Money
223: Reflect, Reset, and Step into 2025
As we wrap up the year, I’ve been thinking about how time seems to speed up as we get older. Do you feel it too? Summers that once felt endless now seem to pass in the blink of an eye, especially with kids around. That’s why it’s important to pause and reflect on the year - on what went well, what we’ve learned, and the moments that truly mattered. For me, one of the highlights was spending a month in Greece with my family, enjoying a freedom and simplicity that’s hard to find in daily life.
Reflection doesn’t have to be overwhelming. It can be as simple as setting aside time to write about your favorite memories or jot down lessons from the challenges you’ve faced. I share some practical ways to reflect on the positives, the meaningful moments, and what you’d like to carry forward into the new year. Whether it’s creating a photo album or journaling, the key is to find tools that work for you and let them guide your thoughts as you close out 2024.
Join me today as we create space to reflect and plan with purpose. Together, we’ll celebrate what made this year special and start thinking about the next chapter. Whether you want to reconnect with your achievements or imagine what 2025 could bring, this episode will inspire you to look back with gratitude and ahead with intention.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- Why reflecting on your year can help you move forward with clarity and purpose.
- Simple ways to pause and appreciate the positives from 2024.
- How to create a meaningful reflection through journaling, photo albums, or storytelling.
- How to identify the lessons in your challenges and turn them into growth opportunities.
- Why unstructured play and simplicity can bring joy to your family life.
- How to set the tone for 2025 with a clear vision and sense of direction.
Listen to the Full Episode:
Featured on the Show:
Hey, so before we start episode 223, which is all about reflecting your life in 2024, I wanted you to save the date. January 15th at 8pm or January 18th at 11am for my first workshop of 2025 called Design Your Wealthy Life. And so it’s basically what it sounds like, you're going to create your vision of what you want, and not just 2025 but like what do you really want your life to look like? Because if you don’t know where you're going, it’s really hard to reach your goals, even if they’re unspoken.
And so save the date, wealthymommd.com/223, you’ll see a button where you can sign up and save your spot for the workshop that way you can add it to your calendar very easily. And so make sure you do that. Okay, on with the show.
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, welcome to another episode. I don’t know about you, but I cannot believe the year is over. I mean, I kind of think this every year, but every year seems to go faster. And in fact, I was actually talking to someone about this. Now, this is obvious, but the realization, like you know how you hear something obvious, but you never really stopped to think about it? And so this was one of those things.
So remember when you were a kid and the summer seemed so long, like it almost felt like a whole school year in itself. And then as you get older, it just goes faster and faster and faster. I think it also seems to go faster when you have kids.
And basically we realize, well, this makes total sense because when you’re young, you literally haven’t had that many years of living your life. And as you get older, I’m 47 now, a year is literally shorter. Okay, not shorter, but I think you know what I mean. In terms of context, it’s shorter compared to the amount of life I’ve already lived.
Anyway, I think that’s why the year always seems to go by faster and faster.
Okay, so if you’ve been following me for a while, you know that in December I always like to encourage you all to do a year end reflection. And I do this for myself as well. And we provided a worksheet last year, but we’re providing an updated one because as I do these more and more, I always get sort of different or new perspectives on questions that I think will be useful for myself and for you.
And so what’s the purpose of doing one? I think it’s so easy for us to just keep moving forward. It’s like, okay, January is a clean slate and it’s almost like you want to forget whatever happened in 2024, right? At least that’s, I think, human nature.
And it’s also not a way to use it against yourself. It’s not just about reflecting on lessons learned and challenges you had, but also it’s a way to also think about what went really well. What gave you a lot of joy? Like what was amazing about the year? Because I don’t think we spend enough time doing that in our day-to-day life, let alone when a whole year goes by, right? So it’s an opportunity to pause and really reflect on that.
So a few things that I’m definitely reflecting on, I truly believe that every year my life gets better and better. And what I mean by better is I have more enriching experiences. I’m always meeting new people. So creating new relationships, deepening existing ones, and I just feel like I get to know myself every year on a deeper level. And I also, in general, like myself more as more time goes by.
And so the two things that really came up for me, or a few things in terms of reflection on my own life, is my family and I were able to spend a month in Greece with some really close friends. And that is an experience I’ve never had with my family. I’ve done the whole backpacking in Europe when I was younger, and I actually did one trip that was six weeks, maybe even a bit longer. But obviously I was much younger, single, and willing to stay in hostels, right? So that was an amazing experience for me, my family, and I would say especially for Jack.
Total side note, I recently followed Jonathan Haidt. I think it’s H-A-I-D-T or D-H-T. But many of you probably already know who he is. He’s a very outspoken person about the dangers of social media and how just the way childhood is so different now, and I know all of us already know that. And so he’s very outspoken about it, and so I think he’s a great social media account to follow.
So the reason why I bring him up is because one of the things that I really saw unfold in Greece is Jack having a lot of independence. And I never thought I’d be a helicopter mom, but what I realized is pretty much this whole generation of parents are helicopter-y. Like way more than our parents’ generation.
I’m sort of on the cusp of Gen X and Y, more X than Y, I would say. And we would just ride our bikes and roam around the neighborhood. No one knew where we were, right? There were no cell phones. And as long as you were back by sundown or dinnertime, no one cared where you were, right? We’d just roam, we explored, and did all sorts of things that kids do. And kids don’t have that anymore, like not really.
And so when I was in Greece, it was just so wonderful to kind of see or allow Jack to have the opportunity for lots of free play. And when we were on Syros, there was a big square that everyone would gather at night, and people clearly didn’t go to sleep till almost midnight. And the kids would just be running around in this square, and the parents would kind of just be on the edges chit-chatting with other parents, not super paying attention to the kids, but obviously they were there.
And it was the first time that I would leave Jack in a place like that and leave. I never left that long, because again, this was kind of new to me. But I would go across the street and maybe meet some friends for ice cream, and then I would come back, knowing that there were other parents in our cohort there loosely watching the kids, right? And so I was able to do that several times.
And the apartment we had in Syros, there were stairs that would go down to a playground, and he would run down to the playground by himself and play, and I would catch up with him later, but I wouldn’t feel the need to go with him, you know what I mean?
And now that we’ve settled in Tampa, we live in a pretty suburban neighborhood, and again, Jack loves to ride his bike. Well, he learned how to ride his bike here in Tampa. And we live in a townhome, and there’s rows of townhomes, and then regular homes, and obviously streets, et cetera. And so we have allowed him to ride his bike in an agreed-upon area where we don’t have to be walking behind him, you know what I mean?
And even then, there’s a part of me that wants to give him even more independence. And Jack has ADHD, and he can be quite impulsive, and so I do feel like there’s some safety concerns on that front. But that is something I’ve really been reflecting on, and also really thinking about how can I allow more free play that’s not structured, right? Because I think a lot of us have fallen into this scheduling with activities, and I was sort of against that. And then I realized, actually, I think I am sort of doing that, sort of like not on purpose, but anyway, that’s a whole other thing.
But Jonathan Haidt, great person to follow. He wrote the book The Anxious Generation, which many of you may have heard of, and so just a great, insightful book if you are a parent. But even if you’re not, I think it’ll be giving you a lot of insight on how different and challenging it is to raise humans in this day and age of technology and social media.
And so we do have a reflection worksheet for you, and so if you go to the show notes, you’ll see the link to click, and we’ll send it to you. Otherwise, you can go to wealthymommd.com/223, the numbers 2-2-3, that’s for episode 223. You can do these questions for yourself as well.
So I recommend doing the “positive” reflection first, and what I mean by that is really reminiscing about amazing moments, experiences like I just described, like really spending time thinking about them, you know? And also this might be an opportunity, as an aside, to go through the thousands of pictures you’ve probably taken in 2024 and to schedule like an hour or maybe two, depending how many you have, and create an album and take the best of.
I have an iPhone, I’m sure the same thing happens in Android where it can automatically create a movie about 2024. I don’t know if you can actually tell it to do that, but I’m guessing you probably could. And so I think that’s a really great thing to do for yourself.
So I recommend doing that first and then reflecting on sort of anything that you either wished things went differently, any challenges, you know, times or experiences that you could learn from, right? All of us have lots of those, including me.
So definitely one of the most challenging times this year was moving to Tampa. You can imagine why that was a challenging time. There’s just a lot of things to do, like besides moving us physically, all the things that we own, finding Jack a new school, feeling stressed about that, all that kind of good stuff.
And I’m really grateful for many aspects of the move because Matt is in a job that he loves and so it’s been really great to see him thrive professionally. I truly feel like we’ve hit the jackpot with the school that Jack now attends. Even though in the beginning I was actually mourning the school that he wouldn’t be able to continue back in New York. And so everything kind of has a bit of a mixed bag.
And moving was also hard, as you know, it’s one of the top three things that are stressful in life. And I had postpartum anxiety and I would say there were a few moments in my life where I had that level of anxiety where it did kind of interfere with my life in a negative way. And so I definitely experienced, I don’t know, is there a name for it? I know like clinically it’s called adjustment disorder, but really it’s post move anxiety. Or more like it was during, so whatever that word would be, right?
But it’s moving related anxiety. And it was really hard for me. And I think it was partially juggling all these things, the drawing experience of moving to a new place, not knowing anyone and just having to make so many decisions in a short amount of time. And so I had to get my medications adjusted, basically they all went up. And I knew that time and medications would help. And I will say, as of the time of this recording, I feel totally back to normal.
And I also truly believe that being in a sunny place is going to be so good for my mental health because it was hard, when you’re in the Northeast it’s cold and dark. And I actually got these glasses called Luminette, I think I’ve talked about them before. And so you may know that you can get a light box to help with seasonal affective disorder, but it’s also extremely inconvenient cause you have to sit there for, I don’t know, but probably at least 30 minutes.
And so these are glasses that you put on that are not exactly the equivalent of the number of lumens needed for effectiveness, but pretty close. And so I don’t have to use those anymore. And now what I use them for is actually for jet lag.
So as you can see, there’s been really great things about moving and also things that didn't go so well. And so I was talking mainly about professional things at this point, but I think this is also a time to reflect professionally as well. And so a question for you is what’s one accomplishment that made you feel really fulfilled this year or was very meaningful for you in terms of your business, your job, et cetera.
A few reflections I have about my business is I hosted the first ever Money and Wellness Conference for Female Physicians. We had the first one earlier this year in March at Miraval resort in Arizona. And I loved curating this conference. I loved curating the experience. I loved having it at Miraval. I loved that it was intimate and I loved all the speakers that I chose.
And before the actual conference, we had signed a contract to have the second one, February 20 to 23 in Hawaii at the Four Seasons. And so we still have spots remaining, and so I think this would be a wonderful way to really start the new year.
And actually right before I recorded this, I had an amazing idea, I think it’s amazing anyway, and I’m really excited to be able to share it with the attendees. So if you go to my website, wealthymommd.com, you’ll see a little button to learn more about the conference, or you can go directly to the website at wealthymommd.com/conference. And that’s February 20 to 23 at the Four Seasons, Oahu.
I mean, Hawaii is my happy place, but obviously Hawaii is gorgeous and the Four Seasons, like it’s going to be an amazing, luxurious experience. And it’s on the ocean and the ocean has been proven to be really calming for our nervous systems. And so I can’t think of a better place to be with other women physicians, to be with the amazing speakers that I have selected to really think about how you want to live your life with purpose going forward, money wise and also personally wise as well.
At the same time, I had mentioned most of the pros of hosting the conference, but then I also learned how difficult it is to create and host a conference. And so live events are definitely not for the weak of heart. And when I mean live events, I really mean larger scale events like a conference where you’re having like 50 plus attendees. I’ve done retreats. That was much less moving parts.
And I have decided I will not be doing this conference again, the way it is. I’m going to be focusing on smaller retreats. I’m not quite sure when, it could be as early as the fall of 2025, but I will not be hosting the Money and Wellness Conference going forward.
Of course I could change my mind, but I’m pretty sure that I won’t be doing that anytime soon just because the planning takes a lot of time and resources from myself and my team. And there are other things we really want to focus on in the business, providing lots of value for you, my listeners, really focusing on the programs that we offer and deliver.
And so just to give you a bit of a preview, in 2025, I will be offering a business program. And that’s something I’m really excited about. And it’s something that’s been on my mind for a few years and I finally decided I’m going to do it. And so I don’t have all the details as of this recording. It’s probably going to be starting in April. It’ll be open for enrollment probably in March, early March or end of February.
And so those are my sort of professional reflections on sort of what I’m up to and what I’d like to do moving forward. Again, I encourage you to do this for your professional life, whether you’re employed or not. And I mentioned the photo gallery. And in terms of spending time reflecting, it doesn’t have to take a lot of time, like we’re talking 30 minutes.
You can download the worksheet and spend some time journaling. I’m a huge fan of journaling, it has so many benefits and many of you probably journal already, but it’s also easy to kind of go off track and not journal as often as you’d like. It’s just very different, and I know you’ll agree, than just thinking about things, right?
It’s like, I know many of you will probably look at the questions and think about the answers, but writing them down, it does something different in the brain, right? It really helps you connect with what you’re thinking about and what you’re reflecting on. And that sort of deeper connection is fuel for moving forward in life.
Another fun thing I like to do when I’m reflecting is if 2024 was a chapter of a book, what would the chapter be called? Like what would the title be? I’m going to have to think about this one. So I haven’t figured out the title yet. I mean, it could be something just boring, like Tampa and Greece, or it could be like a phrase, like just have fun with it. I think it’s really fun to just give it a title.
And another thing is if 2024 was a movie, what would the title of the movie be and what actor or actress would play you? Now the problem is I’m Asian and there aren’t that many Asian actors. And so the actress or actor doesn’t need to look like you, okay?
I remember thinking like, well, I have a very limited choice here, but then someone’s like, but it doesn’t matter what they look like. Like who would you want to be you in terms of the acting? And so I thought that was a really great suggestion. So I think that would be pertinent to a lot of you because obviously not all of us are white.
And so when you do this, then it’s a great segue to think about 2025. And a lot of us tend to sort of be retroactive about things, but you can decide how the future will look. So for example, a fun question would be, what would the title of 2025 be? Like what would you want it to be called? What’s one area of your life that you really like to focus on in 2025?
So obviously in an upcoming episode, I believe it will be the first one in January, I’m going to talk more about how to think about the future. I’ll share the answer of what I call 2024. I’ll share what I’m calling 2025 and I’ll be sharing the area/areas that I want to focus on in 2025.
And so I truly hope that you are enjoying the rest of the year. I know it can be a bit of a crazy time with holidays and shopping and family and you know, there’s good and bad and ugly about all those things. And so wherever you are, whatever situation you are, always remember to be kind to yourself.
And again, please grab the 2024 year end reflections worksheet. It’s really an amazing opportunity to reflect and really honor yourself for who you are in 2024.
And in preparation for 2025, I’ll be hosting a workshop and I’ll be doing it twice. It’s going to be January 15th at 8pm Eastern and January 18th at 11am So January 15th is a Wednesday, January 18th is a Saturday. And so by doing it twice, I’m hoping that you will be able to make one of those times.
We will record it as well in case you truly cannot make it live. And so the theme is going to be designing your wealthy life. And it’s going to be an amazing opportunity to really start the year on the right foot and also really step into your future.
And again, we’ll be doing things like naming the chapter of 2025 and all that fun stuff. And obviously how you can then use that vision to help you create your money goals because, again, you can’t create your money goals without knowing where you want to go.
All right, so I will talk to you all next week.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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222: Navigating Perimenopause and Beyond: A Guide to Women’s Health with Dr. Shieva Ghofrany
Being a woman can be challenging, especially when navigating life’s unspoken phases like perimenopause and menopause. I’m joined by Dr. Shieva Ghofrany, a board-certified OB/GYN with over 14 years of experience, to explore the often-overlooked aspects of women’s health. Dr. Shieva shares her personal experience of navigating postpartum life after having her third baby at 41, while also entering perimenopause. She sheds light on how unpredictable and transformative these phases can be, from hormone fluctuations to muscle loss.
In this episode, we dive into actionable advice for women of all ages. Dr. Shieva emphasizes the importance of building muscle and focusing on protein intake, especially after your 30s. She explains how small, realistic changes - like weightlifting and eating well - can have a big impact. Additionally, she discusses the gaps in medical education that leave both women and doctors uninformed about managing perimenopause and menopause, and offers simple, accessible solutions for taking charge of your health.
Tune in this week to gain expert insights on perimenopause, menopause, and postmenopause, as well as practical tips for navigating these life stages with confidence. From the surprising benefits of vaginal estrogen to breaking down the myths around hormone therapy and women’s libido, this episode is packed with empowering knowledge. No matter your age, this is an essential listen to help you take the reins on your health journey.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- The key differences between perimenopause, menopause, and postmenopause.
- Why knowing these definitions is vital.
- How to manage hormone fluctuations with simple, accessible lifestyle changes.
- Why building muscle and prioritizing protein intake in your 30s can have long-term health benefits.
- The surprising connection between estrogen and vaginal health at different life stages.
- How gaps in medical education affect women’s access to comprehensive health knowledge.
- Myths and truths about hormone therapy, including the role of vaginal estrogen and testosterone.
- Insights into the limited options for addressing women’s libido compared to men’s health solutions.
Listen to the Full Episode:
Featured on the Show:
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, welcome to another episode. So over the next few or several podcast episodes, not necessarily in a row, I’m going to be featuring some of the amazing speakers that we’re going to have at the upcoming Money and Wellness Conference February 20 to 23rd at the beautiful Four Seasons resort in Oahu. That’s the main island where, well I shouldn’t say main, but that’s the island that has Honolulu and that’s the island that most people are familiar with.
And so I wanted to showcase some of the topics that I haven’t talked about on the podcast or haven’t had guests about. And obviously I hand-picked these speakers, so I find them wonderful and I think what they have to share is so, so valuable and might be topics that you may not have heard of.
And so today my guest is Dr. Shieva Ghofrany. I hope I pronounced her name right. And she and I met a few years ago and then recently reconnected because I was specifically looking for a speaker who could talk about women’s health. And as you know, nobody really talks about how we can take care of ourselves, optimize our health as we get older. And none of us were taught this in medical school.
Now, some of you may be aware that there’s a lot more awareness around perimenopause and menopause, and I’m so glad there is because all of us are going to go through it. And what does it even mean? Like the only thing I knew about menopause was that it happens in like your fifties and that your period stops and you get hot flashes and that sucks. And hormones are bad.
When I was in medical school, it was all about that WHI study that basically said, hormones are bad. Do not take it, you will get cancer. And that has been such a huge disservice to women. In fact, I would say a whole generation of women got gypped.
And so this education is so important, and not just that, just understanding how our bodies change and what we can do about it. And this topic just goes hand in hand with Peter Attia’s work, his book called Outlive about just being proactive with your health instead of being reactive.
We’re going to discuss what perimenopause is, what menopause is, when does this actually start? What does it mean? How are we going to feel and other things that we need to keep in mind. Like most of us kind of know, because we’ve sort of heard that as we get older, our bones get less dense and that we lose muscle or sarcopenia. And so that means we need to do something about it if we don’t want to have too much of that, which has its own consequences.
And so we’ll be talking about that, what you can do about it. And then also how hormone therapy is something you should really know about and then understand the risk and benefits.
Now, I want to share that I am in perimenopause. I started skipping my periods last year, and I was kind of surprised because prior to that I was clockwork every 28 days. And so I remember when I skipped my first period, I was like, oh, it’s not a big deal and whatever. Like I didn’t think much of it. But then like, obviously I knew that was a sign of perimenopause, but I didn’t really think much about it because I wasn’t having any symptoms.
But the more I dove into the topic, the more I realized that maybe I do have symptoms of perimenopause, namely the effects of declining estrogen. And one of the things that I noticed in my blood work is that my hemoglobin A1C has been creeping up despite not really having any diet changes. I had gestational diabetes, by the way.
And my lipids were creeping up. My lipids have always been really good. My LDL is generally 100 or less and my HDL has always been on the high side, I think close to 80. And the last panel I got, it was very different. And so I’ve learned that these are consequences of declining estrogen levels.
And then I thought about, or rather I just read about all the other symptoms that are kind of vague and can be attributed to a lot of things, but it could also be contributed to perimenopause, including mood, including brain fog. Now, I haven’t experienced brain fog, but I definitely have noticed that my brain isn’t the same. And it’s even hard for me to describe what I mean by that.
But taking that all together, when I saw a menopause expert, she’s a GYN who did some additional training, because many physicians, and namely many gynecologists, simply did not have this training. I heard that they got like one day or a week of anything about menopause. And so there is a society that does additional training. And so those GYNs do have the information to really explain things and offer treatment.
And so I met with one a few months ago and I started hormones. Namely I have an estrogen patch, it’s like a tiny little thing. And I take a progesterone pill at night. And so the hope is between that, between continuing lifting heavy, making good food choices, that things will move in the right direction.
I also got a continuous glucose monitor, or CGM, as of today, the day I’m recording this intro. Anyway, I just started my second, I don’t even know what you call it, my second patch. And each patch lasts for, I forget, around 10 days. And honestly, it’s been really eye-opening and frankly depressing to see how my blood sugar reacts to certain foods. As a Korean, I did hear that rice can be really bad for your blood glucose. And it was, I don’t even want to tell you what the number was, it was so high.
There are ways to decrease the blood sugar surge with rice. Apparently if you refrigerate it overnight or even freeze it, it changes the starches so they don’t get digested so quickly. And then I also saw this thing about cooking it with coconut oil. I’m not going to do that because I definitely don’t want rice that tastes like coconut oil.
And then people have said, just substitute cauliflower rice. If you’re Asian, that is just no. I mean, maybe I’ll mix some in, like a quarter to whatever, because obviously that provides some fiber and vegetables. But like the thought of having to replace cauliflower, like it’s just like, I don’t know, part of me is like, certain things you just got to enjoy.
And I don’t want diabetes. I never want to get on insulin. And so I am doing what I can to be proactive about it.
And these are things that all of you need to understand about our bodies. And so Shieva is going to be at the Live Wealthy Conference. I am so excited for the attendees to get this education that is so needed and just hard to come by. So here’s my interview with Shieva, I know you’ll enjoy it.
Bonnie: Welcome to the podcast, Shieva.
Shieva: Thank you, Bonnie, I’m so excited to be here.
Bonnie: Yeah, I’m so excited about this topic and we’ve had so many offline discussions, but why don’t you go ahead and introduce yourself?
Shieva: Well, I think you are younger than me, but I always joke at some of these podcasts that I am not only the hair club president, but I’m also a member. I don’t know if you’re old enough to know that club.
Bonnie: I do know what that is. Yes.
Shieva: I mean, I kind of joke like if you’re old enough to be perimenopausal or postmenopausal, then you might be old enough to know that. But I say that because as an OBGYN for 25 years, I understand things, of course, clinically and medically.
And then as the woman who went through six miscarriages and three babies and endometriosis and HPV and weight loss surgery, and then ovarian cancer with a smattering of perimenopause and then surgical menopause from my ovarian cancer surgery, I feel like I really have seen so much of this from the lens of what it’s like to be a patient and a woman, and a woman who, even though I have all the data and knowledge, you really don’t know some of these things until you’ve kind of adjacently experienced them.
And so it’s really helped me, I think, with the language and understanding how to get into the mindset of it. So I love talking about all these subjects, but especially perimenopause and menopause.
But yeah, essentially, I’m an OBGYN who still practices obstetrics. I am about to launch my telehealth menopause practice. And I have an online platform that right now is called Tribe Called V, but in the near future will be switched and will be called womaning.com, because our premise is giving people preemptive knowledge.
Bonnie: I love that word.
Shieva: And we say womaning is hard, but learning about perimenopause, for example, shouldn’t have to be. I can’t say perimenopause is not hard, but I can say learning about it and trying to manage it shouldn’t have to be as hard as it is.
Like you and I know, you’re a very educated doctor, and yet you as an educated female physician still had a little bit of struggles finding the right person, right, and getting through perimenopause. And it just belies the point that people don’t learn any preemptive knowledge about this, regardless of their education.
Bonnie: Yeah, it’s kind of important as a woman to know this.
Shieva: So important.
Bonnie: But people don’t talk about it.
Shieva: Yeah, exactly. Well, I like to talk about it, so I’m glad we’re doing this.
Bonnie: Yeah, because I think it’s something, you know, my audience is predominantly women. And it’s like I am so grateful that there is a heightened awareness around these topics because every woman will go through this. So this is not about perimenopause, but you know how all of us, our eyes change and we become more, you know what I’m talking about? Like starting to need reading glasses.
Shieva: Yeah, we get more farsighted. Yeah. Yeah, that is actually a little bit part of perimenopause, meaning it goes along at the same time and age typically.
Bonnie: Yeah. So I didn’t know that everyone went through it, I only thought some. And then when the ophthalmologist said, no, no, no, everyone goes through it, I was horrified.
Shieva: Well, it’s funny you say that, when I had my third baby I was 41. I was about to be 41. And I’m in the hospital holding her and I’m like, she’s so cute. And I was like, oh, oh, I joked, I have to put on readers to see my infant. And then that was when I realized like, oh, I’m all at once postpartum and probably on the brink of perimenopause or within it.
The good news is, as I keep saying, all this stuff is natural and normal. And we also get to say, sorry nature, screw you today. We’re not going to take it lying down. We’re going to try to help ourselves and make ourselves feel better.
Bonnie: Yeah, this is such an important topic because it’s not just – I think when women hear perimenopause and they’re younger, they might think it’s not relevant. But again, it’s going to happen. And the more information you have and to be proactive about things. And then there’s things that are recommended specifically for peri and meno, but some of those habits, like lifting heavy weights, should really occur when you’re younger.
Shieva: It really should, yeah. Protein intake.
Bonnie: Let’s talk about protein because actually today I was asking ChatGPT, and maybe you could help me figure out how much protein I actually need per day. Why is protein intake so important? Let’s talk about sarcopenia and how it’s coming for all of us.
Shieva: Well, because we naturally just start losing muscle. Like sometimes, I mean depending on the data you read, like in your thirties you start losing muscle. And then as you and I talked about before we started recording, as your hormones change, you also become more insulin resistant.
So you not only need muscle to strengthen your bones to decrease the risk of osteopenia and osteoporosis, which is where our bones are getting less dense and more prone to fracture as we get older, which is a big risk for women. But in addition, if you become insulin resistant, that’s also going to increase your weight. And as you get more insulin sensitive, you can build more muscle, and muscle helps the insulin resistance. So it’s a cycle.
So for all those reasons, you need to lift heavy weights, which is the polar opposite of what I learned in the seventies and eighties.
Bonnie: Oh my God. It was all about – Yeah.
Shieva: Aerobics and skinny, right? So we were restricting calories and making ourselves small. Now we really want to encourage women to lift weights, heavy weights, to strengthen your bones. And that also builds muscle, which becomes more insulin sensitive. And we want to eat protein because without protein, you won’t be able to build muscle because that’s the building block.
And so it’s hard to say how much, because that’s even controversial. Like a lot of things you and I are going to talk about, unfortunately, there’s data on both sides of the map, but I would say there’s very few definitive data points. Like I will listen to experts in the field who vary from like a person of mine in your frame should eat anywhere from 70 grams of protein a day, upwards of 120 grams of protein a day and anything in between.
So I tend to try to, like theoretically I try to hit 80 or 90 grams a day. And I will tell you that I hit that maybe two days a week, because it feels like a full-time job. So rather than do it exactly based on your kilos and whatever formula you decide, like 0.6 to 1.2, I think it’s easier to just say in general, like if a woman is hitting 70 plus grams of protein a day, that’s pretty good.
But then here’s the other part of this, I think that you and I as physicians can tell people exactly all the perfect things to do. Avoid alcohol, make sure you’re drinking enough water, make sure you’re taking your supplements, make sure you’re doing weight bearing, make sure you’re getting sleep, make sure. There’s a point at which it’s going to make us crazy to have to do all those things.
So I like to kind of generally know about these things and teach everyone about it, but also hold that loosely so that we’re not increasing our cortisol with the stress of like, I didn’t have enough protein, you know?
Bonnie: Yeah. Well, it’s also like our perfectionism can get in the way. It’s like, yeah, it’s like these are ideal, but very few people are actually going to do it. Yeah.
So I was asking ChatGPT, because someone actually told me today, like if I’m trying to build muscle, then I need 150 grams of protein. And that just sounded really, really high. I mean, maybe.
Shieva: I mean some will say that, but then other people would say, you know, yes, if your kidneys are really healthy, they can withstand it. But at the same time, can your kidneys really withstand it? And also like 150 grams of protein, I actually genuinely don’t know how you would actually have a life otherwise, because the amount of time it will take for the volume, unless you’re really intentionally putting extra protein powder in every single meal, for example, it just seems like a lot. But I’m not a fitness expert, I will say that.
Bonnie: Yeah, in fact when I asked ChatGPT for 150, it was a little insane what they wanted me to do. But 90 grams actually feels really doable because when I did ask ChatGPT and I basically fed it like, this is how much protein I want, here are the types of foods I eat. Like, I actually like a lot of different things. I’m pretty flexible. But it was very reasonable and it helped me get a visual of like, okay, this is the type of food I need to eat to get to that level.
And so I definitely have modified my diet. So for example, I was in Greece over the summer, so I really got into the Greek yogurt bowls and that’s a great source of protein.
Shieva: Amazing. So much, there is so much. And by the way, for those of you out there, I just discovered this because I am very lactose tolerant of cheese, but very lactose intolerant of milk and yogurt, but now that brand Fage, F-A-G-E –
Bonnie: Oh yeah, that’s what I use.
Shieva: They have a lactose-free Greek yogurt and it has 17 grams of protein in it. So I actually will put that in a protein shake if I can. Or you probably know this, cottage cheese, an amazing source of protein. Tuna, one can of tuna has like 37 grams of protein in it. So there are definitely ways to do it, you just have to be strategic. It’s hard.
Bonnie: You can’t just, like you have to kind of plan ahead for the protein. Yeah. So, okay. And question, like, why do we lose muscle?
Shieva: Oh my gosh, that’s such a good question. We don’t know exactly. I mean, again, partially it could be the hormone changes, the insulin changes, estrogen really helps support muscle, right? And just the idea that maybe it’s also lifestyle related. As we’re getting older, we’re just naturally getting less active, right?
Plus the stretch of time when you’re in your thirties now is when many women are actually getting pregnant. So getting pregnant, and if you nurse, ironically two things that are so good for our body, quote, unquote, and so natural, but they actually do deplete our body of a lot of the nutrients that we need. And so that can also increase the chance of sarcopenia and then osteoporosis and osteopenia. It’s a big challenge to be a woman, right?
Bonnie: Okay, so tip number one is get more protein and lift heavy weights. Okay.
Shieva: And lift heavy weights.
Bonnie: Yes. Okay. So speaking of like, obviously there’s so many effects of declining estrogen, but maybe I’ll just use myself as a case study. So I started, as you know, hormones. And the reason why my gynecologist who does have sort of additional meno, we should say that a lot of GYNs don’t actually have knowledge and training. And some of them will just say like, I don’t do hormones. I hear that a lot.
Shieva: Yeah. Well, and I think what’s good to know for the audience, who might largely be doctors, I don’t know. So OBGYN training, which is four years, gets very little. I mean, back when I did it 25 years ago, we started getting a lot of training in hormone replacement because I was pre WHI study, that big study that talked about hormones.
Bonnie: Yes, yes.
Shieva: And so I was lucky that I got training and that our residency director cared about it enough. But most residencies after that get like one to two hours of menopause exposure and training.
Bonnie: Isn’t that crazy?
Shieva: It is crazy. It is actually crazy, right? So there should be a separate kind of fellowship. And so nowadays, a lot of general OBGYNs, again, through no fault of their own don’t fully know it. Plus the data has really changed. Even in the last three to five years, the data has radically evolved and changed.
Plus, as you know, we’ve got 15 minutes per patient and you cannot do one and done with menopause, which is why now there is a big crop of doctors and nurse practitioners who are learning on their own through menopause society in different ways. And then they’re doing this either through telehealth privately, but without insurance, which is good and bad, right? Like I think I wish it was more democratized, but this is the world we’re in.
Bonnie: More accessible, yeah. The reason why I went to see her was like, yeah, I have been missing periods. Like I had like three in the past year. And I wasn’t having anything obvious, because like even in medical school all you learn is hot flashes, really. And so I wasn’t having that and my sleep was fine. But I did notice I feel like my brain doesn’t work as well, but then I’m like, well, is it peri or is it the fact that I’m an entrepreneur and I’ve become more ADHD because my days are just a little different and I’m spending a lot more time like being creative and imagining. And so my brain does feel different.
I got labs done after, but then a full cholesterol panel, hemoglobin A1C, I had gestational diabetes and like all that. My cholesterol has been creeping up, it’s always been very low. My hemoglobin A1C has been creeping up. And at first I was – And my diet hasn’t really changed significantly. And so I think these are things that are a result of declining estrogen.
And so I’m lifting heavy, taking walks and stuff like that. And so it’s like, I’m trying to optimize because I don’t want – Who wants diabetes? It’s like a horrible disease and wreaks havoc on the body in many ways. So we started it and it’s, you know, so I’m on the patch and then the progesterone pill at night, which looks like candy. I’m sure you know, it looks like little balls.
Shieva: Yeah. So it depends on which generic brand. I have two bottles in my cabinet. One looks like little balls and one looks like little footballs.
Bonnie: Yeah, why are they shaped like that? It’s just kind of funny.
Shieva: I don’t know. I know. It’s just the gel, it’s a gel cap. So that’s the way it is.
Bonnie: It is kind of fun-looking, like I wish all pills were kind of –
Shieva: Right. They look more like candy, I know. So how do you feel?
Bonnie: I don’t really know how to measure, you know, I don’t know how to measure, except the fact that I did get my period yesterday.
Shieva: Yeah. Which by the way, so this is where, I don’t know how much you want us to go through like the basics. In other words, the hallmark of perimenopause, as you and I know, is that your hormone levels are fluctuating, right?
So they’re not, it’s not like being post-menopausal, which is once you’ve had a year with no period. That means you hit menopause and everything after that is postmenopausal, that’s where you have no estrogen and progesterone. And actually your testosterone has already started to decline a decade ago.
When you’re perimenopausal, which is that time that leads up to menopause, which can last 10 plus years. So anyone listening, you could be in your mid to late thirties to early forties and already be perimenopausal and have very regular cycles, but subtle changes. Like you touched upon, sleep disturbances, maybe hot flashes, maybe mood changes, maybe brain fog, maybe ovulation pain.
Bonnie: Let’s talk about mood changes because I think people don’t talk about that. I’ve read about how depression and anxiety can get really bad when you’re peri and how getting on hormone replacement therapy is like getting on an SSRI.
Shieva: Yeah. Well, and this is where I think a lot of us in this space don’t want to say everyone should be on hormones, but we recognize that this period of time in our late thirties to mid fifties, especially nowadays, many of us are, like maybe we’re having children. So maybe we’re older and perimenopausal as well as being postpartum. We’re maybe taking care of our parents. We’re having careers. So it’s a stressful time.
Yes, we might truly have depression and anxiety, and maybe you really need an SSRI. But you might have exacerbated depression and anxiety because of your hormones. And maybe the hormones are going to help you just as much, if not more than the SSRI according to data, with the added benefit of protecting your bones, for example, in addition to maybe protecting your brain, maybe protecting cardiovascular health.
And I say maybe because as you probably know, the data on cardiovascular health and brain health, I would say is pretty definitive, but the menopause society has not yet endorsed estrogen as a way to prevent it because there’s data on both sides of the map.
But I think a lot of us feel like, why are we throwing SSRIs at people and all kinds of other medications when we could be using hormones, again, judiciously and not in every single woman, but safely and judiciously? Because the preponderance of data at the very least, if it doesn’t say it’s going to help your brain, cardiovascular health and all the other things, it at least says that it’s relatively healthy for almost all women.
Even if we can’t yet say a blanket statement, it’s going to decrease dementia and decrease cardiovascular health, because those are the two things that many people want to believe it is helping and many people want to say it’s not helping. So that’s where the controversy still lies. Whereas hot flashes and bone strength, we know definitively it will help those. So those are kind of the two broad camps.
We know that there’s definitive data it’ll help bones. It’ll help hot flashes and night sweats. I would say we don’t yet know definitive data on cardiovascular and dementia. Despite all that, we have definitive data that it is likely not harmful. And that’s really important, right? The safety of estrogen and progesterone when it is, nowadays most of us use bioidentical and not synthetic forms, there’s amazing safety data.
And that’s not what we had 25 years ago or 22 years ago when WHI study came out. That’s why we’re going to be talking about it more and people are going to hear about it more. And there’s still so much misinformation out there.
Bonnie: It’s so funny. I was like, aren’t I too young for this? So let’s talk about the age range for peri, because I think people think it’s something that happens after their fifties.
Shieva: Yeah.
Bonnie: Because I think people in their thirties might be like, oh, this isn’t relevant to me right now.
Shieva: Yes. And listen, I say this all the time, I never want to make it like, you know you could be perimenopausal. But the truth is if you’re 35 to 40 and you are all at once, very healthy, still able to get pregnant, getting your period, but again, maybe a little schvitzy at night, maybe a little sleep disturbance, again, all those little things we talked about, you might be perimenopausal.
Now here’s the good news, do you have to know it? You actually don’t. It’s not having any major health impact yet on you, other than it’s good to weight train, it’s good to eat protein, it’s good to be generally healthy. But isn’t it nice to know it so that when you start going through these things, you don’t wake up drenched in a pile of sweat thinking there’s something dreadfully wrong with me.
So the preemptive knowledge of understanding that menopause is defined by a year with no period on average to about age 51, but it is literally a minute, like a day that you’ve had a year with no period, that is menopause. Everything after you are postmenopausal.
Bonnie: What if a year goes by, but then you do get a period a few months later?
Shieva: At what age?
Bonnie: Oh, is that the – I don’t know.
Shieva: Well, and here’s where it matters because I wish we could be definitive about all of it. If you were 51, you had a year with no period and then you bled, you are definitively postmenopausal. It is likely nothing dangerous, but you have to be evaluated with an ultrasound.
I would personally say that at any age, but I’m more concerned of a 51 year old postmenopausal female bleeding after a year, than like let’s say you were 45, 46. Strictly speaking, you did not go through early menopause if you went through menopause at 45 or 46, because that’s within the normal age range of menopause, which is on average at 51, but it could be anywhere from 45 to 55.
Bonnie: That’s good to know, because I bet a lot of people who are 45 might be thinking they still – I mean, nothing wrong with being 51, it’s not that far after. But I think there’s a lot of people in their early forties and mid forties who are just thinking like, oh, I don’t have to worry about that.
Shieva: I don’t have to worry about it, right. And again, they don’t need to worry, but the problem is when they think they don’t need to worry and then they have symptoms, then they freak out and they do worry. That’s what I keep saying to everyone.
Like my sister and I, I always laugh, she’s two years older. I’m 55 almost, she’s 57 almost. And all those years in her forties when she would be like, I’m really hot. I’m really sweaty. I couldn’t sleep. My vulva hurts when I have sex, all those things. I would say to her, you know, I think it’s – And she was like, if you say perimenopause one more time. And I would joke like, oh, now I call it the other P word because it became this like dirty word where she –
Bonnie: P word, yeah.
Shieva: She was like, if you tell me perimenopause, like in her mind, I was telling her that she’s old. And I’m like, I’m not saying you’re old.
Bonnie: You know what?
Shieva: Yeah?
Bonnie: That’s really important because I think there is a stigma.
Shieva: Yes, and there shouldn’t be. We should all at once say, this does not mean you’re old. This objectively means there is a stretch of time leading to menopause where your hormones are predictably unpredictable. Meaning I can tell you when someone says to me, what could happen in perimenopause? My answer is anything could happen.
You might have normal periods and then suddenly stop your period altogether at 51. You might have months where it sucks. You might have months where you feel great, and anything in between. So as long as you know that, you can be less scared and less anxious and you can get help.
But I think so many people still shy away from the conversation because, you touched upon it, there’s that stigma that once you’re in perimenopause, you’re on the brink of menopause and you must be old. Or women mistakenly think that perimenopause, for example, at 42 implies that they’re going through early menopause, when they’re not.
You can be perimenopausal for that decade, still go through menopause at 51, which is again, normal and natural. But that doesn’t mean you have to take it lying down. You still get the opportunity to say normal, natural, and I’d like to treat it. We’re living into our nineties now, right? Like you and I were supposed to be dead at 52, 53 back in the day when we were hunters and gatherers.
So now we’re living longer, which is wonderful, but we’re living longer with chronic illnesses. So we have the opportunity to treat ourselves well, feel good, and make sure that we don’t develop those chronic illnesses. And that’s where I think it’s really valuable for people to be mature enough to listen to the data, listen to the history, listen to the knowledge so that they’re not blindsided by it.
Bonnie: I mean, it’s all about being proactive. I’m sure you know about Peter Attia.
Shieva: Yeah, very much.
Bonnie: And just it’s all about being proactive. And I think there’s, thankfully a greater awareness about like, yeah, it’s less about living longer, although that’s great. But it’s like, how do we live longer and feel great? Like he calls it health span.
Shieva: Right. Health span, yeah, exactly. And I think when you talk about that with people, even those people who might be listening who don’t know who Peter Attia is and don’t have access to that level of either knowledge, or I always joke, like I don’t have a grass fed bison farm in my backyard to be able to eat all the grass fed bison I want like Peter Attia does, but there’s so much that –
Bonnie: Wait, does he?
Shieva: Yeah, I think so. I think he has his own bison. I could be wrong. Someone should fact check, but I’m pretty sure he mentioned that in one of the things. God bless him, like if I could – Well, I don’t want to live on a farm, but if I could afford my own grass fed bison all the time, I would.
I think my most important nugget I would like to teach all women to really democratize this is learn the definitions of perimenopause, menopause, and what postmenopausal means. Learn what is normal and natural. Learn the simple ways you can fix it where you don’t have to spend millions of dollars, where you can literally get regular hormones from the pharmacy.
You don’t have to go to someone fancy. You don’t have to do all kinds of injections. You don’t have to buy the latest green juice. You literally have to eat good quality food, which means less processed food, less processed sugar, and move your body more and lift weights. So it could be that simplistic. And you could also do even more than that if you want.
I do think we’re starting to overcomplicate things a little bit in this space, because now we have access to all these other abilities to really –
Bonnie: Oh yeah.
Shieva: And that’s what I want to try not to do too often, right, for the people who can’t or don’t want to.
Bonnie: In many ways it’s like the simple things, again, are like adequate protein intake. And it’s something that women should do earlier in life because I think, you know, obviously you and I both have a lot of friends who are women. And so a lot of my friends are physicians, they’re highly educated, and a lot of them are – Well, you know a lot of physicians don’t take care of themselves. And what I mean by that is like exercise and stuff. We’re not lifting weights.
Shieva: Right, or sleep. We’re not getting adequate sleep. I mean, and our system is not cut out for it, right? Like many of us, you and I, I mean, at least for me, when I was 29 to 34, I was a resident. I was getting the worst sleep of my life. And then I was an early attending. So had you said to me at the time, lift weights, sleep more, I would have been like, when and how am I doing that? Like, who’s taking care of these patients?
Bonnie: But our friends are older and so like, I’ll just be like, are you lifting weights? Like one of them is an avid runner. I’m like, but you need to lift weights. And I think people just don’t understand how important it is.
Shieva: I know, yeah. I think that no matter how much, for example, you and I think everyone’s talking about menopause right now, right? It’s getting such a moment. Like you look every other day in the New York times there’s an article. And yet day after day, I see it on Instagram, women write to me and they’re like, but I thought hormones caused cancer, but I thought vaginal estrogen is really bad for you. Things that I’m like, again, what is everyone Googling? If they’re not Googling this, like, how are they not hearing it?
But I think that the truth is, no matter how much our silo is focusing on it, the average person out in the world, I mean, they are truly worried about other things, as we know, the price of eggs, right? Like they are not able to hear this information or digest it or know it.
So I’m hopeful that in the next couple of years, we’ll be able to get this basic stuff to be much more mainstream and get the doctors who are taking insurance. God bless them all, including my practice, we still take insurance. But I hope that we all find the time to be able to help women with it because they need it.
Bonnie: This is where I think just encouraging my friends, like following people like you, Kelly, Marie –
Shieva: Mary Claire Haver.
Bonnie: Yeah, because that’s how you can start getting educated and learn a bit, you know, read some books on it and stuff like that. So I think that’s a great start. And this is also why I’m so excited that you’re coming to our conference, because I know it’s going to be such a great value add and women are going to, I know they’re going to be so grateful to have learned about this now versus just being like having no idea what to do.
And again, it’s going to be doctors and most doctors don’t know anything about it. So I just wonder, like if doctors don’t know anything about this, how do we expect the public to even know, right?
Shieva: Bonnie, this is what I say, and you have a son, so I don’t know if you’ve thought about this yet. But this is what I say a lot, no matter the age, demographic, race, religion, socioeconomic status and education, right? Like the most educated physicians, who one would think knew their OB GYN health, they don’t get access to their OB GYN health knowledge, right?
Like you were a dermatologist, so you didn’t get access to the OBGYN health knowledge. And no matter how educated you are, you are of the highest education in our country, right? But you didn’t get to learn about it because your teachers didn’t know. When you were in medical school, they didn’t teach you about it. Dermatology residency didn’t teach you about it. And even your family members would not have necessarily known.
So it is, I always jokingly say, sadly, that it’s the great equalizer, OBGYN health knowledge, which is actually the most important thing in a way to us, right? We didn’t have access to as women. Like I was a daughter of a pediatrician. She was amazing. I didn’t know about my own HPV until I found out. I didn’t know about my own endometriosis until I had a massive ovarian cyst with it. I didn’t know about the number of pregnancy losses I was going to go through, my ovarian cancer, right?
So it is sad that education itself still hasn’t even seeped into OB GYN health. So I’m thrilled to be talking to all the doctors, for example, in February. But I still feel like, how is it possible that as women, we still haven’t gotten to learn about our own health? And this is really a fault of the system. Like we have to fix this somehow.
Bonnie: Unfortunately, I wish you and I could just say, hey, these are the three symptoms of perimenopause and then leave it at that. But it could be so many things and a lot of symptoms are vague. So actually when I was talking to a friend about, because I didn’t feel like I was having perimenopause symptoms except the fact that I was skipping periods. And I was like, yeah.
And then they’re like, well, what about brain fog? I was like, I don’t know about brain fog. But then I just said my cholesterol, like the labs were just showing, and I don’t necessarily feel that different. Like I still sleep great.
Shieva: Right. Right. Well, and that’s a good point. Yeah. I mean, so you – Okay, so I would say this, there’s so many points we could do. I’ll try to pick a couple of basics because this could be like five hours of us discussing it.
Bonnie: Yeah.
Shieva: I think that, like I said, first and foremost, I want women to know the definition of it. I want women to understand and not be angry at their doctors that their doctors don’t know it. So they might have to go to their doctor saying, hey, I’m 48 years old. I’m missing my period a little bit. I’m not having hot flashes and night sweats, but I know it could be perimenopause.
Or I’m missing my period and I am having hot flashes or night sweats or mood changes or brain fog or more weight around the middle or more hair on my chin or less hair on my head or decreased libido or more acne or more ovulation and breast pain. These are all like very common symptoms.
And then there’s less common symptoms, burning mouth, you know, people describe all kinds of skin changes. So there are a variety of symptoms, get to know what they are. I mean, if you overall are doing okay, then at least just knowledge of the basics is good.
There’s certain lab tests that you should have done. And I still think that women should see a primary care doctor every single year. And that means they would have their cholesterol checked, their thyroid checked, their blood count with their iron levels, ideally, because these things can all fluctuate once you get through perimenopause and being postmenopausal.
And as long as those are okay, then you get to decide, do I want to treat perimenopause or not? I don’t think we’re yet at the point where we can safely say every woman should be on hormone replacement for prevention of everything. Meaning I’d like to say that, but our societies don’t allow us to say that.
What we can say is hot flashes and night sweats and osteoporosis prevention are distinct reasons why people can be put on hormone replacement. And then there’s a variety of other things that many of us agree there’s enough data that it probably is worth it because it’s not unsafe.
The challenging part for women in perimenopause is that, like I said before, it’s predictably unpredictable. So trying to fix, like in your case, you’re on a patch of estrogen, which is bioidentical, meaning you got it from the pharmacy, but it is the type that mimics your own hormones. And you’re on a pill of progesterone, which is hopefully helping sleep, even though you don’t need it.
But trying to control your hormones when your hormones are fluctuating is hard because these hormone values are still lower than, for example, birth control doses. So one thing that is now coming out of this movement to teach people about menopause and perimenopause is I can’t believe some of these doctors are still putting perimenopause patients on birth control pills. You’ll hear people say this and they’ll kind of really malign doctors putting women on birth control pills to fix perimenopause.
Bonnie: Is that wrong?
Shieva: No, and that’s what I was going to say, I think that is an unfair statement, meaning perimenopause is more easily fixed by birth control doses because birth control doses are supra-physiologic. They’re higher than our normal doses, they shut down your ovaries. They make you not ovulate, which means all those fluctuations even out. So that’s a benefit.
Now, they’re not bioidentical. They are synthetic, at least in our country, and there are side effects and risks. So with the benefit of making life even, there come risks. So if instead I put someone on HRT doses, I’m using bioidentical, which is technically safer, and lower doses, which are technically safer, but it’s not as easy to control her symptoms.
You, for example, as an educated woman who has the time to think about it, might decide that that’s better for you. But there are a lot of other women who, regardless of their level of education, their means, whatever, they don’t have the time to kind of screw around with different doses of the patch and the pill and things like that. They don’t necessarily have a doctor they can call. They really might be served best by being on the birth control pill.
And so I really would personally kind of stand against all of my, I will say sisters, because it’s mostly females in our space, who are swinging the pendulum the other way and really maligning the birth control pill. Because again, the birth control pill, yes, has negative downsides, but also has some positives.
So I think what’s important for people to hear about and learn is, there’s no one way to fix this. There are multiple different ways, and it’s got to be a process and you have to, unfortunately, have some patience within the process, and listen to a few different sources to really understand all the different aspects of it, which sucks, right?
It would be so much easier if it could be one and done and I could just say, everyone go on the pill, it’s easier, or no one go on the pill, it’s easier. But the answer to all of this is, it depends, right?
Bonnie: Yeah. When do you think I would see improvement in blood glucose and cholesterol? I’m assuming that takes time.
Shieva: Yeah, but I would say, honestly, we know just in general with most of these types of hormonal things, which obviously cholesterol and blood glucose fluctuate with hormones. So I would say two to four months, I suspect you’re going to notice an improvement.
Now, here’s the truth. If someone said to me, if I only do the estrogen patch and progesterone at night and I don’t change my diet or exercise to increase insulin sensitivity, am I going to notice an improvement? The answer is, we don’t have great data. You might improve a little bit, but it’s not like, you still have to do the work, which you’re doing. So I would say two to four months, you’re going to notice some improvements.
Is it going to be dramatic enough where you don’t ever, for example, need a statin? Hard to say. Some people, yes. But we also, and you probably know this, some people synthesize cholesterol, and some people absorb cholesterol from their diet. And people fall into two different groups, and we don’t know which group you’re in just based on your cholesterol level. Like that’s kind of second level testing that people sometimes need to do.
But again, as soon as two to four months you might notice an improvement, especially in your A1C level, right?
Bonnie: Maybe I’ll just recheck it.
Shieva: Do it right before the conference. Yeah, do it in February before the conference and then we’ll see.
Bonnie: Yeah. Because my hemoglobin C went from, it was like 5.9 last January. And then it went down to 5.5 because I was doing some modifications. And then a month ago it was 6.0, and it’s never been that high. And the CGM, it’s like, again, it’s been depressed. Rice is just insane when I eat, right? I don’t want to tell you how high it got. I just was like, holy cow.
Shieva: Have you experimented with, and again, I think the data is like pro-con, about making the rice, freezing it?
Bonnie: Oh, maybe. I haven’t done freezing, but I did refrigerating.
Shieva: The resistant starch, yeah.
Bonnie: It still went up pretty high, but it was nowhere near it. It was a lot less.
Shieva: Less.
Bonnie: And honestly, I don’t even eat rice that often. I mean, I am Korean, but there’s weeks where I go by not having it. So, it’s not like, but I’m never going to cut it out. Everyone’s like, oh, you should switch to cauliflower rice. And I was like, no.
Shieva: Well, and here’s the thing, that’s what I mean. You know, I always joke that I literally had weight issues as far back as I can remember, since I was like six or seven years old. But I always say, I wonder is it all the food I was eating, or was it the self-flagellation over all the food I was eating, right?
I think of course you have to generally eat healthily. But if you’re so obsessed about how you’re eating and how you’re lifting and how you’re doing, again, that cortisol stress response is going to affect your glucose far more, probably, than enjoying the rice and eating the rice and giving good energy to that rice as it’s delicious and you eat it.
How was your fasting glucose with your CGM?
Bonnie: It’s in the, actually, let’s look. I have the aura ring, too. So, I just feel like I’m gathering all this data, which is fine. Let’s look at it. The CGM is wild. I’m like, this is crazy. So, is this like right when you wake up? Like, when do you actually?
Shieva: Well, I mean, it depends. Like, listen, because you have a CGM, you can say right when you wake up. If you didn’t, you probably would do it within a half an hour of waking up before you eat, right? So, give me both. What’s the difference? Tell me what it is.
Bonnie: It’s funny because at 6:16 it was 89. I think I got out of bed more like 6:30, which was 82. But then 6:26, it’s 102 and then it’s 90. But yeah, it’s under 100.
Shieva: Listen, I will tell you this, as OBGYNs, we’re a little bit more finicky, probably, than your primary care because we’re used to what we would have considered, like do you remember when you were pregnant?
Bonnie: I had gestational diabetes.
Shieva: Right, and so you would have been instructed that you needed your fastings to be below 90 to 95, and your two-hour postprandials under 120. I know. And so I will tell you that I do think that those numbers are actually what you should try to – I’m not an endocrinologist.
Bonnie: Oh, I was told 140. Like, I’m in trouble if it’s really, again, I think right now I’m just what I call the data collection. I’m not judging. But then I get to experiment. So again, today I had rice that was refrigerated. And then again, like being mindful of protein. Do you know what the seaweed wraps are that Koreans eat?
Shieva: Yeah.
Bonnie: The crispy seaweed. So I had that, just making little rice sushi rolls. So, I had avocado, I had canned salmon, and I had a hard-boiled egg for the morning. And I just was eating that as little rice rolls and just kind of experimenting.
So, it still went up high. It was like 180. But it was over 200 when I was eating fresh rice. And so I’ll just keep experimenting, like just different combinations.
Shieva: Do you like pasta?
Bonnie: I do. I don’t eat it super often.
Shieva: I know, because I have to say, pasta is like my – I’m Iranian, so I should love rice. I actually do not care. If I never have rice again, I’ll be fine. I love pasta. And I hate all these alternative pastas, except that I just found edamame pasta, which is just edamame. That’s the only ingredient. And I swear, it tastes like spinach fettuccine. And I put some butter and olive oil –
Bonnie: Is it in the refrigerated section?
Shieva: Nope. It is dry. And I order it from one of those big companies that sells us everything. It comes overnight. And it’s got 25 grams of carbs, but 25 grams of protein.
Bonnie: What?
Shieva: And it’s literally only edamame. That’s the only ingredient and it’s so good.
Bonnie: You know, it’s interesting, I’m not gluten intolerant and I’m not gluten-free, but I do try to reduce my gluten intake. So I buy the Jovial blend or this Andre. And I feel like it’s pretty good, but edamame, I’m going to –
Shieva: Oh, you’re going to like this better. I’m telling you, it’s so good. It is so good. And yeah, I think, listen, I do think it’s good to decrease our processed carbohydrates, right? Like red rice, pasta, and sugar that are processed. It’s always ideal to –
Bonnie: So what brand? I see Explore and the Only Bean.
Shieva: What is the one? It’s like a navy blue, I’ll look and see. There’s two different brands, I’ve ordered both and they taste the same.
Bonnie: The Only Bean is a green packaging. Explore is kind of like more neutral.
Shieva: Okay, the Only Bean, I’ve had that one. And then I like, I’ll tell you the one that I liked slightly better just because of the size of the noodle, that black one, yeah, the blue one, Seapoint. That was my favorite one.
And I’ll tell you another topic that unless you have other questions that we could talk about quickly. I mean, not really quickly. We’ll make it quick, but there’s a lot of stuff to discuss. It’s vaginal estrogen. Vaginal estrogen.
Bonnie: Let’s talk about that.
Shieva: So people with vulvas, so our vagina, our vulva and our urethra, which is the hole we pee out of, for those of you who don’t know, is very sensitive to estrogen and actually a little bit to testosterone, but very, very sensitive to estrogen. And so that means that three different times in our lives, we will be very estrogen deficient and we will be affected by it.
One is if you’re pregnant and then nursing. So during nursing, your estrogen levels are really low because your prolactin level suppresses ovulation, very low. This is why postpartum, if any of you have tried to have sex after your six-week visit, when your doctor was like, hey, you can have sex. It will hurt because your vagina and your vulva are less elastic because you’re essentially in an estrogen depletion state and vaginal estrogen will really help.
The second time is if you’re on combined hormone contraception, like on the pill.
Bonnie: Wait, question, can you do vaginal estrogen postpartum?
Shieva: Absolutely, I prescribe it.
Bonnie: Oh, I didn’t even know that was a thing.
Shieva: Oh yeah. See, this is why. And don’t even get me started because there’s a whole reason why I can tell you why you wouldn’t know it’s a thing, because your doctor didn’t have time at your six-week visit to talk about it.
And then the second time is during the birth control pill. If you’re on prolonged birth control pills, some women, because they’re on estrogen for the pill, but it’s a steady dose and it’s a synthetic dose and it antagonizes the estrogen in our vulva and vagina. And again, it can hurt. You can take vaginal estrogen then.
And then the most notorious time is perimenopause and most likely postmenopause. Perimenopause is potentially less for many women because they still have estrogen, but their estrogen levels are fluctuating. But postmenopausally, the data would say like 30 to 50% of us have symptoms. But really, if you actually asked women directly and asked them the symptoms, I guarantee it’s more like 70 to 90% of us. Because even for example, recurrent urinary tract infections, that is a symptom of estrogen deficiency.
And rather than taking antibiotics multiple times, especially if you’re getting recurrent urinary tract infections after sex, if you actually just use vaginal estrogen, you would enjoy sex more. It would hurt less, and you actually would not be getting urinary tract infections recurrently, for most women.
Bonnie: So how do you actually apply it? It’s like a gel? Let’s just talk like –
Shieva: Yeah, so there’s a cream. I know, I wish I knew we were just definitely going to talk about it because I have like my bag of tricks. But there’s a cream, there’s a ring, there’s a tablet, and there’s like a little gel cap torpedo. And that’s all estrogen. Then separately, there’s also vaginal DHEA, and that converts into estrogen and testosterone. And that’s a little suppository.
I personally actually think that while the cream is not the easiest, I think it’s the most impactful because, as you can imagine, remember I said it’s the vagina, the vulva, and the urethra. So if it’s just the tablet or –
Bonnie: You’re able to spread it around.
Shieva: Yeah, the cream, you can smear it all over the place. So what I tell my patients when I prescribe vaginal estrogen, I tell them three things. A, it might not be covered by your insurance because your insurance does not give a dang about your dry and inelastic vulva and vagina. So you might have to pay for it. But nowadays on like Cost Plus Pharmacy and all these other online pharmacies, you can get a big –
Bonnie: Are you talking about Premarin?
Shieva: Premarin is the brand, or Estrace is the other brand. Most of us use Estrace because it is the bioidentical form, but now Estrace is generic. So it’s estradiol cream. So I prescribe the tube. I tell them it might not be covered, but you can get it online for about $30 for a big tube.
Second, the package insert will tell you that it causes cancer, stroke, heart attack, blood clots.
Bonnie: Oh, great.
Shieva: They are misquoting actually the systemic hormone data, meaning the hormone data that they put on like the old Premarin boxes that are oral formulations. They’re putting it on the vaginal cream. It is absolutely safe, even for people who have had breast cancer. There’s multiple, multiple, I mean thousands of studies supporting this.
The third things that I tell them is when they say, well, how long do I have to use it? You got to use it as long as you want to use your vulva and vagina either for sex or just for comfort. Someone will say, well, I don’t even want to have sex, but when I’m like spinning on my Peloton, it’s irritating because their vulva and the vagina become less elastic and then it gets irritated.
Or again, nursing home women will get recurrent urinary tract infections. And as you probably know, this is a big source of concern. If they all had some vaginal estrogen that they put inside, it would help.
So you get the applicator. Most of us start with a half a gram or a gram twice a week. I tell patients start with the applicator because then you know how much you’re using, but after two or three times, because it’s usually twice a week, twice a week regularly, then you can toss the applicator because it’s annoying because you have to wash it, and eyeball half a gram to a gram.
A half a gram is about the size of a strip of toothpaste. And you put it literally, like if this is your vulva, you put it all around the outside, up into your vagina, smear it all around. You cannot mess it up. And it’s so valuable. Like if we gave that one intervention to all women, that alone truly would revolutionize so much. We would decrease UTIs. We would decrease pain, discomfort, all of it.
Bonnie: I mean, obviously I knew it existed, but I was just like, I don’t really feel like I need that right now.
Shieva: Yeah, and you might not. You might not need it now, but all of a sudden, let’s say in one, two, three, five years where you’re like, huh, I just got my second UTI, I want you to remember this conversation and be like, I’m not going to keep going on antibiotics to prevent the UTI. I’m going to actually use vaginal estrogen to restore my vagina and vulva to what it should have been.
Bonnie: Oh, let’s talk a little bit about testosterone.
Shieva: Okay, so here’s another nugget. And I think you know the answer to this, but if you don’t, don’t be embarrassed because most people don’t. Do we as women have more testosterone or more estrogen in our system?
Bonnie: I think I know the answer because I follow people, but I bet most people will say the wrong answer.
Shieva: Yes, so what answer do you think it is?
Bonnie: It’s testosterone, right?
Shieva: Yeah, women have more testosterone than estrogen. We still have less testosterone than men, but more testosterone than estrogen, but we have gendered hormones, right? Which we shouldn’t have. We’ve said testosterone is a male hormone and estrogen and progesterone are female hormones. But in fact, men also have estrogen, it’s just in different levels.
So because of that, estrogen and progesterone have gotten a lot of attention. Not enough, but a lot. Testosterone really has been ignored and only kind of looked at as like, oh, you only need that if you’re trying to build muscle like a bodybuilder or, oh, you people are trying to use it for libido.
So as of right now, the only indication that is kind of sanctioned by our governing societies, like menopause society and ACOG is hypoactive sexual desire disorder, which means if you have been diagnosed with that and you have less spontaneous desire and low libido, then your doctor can prescribe testosterone. Though in their defense, they might not know how, they might not have been taught. And it is technically a controlled substance because it’s off-label for women.
It is not an FDA approved indication for women. So even though we know scientifically it’s okay to use, we have to prescribe it to you, if we’re using a commercial pharmacy, off-label. So we end up having to do things like give you a one month male supply that will last 10 months for a female, because we use about a 10th of the dose of what a man would use every day because, you might know this, testosterone is frequently prescribed for men.
Like frequently FDA approved, multiple formulations, not even a question. For erectile dysfunction, I shouldn’t misspeak about erectile dysfunction because I don’t treat it, but it is up to 40% of people will have erectile dysfunction, which means it’s a pretty common thing.
Bonnie: Is it like their perimenopause?
Shieva: But they call it dysfunction, right? Whereas in our case, they’re like, oh, it’s natural. Perimenopause is natural. But in their case, we call it dysfunction.
Bonnie: That’s fascinating. It’s like, of course. Yeah.
Shieva: Of course, so they get treated. So testosterone, you will hear more about it, thankfully. Hopefully one day we will have a female formulation. Right now your options are get it from the regular pharmacy through your doctor or your menopause clinician. But again, they’re giving you what is technically a male dose in a one month supply, or they might prescribe it through a compounding pharmacy. There are people doing injections and pellets. I would personally say I don’t think there’s enough data yet to do that safely.
Bonnie: I thought aren’t pellets like not a good thing because you can’t really control the dose.
Shieva: Yeah, I think it depends who you ask. I would personally say that I don’t feel like I need to prescribe pellets for my patients or use pellets because so far I’ve been able to mostly help them and control them with these FDA approved like estrogen and progesterone doses and off-label uses of testosterone. So I would not use them myself or for my patients or my sister, for example.
Do I think there are some clinicians who are very judicious in using very, very low doses? I do. Like there’s some doctors in the space that I love and I trust and I believe that they are being judicious and using very low doses. And the reason why they use it is they say that it is more convenient because you get the pellet put in.
And just for everyone to know who’s listening, a pellet is this tiny, tiny little what it sounds like, a pellet, that’s being put right basically underneath your skin, like at the top of your buttocks. And it’s slowly releasing testosterone or estrogen. And our concern with it is, as Bonnie said, you don’t know exactly how much the person is absorbing. And once it’s in, you can’t take it out.
Bonnie: So that’s the part, you can’t adjust it.
Shieva: So to me, because it is not FDA approved and untitratable, and the majority of the data, even if it looks good, is by the companies who sell it. So I personally, unless they come out with really good –
Bonnie: It sounds kind of horrible. Can’t take it out. Can’t adjust the dose. You don’t know what you’re on. It’s like, why would you do that?
Shieva: Well, and again, I’ll be equitable and say this, I’ve seen some terrible, terrible side effects from it. I’ve also had patients who claim that they feel great on it and I believe them, but I still would personally say we can achieve you feeling good, yes, with a little bit more titration, but through more studies.
Bonnie: That just seems like it makes sense to do that. Sensible.
Have you heard the drug Addyi?
Shieva: Yeah, of course.
Bonnie: What are your thoughts on that? I had never heard about it until two weeks ago.
Shieva: Yeah, I will tell you this, here’s another nugget for y’all to know. Female libido, do you know how many drugs there are for female libido?
Bonnie: Is that the only one?
Shieva: There’s two.
Bonnie: Two.
Shieva: There’s Addyi and Vyleesi and then off-label testosterone, right? But there’s two FDA approved drugs. Do you know how many drugs there are for male erectile dysfunction?
Bonnie: A gazillion.
Shieva: 27 or 28. Multiples more, right?
Bonnie: Because people don’t care about women.
Shieva: Because people don’t care about women because we are taught – I mean, there’s so much we could talk about that. So yes, Addyi is a pill that you would take every day that theoretically can help with spontaneous desire. And I definitely have patients who think that it’s worked a lot. And I’ve had other patients who don’t think it works a lot. It actually might have a little bit of a beneficial effect on weight as well, so that’s good.
Bonnie: Oh, yeah. I’ve heard that too. Yeah.
Shieva: Yeah, because it works in the central nervous system. And so I think it’s great. And I think that the founder, Cindy Eckert is –
Bonnie: I heard her speak.
Shieva: Oh yeah, she was at your conference, right?
Bonnie: At the conference. Yeah, at Lead Her. Yeah, it was, I mean it was just amazing.
Shieva: She really cares. And she cares and she has done an amazing thing. You heard her story, how she sold the company and then bought it back. And then Vyleesi is an injectable that you could use twice a week, so eight times a month. And that’s right before you’re about to have sex. And it can help with, again, spontaneous desire, orgasm, things like that. So I do wish we would have more. I really do.
Bonnie: Yeah. Well, she started the talk with asking, how many know about this medication, like the pink pill? And I don’t think it was more than 50%. She’s like, how many of you know about the blue pill? Everyone.
Shieva: Right. Oh, everybody. God, how would you not know about the blue pill? Because it’s all over, there’s commercials all the time for erectile dysfunction. Like many women come to me saying, there’s something wrong, I don’t want to have sex, it must be menopause.
And here’s the honest answer I would say to all the people out there, menopause certainly can exacerbate it and perimenopause can exacerbate it because we’re tired, because we’re stressed, because we’re not getting sleep, because of all those things.
But also one of the biggest indicators of whether or not you have spontaneous desire, meaning walking around wanting to have sex, as opposed to when you’re in the act, once you start having sex, are you able to get lubricated and be excited and then have an orgasm? The answer is most of us, once we’re in it, are okay, but we don’t have spontaneous desire anymore.
And the biggest indicator is length of time in your relationship, which is why you and I have divorced friends who are our age, they are having rampant sex because they have spontaneous desire for their new partner.
And that doesn’t mean, I don’t say that to advocate for everyone cheating or getting a new partner. But I say it to audiences of women.
Bonnie: I mean, it makes sense.
Shieva: It makes sense. And that’s why I think, at least if we know that, then we can strategize. Now that I’ve said it, I want you to think of the people you know in your life who probably have the best relationships with their long-term partners, probably strategize things, whether or not they realize it.
They’re doing things to keep themselves excited. They’re maybe listening to erotica. They’re using vibrators. They’re talking about it with their partner. They’re keeping that feeling alive, not in a way that they needed to when they were younger, because when they were younger in a new relationship, that just happened.
They’re doing what people who exercise a lot do. I don’t love to exercise, but once I’m in it, I’m like, this is great, I’m going to do it again. And then tomorrow I’m like, I don’t want to do it again.
Bonnie: Oh yeah, I rarely feel like doing it.
Shieva: Right, but I could do better mindset work and decide that I want to be that kind of person who really loves exercise and work on it. And we could do the same thing for sex if we were taught that, but we’re not. So we end up just, as I joke, we just end up sucking it up and doing the labor of love or letting our sex life really dwindle.
And instead, we could help ourselves either with medication or mindset or both and with vaginal estrogen.
Bonnie: Do you feel that if partnered married people are not having sex, is that an indicator of something bad about their relationship?
Shieva: You know, I really, I will say this, I think it very much, like most things in medicine, very much depends. Right? I think that I have friends, patients, family members who have beautiful, really deep relationships that are very fulfilling and they have very little or no sex or they have not penetrative sex, but they have oral sex and they touch a lot and cuddle.
And I know other people who are having regular sex with their partners and they have very damaged relationships. So I really do think, I hate the term sexless marriage, you know there’s a term sexless marriage?
Bonnie: Yeah.
Shieva: And I think the truth is this, for many couples the lack of sex is because their marriage is damaged, right? And because they haven’t worked on it and because they’ve let all of that go by the wayside. But I don’t think it means every couple that doesn’t have sex has a bad marriage.
I think you two get to decide together. Like are we not having sex because we love each other, but we actually have decided we don’t want to, for whatever reason we don’t want to. But we otherwise are connecting emotionally and maybe even physically in other ways. Or are we not having sex because we’re avoiding each other and maybe it hurts and I didn’t go see my doctor and maybe you have erectile dysfunction and you’re too embarrassed and maybe I hate you because you snore too much.
I think anyone who says it is a sign of something wrong, I think men who are not having sex regularly probably have either a medical condition or maybe you’re seeking sex outside of the relationship because I think most men, their testosterone levels don’t tend to wane as much as ours do. So when I say medical condition, because we’ve determined that erectile dysfunction is a dysfunction and not natural, I would say those men could get help.
Bonnie: That’s fascinating. I never heard that.
Shieva: Right. Right, so I could look at it both ways. I could say, hey, it’s natural because 40% of men go through that. I think the data was, I think, we should check me on this, 40% by age 65, which means it’s somewhat natural. But since we’ve labeled it dysfunction, if a man goes through that and because there is shame attached to it for men, they really should seek help because they can get help pretty easily.
Bonnie: I’m assuming it’s also covered by insurance and cheap.
Shieva: Of course. I mean, it was covered by Medicare even.
Bonnie: What?
Shieva: Yes. But they should also make sure that their female partner is getting help because the last thing you want is him to be getting the blue pill when you haven’t gotten your vaginal estrogen and maybe your pink pill and your mindset, because then you’re just forced into a really incongruent relationship, which I do think is what happens for a lot of people.
Bonnie: I bet Addyi is not covered by Medicare.
Shieva: Oh God, it’s not covered by any commercial insurance. It’s like, I think it’s about $99 a month, which is very worth it for people who want to use it, absolutely. But not covered.
Bonnie: All right. Well, we could talk about so much more, but I think we covered a lot of topics. And for those listening, I hope this has been really informative and piqued your interest to, I was going to say it’s coming for you like it’s a bad way. But it’s going to happen, so be informed and be proactive.
Shieva: Yeah. And it’s not all bad, there’s many good aspects to it in many ways.
Bonnie: Okay. Well, thanks so much for being here. How can people find you?
Shieva: Thank you. I’m mostly on Instagram at Dr. Shiva G, which I like.
Bonnie: Can you spell that?
Shieva: D-R-S-H-I-E-V-A-G. So Dr. Shiva G, V-A-G is in the last part of it, so I love that. So that’s on Instagram. And then right now our website tribe called V, like Victor, like vulva, vagina, tribecalledv.com, which will be in the near future switching to womaning.com where we are going to help, I keep saying that we want to help decrease your anxiety by increasing your knowledge about your OBGYN health because womaning is hard.
Bonnie: Yeah. All right. Thank you so much for being here.
Shieva: Thank you, I appreciate it.
Bonnie: That was an amazing episode. I hope you enjoyed it and got so much value. And I hope this inspires you to maybe follow who I consider the thought leaders in this. So obviously there’s Dr. Shieva and then Kelly Casperson and Marie Claire Haver. And it also keeps that information fresh so that I know it reminds me to make sure that I’m doing what I can to stay on top of my health.
So if you love what you heard, then I encourage you to grab a spot at the Live Wealthy Conference, February 20 to 23rd in beautiful Hawaii at the luxurious Four Seasons. Spots are going fast and I don’t want you to miss this chance.
Now, and I’m not just seeing this, but I’m not sure I’m going to do this conference again. And people have asked me why not? If you know anybody who has planned a conference, it is a ton of work and the costs are so high. Like the AV, we got an updated quote and it was almost double, like $70,000. And that’s not even including our videographer.
And so between that and just all the time it takes for my team to plan this, I’m just honestly not sure I will do it again. I’m actually thinking I’m going to move to smaller retreats. There’s a Paris retreat that I’ve been wanting to do. And so that’s where I am right now. And so this is your chance to come to possibly the last Money and Wellness conference, and go to wealthymommd.com/conference to learn all about it and to save your spot.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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220: Raising Financially Savvy Kids with Hope Seidel, MD
Do you struggle with knowing how to talk to your kids about money? Are you worried they'll grow up feeling entitled? In this episode, I'm joined by Dr. Hope Seidel, a pediatrician turned parenting coach, to discuss strategies for raising financially savvy kids.
As physicians, many of us are considered affluent and have the means to give our children what they want. But how do we decide what's appropriate and teach them to be good stewards of their money? Hope shares her expertise on navigating these tricky conversations and instilling healthy financial values.
We dive into topics like allowance, separating chores from money, modeling restraint, and using everyday moments to teach skills like budgeting and delayed gratification. Hope emphasizes the importance of being intentional with the lessons we impart and using money conversations as opportunities to discuss our values. Tune in for actionable tips to set your kids up for financial success!
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
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What You'll Learn from this Episode:
- Why it's crucial to be intentional about the financial lessons you teach your kids.
- How to separate chores from allowance and teach the value of contributing to the household.
- Strategies for modeling restraint and delayed gratification around purchases.
- Ways to use everyday situations to teach budgeting and financial literacy skills.
- The importance of having transparent conversations about wealth, privilege, and values.
- How to navigate the challenges of raising non-entitled kids in an affluent community.
- Tips for aligning with your partner on financial parenting decisions.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
- Hope Seidel MD: Website | Instagram | Facebook | LinkedIn
- Rich Dad Poor Dad by Robert T. Kiyosaki
- The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money by Ron Lieber
- 103: Why Money Doesn't Create Entitlement
- 183: How to Be a Better Parent with Hope Seidel MD
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, welcome to another episode. I’ve been getting asked a lot about how to talk to your kids about money, how to approach that and all that good stuff. And so I think I believe I have a prior episode speaking specifically about entitlement, but today we’re going to go a bit more nitty gritty and have a deeper discussion.
So I’m actually going to play you a call that I had with Hope Seidel. She’s my parent coach. I’ve actually had her on the podcast before to talk specifically about all things parenting. But this was a call I hosted inside my paid program, Money For Women Physicians, where I will periodically bring on experts to talk about various things. So obviously this was specifically about how to talk to your kids about money.
So I thought I actually would bring that call to you. We’ve just edited it slightly. We just kind of removed the Q&A at the end to protect my clients’ privacy, but otherwise it is the call. I know you’re going to learn so much. The way I think about money and kids is like, you need to know money to teach them about money. And also you need to clean up your money mindset because our kids, even if you’re not saying anything, they absorb, they’re always watching us and whatever we do, they model, right?
And so if you never talk about money, then they might grow up, well, they probably grow up thinking, oh, we don’t talk about money. Or if you’re constantly talking about how stressed you are about money, guess what? They’re going to start to believe that money is stressful. And if you keep saying things like, I can’t afford this, or we can’t afford that, that also is going to create a model for them, right?
So I think this is such an important topic. And so if you are a parent, and I’m sure most of you have friends who are parents, definitely share this episode with them as well.
And before we start, I want to make sure, you know, that the Live Wealthy conference February 20 to 23rd in Hawaii is open for registration. And we are about half sold out right now. And I believe we only have like six rooms available at the group rate. It’s an amazing rate for the Four Seasons in Hawaii. It’s I think around 50% off, maybe even more. And we’re actually giving away three nights at the Four Seasons if you register by November 30th.
So register by November 30th, get a chance to win three nights free at the Four Seasons, go to wealthymommd.com/conference. Again, wealthymommd.com/conference. All right, here’s my conversation with Hope.
Bonnie: Okay, so I’m excited to have Dr. Hope Seidel on tonight. I don’t think we’ve had a parent coach come into the program before, but I know a lot of us have kids and most of us don’t know how to talk to our kids about money.
I think a lot of us worry that they’re going to become entitled because, I think I did a podcast on this, it’s like I think a lot of us have that, like how do we make sure they don’t grow up to be entitled brats? But also how do we talk to them about money? Like what does that even look like?
So Hope and I talked a bit about what we’re going to talk about. I’m really excited. I think you guys will get so much value from it. Also in the chat, I know we have a small group, but if you want to go ahead and write down in the chat what questions you had, just so we make sure we address it.
This is a super casual conversation. We have a few things in mind we want to talk about, but also you’re here and so we want to – Let’s take advantage of Hope being with us. So, Hope, I’ll let you introduce yourself.
Hope: Hi everybody. I’m so grateful to be here sharing this conversation and getting to meet all of you. My name is Hope Seidel. I’m a general pediatrician, board certified pediatrician and I have been in peds for about 21 years. And until last December, I was working full-time. And I’m also a single mom and I have two older kids, one’s 23 and one is 21.
And I’m also now a full-time parenting coach, although I’ve been dovetailing my parenting coach business sort of while I was doing pediatrics for several years. And then I just really found that the part of pediatrics that I love the most is really helping parents navigate a healthy home and just recognizing that in general kids want to be well and their bodies are generally well.
And a lot of the ways that, as parents, we get in their way can impact their overall mental and physical health in a way that working with parents felt like I could be the most impactful. So I’m still taking care of kids, but in a different way.
And Bonnie and I have been talking a lot just as we’ve known each other and also in preparation for this conversation about sort of how you all are learning to navigate maybe a different relationship with your money. And I also think that this is simultaneously an incredible invitation for you to incorporate money conversations into your parenting.
Questions like, do you discuss money at all with your children? I don’t know how old each of your children are, but do you discuss how much money you make? Do you discuss limits around money? How do you model being a steward and honoring your money in your home?
And really thinking as you’re creating new boundaries in your own lives around how you want to take care of your money, what financial values do you want to teach your children? What values, with Bonnie, are you learning to honor now? And how do you want to pass that on to your kids?
For me, not only as working with parents, but just being a parent, I just can’t think of another topic above money as a priority for teaching kids. It’s such a powerful tool for teaching. And as Bonnie alluded to, for the most part as physicians we’re considered fairly affluent by most standards. And a lot of the decisions that we need to make about money with our kids are actually kind of artificial decisions, right? They’re emotional decisions. They’re not financial ones.
I mean, I have no idea what everyone’s financial situation is, but for the most part, often we can afford what we want to do for our kids. And we have to make an emotional decision about whether or not we want to. And so one of the things that I like to think about in my coaching with parents in general is using a values-based approach to thinking about your parenting in a super intentional way.
Thinking about what your budget says about what you value, because teaching our kids about money means questioning our own kind of priorities about money. And every conversation we have about money is a conversation about values.
So let me just give you a couple examples of what I mean by that. So children are actually very hardwired for generosity, right? So if one of your values is giving or philanthropy, it’s a great opportunity to teach your kids about generosity, right? Allowance is a really good opportunity to teach your kids about patience. And then we’re going to talk a little bit more about allowance, if you wish, moving forward, but also about budgeting, right?
When you’re thinking about the value of perseverance, getting our kids to work, both outside and inside our homes can teach that value. Negotiating our wants and our needs can teach our kids about being thrifty or being stewards carefully of our money. Conversations about what we have and what other people have can give our kids the perspective that they need to be able to develop gratitude and an understanding of their privilege.
And then managing limits and boundaries around money can teach our kids the value of restraint. And the reward system in a child’s brain is not really wired that way. The amygdala on the inside of our brain is really very reward-based and children especially have a very high intense need for reward as they’re younger.
And so as they age, their frontal lobe, which is better at sort of thinking about logic and planning and improved executive functioning tend to override that when we use the forward part of our brain. But restraint is a skill that our kids need to learn and can be learned very early even though it doesn’t come naturally for them.
But I think more valuable than any other amount of money to leave to our kids is to leave them with a relationship with money that is healthy so that they can direct the flow of their own money as they age to their highest commitment.
And so, Bonnie, do you want to talk about, like I want to make sure that I answer questions. Oh, good, allowance. So we’ll talk about money and savings. So let’s talk a little bit about that, about chores and allowance, unless you want to make any comments or add anything to the comments I made.
Bonnie: You covered a lot of stuff. And so Hope is my current parent coach. And as we were sort of brainstorming what she wanted to talk about, I gave her an example. And so remember the example about Jack wanting to buy a Halloween costume? So this would be a good example of teaching them restraint and also having a boundary as a parent.
Because I was telling Hope, because most of us do have money, it’s just so easy to say yes. And sometimes it’s just easier. Hopefully, you guys can relate. Sometimes it’s just easier to just give in. It’s like, okay, it’s a $20 toy. Who cares, right? Especially if you’re at Target. And I realized I was doing that a little too much.
And so he said he wanted to be a policeman for Halloween. And I said, well, Jack, I bought you costumes not that long ago. You have Pikachu, you have a fireman, and you have that pirate costume from last year that was too big. And so now it fits you well. And then he was like, okay. And then the next day, Mom, I want to be a policeman. Let’s go to Target. And then he just had his birthday, so he got some gift cards. He goes, I have Target money.
And again, I could have just been like, all right, fine, whatever. You have Target money, let’s go to Target and buy it. Or whatever, order it, he has Amazon gift cards too.
It wasn’t hard to say no, but I realized that it’s just easier to say yes because we just don’t want to hear the incessant questioning. But I said no multiple times and then he stopped asking.
Hope: One of the things that I love about using a values-based approach to thinking about your parenting, especially when it comes to boundaries, is that it’s going to be different for all of us, right? So things that are really important to me from a values-based standpoint might not be as important to you.
And I use the example at times when I think about how for some people faith is a really big – This has nothing to do with money. Well, it could actually when you’re tithing and whatnot. But faith is a really important value to some people. And that informs a lot of the decisions that they make and the way that they set up boundaries in their home.
And so thinking about your relationship with money and the work that you’re doing now is critical for you to develop a good understanding. One of the things I want my children to be able to do, my daughter specifically, for example, is to be able to take care of herself. And if I’m always nourishing the things that she wants, then she’s not going to develop the skill that she needs to learn to be able to be industrious with her money, to learn how to save, to figure out how to get extra money when she needs it to pay for something.
And it’s also really, in my opinion, completely appropriate, especially as your kids get older, to tell them that you do have enough money and that you’re making a choice not to give them what they wish to have in an effort to teach a skill, right? I don’t pretend like I don’t have the money. As a matter of fact, I’ll often say, you and I both know I could afford to give you that, but I don’t want to give it to you because I want you to understand what it feels like to earn your own money or to know that you should wait because those are values that are really important to me.
So there’s not really a right way to set a boundary when it comes to your kids. It’s just important that you’re being intentional about it. Because anytime we set a boundary with our children, they don’t like it. That’s how you know you’re doing a good job.
And so the boundaries that you’re creating around any behavior in your home, when they’re anchored in a value that you really love, are much easier to be consistent about. And our kids’ behaviors or their opinions about the boundary are unlikely to change our mind.
For example, you guys do this all the time when it comes to seat belts, right? If your value is safety and your kids have to wear their seat belts, then when your kids are protesting because they’re too tight or they feel like they shouldn’t have to be in a booster, very few of us, especially as physicians, are going to say, you know what? You’re right. Just come sit up front. I’ll just hold you right here and just pray. We don’t do that because we love our why. The value that we are anchored in around safety, or maybe we just don’t want to get arrested, is really important to us.
And so, Bonnie, when you’re in a place where you’re like, I really just don’t want my kid to have that many things, or I want him to understand that there’s only one and that’s enough, that even though he has a want, that isn’t more important than him being uncomfortable with not being able to get everything he wants, then all of these moments are invitations to practice that skill. Which is what our kids need, especially when the part of their brain that really wants, wants, wants, wants, wants to kill you is really still present all the time.
Bonnie: He tried to sneak in that want another way because he said, okay, I’ll be Pikachu at school. And then for trick or treating, I’ll be the pirate. And I was like, great. He’s like, but I lost my telescope and the sword. I was like, okay, we’ll buy those because those are really cheap. They didn’t have a pirate sword, so we bought a ninja sword, but it’s like, who cares, right?
And then yesterday he goes, mom, this is a ninja sword. I need a ninja costume. He tried to sneak that in and I was like, nope, we’re not buying a costume.
So one thing that I’ve noticed with working with you is like, we wish that they just wouldn’t even do that because it would make our job easier. And I think one thing I learned is like, just expect some resistance from them. Like, of course, they’re going to ask for what they want.
Hope: Right.
Bonnie: I was just wondering why they keep asking. It’s like, of course they’re going to ask. It’s like, it’s not a problem. And you’ve got to keep saying no, at least for this specific instance.
Hope: So Elizabeth is asking, I have a seven-year-old and would love tips on how to teach her about the value of money and also about saving and investing. She has an allowance and I’m trying to teach her about the value of money and saving, but I’m not sure she has any idea about the value of money and thinks we should just buy things and spend money.
Okay, and then do you give her allowance, just she gets a certain amount of money, Elizabeth, that she gets just because she lives in your home or is the allowance that you currently have tied to doing things in your home?
Elizabeth: So I struggled with that a little bit, about whether it was better to pay her for chores versus just give her an allowance. And I decided just to give her an allowance as being a family member, but she does have chores, not a lot. And she probably needs more. All she really does is give the cats food and puts her stuff away and makes her snack for school.
So she probably needs a little more, but she does get a weekly allowance that we’ve divided into short-term savings, long-term savings and charity. But I don’t think she really pays attention. When we go out and she buys something and I tell her it can only come from short-term savings, I don’t know that she really understands.
And she doesn’t understand the value of money at all in terms of the cost of things. I try to teach her at the supermarket and when I buy things, looking for sales and using coupons and things, but I don’t think it registers.
Hope: Yet. It doesn’t register yet, I always say. Add yet to every time you say something like that, for sure.
Now, let me ask you this, when she really wants something, what is her short-term savings money for? Like let’s say you go to the store and she wants a candy bar and you allow her to spend whatever she wants of her short-term money. And she has $4 and the candy bar is $6, then what happens?
Elizabeth: She doesn’t get it. I did make one exception this weekend where she wanted these little backpacks for her Barbies at Five Below. And usually what ends up happening is she doesn’t have her money with her. So we buy it and she pays us back when we go home. But I thought she only had enough for almost two backpacks. She initially wanted four and I said, no.
And against my better judgment, I told her that if she didn’t have enough for the two, that we would front it, but that she wouldn’t get the second backpack until she earned it. But then we got home and she actually had enough money in her short-term savings. I was wrong, but I told her they weren’t hers until she paid for them.
Hope: Yeah, I love that because had you given that to her, you would have been teaching her about credit card debt, right?
Elizabeth: Well, she does think we just put everything on our credit card because we do.
Hope: Well, right. But what I meant by that is that when you have an allowance, I’ll get to the minutia, but like when you have an allowance for your kid and then when they don’t have it with them, you let them borrow it from you. And then they have to pay you back, let’s say even later if they don’t have the money. That skill that you’re building is how to have debt, right? Because the money that they really want to spend, they don’t yet have in a theoretical sense. I know that wasn’t the case in this situation.
Elizabeth: So it sounds like I think maybe I shouldn’t have allowed her to get it. Or was it okay because I kept it until she paid. It’s okay that you kept it until she paid, but those are the kinds of intentional moments that you want to have.
When you say I want my daughter to understand the value of something, right? The value of something is created in your home based on how much something costs and, well, there’s a lot of ways. But one of the ways is how much something costs and how much money they actually have.
And so one of those ways would be, we’re going to this Five Below, do you need to bring your money? If you don’t have money, like if you went to the store and didn’t have money, the cashier wouldn’t say, just call me and let me know your credit card number. I mean, usually you’d have to have it with you. So that’s a skill that isn’t critical you build at seven, because you might go on an errand she can’t predict, but whatever.
And then additionally, if we’re not certain she has the money, then we’ll just have to come back another time potentially, because we don’t want to take a chance that the money isn’t there, right? But no, you did the right thing by not allowing her to have it until she proved that she had the money. That’s a good skill.
Our kids don’t understand the value of money and many, frankly, many adults don’t, because they don’t work. And so one of the very best ways to teach the value of money is to give them chores. Not because you should pay them for the chores, but because they can understand how long something takes and how many hours it might take to earn it.
And so I separate, I’m going to get to the allowance piece, but I separate chores and allowance and agree with what you’re doing in that way. I think chores should never be paid for. For example, like anything that is the running of your home that your kid wouldn’t be paid for as an adult in a home, I don’t recommend paying your kid for.
But I do really like the idea of having our kids earn money for tasks in our home that aren’t typical things. Maybe there’s a list of things that they could do to generate a certain amount of money. And then when they work for an hour, two hours or however long it takes, and then they get money, they start to create a relationship between what they’re doing and how long it took and the income that they received.
And that’s a really great way to get our kids to be industrious, to want to be able to save for something. I know that you really want this, you’re too young to work at Chick-fil-A yet, but these are the things that you can do around our home that would generate a certain amount of wealth that will allow you to either save or spend on something that you really want.
The key is less about the money and more about the invitation for restraint that you provide so that they can work towards building their savings enough to get what they wish for. I don’t think it’s reasonable, given that their brains are still evolving, that they’re going to have a really good understanding of the value of money until they’re practicing it on a regular basis. So this is a really good strategy that you have to give them that skill.
Like they’re not going to understand the S&P, the high-yield savings account, all those things that you want them to use. But those words and that language you’re using will put them far ahead of most kids who don’t even get that skill set until they’re far into their early 20s.
Bonnie: I’m with you, chores and allowance should be separated because it’s like you do things for the household because we all live here and things need to get done. Yeah, just like I don’t pay Matt when he takes out the garbage, right?
Hope: Right.
Bonnie: He’s supposed to take out the garbage, by the way, but he hasn’t lately. That’s a whole nother conversation.
Hope: And how much allowance you give your kids is arbitrary, right? It depends on what your intention is of what they’re going to do with it and their age, right? I have a good friend who teaches money to children and she gives her kids a budget at the beginning of the year and they’re in charge of their food and their clothes. I mean, she literally makes them pay for absolutely anything.
That’s not a value that’s important to me as much as it is to teach my kids what they can and can’t have just because I don’t want to, right? When my kids went to private school, they had a lot of children in their class that had expensive shoes and whatnot. And that just is not a value of mine right now. But I did encourage my kids to save money to buy those sorts of things. Not that I’m judging parents who might be in your group, but I didn’t pay for my daughter to get a manicure.
All those things to me are things that are a privilege that she should really want to get on a special occasion or something that she would have to earn. I didn’t want her to think that the world was going to show up for her that way. And now she lives in New York City and couldn’t afford a manicure if her life depended on it. So thank God that she doesn’t have that expectation.
But those are the kinds of values that you want to think that feel right for you, right? There is not an exact way to do that. Some of us have more abundance than others.
One other thing I want to comment on that we were talking about the other day, Bonnie, is this idea that one of the things that chores gives you as a value is gratitude, okay? So probably there’s no finer way to teach your kids both work ethic and gratitude like chores, right? Because most chores, most things that we do around the house are not particularly entertaining. And so having our kids really commit to the workings of the home tends to really generate a lot of gratitude.
My kids have been doing their laundry since they were eight. And anytime I do their laundry now as grownups, you would think I gave them like a Rolex. Thank you so much. I’m so grateful. They know exactly how much work it is. They know exactly how much time it takes. And they know that the folding is a pain and the putting away is a pain, they’re super crystal clear on what that responsibility is like so that when they don’t have to do it, or when they notice that I do it for them, it bolsters gratitude in a way very few things can.
What age is appropriate to start chores too? I mean, as long as your kid can pick up a plate, they can help. There’s never an age that’s too early to start chores. And I even like to think of it less as that word, which just, I don’t know, it’s just loaded with just misery. Just what we do as a family is we contribute. Everybody has a job that helps our family run well. We pick up after ourselves, we clean up our rooms.
With younger kids, if the chores involve cleaning, a couple of things I will say, number one, you want to be very specific about what you mean, because clean your room might sound to your teenager or your toddler very different than what’s in your head. So you want to be crystal clear about your expectations around what the chore is, you know, what you ask them to do.
And then you also want to be really comfortable with imperfection, because the quality of the way the chore or the activity is done is less important than the contribution to your family. Over time, they will build the skill, but depending on what commitment you ask them to give to your family, there’s going to be a learning curve that they’re not going to be able to do really well.
Bonnie: It’s not going to be spotless initially, is that what you’re saying?
Hope: I mean, maybe not ever, right? But the point isn’t that. That’s managing your type A mind around handling it or going back over it after they’re done. But the contribution and the way they contribute to your home, and the responsibility they feel is the most important thing.
Bonnie: Yeah. At age two, in case this is helpful, Mabel, I remember we would just have him help us wipe the table, like after dinner.
Hope: Yeah, feed the dog with a cup.
Bonnie: Yeah, a two-year-old can do that. Like spraying, I don’t know, I feel like kids like spraying stuff. Jack loves spraying stuff, so that’s what he did at two. I think about these things, right. Because I don’t want him to be, because like I think of it as him as an adult, I want them to be able to do these things. Not just be able to do these things, but like, have experience actually doing them so they know that they could be helpful in a relationship, for example.
Hope: Well, the good news is that children have a drive for competence. Like they want to be responsible. They love when adults count on them.
One of the things that feels hard for chores around parents of affluence is that we feel, I like to call them kind of philanthropic chores. Like we just give them things to do because they just seem like we should be parents that give our kids chores.
One of the best gifts of being a single parent, especially when my kids were in middle school, is that I really needed their help. I needed them to prep dinner. None of the things I asked them to do was a luxury. I mean, I really did not have time to be doing their laundry. That isn’t the reason they did it, by the way. But even so, it wasn’t an option.
It’s important that you remember that in families where wealth is not available, in families where parents’ work is not negotiable, or they don’t have help, kids help out all the time at any age, right? Because it’s not an invented chore. It’s something that the entire family system is counting on.
And you can generate that kind of energy around the ways your kids contribute, whether you have a ton of money or you don’t. It’s still available to you. I can just tell you firsthand, I’ve done it. So it’s totally possible. But it has to be intentional.
Audience Member: I was curious about how to approach the whole money and saying no when my daughter sees all of her friends with so much more. So she attends a private school. A lot of the families have more money than we do. Some probably just spend more than we do.
So she goes to her friends’ houses, they have so many more toys, every week they get new toys. They’re always going out and getting treats and having expensive drinks at the restaurant and just spending money in ways that we don’t.
Hope: Why is that hard for you?
Audience Member: Well, I explained to her that we work hard for the money and that we need to save it and that this really isn’t a necessary expense. And she can save if that's what she wants. And Hanukkah is coming up and her birthday is coming up. But I meet a ton of resistance, which I know is normal.
A part of me feels a little guilty and some of it’s probably because I was raised in a very, very frugal house. And so I have trouble sometimes spending on things that I don’t see value in, like a soda at a restaurant. And when we go somewhere on vacation where the ice cream is $10 in some touristy area, I have a hard time spending that. I know my husband feels very differently. So that’s probably part of it. I feel a little bit conflicted, because I don’t know if maybe I’m just being too strict.
Hope: So I want you to just consider taking the judgment for yourself out of it and think back a little farther on to like, what is the lesson you’re trying to teach your daughter, right? Because you clearly could spend the money on a $10 soda. I mean you could go to Starbucks and get yourself something right now, probably, and not think about it, right?
So it has less to do – I like to think about it when you’re thinking about values for the same reason that like some of my friends are like, why won’t you let us have alcohol before 21? Like I know my kids are drinking in college and I know that they’ve tried alcohol in other places. And I know that their friends’ parents allow that.
But I have a very high value on safety and I’m a physician and their dad was an alcoholic. And so like, there’s no universe in which I’m going to be okay with that. And I recognize it’s hard for them to notice that different families do things differently.
But when we’re explaining it to our kids in a way that’s more objective, like we can agree with them. It is unfortunate that you did not get the mother who wants to buy you $40 ice cream. Like that is unfortunate. You could even empathize with them about how unfair that can feel. But my highest priority is teaching you to be a good steward of your money. And your dad and I just don’t spend money like that. Even when we have it, that’s not how we want to spend it.
Or this is the value that we have in our home around getting things just to get them. We don’t get things now. We get them when Hanukkah starts. Hanukkah is a time where we’re waiting for things. We’re going to wait. There are eight days. So eight days of gifts you’re going to get and so let’s put that on the list. Those are ways for you to really build their capacity to see the values that you have in your home around money.
I also, like I’m on one of these PMG sites where there are all these women who sell things that are very fancy that they buy that they no longer want. And I’m always thinking to myself, like that must be so fun where you could just have so many purses that you could just want to just sell them all. I’m thinking this every time.
And yet then I look in my bank account and I probably could afford the purses, but that’s not my value. And I don’t care that it’s theirs, it’s not a problem. But you want to just really be explaining to your kids that she gets to decide what she values in her money and the money that is in your home is yours, not hers. And you do get to decide what you do with it. And she’s allowed to be disappointed.
What does the guilt come from for you? Do you know?
Audience Member: Yes, maybe because my husband sees it so differently. So we’re a little different on spending. He’s a minimalist, so he really doesn’t buy anything, but we just have different ideas of where to spend much.
When he does buy things, he always spends the most money possible on it because he seems to think it’s better. When he goes out to eat, he doesn’t worry about the price, he always gets a soda. When we go to an amusement park, he doesn’t care about the cost of the drinks or anything, and I do. But then when we travel, he always wants to scrimp and save and spend less on the travel. And I like to spend the money and really enjoy the experience.
So we just have different views on it. And I guess maybe some of the guilt is that, is that I know it’s a little bit different if my husband’s with my daughter than when I am.
Hope: Yeah.
Audience Member: Because he does get her a drink and different things. But the biggest thing is I just want her to understand the value of it and how hard you work for money. And she doesn’t get it and she wouldn’t at seven.
Hope: Yeah. No, you can just let go of her need to understand. There’s so many things you’re going to be teaching your kids in the next – How old is your daughter? Do you say seven? There’s so many things our kids are going to be learning in the next, in the first 18 years that are going to make no sense to them, that they’re going to have to just be okay with that this is the way it’s going to be.
She has no capacity, unless she’s literally making her own money and spending it exclusively there’s not a capacity for her to understand that. And to your point about your husband, and you I guess at times, how we model restraint is helpful.
Like I can remember sometimes with my own kids, I would be at the mall and I’d really want a Starbucks and I could afford the Starbucks. And I might just say artificially in front of them, I really want a Starbucks, but it’s $5 and I have the $5, but that’s just really not where I want to spend my money. And I know if I wasn’t thinking, I’d go over and just get it really quickly. I really want it, but I’m just not going to get it.
And just let them kind of sit with that whole experience that I do out loud so that they can see that sometimes I actually want something or we’d be at a store and I’d see a purse I love. My daughter would be like, get the purse. And I was like, I know I have the money for the purse, but it’s just not a good use of my money. What if something happens and I want it, or I want to save for something else?
I’m doing that kind of thing out loud, modeling the kind of thought process I want my kids to adopt, knowing full well we have no control over what they’re going to do with their own money.
Let me just tell you the good news, okay? When we think about our kids being spoiled, there’s a really good book if you guys have not read it yet. I mean, you don’t have to read it because a lot of this is what we’re talking about, but it’s called The Opposite of Spoiled. It’s a really good money book for kids.
But anyway, one of the things that the author talks about is that there’s several definitions of being spoiled, right? Kids that are spoiled have limited rules. They have limited responsibilities. They are often lavished with a lot of time and attention and activities, and they get a lot of material things.
And the truth is that you can give your kids the material things, most of which our kids are getting anyway, and still work hard on the other three and still teach your kids to show up in the world with a level of responsibility and understanding and gratitude and accountability and perspective and restraint and still give them things.
And we all know that because most of our kids have more than most, right? So you can still achieve that skill even if you do soda from time to time.
Audience Member: Okay, yeah, that thinking out loud with her, I like that.
Hope: Yeah, yeah, yeah, that’s super, super helpful. And sometimes it’s helpful for me to stop spending, you know what I mean? Because when I’m sometimes somewhere where I really know I could, and it’s just an impulsive choice, or I’ll even have my older, my 23-year-old on the phone, and she’ll be like, what are you doing? I’m putting stuff on my Amazon cart so I can look at it in a week and decide if I really want it. She’s like, why don’t you just get it? I’m like, well, because I might not want it. I like to give myself a couple days to be sure.
Do I always do that? No, but I say it out loud so she can be thinking that’s not a bad idea. And she can start to sort of generate a decision point on her part about how she wants to spend her money too.
Bonnie: Oh, I like that idea of just saying out loud what you’re – I always want to buy stuff. So that’s easy.
Hope: Yeah, and that’s offering empathy, right? It’s like we can agree with our kids that it is hard and we want all the things. And the other thing that I would just invite you guys to consider too, which you know, of course, because you’re learning to manage your money in a different way, I’m assuming with Bonnie, is that we know by now that having this much abundance does not translate into happiness, right?
And our kids still, because they have such a profound reward seeking part of their brain, do have that thought that they think that if I had it, I would feel so much happier. And Bonnie and I work a lot with people as coaches around this idea that things outside of us don’t generate our happiness, that of course, we create our own emotions inside of ourselves.
And when we constantly reward our kids with material things, just effortlessly or thoughtlessly, we sometimes are teaching them that those two things are linked by accident. And that’s never true, and so that’s another place where you can really have some really good intentional and thoughtful parts around restraint and holding off on saying yes.
Mabel: I have a story that I would like to share.
Hope: Yeah.
Mabel: So I might say the opposite of Elizabeth. I’m an immigrant. I came from a country when I was six, and we always were very frugal. I mean, even in the country that we lived in, we lived a very frugal life. But I think something happened to me that I was like, I never want to live like that.
So I’m actually the opposite, where I overspend. And like, I’ll get the Starbucks. I never think like that. Like I always get what I want. Like I never look at prices in the shopping. And I don’t spend, I don’t have expensive purses and that, but like if I’m in the grocery store, for example, and I want the mac and cheese that I see or whatever it is I’m looking at, I’ll get it.
Like I don’t look at prices. If I want a pair of shoes, I’ll get it. Although I’m very conscious about it. I'm not going to buy expensive shoes or purses, et cetera. But if I want it, I’ll get it.
And I don’t know if that was my upbringing. Like I remember in first grade, this really experience that I had with money, where they will give you money if you behaved well, and I got a lot of money. And there was a store that came, like I guess people donated toys, and there was a special store. And then all the first graders got to go to the special store and use their money to buy the special toy.
And I didn’t want to buy the toy, I wanted to save it. So guess what? At the end of the day, I came home, I have a twin brother, I came home, my twin brother came home with a little piano, a little keyboard, and I came home with nothing. And then the store went away. And it was called Funny Bucks, and then the Funny Bucks went away. And I was like, I felt so bad. I was like, I never want to feel that way ever again. So I don’t know if it came from that.
And we never went out to eat really growing up. I went to a restaurant when I was in my late teens for the first time ever, my family was very frugal. And rightfully so because we were an immigrant family, and they wanted to buy a home, which they did after being here for a few years only. So my family worked, my parents worked really, really hard.
But I find myself as an adult not teaching my kids about money. And my 17 year old just started doing chores. And my seven year old does not do chores. Yeah, I had a parent pleaser. So like my mom, my parents were very, very loving, but they never assigned us chores growing up. And yeah, that’s, you know, so I wanted to get your feedback on the money spending, and obviously the chores I have work to do.
But just in terms of the spending and how I can become better in terms of being conscious and making those better choices and teaching my kids better in terms of handling money and valuing money. Because obviously I value money, but I think I value the experience more. And that’s not good all the time. I mean, I don’t feel like I have that balance in general.
Hope: What has the way that you’ve handled money up until this point cost you? Not like the actual money, but like what does it cost you?
Audience member: I think I mean, in terms of the fact that I don’t really pay attention to money, which is why I’m in this course is causing me stress. And it’s very stressful and like a heavy burden on your shoulders. I don’t want to feel that way.
Although I’m a physician and I make really good money, I still feel like it’s not enough. And I feel like it’s not, you know, it’s stressful.
Hope: I don’t want to speak to the coaching piece on just sort of scarcity mindset, which I’m sure Bonnie is working on with you guys, ultimately, as well. But a lot of this is rooted, you know, I would imagine is rooted in some level of scarcity.
Like one of the advantages of thinking about your money journey through your kids as an invitation to reconsider sort of what your choices have cost you, not to judge yourself, but just to notice that like, wow, being materialistic, having all the things actually doesn’t make me feel any better.
As a matter of fact, you’re not wrong. Materialism is correlated with higher levels of both depression and anxiety in adults, 100%. And one of the things that you didn’t have as an immigrant child, I’m guessing that our kids have, which makes things 10 times worse is social media, right?
You can go on TikTok and Instagram. And television had commercials when we were little, but in this day and age, there is always someone in our kids’ faces, if we don’t have boundaries around social media, telling them why they need something from Sephora or something that they just have to have in order to make them feel better.
So you’re also up against that as a parent, which can feel really challenging to you. Sometimes when we’re trying to model what we want our kids to learn, it’s easier for us to model it for ourselves, right? Like if you’re trying to teach your kids, unless you have different rules for your kids than you do for you. Like if you’re trying to teach your kids to be respectful, then the best way to teach that is to speak to them respectfully.
If you’re trying to teach your kids restraint, then the best way to teach that is just to demonstrate how difficult restraint is. You don’t have to be good at it in an effort to try and teach it. As a matter of fact, the fact that you stink at it is helpful because you can offer them the kind of empathy that they need when the urge feels so big and they want something so much and they have to hold off. There’s probably no one better to teach them that skill than you, because you’re so aware of how challenging it is. Does that resonate?
Audience member: Yes. Yes, and it’s very hard. It’s very hard not to, because I guess I’m like my parents where I’m a parent pleaser too. So not only am I dealing with the scarcity mindset, but I’m also dealing with the parent pleaser and wanting to please my child.
Hope: Yes. Yes. Well, yes. And I appreciate that you separated those out, right? Because making our kids uncomfortable is critical to their emotional resilience, which is a totally different topic, but equally as important, right? Like when we are afraid to set a limit for our kid because we want them to be happy, if our higher priority is happiness one of the most significant costs of that is that we cripple their emotional resilience because they don’t, they’re not generally prepared for a life that half of the time isn’t awesome.
Like you’re a physician, you made it to wherever you were hoping to be as a doctor and you have a great income and you’re still half of the time feeling not awesome. Like that’s just the way the world works.
And so part of the resistance that we need to have for our kids, part of the boundary work we’re doing for our kids, even if it’s not about money, is in an effort to build their capacity to experience a negative emotion. Which is very important for them to live a healthy emotional life because otherwise they’re just going to be avoiding it all the time.
So one of the ways for you to be super intentional about money with your kids is to on purpose make them unhappy so that they can build their capacity to have a negative emotion and move through it. The other way that you can do it is to teach the skill of restraint or of, it doesn’t even have to come from scarcity, but just intentionally teaching them restraint or managing an urge when you want something badly and you have to wait for it so that they can build those skills too.
And when you think about them as skills for them to build, it’s no different than teaching them to read if you’re really committed to it. And I think our kids are always the biggest mirrors for our personal growth. That’s why I love coaching parents so much, because most of the ways that it’s the hardest for us to parent are when they are demonstrating skills that we lack in ourselves.
Bonnie: One thing I’ve started doing, and tell me what you think of because I have a funny story, is when we are at Target, his favorite store, of course. He knows exactly, he just makes a beeline to the toy section. And I’ll have him look at the price. I also have him look at the age, right? Because sometimes he gravitates towards baby toys. So I’m like, we’re not buying Duplos anymore, right?
And so I have him, like I’ve trained him to look at a toy and see what the age is and then look for the price. And then he says the price. So I don’t think it’s so much that he knows the value of money, but obviously he knows there’s different numbers and different numbers are higher.
And so we were actually at a grocery store and he saw one of those fly swatters that electrocute the insects. We live in Florida, so they’re really popular. And so he was like, mom, we wanted that, right? I’m like, oh yeah, let’s go buy it. And I see the price, it says eight bucks, but he was focusing on a different number on the handle.
It said 50,000 and he goes, oh mom, it’s really expensive. So I just was like, oh, he notices. Like he noticed it and I was like, oh, that’s not the price because he doesn’t, I don’t think he knows 50,000, like what that actually means. But I think he noticed that that number was a lot bigger than his usual 20 or $30 toy.
Hope: It’s so good. That’s so, so good. You can even send your son, your seven-year-old – You can send your kids in the grocery store to pick out, like I used to send my kid. I'm like I need black beans and I want you to get the one that is the least expensive or one that’s on sale. It’ll have a yellow tag on it.
And sometimes he would get it and sometimes he wouldn’t, it would keep him busy in the store. It wasn’t a huge store and kept him busy in the store and he’d come back and he’d get it. And even now when he’s in college and he’s paying for his own groceries, he’ll be like, got a really good deal on the beans. Like he can tell it’s just a skill that we’ve been working on.
Could we have afforded like 10 cents more on the beans? Yes. But I want him to notice that it’s the exact same thing for a different price. And when it’s something that in my own value is a want and not a need, I always point it out to my kids. Not because we don’t always make the choice to get the want, but because I want them to know the difference.
And so this is just a really good opportunity for you, especially Mabel, for you to think about picking one or two goals that you really have about what you want your kids to earn or learn, and then be radically committed to seeing all of the opportunities to practice it.
It doesn’t have to be like this overwhelming hall where they just do all the chores, but maybe from now on, you’re not going to just give your 17 year old gas money. You’re going to pay for the car and you’re going to pay for the insurance, but the gas is on her or whatever. It doesn’t matter.
Just in a way that she can start to have some agency and responsibility over her financial security, because you’re not always going to be around to be able to give her that money. And even if you were, it’s not going to create a healthy relationship with her, an independent relationship for her with money long-term.
Mabel: How do you calculate, like we live in Miami, Florida here where things tend to be really expensive. How do you calculate what's an appropriate allowance for like, let’s say my son who’s 17?
Hope: I think, for your son who’s 17?
Mabel: Yeah, versus my daughter who’s seven.
Hope: I think it depends less on the number and more about what you plan on intending them to do with the money. Like does your 17-year-old have a job or no?
Mabel: No.
Hope: Okay. So what would you be giving the allowance for?
Mabel: I don’t know. I guess contrary to me, like he really doesn’t, he’s a minimalist. He doesn’t spend much. And every time we go into a store, he doesn’t really ask for anything, actually. I guess I would be giving it to him for miscellaneous things here and there that he would, but he gets a lot of money from his father. So he has a very expensive family, so for his birthday he’ll get like $500 for example. And he just has it laying around in his room and he never does anything with it.
Hope: Okay. Maybe that’s not the right question to be asking. Maybe you don’t need to be giving him an allowance because he has plenty of money, but maybe the skill he needs to build is how to be a better steward of the money he has. Like maybe the question to be asking yourself is not how much allowance I should give him.
Like I never gave my kids an allowance ever. That just wasn’t a thing for me. I just was really good at restraint. And if they wanted things that they wanted, then they had to get a job. And if they didn’t have a job, then we would have an expectation before we went to Target about how much money I was going to give for them to have something. Or actually I never bought them anything at Target like that.
But if I knew we were going to go to Starbucks or we were going to do something, like this is the amount of money you have to spend. And that was it. We went on a trip, I would give them a certain amount of money and that was all there was. And so I was limited when I decided to give them money, but I didn’t give them on the regular because I could never remember and it was entirely too stressful.
When they had jobs I made them save half of their money and put it away. They could do whatever they wanted with the money that they had. And both of them had jobs at 16, 15. But your son doesn’t need an allowance just to say you have one, like it’s not a critical parenting skill. But if you want your kid to be a better steward of their money, and you’re noticing that like $500 and dollars are all over his room, that’s a skill he needs to build because he’s not caring for his money.
I like to think about money like a relationship, right? We care about our relationships. We don’t just discard our partner’s feelings. How do we care for it? And if he’s not caring for it well, that seems like a better skill to teach. Does that make sense? I don’t think allowance is critical. Chores I feel very strongly about. Allowance I don’t think is critical. Although I do absolutely love the idea of giving your kids an amount of money and teaching them how to save and spend. But if you don’t have a spender, right, it’s not as big of a deal.
But pay attention if that’s actually true, Mabel, because if you’re the kind of parent that just gets whatever they want to get, then you could be getting him things that might be a really good thing to teach him restraint about, right?
Like if you’re someone where we always go to Starbucks and get something and you want to be the kind of parent that teaches them, for example, that that’s a want, not a need anymore, then you could say, I’m going to give you, let’s say, 20 bucks a month or a week or whatever it is. And you’re welcome to get some Starbucks, but I’m not buying that anymore.
Bonnie: Yeah, I had a thought about the 17-year-old. Oh, because yeah, Jack’s grandparents sometimes also give him like $500 for his birthday. And so he has an investment account. Obviously, he doesn’t understand what that means, but that’s just an opportunity, Mabel, like he can open a – Well, he’s almost 18. So I think at 18, he can actually open his own adult brokerage account.
But you also could open up, it’s called a UTMA, which is basically a child’s brokerage account. And then you could teach him like, oh, if you put this account and you put it in this fund, the money will grow. So I think he’s old enough where he can understand that. He’s also old enough to read Rich Dad Poor Dad, by the way, Mabel.
Hope: Yes, agreed.
Bonnie: Yeah.
Hope: That’s a great gift for the holidays, for sure. 100%.
Bonnie: Yeah, don’t get the audio book though, because the narrator is like, just breathes heavy. It’s very poorly narrated. So that’s the only thing I’ll say about that.
Hope: Well, I was just going to say, I’m glad you asked that question because that’s a great example of something that may not be a high value for you or me, but might be for somebody else. And it’s just there’s not a right about that.
Like I think that it’s crazy that we don’t give our kids more financial education. They are going into the world, literally swimming in the ocean with no swimming lessons. I think financial literacy in children is the biggest missed opportunity that we have on the planet for our kids.
And there are so many easy ways in your home to teach the kinds of skills that we were talking about at the beginning of this conversation. And I do think it’s our responsibility to hold our kids to those standards so that they can turn into adults who are fiscally not needing to rescue themselves from all their childhood wounds about the way that they were parented poorly or whatnot.
We have this gorgeous invitation on the regular, and we have so much privilege and so much money that we can teach these lessons in any way that we want compared to families that have less. We didn’t even talk about the part of philanthropy and how we demonstrate giving to our kids and how we show them what we do with our money and how transparent we are with that.
When we’re talking about at the end of the year, when charities are asking, or we want to donate to the Middle East or to a presidential campaign. Like these are conversations we should be having out loud with our kids. This is what I value. This is where I put my money. Sometimes we’re so effortless with just spending here and there that we’re not good stewards of our money, and we’re not showing our kids what’s our underlying beliefs and what’s really important to us.
And the way we spend always reveals that on what we value. And that’s going to be different for everyone. I don’t mean that with judgment. That’s going to be different for everybody. So is the way that you’re demonstrating to your kids what you value, is that what you want to teach them? Is it intentional? Is it on purpose? And if it’s not, they are like sponges at this age and there’s really no lesson you could teach them that wouldn’t benefit them.
I mean, I just feel like it’s everything. That’s my soapbox about that. I think one of the best things about you guys having this group, and I’m so grateful you let me come and speak to some extent, is that you can do this alongside your kids. If there’s work to be done for you, they’re learning the same lessons that you are right now. And it’s appropriate to be transparent about that.
My kids know how much money I make. They understand what I do with my money. I show them. And it’s not always age-appropriate at every single age, but when your kid asks you if you’re rich or they want to understand the comparison between you and other people, these are such gorgeous conversations to have with our kids on what it means to be wealthy.
What do you mean are we rich? What do you mean? How are you deciding if we’re wealthy? Are we wealthy in our health? Are we wealthy in our money? Are we wealthy in our family? There’s so many ways for us to decide about what wealth means, money is just one little piece of that.
And so, I think that our kids are naturally very curious about money. And they’re going to give you lots of opportunities to practice talking about uncomfortable conversations.
Bonnie: All right, anything that you think we haven’t said, Hope, before we close?
Hope: I don’t think so. I think I gave a lot, probably more than everybody could tolerate right now. But my intention when Bonnie invited me to come is just to use your kids as an invitation to sort of have a different lens on how you’re learning and spending in front of them so that you can use it as a springboard to really generate the wealth that you wish. Whatever that looks like for you, whatever you want to spend your money on. And wanting to really be thoughtful about what you’re modeling for your kids so that they can learn and make decisions for themselves.
Bonnie: Yeah. Okay.
Hope: Well, thank you all for having me so much.
Bonnie: Yeah. All right, have a great night everyone.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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219: Smart Shopping Strategies for Black Friday
When it comes to Black Friday, it's easy to get caught up in the buzz and spend beyond what you planned. I know the feeling all too well. So let’s start by setting up a game plan to avoid those common pitfalls. Whether it’s gifts for loved ones or items you’ve been eyeing all year, taking stock of what you need - and sticking to it - can make all the difference.
I’ll walk you through crafting a budget that covers everything, right down to some wiggle room for those last-minute impulse buys. We’ll break down how to balance between your total spending goals and individual budgets for each person on your list. Trust me, with some careful planning, you can make every dollar (and point) count.
Tune in to learn how to tackle Black Friday like a pro. From setting up a Rakuten account to take advantage of cash back deals, to optimizing shopping portals for points, I’ve got you covered. Whether you're an avid planner or just want a bit more strategy in your shopping, this episode will give you the tools to save smartly and make the most out of this Black Friday season.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- How to set up a realistic Black Friday budget and avoid overspending.
- Creating effective shopping lists to stay focused on must-haves and gifts.
- Planning individual spending caps for each person on your list.
- Strategic tips on opening a rewards credit card to maximize bonus points.
- Leveraging Rakuten and other shopping portals for additional cash back and points.
- Ways to take advantage of credit card rewards for future savings.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
- Tiffany Moon, MD
- Lead Her Summit
- Capital One
- Chase
- American Express
- My Rakuten Link (Disclosure: I will get a commission if you use my link)
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey, everyone, welcome to another episode. At the time of this recording, I just came back from Dallas, Texas. I was at the Lead Her summit that was hosted by my good friend, Dr. Tiffany Moon. And it was amazing. It was a summit for not just female physicians, but any sort of women who wanted to get inspired and learn from amazing women.
Now I was a speaker, but I don’t often go to conferences that have a bit of a mixed audience and a mixed speaker panel. And I’m so glad that I went because I think sometimes it’s easy to stay in this bubble of only physicians. And I met some super, super badass women, including one that was a former FBI CIA agent.
I loved hearing her talk. Like I love FBI slash CIA slash anti-terrorism slash spy movies and shows. Like it is a thing for me. And so it was just super cool to hear from someone who actually did that. And also to hear about their obstacles and just how much sexism there is out there. Like it was just really disheartening to learn just how much there is.
I mean, this is something I already know, but to hear stories from women and what they went through and all that stuff. But I am feeling really inspired and also realizing that I have been playing small and that there’s so much more out there that I could do and accomplish and not in a, I have to do this way, but just thinking bigger.
And that’s the power of conferences. I say this all the time. Like when I talk to people and talk about how important your network is like that “your net work is your net worth.” And the inevitable question is, well, how can I find new people to hang out with that are committed to up-leveling themselves? And honestly, I think attending conferences is the easiest way to do that because only a certain type of woman attends these kinds of conferences.
So then people ask me, well, which one? The good news, there are so many to choose from at this point, my guess is Tiffany will probably do this conference again, she hasn’t stated when though. And as you know, I am hosting a conference February 20th to 23rd, 2025, the Live Wealthy Money and Wellness Conference For Female Physicians.
Now, I have been getting questions about who it’s for. Is it only for female physicians? This conference is meant for female physicians, dentists, and any other high income professionals, probably in the healthcare field. Now, the reason why I say probably is that there are a few talks that have some specifics that would only apply if you’re in a healthcare field with some kind of direct patient care.
So to me, that means female physicians, female dentists, nurse practitioners, PAs, optometrists, podiatrists, and veterinarians. So you’re all welcome to come. I’d love to see you. We’ve already had some dentists register. And so I’m just excited to meet you all.
And we just added a special package. It’s called the bestie package. And just like it sounds, it’s a package for you and one of your besties. And what you’ll get for this package is both of you will get $300 off the regular rate for general admission, and you’ll both get a $250 spa gift card for the spa at the Four Seasons. You’ll each get $250 for that. And who doesn’t want to go to the spa with your bestie?
I’ve been to the spa many times. I may have talked about the fact that I love this Four Seasons. It’s kind of like my happy place in Hawaii. And I’ve been to this spa many times, and it’s always been excellent. I always get massages. Sometimes I’ll get a body scrub and I guess you could do a couple’s massage with your bestie. Why not?
So we have that option available, so go to wealthymommd.com/conference. Again, go to wealthymommd/conference and check out the bestie package. And we have limited VIP spots left.
So today I want to talk about how to prepare for Black Friday shopping and just all the extra holiday shopping that we all tend to do this year. The clients I’m working with right now inside of Money For Women Physicians, we’re already talking about this where we just finished up the module where we look at our cashflow and our spending plans and really dive into all the numbers.
And I want to talk about two things. One is how to approach it. And I also want to make sure you’re taking advantage of all the credit card bonus points you could earn in the next two months.
Okay, so let’s go over tips first. I think you should have a shopping list. Just like it’s good to have a shopping list when you go grocery shopping, otherwise you just buy all this extra stuff and you probably will forget a few items. And so going in with a shopping list is key.
Now, what I recommend is just open up a note on your phone and start typing in things. Now, if you’re someone who buys a lot of gifts, you probably know who you’re going to buy for. And maybe this is an opportunity to think about, well, what kinds of things will they like? And I definitely recommend putting a budget for each of those people.
You probably had an idea like, oh, I’m probably gonna spend around 50 bucks for this person, a hundred bucks for this person, maybe even more for a close family member or a close friend. And then of course, all of us buy things that either we want or things that we’re going to use anyway, but maybe we’re waiting for Black Friday because they’re going to have ridiculous sales. So you want to have that on the list too. And you want to guesstimate how much you plan to spend. Okay? I say guesstimate.
And then here’s what I also recommend. Have another line item for buying whatever you see that you want to buy for Black Friday, because I know you’re going to see some kind of deal that you really want and it’s not going to be on that list on your phone. I always recommend building in wiggle room to your budget. Like people are like, well, it seems so restrictive, I can only spend this much. Or what about when I see things that I want to buy?
So have a line item for just fun spending, who cares spending, impulse spending, whatever you want to call it. And you need to do the same thing for Black Friday and holidays, because come on, you know, it’s going to happen and you don’t want to feel bad about it. So just build it into the plan. Okay.
So that’s my approach for just approaching Black Friday spending thoughtfully, right? Because otherwise you’re going to buy stuff and be bombarded with all these sales. It’s Black Friday, there’s small business Saturday, there’s cyber Monday. It can get really overwhelming.
Now, this is also a great time to open a new credit card mainly because you will most likely be able to reach the minimum spend to get a sign up bonus. So this could be either American Express, a Chase card, or Capital One. Those are kind of the big players in the points world. And I have talked about shopping portals before. So Rakuten, R-A-K-U-T-E-N. It’s a shopping portal and they have crazy deals for Black Friday, like crazy deals.
In fact, I’m going to go to the website right now. It’s obviously not Black Friday right now, but sometimes they even start hyping it up. Like, hey, it’s going to be this much or whatever. So look, they already have 11% cash back at Christmas shoes for some reason. Now, it says cash back, but here’s the thing. If you link an eligible American Express card to your Rakuten account, you will get points instead of cash back.
So right now I’m looking, it says 11% cash back at Lululemon. I mean, that’s pretty cool, but instead you’ll get 11 X points. So if I spend a hundred dollars at Lululemon, well let’s just be honest, no one spends just a hundred dollars. Let’s say $200. Then you’re going to get 200 times 11 points.
So instead of just getting 200 points, you’re going to get over 2000 points. So you can see how quickly you can accumulate points during this season. Some of these sales can be 20 or even 50 X points. Like it’s insane. And so when you couple the sales with all these point multipliers, like you can save and rack up big.
Now, you get American Express points when you buy through Rakuten, but you don’t need to use your Amex card in order to get the American Express points. Let me explain. So back to the Lululemon example, that’s 11X. So let’s say I use my Chase Freedom Unlimited, and that’s a flat 1.5X on all purchases. So hold on, I got to bring up my calculator because I can’t really do math in my head.
So if I spend $250, I’ll get 375 Chase points. Okay. But I’m also going to get that 11X multiplier for American Express or 2,750 points. So you can see that I didn’t just get the 2750 American Express points. I also got those Chase points in addition. So I hope you can see how powerful this can be when you combine it with Rakuten.
And so here’s what you need to do. First, you need to open a Rakuten account. I do have a referral link and you will get $30 or 300 American Express points when you use my link, it’s wealthymommd.com/rakuten, R-A-K-U-T-E-N. And then you need to link an eligible American Express card. I think it has to be one of the plain Amex cards, meaning it can’t be a branded card, like for a hotel or for an airline. It has to be like a regular one, okay?
And so once that’s set up, then you could start using it. They pay out your points every quarter. So it’s not going to be right away. I know people who’ve racked up well over a hundred thousand points using Rakuten and they were not spending anywhere near a hundred thousand points. So Rakuten is available to use all year long, but definitely during the Black Friday and holiday shopping period, the multipliers are, like I said, they can be super insane and high.
Now, you can also shop through other shopping portals like Chase. And then American Airlines has one, United. And so this is a way to get specific multipliers for those cards. I generally don’t do that. I think Rakuten probably has better deals, but for example, let’s say you’re really trying to rack up Chase points specifically, then you may want to check out if the chase shopping portal is offering a multiplier that you’re happy with.
But I would say for the most part, people usually use Rakuten. Again, those are American Express points, but maybe you’ll use a Chase card to pay for it. So you kind of get both. So that’s pretty cool.
All right, so those are my top tips for how to get the most out of Black Friday, Cyber Monday, all that good stuff, happy shopping and I’ll talk to you soon.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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218: Identify & Change Your Overspending Habit
In this episode, I’m sharing a discovery that’s transformed my life and could do the same for many of you. Recently, I faced a money habit I’d been avoiding: my spending. Despite my income growing over the past two decades, I felt like I was never truly getting ahead.
How many of us believe that earning more will automatically solve our money issues? I certainly did. I often hear from six-figure earners who think the same way. We assume we just need to cut back, but the reality is, it’s not just about spending less or staying within our means. It’s about aligning our spending with what we want to create in life.
Join me this week as I uncover the real reasons behind overspending. I’ve discussed spending habits before, but I’ve recently had deeper insights into this topic. I’ll introduce a fresh approach to evaluating whether you’re overspending and what steps to take if you've been avoiding your finances out of fear of what you might find.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- Why I avoided taking a hard look at my spending habits for so long.
- How I’ve worked through my thoughts and feelings of shame around overspending.
- Why spending isn’t inherently bad, as long as you’re intentional about it.
- How to determine if you’re spending beyond your means.
- Why shame isn’t effective in helping change an overspending habit.
- Where the urge to overspend originates.
- How to tackle overspending and reshape your mindset to build a more abundant future.
Listen to the Full Episode:
Featured on the Show:
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
So I am really excited as always about today's topic and why I'm really, really excited about this topic is because it's something I just recently discovered for myself and I know it's gonna help some, if not many of you. And it really took me willing to look at a money habit that I've been avoiding. It's about spending money. And this has been something that's hard for me to talk about, not because it's a super sensitive topic per se, but here's what I wanna say.
So I'm a human being, obviously, like you. And the reason why I'm saying that, even though it's obvious, is that sometimes I think it's really easy to look at other people and think they have their shit together a 100% or that they have this facade of that. And people tell me that that's how they think about me. And so I just wanna tell you I'm human. I have negative feelings. I am mean to my son sometimes, and sometimes I hate him. I'm just saying this. If you're a mom, I'm sure you can relate.
And I don't have all of my money shipped together, and I probably never will. And of all the things I teach, I probably follow them maybe half the time if I'm lucky. So I'm just saying this to let you know that, like, we're not going for perfection here and that if you do any of the things or practice any of the things that I talk about even just a little bit, you will have a better life. That I know because I know that firsthand. And when it comes to money, I definitely don't have my shit together. So I just wanna tell you that. Put it out there. And here's one thing that I have been struggling with for a very long time, which is spending.
And this has been something I've struggled with for. Okay. I said a very long time, but I would say probably, like, since at least college and probably even before, but I didn't really have that much money to spend. So it wasn't really a problem until college when I got my first credit card. Very dangerous. I think I actually got 2, and I racked up a lot of credit card debt. I paid all of it off before right when I became an attending. But in between there, there were many, many years in between where I just felt like I could never get ahead.
And despite my income increasing dramatically over 20 years, that has not changed. So how many of you can relate? How many of you think that once you make more money, and you might be already making multiple 6 figures, but now you think you need to make more money to not make ends meet because I don't think any of us are worried about that. But to really be happy, to really have the life you want, whatever it is. And I knew this was a problem, meaning that I knew that things weren't getting better despite making more money and having more assets.
And I knew this was a problem, but I avoided it for a multitude of reasons. And I will tell you that I had some shame around this because I was like, you know, I am a money coach. This is what I do, and I can't get this spending thing under control. Like, why am I even doing this? Like, who's gonna listen to me? Especially when they find out that I am a massive overspender.
But I'm putting that all aside because I think this will help a lot of you. And my goal is never to tell someone you have to cut expenses to meet your goals because that's just one way to do it. Also, that word cut kind of implies that you're gonna deprive yourself somehow. And so my whole message about spending is that you wanna spend intentionally. You wanna spend consciously versus spending unconsciously.
And not that that in itself is a problem, but if you're spending and not making sure it aligns with your money goals, You see the money goals I mentioned before. Like, if you don't know what you're actually going towards, it's really hard to create a spending plan. And without a spending plan, it's really hard to know if you're spending your money the way you want to.
And so I've actually done a few podcasts on how to create a spending plan and specifically on overspending. And so the best way to get to those episodes is in your podcast app. So I actually use Overcast. It's way better than Apple Podcasts if you have an iPhone. And I just go to my podcast, and I'm assuming you subscribe if you were listening. And if not, you definitely should subscribe. And you just go on the search button and search for I'm doing it right now, spending, and you'll see a bunch of episodes I've done on spending. So none of that is untrue at this point, but I have sort of taken my knowledge further, and I wanna share those insights with you today.
So I actually don't remember how I specifically defined overspending in my prior work, but I came up with a definition that I'm pretty sure is newer than what I said. And really, how you know you're overspending is if you're spending in a way that is not in line with your money goals. Another way to say it is spending in a way that is not helping you create the result or the money goal that you want.
And so it's not based on a number, obviously. Right? And it's not even strictly a definition of spending more than you earn because that definitely is it's probably overspending because most of you probably do not have the goal of going into debt because of your spending. But in a strict definition, it doesn't necessarily mean that your expenses are greater than your income. Anyway, so back to the definition, it is spending in a way that is not going to help you reach the money goal that you defined and decided for yourself. And so I talk about, even in my book, Defining Wealth for Women, about how overspending, honestly, overdoing anything, so this includes overeating, is based on the desire to spend money.
So, basically, you have a thought, I want this. Maybe it's, I really want this. Oh my god. I can't wait to have that. I wanna have that right now. That in itself is normal, meaning wanting things. Well, maybe not a 100% normal because I definitely have friends who don't necessarily wanna buy things, but I'm one of those people that I see something. I'm like, I want it.
Like, I definitely buy stuff off Facebook ads. Not all the time, but I definitely have. And so if you can relate, then we're alike. But maybe you're not someone who likes to buy things. But even if that's you, you may still be an overspender. It just depends on your goals. Right? And so I do teach how to deal with that desire to buy things because when we want something and we buy it, we're just simply reacting to that desire because a lot of us will want things or want to do things all the time, but we don't do it. So we all have that ability to not react to our desire to want something.
Like, I always want mac and cheese whenever I see it. It's a really hard thing for me to say no to, but I don't always have it when I see it. So you probably have many things like that where just because you want something doesn't mean you actually do something about it. Right? And so there's that part, like pausing to sort of notice your desire and also reminding yourself, like, hey, I want this and that doesn't mean I need to buy it.
And so that's actually something I really go into detail in my program. But here's the other layer that I sort of uncovered for myself. So the reason why I finally dealt with this is because I got to a point in my personal and business money where I was really seeing the consequences of my overspending. And I knew that this is something I really had to deal with because honestly, I've been able to, quote unquote, get away with it because I do make a great income and my business does make money.
But one of the things my business coach told me, and I'm so grateful, is that she told me that any problems you may have in the business that you're not cleaning up, and so that's not necessarily related to money, but that's part of it, It's only gonna get a lot bigger the more money you make. And that is definitely true as my business has made more money because I haven't dealt with this, it just has magnified. And so like I said, the past, I would say year, I've been feeling kind of bad about myself. Like I'm who am I to coach on money when I can't even get my spending in order or even coaching a business because I love coaching a business.
So it's like I still have this habit that I'm not proud of. And so the thing is when you have shame around something, it doesn't actually motivate you to do something about it because you're so embarrassed. You have so much shame. It's just easier to not deal with it and just be like, well, everything's fine.
Like, I'm still here and, you know, it's not like we're in danger of not paying our bills, so it's fine. So I'm just kinda like putting it under the rug and, like, putting it aside and turn off the lights and close the door. Right? But I finally, I guess you could say, had the courage to really look at it and also, like, commit to looking at it. And here's what I found. Yes. I have that desire. I love to buy things or I love to want things, and because of that, I love to buy things. But then I asked myself, well, like, what's behind that desire? Is there something underneath? And there was.
There were 2 underlying sentences literally running my over desire. And the two things were, I'll never be rich, I can't have that, and I don't have enough or make enough money. So those were three sentences. But I'll never be rich, I can't have that. When I say that, I don't mean, like, the thing because, obviously, if I buy it, I can have it. But when I say I can't have that, it's I can't I'll never be rich enough. And so those were the sentences I discovered that were floating around my brain. And then I actually got coached on this, and I get coached because just like you, I have a human brain.
And even though I am a coach, my human brain will still do human brain things. And so we discovered those sentences were kind of, like, running a lot of my spending decisions. And the first thing my coach asked me was, well, what do you mean by rich? Like, that's very vague. Like, I don't even know what that means. And that was a great question because so many of my clients, like, I'll ask they'll tell me something, but it's actually quite vague. And so I have to think about that for a second because that's what I realized that I thought that once I made or had a certain amount of money to me, rich was getting to an amount of money that really I had no idea. But in my mind, I was like, oh, once I have 1,000,000 of dollars, how many million? I don't know. Then I can spend whatever I want whenever.
Like, that in my mind was how I'll know I'm rich. And just even saying this out loud to my coach, I was like, wait a minute. That is actually not a number. And in fact, if I don't freaking nip this in the bud, when I do make 1,000,000, I'll just keep spending accordingly and spend 1,000,000. And then sometimes you just gotta, like, hear things and really think about things even though you've heard it so many times for it to really click, at least for me.
And also, especially for physicians, we have so much delayed gratification that sometimes there's just this pressure buildup and it bursts after we finish training, and we just feel like we deserve all the things that we work so hard for it. And so I get it because this was also me as well. And so here's what you might be doing is if you do have an awareness that you're spending a bit more than you'd like, or even worse, you may just not be looking at it because you don't want to see the state of your numbers.
Now, I'm not laughing at you. I'm laughing with you because this is so common. I have so many women who join my program and they are literally afraid to look at what's going on because they assume that things are so bad and they don't want to basically feel the shame and the guilt and all the things. But obviously, you can't make a plan to dig yourself out or to move forward if you don't look at what's going on because you need to figure out where you are. And so what a lot of us do is we just manipulate the numbers.
What I mean is you might open a budget program, I use YNAB, and you might just move some categories around, or you start thinking, I just need to make more money that will solve my problems. And or you may just cut expenses because clearly that's what we should do. And I always find that interesting that that's kind of what we're taught that we need to well, I think it's good advice that our spending is less should be less than our income, But so many of us don't consider that we can increase our income instead of cutting expenses or do the 2 together where there's more synergy.
But going back to when I realized my definition of rich was really vague and not so much vague, but that it clearly did not actually come out to be an actual number. Like, basically what that told me once I said it out loud to my coach that no amount of money will ever be enough because I will just want the next level because there's always a next level of wealth. And so I saw in that moment, and this isn't new because it's something I talk about all the time.
Like one of my favorite quotes, I think it's Henry David Thoreau said, wealth is a state of mind or wealthy is a state of mind. And then accordingly, because the way I was thinking about being rich and defining it, therefore, rich is also a state of mind. I like to use rich when it's specifically for money, and I like to use wealthy when it's more than just money, right? Living a full fulfilling life. And so here are the practices that I have started and basically that I want to teach you so that you can also move towards really knowing deep in your bones that riches a state of mind that no amount of money will actually make you feel like you have enough. And that if you're someone whose spending just keeps rising with their income, this will definitely help you as well.
And so number 1, when you have that over desire instead of sort of feeling bad about it or just immediately reacting to it, the next time this happens, and now that you're aware of it, you'll be more likely to do this, is pause. Maybe that's counting to 1, 2, 3. Maybe it's just literally stopping what you're doing. Maybe it's moving it going into another room and turning off well, not turning off your phone, but, you know, stop looking at your phone. If you're looking at something device since most of us do shop online on our phones, Amazon, etcetera, and just remind yourself, of course, I want that. Instead of judging your over desire and thinking it's a problem, just accept it. You know, a lot of our suffering is because we don't accept what is or argue with the reality. It's like, yeah, you have this over desire.
Of course, you do because that's what you've been doing. Why would it suddenly change overnight? And so that's one of my favorite things to tell myself. It's like, of course. Of course, I want it. And so even for me, like, when I just acknowledge this, like, I just feel more relaxed. There's, like, less tension in my body. And then you need to intentionally practice some new thoughts and having awareness of what's happening. And so you really want to examine sort of the thoughts underneath desire.
And what I mean by that is are you buying things out of FOMO? Do you think buying it is going to make you feel better? We all get a dopamine hit when we buy something that we want. So of course we want to do it. And so I think understanding some of this underlying biology is helpful, but also to remind yourself, you don't need that to feel content with your life. I think a lot of us feel like once you get that thing, then you'll feel like you have enough money because you can buy it.
Whether that's luxury handbags, whether that's nice vacations, whether it's just simply buying a nicer home or nicer things for your house or whatever you tend to overspend on. And so the key to interrupt that pattern of thinking, buying that thing or spending money is going to make you feel better is because really what's underneath that is thinking that there is better than here. And so the way to snap out of that mentality is to stop and smell the roses. That's where that saying comes from.
It's stopping, pausing, and reminding yourself how much you already have. I don't mean just stuff. It's truly appreciating, acknowledging, and being grateful for what you do have. And one of the exercises I'll often do with my clients is when we make a list of things that we want or goals, whatever you want to call them, I actually tell them, okay, number a piece of paper 1 through 20 and of what you want or goals or things you want, whatever. But here's the thing, every other thing on that list has to be something you already have. And then people get confused like, well, I thought this was a list of things that you want. Yes, I know. But the things that you have are things you previously wanted, and this is simply a way to remind yourself that you have things that you wanted.
And this isn't necessarily things that you have. It could be, I really wanted a family. I really want to be a doctor or whatever profession that you are in. And this helps remind your brain of how much you already have. And it's also an opportunity to really appreciate and be grateful. And research has shown that a gratitude practice simply makes you happier. I mean, who doesn't want that? And ultimately, when we have this over desire, remember, of course you do. I think of it as like my toddler brain taking over.
I mean, I have a 5 year old now and so he just wants all the things. And it's sometimes funny because I'll ask him why, why? Like, why do you want it? And his answer is because I want it, which I just find so funny. But we can have authority over this toddler brain desire, this primitive brain desire. And that's with thinking with our pre frontal cortex. And it is an amazing trait or feature of the human brain that most animals don't have.
Although I feel like they're always finding out that certain species can actually maybe do that. But your prefrontal cortex is what you use to think and plan ahead of time. And so what I have sort of implemented is when I find myself wanting something a lot like having that over desire kind of take over my body literally is reminding myself that I have authority over my spending.
And then what I like to do when I remember is have a meeting with my future self. And what I mean by that is the version of me that has accomplished and or is being the way that I am moving towards. And simply ask her or really having her voice in my head like, Hey, we don't actually want that. We are striving or moving towards X. I already have that. And the way I got there is by working on this, by pausing and reminding myself that I have authority over what I do over my behavior. No one forces you to buy things. You are doing that.
And also asking yourself like, hey, is this in line with my money goals? Is this in line with where I want to move towards? And here's the thing, you are not going to get this perfectly every time. And so have grace with yourself. Don't beat yourself up because that's how you get back into the habit of not dealing with this and putting it under the rug and then having it be a worse and bigger problem later on. And so this entire thing I just mentioned is a practice. Start somewhere and you'll take small steps. You are going to sometimes be successful and sometimes you're not, and that's okay. But the goal is to keep going. And so this type of thing, in my opinion, is so much easier when you have support.
And that could be in 2 ways and ideally both is when you have people around you who are also not necessarily working on the same thing, but basically are really in the habit of growing themselves and working on new habits for the future that they want to grow into and also working with a coach. Duh. Like, that's why I do that. That's why my clients do that. And so this is exactly one of the things that you can get coached and supported when you are in my paid program. And so if you want to learn more about that or you've been curious go to wealthymommd.com and then you'll see a link to work with me. Okay. I will talk to you guys next week.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
For media or speaking inquiries please click here.
For all other inquiries please click here.
217: Manage Time Like a Pro: How to Stay Focused in a Busy World
After a whirlwind of travel, I’ve been reflecting on time management and maintaining focus, especially when juggling work and life on the go. I found it particularly challenging to keep up with my business, and even when I had the time, staying focused was no easy feat. This isn’t just a travel issue - many of us struggle to focus, regardless of where we are.
In today’s world, with our phones constantly demanding our attention, we’ve become a distracted generation. It’s tough to be fully present. That’s why I’m encouraging you to rethink your relationship with your phone and offering practical strategies to sharpen your focus.
In this episode, I share a powerful system to help you manage your time effectively and minimize distractions. You’ll learn how I organize my schedule, prioritize the most important tasks, and how you can do the same to make meaningful progress in your own life.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- The impact of constant phone distractions on our brain function and productivity.
- How losing focus has affected both my business and personal life.
- Two invaluable tools I rely on for effective time management and short-term planning.
- The importance of prioritizing your own needs in your schedule before attending to others.
- How to ensure every task on your to-do list aligns with a clear goal or outcome.
- My tried-and-tested strategies for cutting out distractions and enhancing focus when it matters most.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
- How to Break Up with Your Phone by Catherine Price
- Free to Focus by Michael Hyatt
- Full Focus Planner by Michael Hyatt
- Monday Hour One
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, how are you guys all doing? The reason why I'm doing this episode is because this is something I've really been tackling head on lately because I noticed that I was really distracted. And I don't have a diagnosis of ADHD, I don't pretend to be an expert on that. But I kind of felt like I had ADHD. Meaning that I couldn't pay attention to things, I was having a lot of trouble focusing, and that I couldn't remember anything.
Now, I generally don't remember things even before the age of phones and et cetera. In fact, it's kind of a joke in my family. I'm pretty sure I've said this before, which even just goes to tell you that I really don't remember things. But there's a joke in my family that I keep forgetting the plot of the movie Taken. It's a joke because the plot is in the title.
But yes, I have a tendency to repeat myself. Even my friends say, “Hey, you already told us that.” I'm like, okay, whatever. I just don't even apologize for it anymore. If they've heard it, they can just tell me and I won't say it anymore.
So I read this book called How to Break Up with Your Phone. And I recommend it to you because if you're listening, you probably have a phone problem too. I think it's pretty universal. It's a very quick read, I downloaded it on my Kindle, well I don't have a Kindle, my iPad. You can obviously get a physical book as well if you want to.
Like I said, it's a quick read, the first three chapters just kind of describe the problem. And the part that really caught my eye, or my brain rather, is three short chapters on how it affects our brains. Basically it really messes up with our ability to pay attention, which kind of makes sense. But there's also some brain science behind it, and so I think that will be really useful for you to read about.
And the gist of it is that our phone use trains our brain to be distracted all the time. And it also said that our brains prefer and like to be distracted, like that's the natural tendency. And this just makes it so much easier to be distracted because focusing and paying attention requires a lot of effort. Makes sense, right?
And so it actually gives you a 30 day break up plan with your phone, I think I'm on day four or five. I've actually done this program before but I actually didn't get through the whole thing. But I feel really motivated to do it now because my lack of focus and attention, I can tell, has been affecting lots of areas of my life, not just my business.
So in terms of how I schedule things and get things done, so first I want to say do what works for you. I definitely have friends that don't like to plan and calendar really specifically. But most of the people that I work with or listen to my stuff, we’re generally type A planners, so it might be helpful for you.
So what I do is a combination of something called Monday Hour One, and Michael Hyatt’s Free To Focus Planning System. So let me explain what those two things are and how I kind of combined them. So Monday Hour One is actually a course inside of Self-Coaching Scholars, which is a coaching membership by the Life Coach School. And that's where I got certified as a life coach.
So I am a current member, I will probably be a member forever. I think right now I'm a Triple Diamond, it just means I've been there for three years. And this course is basically about time management, or how to get things done is a better way to think about it.
So the basic way to approach Monday Hour One, and then I'm going to segue into how I use that with Michael Hyatt’s planner, is basically you take about 30 minutes to do this process. Basically you dump all the shit out of your brain. Every single thing because the thing is, when you have all these to-dos floating around in your brain it takes up space. I call it like mental load, it literally takes up space in your brain.
And even if you don't think it is, it's like this little background anxiety of the things that you aren't getting done. So you want to take out a piece of paper, it's much more effective in my opinion if you use paper. I have a, it's basically a legal pad but it's white instead of yellow. I just dump everything on there.
In fact, I had not brain dumped in some time so it was like five pages long. And you can just start writing things in no particular order. I like to break things up between personal, business, and maybe even money things, but that's within personal stuff anyway. But you don't have to do that, you can literally just start writing things down. And I will tell you, it's really freeing to get it all out of your brain.
And then you really want to put them in categories. Again, this is going to take some time. And if you haven't done this in a long time it's going to be, I don't wanna say painful, but it's going to take some time to do this. But believe me, it will be worth your time. You're going to feel so much better once you get it all out of your brain.
And the first thing is you really want to look at it, like look through all the things you wrote down. And here's what I want to say, and I tell this to my clients all the time, there is nothing you have to do. Did you know that? You don't have to do anything.
So I just recommend to stop telling yourself that you have to do something. You really don't have to do it, really. Instead, tell yourself I want to do this, I choose to do this. And looking at this list of yours, feel free to cross stuff off the list that you just don't want to do. You have my permission to do that.
Here's something that I suggest, before you start scheduling these into your calendar, I use Google Calendar specifically, most of us think of to-do lists as to-dos, like the actions. One thing that I want you to start considering is to instead of thinking of action, items to-do list items, think about what the actual outcome is that you want. Because everything you're doing is to produce a certain outcome, correct?
Let me give you some examples. So one of the things on my to-do list was to figure out something called Cloudflare. Cloudflare? Yeah, Cloudflare. It's a bit of a tongue twister, right? Nothing that you have to know about, but if you have a website you probably have heard of it because it's, I actually don't know what it is so I can't explain it.
But it's something that one of my website people, because I have two of them, needed because they were doing some changes on my website. And so that was on my list of things to do, figure out Cloudflare so my web person can do whatever she needed to do. So that's a to-do.
Now, I don't do this outcome thing with everything, but it helps me think about things when I'm feeling overwhelmed because ultimately everything we do or want to do is because there's a certain outcome or result that we want.
And so the reason why this to-do, as an example, the outcome is I want a website that works, meaning when you go to wealthymommd.com, it'll work, it'll be there, right? So that's the outcome. So that's just an easy example.
And the reason why I think it's really useful to think about things this way is it's really easy to get overwhelmed by all the to-dos. But if you really think about why you're doing this, like what's the outcome you're creating? I find that it just relaxes my brain a little and makes me feel more calm because instead of all these list items, the list of outcomes tends to be, well it makes sense, right? It's going to be a lot shorter.
And I definitely do cross off things I don't want to do. And sometimes that means telling someone or something, even if I've said I was going to do it, and literally tell them I can't do this anymore. Which ultimately means that you might disappoint some people, and you don't have to do it. And I think it's an important reminder that it's really important to prioritize ourselves instead of doing all these things for other people because women, we tend to do that.
So in Monday Hour One, after you've sort of creating this to-do list or results list, usually it's a combo of the two because it's just not natural for us to think about results or outcomes, we're really trained to think about to-do things, is to schedule it in your calendar.
Now, before I get into how I want you to think about that, we need to talk about the importance of something called focus time. That's the concept from Michael Hyatt that I use. Now, I know many of you listening have full-time jobs, full-time physician, et cetera and so you already have a lot on your plate.
So before I go into what focus time is and how to schedule it, I mean, it's pretty obvious what it means, right? I want you to actually schedule the things for you first. Because here's what most of us do, we schedule things like work, stuff for our kids, maybe other things that need to get done around the house or whatever to be an adult. So many annoying things to do as an adult these days, right?
And then if there's anything left over, which there usually isn't, maybe you'll get 10 minutes to yourself. So I want you to reverse that order. Figure out what you need. And it's going to be different for everyone, so maybe it's working out. Maybe it's specifically carving out time to spend with your partner. Maybe it's specific time you want to spend with your child. Maybe it's catching up with friends. Maybe it's scheduling a vacation with your friends.
Whatever you need to feel you and to feel relaxed, whatever you want to call it. Basically, it's you time. It's personal time. It's fun time. However you want to categorize it, I want you to actually put that in your calendar first. Now, if you have a job that's going to be pretty much the same hours every day, like you already know that schedule so you probably don't need to put it in your calendar unless you work sort of uneven shifts.
But I want you to put your stuff first. And this is really hard for most of us because number one, none of us have probably done that before. And two, it seems like the wrong thing to do because you're like, well, don't I have to do all these other things, like they're more important? But when you do that you're basically telling yourself that you're second fiddle to all these other things.
So this is about putting you first. So I think that might be hard for a lot of us. Then you want to schedule the focus time. Now, Michael Hyatt and Monday Hour One I believe, actually no, this is Monday hour one, I think, in terms of a concept is scheduling two hours of focus time at a time.
Now for those of you with full-time jobs this might not be an option on a regular basis, so start with an hour. And for those of you saying I don't even have an hour, I know you do because we also spend a lot of time or waste a lot of time on our phones. In fact, the how to break up with your phone book talks about looking at your screen time statistics.
Now if you have an iPhone, you go to settings and screen time and it tells you some really scary numbers. It says how many times have you picked up your phone and how much time have you spent on it. So unless you're someone who already doesn't spend a lot of time on your phone, I'm guessing there's at least one hour you spend on your phone, if not more. It can be really scary, so just warning you if you have not looked at your stats lately.
I'm not saying you need to schedule an hour every day, by the way. So if this is a new concept to you, start simple. That's like one of my favorite things I always tell my clients, like start simple and get fancy later. So start with scheduling an hour maybe once or twice a week, you get to decide. But if you want to start with one, that's totally fine.
Now, focus time is what it sounds like, meaning you have no other distractions. So you want to put your phone on silent, or better yet put it on Do Not Disturb so you don't even hear it vibrate. No distractions period. This means not looking at your phone for texts, not looking at Facebook, not looking at Instagram. It's just you and the things you need to pay attention to.
Now the next question is, well, what do you schedule or what do you do during your focus time? This is where you decide. And here are some of the pitfalls that I see with people, including myself. We think we can get a lot of stuff done during our focus time. Now, you might be able to, but we usually overestimate what we can get done in a short amount of time.
Going back to your brain dump list of things, you want to make things really specific because here's what I see a lot. For example, one of the things that a lot of my clients put off is estate planning because we know it's important but we don't really want to deal with it. So we just don't do it because we think it's fine, we'll do it later.
Also, if you put on your focus time estate planning, you probably won't actually know what to do. And this is what happens, you put something like a big category like estate planning on your focus time. Let's say it's Saturday at 9am in the morning, you're going to look at that, have no idea what that actually means and or feel completely overwhelmed because what does that even mean, estate plan?
Does it mean working on your will? Does it mean finding a lawyer? It's a lot of things, right? And so your brain is going to be like, “Wow, this sounds really complicated, we are feeling overwhelmed. Let's just eat a cookie instead.” Or I guess Saturday at 9am it might be let's go out to breakfast instead.
So it's really important to be really, really specific. And if this is something you have trouble with, meaning have trouble with getting things done because you do get overwhelmed when you try to schedule things, make it really, really simple. First of all, it just shows your brain like, oh yeah, we can definitely do this. And it's going to help you think about what you need to get done in a more useful way.
So using that example of estate planning, do not put that on your calendar, you're not going to know what to do. So it might be email or text my friends about referrals. Post in Facebook group to find a lawyer. So it might be find a lawyer, and then like thinking about how you will do that. And then once that's done, you could be like, okay, what's next? And so forth.
I'm a big fan of batching, I think I've talked about it on my podcast before. But this simply means batching similar tasks together. And this works because your brain is sort of thinking the same way and it's sort of easier to get it all done at once. Remember, this is focus time, no distractions. You will get so much shit done when you actually do this without any distractions, any notifications.
Now, as you're figuring out this system it's going to be completely normal for you to overestimate what you can get done, normal. Or things take longer than you scheduled, normal. So you’ve got to give yourself some grace as you figure out this new system of getting shit done.
Now, I'm not saying you have to schedule every single thing on your to-do list. But if you find it helpful, then do it. And remember to break things up into little, tiny, tiny steps because when you see a tiny thing on your calendar, like find a lawyer, even though for some people that might be overwhelming to break it down into who can I text? Where can I post? Who can I ask?
That breaks it down and your brain is like, oh yeah, we can do that. We can text a friend. We can post on a Facebook group asking for referrals. Your brain needs those quick, easy instructions. Remember, our brains are lazy. And once you do those things you're going to feel good because you've made progress on something you may have been avoiding for a long time.
So this is something I do a lot inside my program, Money For Women, is breaking things down into simple steps. I can do that, but then also coaching the client to tell me what are the steps that they are going to take? Because let me give you actually a very common example that comes up in the program.
A lot of my clients want to invest in real estate syndications. And so they'll say things like I really want to invest in one and they give a timeframe. But then they get overwhelmed because like what do they do first et cetera? And so I'll just be like, okay, what do you think the first thing you have to do is? And they said, oh, I guess it might just be doing the course, or spending 30 minutes reviewing the videos, or posting in their Facebook group, things like that.
Now, let me just spend a few minutes talking about the paper planner I use. Now, this is not required. I really used to think there was a perfect planner for me. And I don't think it exists. And I think this is why people create their own and why there's so many new planners popping up because people want things a certain way.
I do not think I'm going to create my own planner, although it's definitely occurred to me. I was actually thinking of creating some kind of money planner. Now, we do have a workbook inside of Money For Women, which kind of gives you that. But the workbook also is kind of an instructional as well. And so it's not quite just a workbook, anyway, I digress.
So the Michael Hyatt planner is called the Full Focus Planner. It's on the pricey side because you have to buy four of them per year and they run between 40 and 50 bucks per planner, which I know you might be like that's crazy. But it is a great system, I really like it. It is broken up by day. There's stuff in the beginning for months and tasks and goals.
And I really like the way they present it. You can go to, or just Google Michael Hyatt Full Focus Planner and you can actually see how the pages work. And they even have a whole, like how to use the planner because it is like a system. I've actually gone on and off from using it. The reason why you need four books a year is because each book is one quarter.
And so I actually just started reusing it again to see if I want to keep using it. But I think I will because I really like, even though I use Google Calendar, I really like to sit down and spend a few minutes just planning out my day, thinking about it, looking at my appointments, writing it out. It has the space to write out your actual schedule.
Yes, it's on Google Calendar, it might seem repetitive, but something about writing it down is super helpful. And then I like to actually put in parentheses between my appointments the times I have free because I do coaching calls, I have private clients, I have my group coaching calls, and meetings, appointments, et cetera.
But what I do first is always scheduled in my focus time, and I like to do it in the mornings because my brain is definitely the freshest than. And so I will schedule in those two hours of focus time. And if I have more time available during the day where I know there are certain things I should do, I will schedule additional focus time.
Now, this week I've had a lot of focus time multiple times a day because I'm just playing a bit of catch up from traveling a lot. However, it's been really taxing on my brain and by the time four or five rolls around I am beat. I am super tired. I've been really tired this week, probably because of all the focus time, because focus time does require a lot of energy and attention from your brain.
And I'll be honest, it's been kind of hard to be 100% distraction free because I'm so used to checking notifications. I had to turn a lot of them off so I wouldn't hear those stupid beeps. And this is where the importance of scheduling your stuff coming first is so important.
So scheduling my focus time first, before other appointments, is really important. And I actually make it like a recurring thing on my calendar. My assistant has specific instructions on how to schedule things for me. I basically don't do any calls or appointments until at least 1pm in the afternoon, if not 2pm, that way I can have that morning time to really focus and get things done.
And I don't really do much work on Mondays and Fridays. And so I really sort of pack it in Tuesday, Wednesday, Thursday. It's not that I don't ever have appointments on Monday and Friday, but I try to keep those days relatively free and really work on my personal stuff during those days. Or I might spend extra time with my son, for example.
Okay, I hope that was useful and we will put links in the show notes if you want to find out more about the Michael Hyatt Full Focus Planner and the Monday Hour One program. I will see you guys next week.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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216: Leveraging ChatGPT: Step-by-Step Solutions for Your Mental Load
When I first encountered ChatGPT, I was intrigued but didn’t see its full potential. That changed when I realized how effective it could be, not just in business but in managing everyday tasks. From meal planning to task management, I found the key was in how I prompted the AI.
Once I started using ChatGPT more intentionally, I streamlined tasks like meal planning by inputting my dietary preferences for tailored plans and shopping lists. It also helped me organize my schedule during busy times, making my week feel more manageable.
Tune in to learn how to use AI like ChatGPT to lighten your mental load, from meal prep to scheduling, and make the most of its free and paid versions. If you feel overwhelmed, this episode will show you how to reclaim your time and energy with a few simple prompts.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- How to effectively prompt ChatGPT for personalized solutions.
- Ways to reduce mental load by using AI for everyday tasks, such as organizing schedules.
- The difference between the free and paid versions of ChatGPT, and when it’s worth upgrading.
- How to use AI to create customized meal plans and shopping lists.
- How to use ChatGPT to plan your week, including balancing work, personal commitments, and self-care.
- How to use AI to manage communication, especially when handling tricky emails.
Listen to the Full Episode:
Featured on the Show:
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, welcome to another episode of the Wealthy Mom MD podcast. I am excited about today’s episode. I have been meaning to do an episode focusing on this topic. I expect that there will be more upcoming episodes on this topic just because it’s kind of invading our lives, for the good and the bad.
So today we’re going to be talking about AI, but before I get into it, by the time this episode comes out we will be open for enrollment for Money For Women Physicians. This is my signature paid program, you can think of it as financial literacy 101 and 102. And my goal is for you to learn how to manage your money in a way that helps you reach your life goals.
And that’s because money is a means to an end and there are so, so many things you can do to have the money that you want, to have the life that you want that money helps with dramatically, obviously. And it’s also a great way to examine and change your money mindset because so many of us are stuck in scarcity mode.
And what I mean by that, I do have some podcasts on that topic specifically which we will link in the show notes. And by the way, to look at show notes all you need to do is go to wealthymommd.com forward slash the number of the podcast. So since this is episode 216, you would go to wealthymommd.com/216.
So what I mean by scarcity is that you basically never feel like you have enough money, despite the number. I have worked with female physicians who have like a four to $5 million net worth. I remember having some clients who actually had like $5 million in retirement accounts, but they still felt like they didn’t have enough and constantly worried about money. And then of course I have female physicians with a lot less and they might not be super stressed out about money. It’s a wide range.
And so it’s so, so important to work on your mindset, to calm your brain, yourself, your body so that you truly believe you have enough right now, because even though it seems like thinking you don’t have enough, that like stress and anxiety is going to help you actually take money moves, and for some of you it is. As we all know, a little stress does help reach our goals.
But with money, people tend to be, you might be having a lot of anxiety about this and never feel like, you know, never feel like you have enough. And that will actually block you from having the money that you want.
Anyway, we only offer this course twice a year. It includes pre recorded modules as well as live support from me. We have focused Q&A calls as well as office hours. We’re offering office hours this year, and we’ll be taking a deeper dive into how you can use AI for your personal finance.
Okay, so the best way to find out more and to save your spot is to go to wealthymommd.com/money, you can find out more about it. I hope to meet you and work with you starting early October.
Okay, so let’s go into AI. Now, when I first heard of ChatGPT, and honestly I can’t remember when but it was probably some time last year, I played around with it a bit specifically for my business. And I was like, okay, it’s kind of cool, but not that cool. So I did use it periodically. I opted into the paid version and I’m going to talk specifically what the difference between the free and the paid version is.
But then I went to a conference, it was actually my friend, Leti and Kenji, Semi-Retired MD. They had their first conference called the Prosperity Conference in April of 2024. And they’re going to be doing it again by the way, I believe it’s early March 2025, and I’ll actually be a speaker there. And it’s in Las Vegas, so check it out if you’re interested.
But at their conference they had someone talking about AI and he did this amazing demonstration of how to use it. Like he was doing it live. He was using AI to create videos. I didn’t really like that, I don’t think that technology is great. But he was using ChatGPT and he showed us, literally he created a brand, marketing material and wrote a book. I think it was for a children’s book.
And I learned that you need to know how to use ChatGPT effectively. And it’s pretty simple, but if you don’t know, then well, you don’t know. It’s all about prompting it well. And what I mean by that is you have to give it as much information as possible for it to give you great responses. I’m going to give you specific examples of that, but just remember the more information you give it, the better it can be.
Now, in today’s episode, I want to focus on using ChatGPT for your personal life. Now, I’ve done a few episodes, well, at least one episode, I did one on hiring a virtual assistant and why you should strongly consider it. And that’s episode 58. We’ll also link that in the show notes. And so you can think of this as an extra way to make your life easier.
Now, the reason why I’m doing an episode specifically for your personal life is that once you know how to use it and actually use it, it can dramatically decrease your mental load. I know all of you can relate. And if you’re also a mom and have one kid, and if you have multiple kids, I only have one and honestly I can’t imagine having multiple in terms of just managing all the things, it’s going to help you so much in that area.
Again, it’s all about reducing the mental load and we all know how heavy that mental load can feel. And therefore you’re going to save time and energy, okay? So I’m focusing on ChatGPT because that is the only program that I’ve personally used.
Now, I use Gmail for my personal and for my work. And for those of you who do, and maybe other email programs, you’ll notice that there’s an AI function. Personally, I haven’t played with it that much. I pretty much use ChatGPT, but I think I’ll start exploring what Google can do for me in terms of email responses.
So first I just want to say there is a free version and a paid version. Now, I use the paid version. Now, the free version is based on GPT 3.5, I guess it’s just a version number, and it can do a lot of things, okay? But the paid version is obviously much more robust and it’s basically version four and it’s about $20 a month. I think it’s totally worth it.
So what’s interesting is that the free and paid version have different MCAT and LSAT scores. So for example, the free version has a like 60% accuracy in practice exams where the paid version is more like 90%. And when it comes to the LSAT, it’s around 40th to 50th percentile, whereas the paid version is basically in the top 10%. So again, the paid version is much more advanced. It can handle a lot more data and has more, I’m trying to think of the word, like thinking capabilities, okay?
So let me give you four ways that you can use ChatGPT. There are so many ways, but I’m just going to focus on these. So for those of you newer to AI, I just want you to be able to get started and start playing with it. Now, my advice, because I know ChatGPT or just using AI can feel overwhelming, and the last thing I’d want for you is to feel more overwhelmed with ChatGPT. So I would just focus on one task at a time, okay?
So the first thing I want to talk about is meal planning. How many of you find meal planning just not great and just awful and sometimes you just simply don’t have time for it? Now, there are many ways to make meal planning easier that are not related to ChatGPT. Personally, I don’t find meal kits that helpful unless you enjoy cooking and have the time to cook. But for most of us, time is of essence. And so there are things like hiring personal chefs or having ready made meals delivered.
And so using it for meal planning is fantastic. Now, in general, I want to say that when you’re talking to ChatGPT, typing it in, it’s all about being super conversational.
So for example, I used ChatGPT recently to create a sample meal plan so that I get 90 grams of protein a day. I’m taking my health a lot more seriously, I’m going to talk about that in another episode, and one of the things I’ve learned as a woman and a perimenopausal woman is that protein is so important. It’s always been important, but it’s much more important now since I’m losing muscle faster than someone who’s younger than me.
So 90 grams of protein. So I basically told it my weight, my height, and that I’m lifting heavy weights and that I want 90 grams of protein a day. I also told it specific things like these are my common protein preferences, I do eat meat, and that I specifically didn’t want to eat protein shakes. So do you see how I just gave it a lot of information and I said it very conversationally. It’s not like I had to think about a bullet point list or et cetera, I just typed in what I just said.
And so then it immediately gave me some options. And from there I’m able to tweak it. And what I love about it is since I’m, again, tracking around 90 grams of protein a day, like I don’t have a good sense of how much protein is in a certain type of protein or a certain amount. Like I have rough ideas, but you know, not really. And since I’m focusing on this, I wanted to really know and understand the type of food that I should be eating every day.
So it gave me a sample, I believe it was three meals. And I think it even gave me snack ideas. So let’s just say that I don’t like shrimp and I was like, oh, I forgot to tell it that I don’t like shrimp. So then you could just give it more information. So you could literally say, oh, this is great, but I forgot to tell you that I don’t like shrimp. That’s exactly the type of thing you would say. Do you see how conversational that is? And then it would create another menu based on not having shrimp.
Now you could give it information, like we are vegetarian and we don’t eat these types of foods or one of my kids has a dairy allergy, or we really want to make sure we get enough fiber, and you can give it exactly how much fiber that you want. If you don’t know what’s a good amount of fiber, you could just ask ChatGPT like, hey, what is the recommended amount of fiber for blah, blah, blah, for an adult who’s a male or et cetera.
So you can keep tweaking it. And you can add things like, I’m looking for a meal plan for the next seven days. I want it to be easy. And again, the more information you give it, the better, like something like I want to be able to batch cook and I have about two hours to do this. I want to minimize chopping, using too many bowls. I think you’re getting the hang of what I’m saying, right? Just give it as much information as possible.
And then you could even say, “Okay, great. Can you give me a shopping list for this and divide it by category? So that it’s not just a random list of food, it’s by category.” That’s how I like to make my shopping list so I’m not scanning it all and figuring out, oh, I’m in the dairy section, let me look for X, Y, Z.
So meal planning is something I’ve been struggling with a little bit. And so I’ve really been using ChatGPT and I’m playing around with it, right? Because I might try something like, oh, that sounds great. And you try it, then you’re like, oh, that didn’t quite work. And you have to think about why it didn’t work. And then you give ChatGPT more information.
I’m just throwing out this percentage, but I think of it as reducing 80% of my mental load and giving me ideas that I may not have thought of before. Now, even if I don’t particularly like the ideas, it’ll help me think of more ideas based on what it said. So I think of it as dramatically reducing thinking time, again, all about reducing mental load.
Okay, the second thing I want to talk about is scheduling and task management. Now, I haven’t played too much with this, but I always feel like I have trouble organizing my week and I don’t know about you, but I tend to think I can do a lot more in one day than is actually humanly possible. And lately I feel like I’ve been having focus problems. And so I actually bought a visual timer where you can actually see the time running out visually, not like a countdown.
And so I’ve really been trying to optimize my time and be efficient because I just have a lot more on my plate mainly because of the move and, you know, Matt going to a job, he was remote before. And so it’s just really important for me to kind of make sure everything is done, including outsourcing some tasks like cleaning and even organizing. But still, there are things that need to get done. And then there are things that are important to me, like making sure I get my “self-care” in, like working out or taking my morning walk.
And so you can give it a prompt such as this week, I have a really busy week. I’m going to be in the clinic from eight o’clock till 6 PM, Monday through Friday. My commute is this long. My son has soccer practice on Tuesday and Thursday at specific times. Can you help plan my week, including one hour each day for exercise and some time for self-care? I might even say, and it’s okay if I can’t do exercise and self-care every day, but I would really love to do it three times this week.
Now, again, that’s a lot of information and then it’s going to spit out a response and you can keep tweaking it. It usually has sub sections with bullet points, et cetera. And so you’re just going to keep tweaking it because you might see the response and you’re like, oh, I forgot to tell it this and that. So you can keep giving it more information without having to redo the whole prompt. And again, it might give you ideas that you may not have thought about before. And that, to me, is just fantastic.
I also use it in my course a lot because often, you know, let’s say you schedule Saturday, 10 AM, give yourself one hour to work on the budget. And I don’t know about you, but if this is kind of new to you, you’ll get to 10 AM Saturday and you’re like patting yourself on the back for scheduling time. And then you sit down and you see work on budget and you’ll be like, well, what does that mean exactly? What steps should I actually take?
Now, I do give specific steps in my program on how to approach it, like break it down. And the more you can break it down and be specific, when you schedule that time you immediately know what you actually have to do. And so you can ask ChatGPT how to approach any task.
So for example, just using the budget example, it could be Saturday 10 AM for one hour, and if you have less time, you know, 30 minutes. And the task could be something like creating an account on YNAB, Y-N-A-B. I think you all know that that’s my favorite program for spending plans, and connect my accounts. And then sit down and make the first draft of the spending categories that I want to keep track of.
Do you see how specific that is? And when you get to that time, again, we’re using Saturday 10 AM as an example, when you sit down, you know exactly what to do. You’re not spending time thinking like, what am I actually going to do with my budget? Because it’s so easy to be overwhelmed, especially, again, if this is new for you, and to just do something else.
Now, my other favorite way to use ChatGPT is to help with communication and writing email drafts. We’ve been using this a lot in our business because sometimes you kind of know what you want to say, but you kind of don’t. Or maybe you have a, I don’t know, a negative email or just something that requires a lot more thought. And again, it’s all about reducing mental load.
So what I would do here is copy and paste the email. Well, first you would give it a prompt and then you copy and paste the email. So for example, I get asked to speak a lot and I can’t do all of them for time reasons, or I might be traveling or it just might not be the right fit. And so I might say something like, “Below I’ve copied an email that was sent to me. Please help me craft a response. I want to thank them for thinking of me and thoughtfully declining the invitation.”
Now, that might seem like a simple thing to write, but in the moment in the midst of doing a gazillion things, it just might be hard. Again, it’s all about reducing mental load. And so it’ll draft an email and I usually have to tweak it. For example, I might say, “Oh, can you make it more conversational? Can you make it more XYZ?” And even if you don’t use the verbatim ChatGPT, we usually don’t, it gives us an idea of how we want to say it. And so again, it’s just dramatically reducing the time, especially if you have writer’s block.
So I do get asked to speak and sometimes they give me their budget for a speaker and sometimes they don’t. So I might say something like, I got invited to this talk, below is the email that I received. I am interested in speaking, but I need more information such as is my flight going to be covered? What is their budget for the speaking? And then I might even say, and can you suggest anything else that I need to address? Do you see how amazing this is? Do you see how it can just dramatically reduce your time?
Now, speaking of emails, I know many of you have a hard time keeping up with your email, so you can even ask it something like this, in my personal emails. I find it really hard to keep up with them. I get so many and then sometimes I forget to respond, even though I would like to. Can you suggest a way for me to keep on task? I would love to respond to emails within two days.
And then it’ll give you a suggestion on how to approach it. And again, it’s going to give you ideas. You’re going to be like, oh, I didn’t even think about that. That sounds fantastic. Right? And again, you could keep tweaking it.
In fact, I’m going to do this right now during this podcast. So here’s what I’m going to type. I have trouble keeping up with my emails. They pile up and sometimes I forget to respond. I would like to respond within 48 hours as much as I can. So then you hit return and it starts spitting out a response.
So the first part is that, first of all, ChatGPT talks to you like a normal person. So it wrote, email overload is a super common challenge, especially for busy professionals like yourself. It knows that I’m a female physician. Here are a few strategies and tools you can use to help stay on top of your emails and ensure you respond within 48 hours.
So it gave me two ways. Now the first one says prioritize with AI and number two, time block for emails. Now you may know that so many apps are incorporating AI and I’m focusing on ChatGPT, again, just focus on one thing at a time. As an aside, there are so many new tools for charting and helping you finish your charts, which I think are fantastic.
So under the prioritize with AI, it says you can use AI tools to sort, prioritize, and even suggest responses to your emails. And so it says specifically ChatGPT for drafting quick responses. If you have emails that need thoughtful replies, but are time consuming, copy and paste the email into ChatGPT and ask it to help you draft a response. This can save you tons of time. Do you see how conversational the responses are?
And then it says you can use it to brainstorm responses or polish your language to maintain your tone and professionalism. Then it mentions a tool, I haven’t heard of this, but it says, or you can try this tool called Superhuman, and it says it’s paid. And it says Superhuman uses AI to prioritize important emails and organize your inbox by what needs immediate attention. So it sounds like it helps sort of like put your emails into high priority and low priority. And it also has reminder features.
Now, again, I mentioned I use Google or Gmail, and I have noticed that it now says, it’ll actually prompt me like, hey, this was sent five days ago, or you haven’t responded in five days. And I do see that, but I don’t always use that feature.
The second thing it says is to time block. It says dedicate two daily blocks of time, maybe 30 minutes, for email management. During these periods focus solely on clearing your inbox. And so it even gives a suggestion, in the morning handle new emails and urgent tasks. In the afternoon, respond to any unread or unresolved emails and review your inbox once more before the day ends. By limiting how often you check your emails. You can avoid getting distracted throughout the day.
Number three, snooze or flag non-urgent emails, and it goes into detail. And then four, automate reminders for follow-ups. Five, use email templates. Six, declutter and unsubscribe. Seven, email inbox zero approach and it talks about what that is. And then it said hire help.
Now, again, these are just multiple suggestions. And let’s say you really love the idea of automating reminders for follow-ups. First of all, can I just say automating things as much as possible is just a huge lifesaver. We use that a lot in my business so that things aren’t so manual.
So those are the examples I wanted to talk about today. I hope you can see the power of using ChatGPT. Again, if this sounds like something that would really help you, I would just start with one task. So maybe it’s meal planning, maybe it’s email draft responses. And as you use it for that specific task, you’re going to see what works, what doesn’t work, how you can prompt it, et cetera.
Now, here’s the thing, I used ChatGPT to help me plan this podcast episode and I had to keep tweaking it. And I think of this as giving me talking points, but I naturally expound on them, you know, putting in my take and obviously my voice. And it saved me a lot of thinking time, right? Because otherwise I’d have to sit down and be like, okay, what are some practical examples of using AI? You know, using examples from my life, et cetera.
And meal planning I knew was probably going to be something as well as email responses, but it gives me a lot more ideas and I could tell it to actually script it, but I don’t think I’ll ever use that feature because I feel pretty comfortable talking off the cuff and as long as I have some key bullet points, I’m good with that.
Okay, I hope you found this super valuable. Again, Money For Women Physicians is open for enrollment, we start early October. Go to wealthymommd.com/money. We’re going to do a much deeper dive in using ChatGPT in your everyday life and of course in your personal finances. Thank you so much and I’ll see you next week.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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215: Taking Control of Your Money: A Simple Starting Point
I didn’t always have a solid understanding of money. In fact, there was a time when I was living paycheck to paycheck, racking up debt, and not fully grasping why my money seemed to disappear so quickly. As a female physician, managing finances can feel overwhelming or even embarrassing when you haven’t taken control yet, but the truth is, it’s never too late to start.
The first step? Getting real about where you stand. Just like tracking your weight for fitness goals, you need to know your financial numbers. We’ll dive into how to create a spending plan (a term I prefer over budget), track your accounts, and understand your cash flow, all while keeping your life vision in mind.
Tune in today to learn how to take those essential first steps toward financial empowerment. I’ll walk you through practical tips like creating a spending plan, auditing your expenses, and understanding your investment accounts. We’ll also explore the mindset shifts that are key to reaching your financial goals, whether it’s building a side hustle or tackling estate planning. If you’re ready to start taking control of your money, this episode is for you.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- How to take the first step in managing your money by understanding your current financial situation.
- How to create a spending plan that aligns with your life goals, rather than using a traditional budget.
- Strategies to track your accounts, cash flow, and spending habits effectively.
- How to shift your money mindset and break free from limiting financial beliefs.
- How to grow your wealth through investments without overcommitting your time.
- The importance of estate planning and financial adulting for long-term security.
Listen to the Full Episode:
Featured on the Show:
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, I hope you had a great week. By the time you’re listening to this I am super excited to present today’s topic. You know, I realized that it’s been a while since I’ve kind of gone back to the basics. So whether you’re new or not, I think this will be really helpful to kind of give you a framework for how I want you to think about and approach money.
This will be especially great for those of you who are new and have been wanting a sort of step-by-step framework of how I think about money and how I approach money.
And the first thing I want to say before I start is that it’s going to change over time. And I was actually thinking that I need to do an episode about how my money beliefs, how I approach money, how I invest has evolved since I started, which was back in, I don’t know, 2015 because that’s when I finished residency, it was around that time. And so that was like what, nine years ago?
And one thing for sure is that you will change, you will evolve, you’re going to have new experiences, you’re going to have just new insights when it comes to every area of your life. And so I just wanted to say that, and this is where I’m at in terms of my approach with money and I’m really excited to kind of go over this with you.
Okay, so basically what I want to do in this episode is basically how to get started with money as a female physician. And so one thing that I do know after having coached so many of you, speaking et cetera, is that it is so common for you, for female physicians to feel overwhelmed when it comes to money. And what I mean by that is, yes, I know it’s important. Yes, I need to do something, and I have no idea where to start. And it just seems daunting. And honestly, that’s one of the reasons it’s so easy to ignore.
And so if this is you, you’re normal. I see this all the time in my work. And I want to just start with that because I think there can be some shame or even embarrassment that you may not have fully dove into your finances, and so I just want to let you know you’re not alone. And I was there as well.
In fact, let me share a bit of my background. And so I basically, it’s not like I didn’t know anything. I was paying bills, I’m sure you were doing that too, et cetera. But I never understood why I always ran out of money. I just assumed it was because I didn’t have enough. And that is true to some degree, but the amount of money you make very rarely corresponds to your ability to spend within your means.
And so as a resident, I definitely lived paycheck to paycheck. And it was almost worse because we only got paid once a month. And so, you know, versus like getting paid every two weeks where you’ve got a little influx into it every two weeks, obviously. And so it wasn’t uncommon for me to run out or even overdraft my account a little bit. Okay? Like I was one of those people. I definitely was an overspender in certain areas of my life. And I had racked up a lot of credit card debt by the time I finished all of my training.
So that’s sort of where I was starting from. I didn’t understand how important investing was. And to me, it really was like, oh, I know I’m supposed to invest in the stock market, but that was the paradigm that I was taught in the beginning. And again, that’s one of those things that has changed over time as I’ve learned more about making your money work for you faster than the stock market.
But that’s where I started, okay? I started there. I started in terms of thinking that I had to pay off my debt as fast as I could. If you’ve been following me for a while, you know, that is sort of not what I preach now. And so we all start somewhere and that’s where I was starting from when I first started learning. Okay?
And so before I go into like the actual steps that I want you to take, I want to take a step back because, as you know, I talk a lot about mindset, how we think about money, how we’ve been conditioned. And it’s really important to examine this because if you don’t know sort of your mindset blocks around money, it’s actually going to be harder for you to get going and do the actual practical get in the weeds type of stuff.
And it’s also going to affect what you think you’re capable of in terms of how much money you want to have, what kind of life you want to live. And so knowing what your current thoughts about money, how you think about money, your current lens, it’s just important to know where you’re at.
And to give you some examples about me, I just assumed I was always going to struggle with money. And I don’t necessarily mean not having enough, because as physicians we are blessed and privileged to be making a great income, no matter what specialty you are, right? And I just assumed that I would never be able to really live the life that I want, that I was always going to be thinking I could save more or can’t retire till I’m 65 or 70.
When I did my initial calculations, that’s basically what it told me and it was quite depressing, to be honest. And so I just assumed I was always going to have that sort of, and I wasn’t even thinking it was a mindset. It just seemed like the truth to me, okay? And probably the most common thing I hear is I can never be rich, whatever that means to you, because I am a family medicine doctor, I am a pediatrician. So I want you to notice if you have some version of that belief in your brain.
And notice I said belief because it is not a fact. Okay? And so if you’re starting to argue with me in your head, it’s okay. I just want you to consider, what if it actually isn’t true? And let me remind you, you don’t want it to be true, right? Because it really limits what you can do. And so often we are actually putting ourselves in this box. I know it may not seem this way. It may seem like, no, this is really how it is. And you know, I got divorced or XYZ. And so I just want you to consider just for a few seconds that it may not actually be a truth that you need to live your life by. Okay.
Now, the way you think about money, like I said, with all things it’s going to change and evolve over time. And so I don’t want you to think that you have to figure it all out and change into this, like money is everywhere and of course I can have it all. You probably aren’t going to get there on day one. And I don’t really think that should be a goal. I want you to just make a little bit of progress, a few steps in the direction where you’re feeling a little better about money, because that’s all it takes. It’s like one step at a time.
And I always want to remind my clients and the women that I work with and that I speak to, one little step at a time. And over time that all compounds. And I am making a pun with compound interest because it is true. I have seen this all the time with the people that I work with. It may seem like, oh, I’m just taking little steps and it’s hard and I’m scared, you know, wherever they might be. And months later, a year later, you can be in a completely different place just because you had the courage and motivation to take that first step.
Now let’s move on to some practical things of how I want you to approach money. So the first step is you need to know what your numbers are. I want you to think about, you know, if you’re trying to lose weight, you need to know what you weigh. You need to get on the scale. So I want you to think about this as getting on the scale. Getting on the scale. And I will say this can be difficult for most of the clients I work with.
This is the part that people want to skip over and they just want to go right into how do I grow my money? Which is way more fun, right? Of course, like everyone wants to know how to grow their money. And that is fun, but you need to know where you’re starting from. And so what I mean by understanding your numbers is just knowing what all your accounts are, how to log into them, what the balances are.
There’s that part, just like where is my money right now? What accounts do I have? I have seen people realize that there were accounts they forgot about. Now, what I mean by that is you’re probably thinking like, how do you forget that you have money somewhere? It’s not uncommon as physicians for us to have multiple jobs, and I’m including residency as one of them. And so that’s part of understanding where it’s like, where is the money? Where are the numbers?
And then we have to think about our spending plan. Now, as you know, I talk about cash flow, spending, and budgeting. They’re all the same thing to me. I like to use the word spending plan because the words you use matter. Personally, I think the word budget generally has a negative connotation. It’s like the equivalent of a diet, and nobody likes diets and nobody likes the idea of having to cut down on something. Right?
And so what it really is, is how are you spending the money that you’re getting with every paycheck? Okay? That’s what I mean by a spending plan. And it’s also easy to go right into, okay, what’s the plan that I’m going to create? What are the line items? Like what is my rent or mortgage and et cetera, et cetera. But there’s actually a really important step before we even get into this.
And I should have mentioned it before, but let me just take a step back. You need to know your vision. You need to know what is the life that I want, because you have to understand that money is a means to an end. Your money goal has to be intimately tied to what kind of life that you want to live.
And so what that means is you need to take stock of where you are in life. And there are several areas, and if you Google life wheel, you’ll see the main areas. It’s relationships, it’s your career/business, whatever you do to generate money, it’s spiritual or religion depending on where you are with that, physical fitness, emotional fitness or health, hobbies, contribution or philanthropy.
So those are sort of like the main areas. And when I say relationships, you can subdivide it into your spouse if you have one, your children if you have one, your friendships, it could be your work relationships, right? So you can really subdivide that. And it’s like taking stock of all that and how do I actually want my life to look like?
And I often find a lot of you may not actually know because most of us haven’t asked this question. Most of us, people just haven’t asked us about this, right? It’s like, we stopped thinking about this almost as children, right? We’re always asking children like, what do you want to be when you grow up? But that’s more of a career thing, but what do you want your life to look like?
Do you like the way your life is now? Most people will know what they want to stop doing? What do you want to do less of? I find that that is often an easier question to start with. And so what would you like to do less of? You probably know what those answers are right away. And then you can kind of reverse engineer. Okay, I want to do less of this, but why?
I should probably do another episode about how to even do all this, but I think you can get that you need to know where you’re going in terms of how you want your life to look like. And you may find that you actually do have the life you look like, because that’s going to be a very different conversation about how to set up your money.
So, okay, going back into understanding your numbers, because your spending plan is going to be built to reach your money goals. And those money goals, like I said, money is a means to an end. It’s to help you to live the life that you want, or to keep living the life that you want.
And I want you to keep in mind, life is in seasons, right? If you have young children, like I do, you are in a pretty expensive phase of life, right? And so you have to realize that there are seasons of life and your spending needs will change over time. Okay? If you’re a parent, you know that most of us will want to launch our kids and for them to be financially independent and productive members of society, right?
Okay, so I’m not going to go into how to create a spending plan because I have so many episodes talking about that and we will put them in the show notes. I especially want you to listen to my recent podcast with Nick True, where we talk about spending plans and how we think about them. And we’re going to talk a lot about how important it is to know your vision and what’s important to you and what you want to spend your money on because it’s so easy to spend your money on things that actually aren’t that important to you.
And this is where really understanding your numbers in terms of how have I been spending my money? Does it align with how I want to actually live my life right now and in the future? And so this is where you’re basically auditing how you’re spending. And like I’ve said many times before, the best program, in my opinion, for spending plans is YNAB, Y-N-A-B. It stands for, you need a budget. I’ll put a link to that as well.
Once you understand your numbers, then you can create a spending plan that will help you move forward. And then we’re going to put a pin on that because you’re probably going to have to go back to your spending plan after you think about how you want to grow your money.
Okay, so remember you’re going to have a vision. It doesn’t have to be crystal clear. I don’t want you to think you have to know exactly what you want at certain ages of your life. You just want to have an idea. Obviously the more specific you can be, the better. But I just want you to start thinking about it and start writing down some notes.
And this is something that’s going to change and you’ll revisit. And so if you are married or have a partner, this is something obviously that would be a great discussion as a couple and a great idea for a couple’s retreat, right?
So then we have to do some, what I call financial adulting. And so this is where you’re going to continue to take inventory of where your money is, if you haven’t done that already. Remember, I meant logins, passwords, just knowing where everything is. And in my program, Money For Women Physicians, I provide a pretty robust spreadsheet template where you can enter all this stuff. And then it also serves as a great estate planning tool. So you want to have all that stuff organized, okay?
And then you want to know where your investment accounts are. Now, I will say pretty much everyone I work with will have some form of a retirement account. And so we want to know how much is in there, how they’re being invested, and if you want to change how they’re being invested, okay? Decide, well, how much do I actually want to put away every year?
If you’re prioritizing stock investments, notice I said if you’re prioritizing stock investments, because there are many ways to grow your money. And one of my goals is for you to know all the many ways that you can grow your money besides the stock market. There’s nothing wrong if that’s how you want to get to your money goals. It is pretty hands-off if you’re doing mutual fund investing. And it’s also a very slow way.
So if you want a faster way to grow your money or to have capital to invest, then you’re going to have to do something different, right? That just makes sense. You’re going to have to do something different. And there are many ways to do that. And if you’re a listener, you’ll know that I have episodes ranging from real estate, expert witnessing. I’ve talked about my business. I’ve had guests talking about their businesses.
So many ways to do this. I would probably say most of my clients end up doing some form of real estate. And then actually quite a few end up starting some sort of side gig or business. And this doesn’t mean that you have to do that, but being a physician there are so many ways we can help people. And so I always want to remind you how valuable your brain is, how valuable the knowledge in your head is.
And there are so many ways that you can create value and get compensated for that by using the knowledge you already have and maybe even combining it with a passion. And so I can give you so many examples, but for example, many of you know that I’ve worked with a parent coach. I actually have had her on. It’s the episode with Hope Seidel, and she’s a pediatrician. She just retired and she is now a parent coach. And so it’s such a natural thing to do as a pediatrician.
You don’t have to be a pediatrician to be a parent coach, but it’s something she noticed that she was doing a lot anyway. And if you’re a pediatrician, you definitely know you definitely are a parent coach already, by the way. And so she wanted to hone her skills and she got some additional training in how to do that.
So that’s just one example. There’s so many other examples. In fact, I just saw on my Facebook feed recently, someone that I know just through my network had been working on a patent, an invention. And she, I believe she’s a pediatrician too. And so she just noticed a problem, I think she created a nasal aspirator. And she noticed like the ones on the market, she felt that she could make a better one. And so she ended up inventing one. I just saw her post that it’s available for sale. And so like, how cool is that?
Again, I’m not saying you have to invent something, but I bet there’s a problem that you’re noticing that you probably have a solution to. And it’s possible that that solution is something people are willing to pay you for, right? And so I just want you to think about how else could you bring in money besides seeing more patients.
If you don’t want to start a business, how else could you bring in money that wouldn’t necessarily be a unit to unit increase of the time and effort you’re putting in now? Because of course, if you see more patients, you can make more money, right? But that’s not necessarily something that’s sustainable. Okay.
I do have a lot of, I was going to say patients, clients who will do that temporarily because they want to have capital to do something with. Again, it’s all about what is your goal? What are you willing to do, right? Because some of us there are certain things that you’re not willing to do. Like you might be like, I’m not willing to work an extra day a week in order to reach my money goals. And so the question for you, if that’s you, is well, how can I do it? Because it’s going to require you to do something different, okay?
Now, I know this might seem obvious, but if you are not where you’re at money goal wise, then I just want you to realize that this is going to require you to do something different, probably something new, probably something that feels scary. And that’s normal and it’s okay. And it’s all expected. And this is where knowing where your mindset is is so important, right? It always comes back to your mindset because that is what’s going to influence what you do and don’t do, and frankly, what you think you’re capable of, right?
So we were talking about investment accounts and figuring out how to grow your money, because if you don’t figure out how to grow your money that will help you reach your goals, you will be working forever. Actually I was like thinking there’s a second answer, but really there isn’t. You’ll be working forever unless you win the lottery or marry rich or get a windfall of some sort, right? Which you can’t count on, unfortunately.
So if you don’t figure out a way to make money in your sleep while you’re not actively working, then you will be working forever. And I think that just makes sense, right? And what I mean by that is making money while you sleep doesn’t just happen on day two. I wish it’s true. You’re going to have to put some initial time and effort into doing this.
And this is where I often find a lot of my clients where they have some resistance to this. But here’s the flip side, if you don’t decide to do something like this, you will be doing what you currently do forever in terms of making the amount of money that you want. So I want you to think about that for a second because people will often say, well, real estate seems like a lot of work. It is at first. And the reason why is like, you don’t know how to do it. Most likely you need to learn how to do it. Then you need to do it. And there’s a learning curve, of course there is.
But it’s not like, I’m talking about like, you’re seeing patients traditionally in terms of like fee for service, it’s not going to change unless you practice medicine differently. Right? And so you will only get paid a certain amount based on the service you’re providing. And it’s kind of linear, like direct time and effort per unit of money made. Okay? I hope that makes sense.
Whereas if you figure out a way to make money that isn’t directly tied to a unit of time and effort to make a unit of money, that’s what I want you to figure out. That’s what I help people do, right? And so initially there might be a lot of time and effort, but it’s not going to always be that amount of time and effort. It’s going to decrease over time, and yet the money will still come.
I wish I could show you a graph of what I mean, but hopefully you understand what I’m saying. And let me give you an example of that. When I am, for example, actively selling my conference and then actively planning it and delivering those programs, there is time and effort involved in that. Of course, right? But there are periods of time throughout the year where I’m actually not doing that much work, right?
Many of you know, I went to Greece for a month and before that, I think I went away for another two weeks. I moved, I’ve been spending a lot of time recently just getting my family settled, helping my son to settle into school and getting his sort of whole support team into place. He gets speech and OT and he has a reading tutor right now. And I have not been doing anywhere near the amount of work that I was doing earlier in this year when I was running my program and running the conference. And I was still making money. There was still money coming into my bank account.
You want to start to uncouple that direct relationship from your time and effort to the amount of money that comes in, because most of you right now, if you don’t work, you don’t make money. And that is just not a great place to be for the rest of your life because things will happen. You’re going to want to take a break. You might need to take a break. You might not even have a choice. And so it is worth putting in that time and effort so that in the future you don’t always have to.
So that’s the main piece. And then of course, in terms of financial adulting, having the proper insurances in place and your estate plan in place. Now, this is something that is so important. The insurances are relatively easy because I will teach you what the insurances are that you really should have. And it’s, you know, basically financial catastrophic insurance, right? Because you probably, you know, when you’re early in your wealth building, you need life insurance. Most of you know you need malpractice, you most likely have that already. The right auto insurance, umbrella, et cetera, et cetera.
So there are things that you want to consider depending on your life circumstances, et cetera, and who depends on you for money. And estate planning, especially important if you have kids. This is definitely the thing I see a lot of my clients put off because it’s like, it’s on the important but not urgent task on your list of many things to do, except you don’t know when you’re going to pass. You don’t know when you’re going to die. And obviously if you die, it’s too late.
And so I cannot underestimate how important this is, especially if you have children. And if any of you have had a parent pass, and I think that the statistic is something like more than half of Americans die without an estate plan. If you have dealt with a parent who did not have their stuff in order, you know how difficult it is for someone else to pick up the pieces.
So that’s sort of how I want you to think about the money pieces that you need in place. And then this is not a one and done thing, right? You’re going to keep learning. You’re going to keep figuring out how to grow your money because that’ll change. I guarantee you it will most likely change, because your goals will change.
As you dive into this world of growing your money, you’re going to meet people who are doing similar things or different things, you’re going to get ideas. And what you believe you’re capable of will increase and change over time, I guarantee it, which means you’ll need to make some new plans. And this is a good thing, okay.
And so I know some of you might be thinking, okay, that was a lot. Again, baby steps. What is the first thing that you can do today? I think one of the easiest things you can do to get started is to just sit down one day, like literally set a timer for one hour and make a list of your accounts and put them in a spreadsheet, right? If you already know what they are, maybe you have a password manager like I do where all the accounts are there, the logins are saved or you already have it in a spreadsheet. Fantastic.
Then it’s looking at your spending plan. Now, again, I know that’s kind of like a deep abyss of like, what does that even mean? And so I will reference some of the episodes I have of how I want you to think about your spending plan. But I also want you to think about your mindset.
Now, actually, as I’m talking about this I realized I actually have a podcast guide. I actually have curated a list of podcast episodes that loosely follow the steps I just outlined. So you definitely want to make sure and grab that. We’ll put that in the show notes, but you can also get it at wealthymommd.com/podcast.
And so I understand that learning this new language of money, actually doing all the action steps required can feel daunting and honestly feel a little lonely if you’re doing it by yourself. And so that’s one of the reasons I created Money For Women Physicians. It is my signature program where I teach you everything I just talked about on this episode from A to Z. I guide you step-by-step. You have me helping you and you’ll have a community of other female physicians who want to do the same thing.
And actually the best part of being with other female physicians is you get to learn about what their goals are. And you’re like, oh, that sounds cool. And you’re going to have new ideas just by being in this community. Okay.
This is a three month coaching program. It’s an online course with live coaching, live Q&A where I help you create your vision, figure out where your money mindset is, make a plan of how to improve it and think bigger, create your vision, look at your numbers, create your spending plan, figure out how to grow your money and what type of wealth creation vehicle makes sense for where you’re at right now. And then of course, making sure you have the proper insurances and estate planning.
There’s a lot of education because again, this is something that you were not taught in school. And so I’ve really wanted to create a one-stop shopping place where you can get all of this, what I call financial literacy, like 101 and 102 in one place so you don’t have to keep digging for things.
And so if this sounds like something you would love help with, if you would love to learn how to grow your wealth without confusion and overwhelm, if you want to gain confidence to make informed financial decisions, if you want to get clear and create a clear, actionable financial plan, again, tailored to your goals and vision, and if you want to break free from the paycheck to paycheck cycle and take control of your money, then I want to invite you to join our fall cohort 2024 of Money For Women Physicians.
We’re going to start the second week of October. To learn more and enroll, you want to go to wealthymommd.com/money. Again, that’s wealthymommd.com/money, or just go to the website, wealthymommd.com and you’ll see a link to learn more about the program. Spots are limited to make sure that you get the attention that you need. And there also is an opportunity to work more closely with me, you can think of it as the VIP package.
And so I hope you will join us. Enrollment will open on September 24th. You can join the waitlist now, and you’ll be the first person to learn about it and get access to some special bonuses that will likely sell out just from the waitlist itself.
Again, wealthymommd.com/money. I hope this episode was helpful for you. Make sure to get the podcast guide and to review the show notes. And I really, really want to encourage you to start taking steps because I promise you, if you start today, take little steps, by the end of the year you will be in a different place. You will be heading in a different direction. I promise. Okay, take care. I’ll talk to you soon.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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For all other inquiries please click here.
214: The Power of Slowing Down: Lessons from a Month in Greece
Today, I want to talk to you about my experience in Greece and how it completely shifted my perspective on productivity and life. We spent a month living at a slower pace that made me rethink what it means to truly live and work. This wasn’t about packing in activities or sightseeing - it was about embracing a slower pace and seeing what life looks like when you allow yourself to just be.
Throughout our time there, I noticed how much we're conditioned to believe that busyness equals success. There were days when I’d sit in a café for hours, just letting the day unfold, and I’d catch myself feeling guilty for not “doing” more. But then it hit me - this slower pace was exactly what I needed. It made me appreciate the life I’ve built and opened my eyes to what I truly want moving forward.
This experience was a powerful reminder to step outside of my usual environment and reassess what really matters. We're already planning to do it again next summer, because sometimes it takes a break from the norm to gain clarity. If you’ve ever felt the pressure to constantly be productive, tune in this week as I share how slowing down and reevaluating can actually be the most rewarding thing you do for yourself.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
Hey! We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!
What You'll Learn from this Episode:
- How embracing a slower pace can shift your perspective on productivity and success.
- The importance of stepping out of your usual environment to gain clarity on your life’s direction.
- Why slowing down can help you appreciate what you already have.
- The benefits of letting go of the pressure to be constantly busy.
- How to create a more balanced, fulfilling life by allowing yourself time to simply be.
- Practical insights on rethinking your approach to work and life, inspired by a month-long stay in
Greece.
Listen to the Full Episode:
Featured on the Show:
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, welcome to another episode. So at the time of recording this, my son Jack has started school. School starts way earlier in Tampa. He got kind of gypped in terms of summer vacation. He basically lost about three weeks compared to if we stayed in New Jersey. Although at this age, I don’t think he really knows the difference. He’s not thinking, “I got one less month of summer vacation,” right?
But it’s definitely different here in terms of that. And besides the fact that we’re in a brand new city, brand new school, and there’s just all the things that come with that. And I will say so far, I love his school and I do feel like we picked the right place.
So what I want to talk about today was my experience in Greece. So we went to Greece for a full month. We did this program specifically for families where you get an apartment, the kids go to a school. I guess during the summer it’s more of a camp, but you can actually do this as school during the school year. So during the summer it’s not like actual school. And a coworking space for the adults.
And there were about, I think, 30 families there. And a small group of us, when I say us, of physician entrepreneurs, had actually planned this more than a year in advance. And it’s crazy, when I actually looked we booked it like May of 2023 and it felt so far away. But as you know, things always come up fast, right? Like I remember a month before I was like, holy cow, that trip is coming up. Anyway, I digress.
So we decided to do this as just a way for our families to spend time together. You know, this small group of friends we see each other a lot, but it’s not like we get to spend time with each other’s families et cetera. It’s usually in the context of going to a conference or some sort of entrepreneurial related sort of thing. And so this was the first time that many of our family members actually met each other.
Actually, I’m thinking about that. Is that true? No, I think I have met the kids and I think the kids have met each other, but in terms of spending a sustained amount of time together.
So I personally have been to Athens and Santorini before. After I took my boards, I took a post-sports trip with a group of friends, I think they were all physicians, and that was part of the trip. Now, people always ask me, should I visit Santorini? Now I really debated whether I should take my family there because it is extremely touristy and everything that you’ve read is true. It’s crowded, et cetera. And it is beautiful. It is gorgeous. And I just decided to do it.
So we went for two nights and it wasn’t crazy crowded. I heard August or the end of July and August is when it’s really crowded. I heard this year was insane actually. Now, it’s not that it wasn’t crowded when we went, but it didn’t feel overwhelming at all.
And what was different about this time is I booked a private tour for the three of us, no, four of us, my stepson was also there. And I really thought that was the way to go because when I went 10 years ago, we didn’t do that and we didn’t really get to see much of the Island. It’s kind of hard to see it all without a car there. And so I just felt like we got to see a lot, learn a bit of history.
And then we landed in, or I should say, took the ferry to Syros, S-Y-R-O-S. I had personally never heard of this Island, not that I really knew the Islands, except for Santorini and Mykonos basically, like most of us. And it is the capital of the Cyclades. I loved it. We loved it. And being there for almost four weeks, it was such an amazing experience.
Now I’ve always been into, okay, I’m probably not using the traditional definition of slow travel, but I’m not someone who jam packs or who wants to jam pack their itinerary just so I can see as much as I could. I like to, when I do these trip itineraries I like to build in obvious things, some sightseeing, et cetera, but I also love to build in lots of downtime.
Also, I always find that when you actually get to the country or the place, you’re always going to find new things or cool things that you should or want to check out that you hear about from the locals that you just, you know, it’s hard to plan for.
And so I never want a schedule that’s so jam packed that I don’t have the freedom to sort of add on some things and just kind of like, you know, where travel takes you. Sometimes you just find out things or meet people and want to do different things, right?
So I definitely have friends who love to pack it in, like always on the go, go, go. And that is definitely not me. And when you’re somewhere for a month, you have an opportunity to do that. And in fact, I really had to think about like, oh, wouldn’t it be fun to visit an island every weekend? And it sounds like a good idea, but again, I just knew that I could spend a whole month on this island and not do everything.
And so we ended up going to an island called Tinos, T-I-N-O-S for, I think it was actually only one night. And that’s mainly because it was like a 20 minute ferry ride, so it was very close.
But I want to talk a bit about what was the purpose of this? What did I learn? And I will tell you, not that I had grand plans, but I really thought I would spend a lot of time thinking about my business, working in my business and figuring out what to do with the rest of my business life. And I didn’t actually do much of that.
In fact, the last few weeks since I’ve been back, I’ve kind of been noticing a lot of the sort of negative thoughts I’ve had about how I should have spent the month in Greece. And what I’m noticing is how we are just so conditioned to be productive. And that if you’re “doing nothing,” that’s not productive. And not being productive is bad. It means you’re lazy and you should be doing something.
I think all of us can relate to this. I think it’s definitely worse for women. And it’s been really hard to drop that narrative. And the reason why I’m saying this is because this is how I spent most of my days in Greece, okay, or in Syros. I would drop Jack off at the school and then I would walk back into sort of the main town area. And that was like a 15, 10 to 15 minute walk, mostly downhill.
And then I would go to a cafe, and I had a few that I would always go to, and kind of the same group of friends or sometimes just alone. But I would go to a cafe and I would kind of just sit there for hours. And then lunch would come around and I’m like, I should get something to eat. And then sometimes I would eat, usually I would just eat with a friend who was also there.
But the cool thing is because we were there with a group of families and it was intentionally created as a community, someone actually made a comment that it was kind of like college where you just kind of run into the people you know all the time. And that’s what it was like, because that’s sort of the town center, it’s not that big, right?
And honestly, by the time I thought about doing something “productive,” it was kind of time to pick up Jack. And after a week or two of this, I was like, you know what, maybe I should just be okay with this. Like, this is the pace. Maybe this is what I was meant to do, to not actually do much and to just experience life there.
And life there is so different. We all know that Americans are, I think we’re the most workaholic people in the world. And Europeans in general are much, much better at really living life. Now, Syros is pretty hot, nowhere near as hot or humid as Tampa though. And everything would shut down like right after lunch and wouldn’t open until it cooled down significantly, and that was often six or seven.
The stores were open till midnight, even the toy stores. It was very different than what we’re used to, right? Almost reminds you of Spain. And Syros is extremely safe and there’s this main square and people would just come and hang out, mostly kids, and they would just run around.
And one thing I really liked about this trip was that Jack had a lot of freedom, a lot of independence, which I enjoyed as a child. And I feel like now in the US there’s just too much helicopter-y stuff. I’m definitely like that too, but I’ve always wondered like, why?
And obviously people say it’s because of the crime rate, et cetera, but I could have sworn I read, and I think it’s true, that things like child kidnapping et cetera is actually at an all time low. But it just feels like there’s a lot because we just have so much quicker access to the news.
But anyway, I digress. I think Jack really enjoyed having that freedom. For example, he’d be at the square with some friends and I’d say, I’m going to go grab some ice cream or grab something and I’ll be back. And he had no problem with that. He’s never been someone who was always needing to be next to me. Well, it depends on the situation, obviously. So I would do that.
And the first few times it felt really weird, I’ll be honest, but it kind of became the thing. And then where our apartment was, there’s a lot of steps in Syros. I climbed a lot of stairs, there were a lot of steps. And there were a few flights of stairs and it led to a playground. And Jack would often just leave our apartment, obviously he would tell me, and just go to the playground on his own. And then I would come later, but I didn’t feel the need to walk him there, and that was pretty cool.
And so the things that I did learn or experience there that I wanted to share is, well, first of all, pretty much every person there was an entrepreneur. Not everyone, but almost everyone had a business. It ran the gamut. We weren’t all just physicians, by the way, I think maybe a quarter of us were physicians, but there were a lot of other different types of entrepreneurs. And that was super cool to just like learn about what they do, et cetera.
And everyone had different skill sets and so people would kind of just offer these workshops. And so one of them offered a values workshop where we got to think about the values that we either have or want to have, and then make a conscious choice to be those values and live those values. And that was really great.
It’s something I’ve always wanted to do. And so I made my list of five and we got to define them, et cetera. And so that was really useful to me and I’ve been using that to kind of like think more about my life vision.
And so the month of Greece was really meant for, I really wanted it to be a month of visioning where I really thought about where I wanted my life to look like to be, et cetera. And I’ll be honest, what I realized is I pretty much have the life that I want. And to me, that’s sort of driven by freedom. And to me, freedom means different things, right?
People use the word financial freedom, and I think there’s so many different ways to define that. But to me, it’s really the freedom to, I guess you could say it’s time freedom and it’s flexibility, et cetera. And that’s way more important to me than the amount of money that I bring home, right?
Like I’m just thinking about this, if I worked as a full-time dermatologist and really hustled, I would probably make double of what I take home now, but I wouldn’t trade that for many reasons. Number one is I would have a lot less free time. I wouldn’t be able to take time off when I wanted to. If I had to pick up my son from school or sign up for something where the hours didn’t quite align I could still do it, whereas in a normal work situation it’s just much harder. There’s just so much less flexibility.
And being able to take a month to go to Greece, I think actually I was gone for about five weeks. And in case you’re listening and you’re like, that must be nice, there were actually two physician couples who both work clinically full-time and they were able to do it. So I say that because maybe it is possible for you to do something like that.
There was another couple, not physicians, but they both had full-time jobs and they were able to do this as well. And it took some planning. It wasn’t like something they just decided to sign up for, but they wanted to do it and they figured out a way to do it.
And so I’m not saying that you should plan for something like this, but what if you could? What if you did take a month off and purposefully didn’t do much? Which is much harder than you actually, because again, most days I was like, oh, I should have worked in my business more, or I should have figured things out. And as you know, any sort of thought that has the word should is never useful.
I personally think it’s such a great idea to spend time, when I say time, like more than three nights or four nights, like honestly, even a month isn’t that long when you think about it, to just learn how other people live, learn about their culture. And it’s just so easy to get caught up in our lives at home, and I don’t know, I always love being reminded that there’s just so much out there that in many ways my life is insignificant.
I don’t mean that in a diminishing way, but sometimes it’s really easy to be so self-focused on what’s going on with you, your family, to forget that there’s like a whole world out there. And I don’t know about you, but it always helps me zoom out and realize, oh, what’s actually really important?
Now this was an experience that we really enjoyed. And so we actually signed up to do this again next summer. And I totally want to do a school year version of it, but not right now. And we’ll just have to see. You know, anytime you’re out of your normal environment, it always is a great opportunity to, again, zoom out, think about what you want your life to look like. And to also appreciate what you do already have and how much there is to be grateful for.
Now, not too long after I returned from Greece, I learned about the death of a physician who passed way too early and left two young children and also a physician wife. And I was trying to think of what I should call him. I guess you could say partially a mentor, but he is a dermatologist and someone I met when I was in medical school and someone that I wouldn’t talk to very often, but every once in a while we would have a conversation.
And I think all of us, whenever something like this happens, it kind of shakes you. And again, always such a great reminder of just how short life is and helps you sort of realize that so many of our problems just really aren’t that big of a deal. And it’s always an opportunity to think about things like, okay, what am I tolerating? Why am I tolerating it? Because most of us live our lives like, well, there of course there’s going to be tomorrow.
Or even like in the context of retirement, like, well, I’m investing now so I can retire in 20 years. But like, how can you do some of those things now? In a future episode I’m going to be talking about sort of the different things, I should say basically physical wellness and just vitality is one of the values that I chose. And how do I optimize that? How do I optimize my body for longevity, for lack of a better description?
And so when I found out about his death, it just really struck me how fragile life really is and how it’s so important to really know what’s important to you and to see how our fears are stopping us. I still have a lot of fear about a lot of things. And the more that I see, the more that I experience, I just know that I don’t want to die with regret.
I don’t want to feel like I put something off because I was scared. And this experience in Greece and what I just talked about with one of my dermatologist mentors passing has really been shifting sort of how I look at life and how I live my life and what are the things I’m putting off that I probably should do something about so that I don’t die with regret.
And it’s like, how do you bring this into the life that you need to live now, right? Like if you have kids and they’re going to school, you know, whatever you do to bring income, most of you are working as physicians and life goes on. And so it’s always a balancing act. I kind of hate that word, but I think you know what I mean.
And so I think it’s so important to have a compass, a vision, and I’m actively working on a process now. How do you create a vision? And then what, or rather I should say, how much money do you need for that vision now and later, right? Because we have different seasons in life.
And so I’m really excited about this and I’ll be probably teaching it in my fall cohort of Money For Women Physicians, maybe I’ll teach some of it at our Live Wealthy Conference taking place in February of 2025. And it’s about half sold out now, and so if you’re interested in going, I would definitely grab your ticket at wealthymommd.com/conference. And many of the physician entrepreneurs that I spent time with in Greece will also be there. Dr. Sunny Smith, Dr. Letizia Alto, her husband, Dr. Kenji Asakura, Dr. Peter Kim, and other amazing physicians as well.
And so I hope you learned something, or I hope you’re taking away something from this episode to just take a minute to slow down. It’s okay if you binge on Netflix, it doesn’t mean that you’re lazy. It’s okay if you do nothing and just lie around for a day or an hour, and maybe it’s exactly what you need.
Okay, I’ll talk to you next week.
Hey there, thanks so much for tuning in. If you loved what you heard, be sure to subscribe so you don’t miss an episode. And if you’re listening to this on Apple Podcasts, I’d love for you to leave a review. Reviews tell Apple that this podcast is, well, awesome. And it will help women find this podcast so that they too can live a wealthy life. And finally, you can learn more about me and what I do at wealthymommd.com. See you next week.
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For all other inquiries please click here.
213: Moving Smarter: Managing Costs and Adjusting to a New Life
When my family and I moved, it was more than just a change of scenery—it was a whirlwind of new challenges. We barely had time to settle in before I jetted off to Greece for five weeks. The new house felt overwhelming with its extra space and unexpected tasks like dealing with the humidity. The move wasn’t just about a new address; it was a complete shift in our lifestyle.
Moving was expensive, but my husband’s relocation allowance allowed us to hire full-service movers, which was a lifesaver. Adjusting to our new state involved dealing with different water quality, new routines, and extra sun protection.
In this episode, I share our moving experience, the financial decisions we made, and tips for navigating such a big transition. You’ll also hear about the importance of having a spending plan that aligns with your life goals. Tune in to learn about the real costs of moving, unexpected challenges, and how to keep your finances on track during major life changes.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
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What You'll Learn from this Episode:
- How to manage the real costs of moving and make smart financial decisions.
- The benefits of hiring full-service movers for a stress-free relocation.
- Tips for adjusting to a new home and state, from dealing with humidity to water quality.
- The importance of creating a spending plan that aligns with your life goals.
- Practical advice on navigating unexpected challenges in a new environment.
- Insights into the pros and cons of renting versus owning a home.
Listen to the Full Episode:
Featured on the Show:
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey everyone, it’s been a while. If you’re a regular listener, first, thank you, and then you may have noticed that it’s been a few weeks. It’s been a minute. Well, a lot has been going on, and if you’ve been following me, you may know that we moved from New Jersey to Tampa. And pretty much right after the movers, the truck came, four days later, I went to Greece for a month. In fact, I think it was five weeks.
So there’s been a lot of change. There’s been a lot going on, and I was thinking about recording an episode about all the financial aspects of moving and any tips I could share with you, but really, all I can say is that moving is really freaking expensive, and there’s really no way around it.
Well, obviously, there is, but what I have learned is, number one, I’m no longer in college. I cannot move by myself like I used to. And Matt’s job gave us a pretty generous relocation allowance, and let me tell you, I used it all up, most of it anyway. We probably have a few thousand dollars left.
But what I did was I hired full service movers, and so what that means is they packed, they moved, but I didn’t have them unpack because I hired organizers that came that fully unpacked, put all the boxes away, put everything away, and then I think they were here for like three days because they had to unpack, and then they had to organize by room.
And let me tell you, that was the best money I’ve ever spent. I could not imagine having to put all of it away by myself because, let’s just face it, Matt probably wouldn’t have helped that much and he doesn’t really know where things go, and this is not a skill I’m very good at, right? I totally could have DIY this, but again, I’m so, so glad that I spent the money on it, plus it got reimbursed, so that was amazing.
Now this move was prompted by a pretty sudden job offer for Matt in Florida. As you know, I work remote and so I really could move or live anywhere, I guess. I will say I do not enjoy or have not enjoyed all the logistical challenges of moving states, you know, like getting a new license, having to register the cars, and moving my LLC from New Jersey to Florida, all that kind of stuff. However, we are definitely excited about no state income taxes, and we moved into a much bigger place that is cheaper than what we were paying in New Jersey.
But here are a few things that I’ve learned, and keep in mind that I have literally slept in this new house for maybe two weeks total when I’m recording this, okay? So there’s way too much space, which to me means a few things. One is there’s way more opportunities for Jack to leave a mess. There are more toilets to clean, and there are just more ways for things to get disorganized and for dust to collect.
And we didn’t have, at least in my opinion, I don’t think we had a lot of stuff to begin with. And we pared down even more after the organizers came, because I just noticed I really don’t need this, I really don’t need this. And it’s something that I think all of us strive for, is to become a bit more, I don’t think minimalistic is really what I’m striving for, but like not having things that I don’t need, right? I definitely don’t want stuff that I don’t really need. And so moving has been a great opportunity to pare down and get rid of a lot of things.
And so here are a few things I’ve noticed about living in Tampa, Florida so far. It’s very different from New Jersey and here are the things that I specifically have noticed. The water here is very different. And having lived mostly in Northern New Jersey and New York City for pretty much my whole adult life, the water isn’t soft in New Jersey or New York, but it’s nowhere near as hard as in Florida.
A lot of stuff was covered with limescale, the dishwasher. And the water just smelled funny. I think it smelled like sulfur and I could tell right away that there’s something weird about the water. And maybe you know, hard water, very hard water is not good for your skin. It’s not good for your hair. It’s not good for appliances or pipes. It just clogs everything.
And so I have had to do a few things. I had to get a water conditioner/softener installed. We also got reverse osmosis installed for drinking water. I had to do a deep cleaning of the dishwasher twice with citric acid. I love citric acid as a cleaning agent, it does wonders and dissolves limescale.
And so I did it twice and now the dishwasher works again and it actually cleans because Matt was like, oh, this dishwasher isn’t very good. It’s not really cleaning the dishes. And it wasn’t, which is annoying. It’s like, why have a dishwasher if it doesn’t actually wash your dishes?
Okay, so the water is different. I’m recording this in early August and it is very hot down here. It’s very humid, although I haven’t spent a ton of actual time outside. It’s mostly going from home to the car, to drop off points for Jack or something and then back into the car. But what I have noticed when I go outside, it’s so damp. I feel like my feet are wet as soon as I go outside.
And that’s another thing, the humidity. For the first time, I have had to buy things called damp rid, and maybe most of you know what that is. But it’s like this thing you hang up in the closet that absorbs extra humidity. I had to get like a tiny dehumidifier for our bathroom because it just wasn’t really drying up.
And the last thing I will say about Florida is that because of the move, I’ve had to call a lot of places to help me with things like make sure I have everything in order to apply for a new driver’s license, which is actually tomorrow. What do I need to register the car? Make sure I don’t forget any documents.
Let me tell you, everyone I’ve talked to has been amazing. So nice and so helpful and genuinely want to be helpful. I will tell you, that is not the case in New Jersey. In fact, I do recall a specific conversation I had with the New Jersey business department about LLCs, and this lady was so rude and downright mean to me. And basically said she was not going to help me and that it was my fault. And I forget what was the deal, but I ended up having to hire a lawyer to deal with it because I was like, I’m not dealing with this.
But so far in Florida, everything has been actually really easy. And that is something I have found very pleasantly surprising. Now, with the move there has been a change of income in terms of Matt, change of benefits. And then also I am making slightly more because of the no state income taxes. And so this was a really great opportunity to kind of reevaluate our spending plan and our goals and to just make some new goals.
And so what that means is I sat down, I have a spending plan template and I kind of just listed all the things that we would need to pay for. Kids are really expensive. It’s on me that I chose a private school for Jack, but he does get a lot of extra support like speech and OT. And he needs to get some catch-up tutoring because he’s transitioning from a Waldorf school to a mainstream school.
And so I put all that in, right? And I already have, you know, pre-selected categories that aren’t really changing, but maybe the amounts are changing and all that kind of stuff. And this is something that I think it’s so easy to not do. And a few episodes ago I had Nick True, I think it actually was maybe in June.
And if you skipped that episode, it’s episode 211, I really encourage you to listen to it. Nick, I just love that guy. He is so good when it comes to cash flow and spending plans, AKA budgeting. And we talk about it in a way that maybe you haven’t heard before. And so I really encourage you to listen to that episode.
I always love connecting with Nick. I’ve known him for quite a few years right now. And it’s so easy as higher income women to kind of think that looking at our budget or how we spend our money is really not that important because we don’t run out of money. Assuming that your checking account doesn’t go negative and you’re not able to pay your credit card bills in full, then you’re “fine,” right?
And you totally might be. But there’s so much wisdom and power in knowing actually where your money is going. And it’s not just to know where your money is going. It’s like stepping back, how do we want to live? What do we want our lives to look like? And what is the spending plan that’s going to support that? That’s why I love spending plans and I love looking at how I spend my money every week.
I use this budgeting program called YNAB. I'm sure you guys have heard me talk about it a lot. And so I was doing a lot of YNABing, looking at the spending and honestly delighted that we’re going to have disposable income. But I also had to keep in mind that that didn’t mean that we were just going to spend the difference, okay?
Like we are saving money on renting right now, but we probably want to buy a home in a few years. Although I will say right now in Florida, we just went through, it wasn’t a hurricane, it was a tropical storm, but it was almost going to be, I think, category one, I may have gotten the categories mixed up.
But basically, apparently it’s a no big deal rainstorm, but Matt and I thought it was going to be a big deal. But I guess, you know, for Florida, it’s like, oh, this is just a rainstorm. But there was a lot of rain and there’s all these ponds and lakes in Florida, and I have no idea why. And some of them got really full around me. So I’m just guessing that flooding can definitely happen when it rains a lot more.
Anyway, I digress. Any opportunity I think that sort of forces you to reflect and think about how you want your life to go or keep going is always a good idea. It’s so easy to kind of go on autopilot and be like, just not think about it, right? And did I mention how expensive it is to move?
I talked about all the moving expenses, but then you got to buy all this stuff for the new place, right? Like I had to buy bath mats. I had to buy, every day I noticed there’s something else I have to buy. Our old place had these shades that went up and down and they were pretty nice. We lived in a luxury high rise building and now we live in a townhome. And so there are blinds installed, but I bought curtains for all the windows. The landlord left the curtain rods, thank God. And so, but I needed curtains. I guess I didn’t need to, but otherwise it just looks kind of weird without curtains, right?
Now, a bunch of people have asked me why I didn’t buy a place. Although if you’ve known me for a while, you know that I’ve pretty much, yeah, I’ve always rented. I’ve never actually owned a home. Isn’t that crazy? And this is something I’ve been thinking about a lot because it’s one of those things that’s kind of accepted culturally, socially, I don’t know what you’d call it, that one should own a home as an adult and that’s like a thing that you do.
And I’ve personally, it’s not that I’ve always questioned it. I think it’s honestly how I personally grew up. We only lived in a house that my parents owned once, otherwise we’ve always lived in pretty small apartments and we moved a lot. And that was because of the shifting financial landscape of how my parents were doing. And so I’m sure it would have been different if I sort of lived in the same home that my parents owned for most of my childhood.
And of course I’ve heard all the things about why you shouldn’t rent and why you should own, et cetera. And I personally love renting. I love the freedom it affords me. I love that if something breaks, it’s generally not my responsibility. And moving to a completely new place where I don’t know anything, like truly don’t know where anything is, people talk about these things, I have no idea what they’re talking about. You know, it gives us time to figure out where we want to live.
Now, moving sucks and moving to our new townhome, and now I’m like, okay, if we move again in like two years, we figure out where we want to live, we know we’re going to stay here, that feels daunting. But it’s very different from a long distance move and I’ll deal with that later, right?
But I’ve already noticed a few things like, oh, this might not be the best area for us long-term. And I don’t really know. I think we have to see how things are when Jack starts school. But if we decided to buy right away, obviously we would have taken our time to really figure that out. But I feel like, how do you really know if it’s the neighborhood you want to live in without actually having spent time there?
I don’t know, but we would definitely love the option to buy if we felt we were ready to do so. And so that has to go in the spending plan too for like a down payment, or we’d have to pull from investments. It’ll probably be a combination of all of the above.
The last thing I wanted to say about Florida is the sun. Y’all know I’m a dermatologist, right? Because I have had to rethink some of my habits. Living in New Jersey, it’s not that it doesn’t get sunny, but it’s not something I have to think about year round, really just for the summer. And so here are a few things that I’ve had to institute and change.
Okay, number one is I have bought these stick-on sunshades for the windows. I guess I could get like a UV coating, but honestly right now I just can’t deal with any big projects at this point, nor do I want to spend thousands of dollars doing that for the two cars that we have. And so I bought these little stick-on window shades that you can easily stick on and remove so when I’m driving, you know, I’m not getting all this sun to the left side of my face.
And obviously I always wear sunscreen every day, and here I am double layering. And what that means is first I apply a layer of chemical sunscreen followed by physical sunscreen. And the products that I currently use, although it changes from time to time, I'm currently using La Roche-Posay. I think it’s called Mela-C, M-E-L-A dash C. And it’s specifically for if you have melasma or pigmentation, et cetera. Right now I’m using EltaMD UV Elements, and then I also mix it with a little bit of the IT Cosmetics CC Cream to give a bit more coverage.
And I wear a hat. And in fact, I put hats everywhere. I bought all these visor hats. I have one in my car. I have one in the little hallway by the garage/front door because you need to wear a hat here because it’s just sunny all the time. And I’m always having to put on sunscreen on my neck and my chest because the neck and the chest are the areas that women tend to not put sunscreen on. And those are constantly, constantly exposed.
In fact, I even ordered this sun shrug with sleeves to leave in the car. It hasn’t arrived yet, but I’m just noticing that these are the things I’m going to have to really pay attention to because I will be doing, well, I don’t know. I’ll probably be doing some more driving here with commuting to Jack’s school and whatnot, and so I’ve had to really up my sun protection game.
And I have my brush on sunscreen that I carry in my purse for touch-ups. I don’t think they’re a good idea to use as your primary source of sunscreen, but they’re great for reapplying. When I’m at the beach, I honestly just reapply the cream. And specifically, right now I use Isdin I-S-D-I-N. I don’t know exactly the type, but it’s their shakable tinted sunscreen. That’s what I wear at the beach and I reapply.
And I do actually really enjoy being at the beach. In fact, I went to the beach a lot in Greece. I think I’m gonna have to do a whole separate episode about my experience in Greece, being there with other families, being there with mostly entrepreneurs and just sort of like what I’ve learned there and all that stuff and how it was a month of rest in terms of my business.
I spent very little time working in or on my business, although that wasn’t exactly planned. I was going to do some work, but it just ended up not really happening. So that will be another episode for sure.
But these are my thoughts so far about the move from New Jersey to Tampa, I hope you enjoyed it. Thank you for sticking around and I will see you soon.
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