that really does not answer totally the question of "what is best for me?". There is another question we, as financial consumers, must answer. Is my advisor and/or accountant using the "suitability" or "best interest" standard? What is the difference between the two? You should know because it can drastically affect your financial outcome.
If would like to leave a...2022-09-2643 minHow is my Financial Health, Doc?Buy term insurance and invest the rest! Is that the perfect strategy for everyone?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 hmfhd2020@gmail.com
2022-09-151h 18How is my Financial Health, Doc?Confession of a podcast host - Vu Kiet TranI 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
2022-08-2251 minHow is my Financial Health, Doc?How does divorce impact your financial security?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
2022-08-1547 minHow is my Financial Health, Doc?Capital Dividend Account (CDA) - The biggest unkown planning opportunity for corporationsI 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
2022-08-0736 minHow is my Financial Health, Doc?Confession of a Certified Financial Planner (part2): interview with Galen NuttalAs 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 hmfhd2020@gmail.com
2022-07-3139 minHow is my Financial Health, Doc?Confession of a Certified Financial Planner (part 1): Interview with Galen NuttalAs 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 hmfhd2020@gmail.com
2022-07-2340 minHow is my Financial Health, Doc?Mea Culpa (The Host - Vu - Mistake #2) - RESP plansI 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.
2022-07-1431 minHow is my Financial Health, Doc?I am not alone - physician mutant Dr. Yatin Chadha shares his thoughts about personal financial literacy for physiciansI 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.
2022-06-2546 minHow is my Financial Health, Doc?How to pay down your mortgage faster and still have more for retirement? The Smith Maneuver demystified.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 wh...2022-06-2042 minHow is my Financial Health, Doc?One of the best kept financial solution secret for incorporated individuals: Retirement Compensation Arrangement (RCA)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 hmfhd2020@gmail.com.
2022-06-111h 07How is my Financial Health, Doc?Great taste vs less filling: salary vs dividend. Which camp did your accountant put you into? Part2This 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 hmfhd2020@gmail.com
2022-06-0618 minHow is my Financial Health, Doc?Great taste vs less filling: salary vs dividend. Which camp did your accountant put you into? Part 1This 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 hmfhd2020@gmail.com
2022-05-1540 minHow is my Financial Health, Doc?Hey busy healthcare professional real-estate tycoon! Yeah, I am talking to you - Part 2Everyone 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!
P...2022-05-0727 minHow is my Financial Health, Doc?Hey busy healthcare professional real-estate tycoon! Yeah, I am talking to you - Part 1Everyone 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?
P...2022-04-1145 minHow is my Financial Health, Doc?Can one mortgage a Life Policy? Why yes! It is called Immediate Financial Arrangement (IFA)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.
2022-04-0331 minHow is my Financial Health, Doc?Fireside Chat with a knowledageable and wise financial advisor Gordon Berger - Chapter 3 (Final)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...2022-03-1841 minHow is my Financial Health, Doc?Fireside Chat with a knowledageable and wise financial advisor Gordon Berger - Chapter 2There 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...2022-02-2035 minHow is my Financial Health, Doc?Fireside Chat with a knowledageable and wise financial advisor Gordon Berger - Chapter 1There 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...2022-02-1352 minHow is my Financial Health, Doc?You cannot eat your house!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...2022-02-0725 minHow is my Financial Health, Doc?Dear doctor, you must have a very good reason to NOT incorporate your professional practice, right? Final thoughtsPhysicians 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.
2022-01-3033 minHow is my Financial Health, Doc?Dear doctor, you must have a very good reason to NOT incorporate your professional practice, right?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...2022-01-2054 min
Providers Properties and PerformanceER Doc Triages Personal Financial Health for Clinicians with Vu Kiet Tran, M.D.Trisha’s guest this week is Dr. Vu Kiet Tran, an emergency room physician who now also consults with, advises, and mentors other physicians on personal financial health and investments to help them grow their wealth. They discuss the differences in healthcare systems between Canada and the United States, his entrepreneurial path, as well as his medical career. In this episode, we talk about… [3:17] Being in geriatric medicine during the COVID-19 pandemic [5:00] Differences in the healthcare systems between Canada and the United States [12:38] Physician ownership in Canada [15:09] Vu Kiet’s entre...2022-01-1837 minHow is my Financial Health, Doc?Sunk Cost Bias or Gambler‘s Fallacy: it‘s just very difficult to cut our losses.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.
2022-01-0914 minHow is my Financial Health, Doc?It is value we should seek, not the cheapest thing we can find.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!
2022-01-0114 minHow is my Financial Health, Doc?A little knowledge can be a dangerous thing. But full knowledge can be very powerful. Are you an outlier?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 a...2021-12-2519 minHow is my Financial Health, Doc?Are you a cowboy when it comes to investing?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?
2021-12-1910 minHow is my Financial Health, Doc?Be sure to know who you are listening to. Songs of Sirens can lead you astray.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.
2021-12-0910 minHow is my Financial Health, Doc?Quantitative Easing (QE) - breaking it down so you can understand why you need to care!Quantitative Easing (QE) is a word that has been bounced around for some time now. I never understood what this sophisticated word meant. To be honest, I did not care until I understood it just enough. Now, I feel the need to understand a bit more because it will impact my personal finances in a very large way. QE will be broken down into simple concepts even a doctor (me and you) would understand.
Please email me if you have any feedback, comments, or suggestion for future topics: hmfhd2020@gmail.com
2021-11-2848 minHow is my Financial Health, Doc?Checking your portfolio too often only creates regrets.The fourth installment in the serie on Behavioral Finance. Checking you portfolio often. This bias is something I am certain we all are victim of. Checking your portfolio too frequently and acting on emotions when you goal is long term adds no value. It only creates regrets.
2021-11-2109 minHow is my Financial Health, Doc?Loss Aversion is making you do things you will regret!The third installment in the serie on Behavioral Finance. Loss Aversion. This bias is something I am certain we all are victim of. We experience loss more deeply than we experience gain. This in turn makes us do things that are not in our best interest.
2021-11-1413 minHow is my Financial Health, Doc?Mea Culpa (Mikaela)Another episode in the series of Mea Culpa. This time, we learn from Mikaela.
To connect with me for mentorship/coaching/consulting related questions, please also visit: www.financialhealthdoc.com or email me at hmfhd2020@gmail.com
2021-10-0344 minHow is my Financial Health, Doc?Do It Yourself Investing - the Good, the Gaps, and the UglyIf you are making investment or money decisions on your own (DIY), are you doing it correctly? Have you considered the overall strategy? Or are you just buying assets haphazardly (like a plastic bag floating in the wind)? What is missing in the DIY strategy? You need to know (because what you don't know can really hurt you).
2021-09-181h 11How is my Financial Health, Doc?Confirmation bias: You are so vain!The second installment in the serie on Behavioral Finance. Confirmation bias. This bias is something I am certain we all are victim of. At least, in medicine, it is rampant. I see it everywhere and from everyone. Are you bringing it from your professional life into your investment decisions as well?
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops2021-09-0913 minHow is my Financial Health, Doc?Herd Mentality: driving towards FOMO and it is dangerous!Do you think you always make the right decision in medicine? There many blind spots which we call cognitive biases. I am certain you are aware of these biases in your professional practice. However, are you aware of these blind spots when in comes to investing your money? This is the first in this serie on the topic of Behavioral Finance. Enjoy!
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your f...2021-09-0215 minHow is my Financial Health, Doc?Herd mentality in investing: biggest mal-adaptive investor behaviorThis is the first podcast in a series on different investor behaviors that are detrimental to your overall portfolio performance. Beware of your own mal-adaptive behavior. You can be your own worst enemy when it comes to investing.
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect wi...2021-09-0115 minHow is my Financial Health, Doc?You want to do Capital Stripping, really? Is there a better alternative? Terminal Funding from a Private Pension PlanGiven the new tax changes, many accountants and advisors are recommending Capital Stripping. Before you say yes, is there a better alternative that is more tax efficient? You better listen to this before you jump into Capital Stripping.
I am also excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?" Empower your future self now.
Please visit: www.beautifultimesinc.ca/conferenceandworkshops
Space is limited to 20 attendees!
To connect wi...2021-08-1908 minHow is my Financial Health, Doc?What are REITs (Real-Estate Investment Trusts)? If you don't know, here is where you will learn it! Everything you need to know and more...It is my belief that a well diversified investment portfolio should include equities, bonds (ok maybe not in this low rate environment), ETFs, insurance products, real-estate, and non-correlated investment products. It should also include REITs (which could be part of your non-correlated investment portfolio). But what are REITs you ask? Well, I (ok maybe not me, but my guest) have all the answers. Listen to learn more.
This episode is sponsored by:
Alignvest Student Housing REIT (ASH REIT) is a private REIT focused on consolidating the highly fragmented purpose-built student accommodation (PBSA) sector in...2021-07-3149 minHow is my Financial Health, Doc?Intergenerational wealth transfer made possible with private pension plans for healthcare professionalsA few episodes back, we learned about private pension plans (IPP and PPP). We know what the benefits and drawbacks are. But there is 1 particular aspect of these pensions that deserve its own episode. This feature of the private pension plan (that is most powerful inside the PPP) is the most powerful of all the features. If you have children, you must know this!
I also am excited to announce my upcoming virtual Financial Workshop on Sept 17th, 2021.
"What would your future self tell you in 30 years that you need to hear now?"2021-07-1755 minHow is my Financial Health, Doc?Why do healthcare professionals love to invest in real-estate?Everyone likes to invest in real-estate. Healthcare professionals loves to invest in real-estate. Do you know why? If you are not invested in real-estate, should you? What are the incentives and the disincentives of investing in real-estate? This episode will try to answer some of these questions.
This episode is sponsored by another Emerg Doc, Dr Fred Voon, who has just come out with a new book called ‘Your Inside Guide To the Emergency Department… And How to Prevent Having To Go’
We hear the same questions and complaints in waiting rooms coast to coas...2021-07-091h 07How is my Financial Health, Doc?Persistent Quality Part-time Effort - What is it? Dr. Wing Lim will enhance our knowledge base.Persistent Quality Part-time Effort is a powerful concept that all physicians must understand. Whether you want to call it Side Hustle or Multiple Revenue Stream, the power is in the financial freedom that it offers from your everyday professional life. One might say "isn't it enough that I am a physician? Why do I need to do something else?". The new medical profession is unlike the old medical professional. Just in a span of 25 years, I have seen it change before my own eyes. Within these changes, the question is "Can I afford not to change myself?".
2021-07-0554 min