Podcast

7: Introduction to Real Estate Part 2

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As a female physician, I am challenging you to think beyond your clinical income for ways to grow your wealth. In previous episodes, we’ve discussed everything from investing to side hustles. Those income streams are critical, but it can take time to see a significant generation of wealth, especially from the stock market. That’s why it is so important to understand how real estate investing can help you uplevel your life and your money faster than you might imagine.

In the first episode of our Introduction to Real Estate series, we laid the foundation for real estate investing. Plus, I shared my first toe dip into real estate investing. Now, let’s take a deeper dive into what real estate investing looks like and the myriad options you have even if you’ve already decided that being a landlord isn’t for you. 

There are two types of real estate investing–equity and debt. Most people are familiar with equity investing. That is when you own the actual real estate, at least to some degree. Most people think of a single family home rental property. That certainly is one example. Other instances of equity real estate investments include syndications, crowdfunding, and REITs. 

Equity investing spans a spectrum of involvement, from active to passive. Direct ownership is the most active type of real estate investing. That means that you are involved in week-to-week and month-to-month aspects of property ownership and landlording. On the opposite end of the spectrum are passive investments, such as syndications, crowdfunding, and REITs. 

Debt investing is the other type of real estate investing. If equity investing is similar to stock market investing, then debt investing parallels bond investments. In this instance, you lend capital, or money, to either an individual or a group, so that they can make a real estate investment. You are then paid interest monthly or quarterly, and after a defined period of time, your capital is returned. This is another passive and powerful way to make money through real estate investing. Especially considering the rate of return is usually much higher than what bond investments yield. 

Whether you choose equity or debt investing, real estate is a powerful way to expand your portfolio and live a wealthy life. 

In this episode, we also explore:

  • A deeper dive into the differences between equity and debt real estate investing
  • Ways to incorporate real estate investing into your retirement accounts
  • Strategies to make direct ownership more passive
  • The difference between syndications and crowdfunding
  • A breakdown of REITS and how they work inside index funds like VTSAX

Enjoy the show?

Subscribe to the podcast (on whichever platform you listen on) so you don’t miss an episode! My favorite podcast player is Overcast.

If you love what you’re hearing on the podcast, I would be SO grateful if you left me a review on iTunes. These reviews help other people find this podcast. And you may just hear me read your review on the podcast! To review: click here, then select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

Featured on the episode:

  • Learn more about Semi Retired MD and enroll in their free video mini-course here.
  • Check out this guide to understand how women can use real estate to achieve financial independence.
  • Understand how much money you need to start investing in active real estate with the breakdown in this post.

Learn more about how to manage your mindset with Wealthy Mom MD.

Read the transcript Expand

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 uplevel your money and your life. I'm your host, Dr. Bonnie Koo. 

Hey there. Welcome to part two of real estate. In the previous episode, I gave you a brief overview about real estate: Why you should consider it, what the common objections are, what the benefits are, and how you actually make money in real estate. Today, I'm going to go a little bit deeper and go over the spectrum of passive to active real estate. Get into some more details, so I hope you're ready. 

You can think of real estate investing in two ways, equity and debt. By understanding these two ways that you can invest in real estate, you'll be a much more informed investor. Basically, you either own real estate to varying degrees or you're lending money so that someone else can own the real estate. 

Equity means that you are owning the property, at least to a varying degree, and we'll talk about that a bit later. This can take on many different forms. For example, in direct ownership, you actually own the property, and then you rent it out. This requires, I guess, the most work and you have the most control as well. Another example is investing in syndications, crowdfunding, or real estate investment trusts, also known as REITS. This is the passive side of real estate investing. When you do it in this way, you're basically owning a share of real estate, kind of like how index funds are owning a share of a stock. When you invest in real estate in this passive way, you basically get profit or grow money from the promised interest return, and then again, when the share of the profit is sold. There are many similarities or correlations between real estate and the stock market. 

Let's talk about debt. If you're familiar with how bonds work, then you can think of debt investing in real estate as something similar to that. This is where you're lending money to another person or entity, so that they can buy real estate. As an investor in debt, you will basically typically receive monthly interest or quarterly interest payments. Now these interest rates can actually be quite high, especially compared to bonds. After a period of time, your capital is then returned. These interest rates can be as high as 10%. So the fact that the interest rate can be high and the fact that they're relatively simple and relatively secure because the debt is secured against an actual property, it can make debt investing actually quite powerful. 

Now, I just want you to understand that the money you make from investing in real estate debt is often taxed or is taxed as ordinary income. Meaning that you're going to pay your marginal tax rate on it. 

Now, you can invest inside of a tax advantage account inside a retirement account. Many of us think that you can only invest in stocks or index funds in our retirement accounts, but you actually can invest in real estate debt funds, syndications, et cetera, inside of a retirement account. This special type of account is called a self-directed retirement account. They generally come in two flavors. You have self directed IRAs, or individual retirement accounts, and you have self-directed 401ks. So if you choose to invest in things like that, real estate debt inside of it, then you'll shelter your taxes.

Now let's introduce the spectrum of passive to active real estate. I want you to think of two competing forces here. Passive means it's relatively passive to you as an investor, which means it's also the least amount of work on your part, the least amount of time. In return, you get the least amount of benefits and control. And then on the far end of the spectrum, you have active real estate, which means the most work, the most involvement, the most control, and the most benefits, including amazing, amazing tax benefits that are afforded to real estate professional status. 

Direct ownership is when you own the home directly where you buy a rental property. This is the most active type of real estate investing. And this also comes with the most tax benefits because you really have control over real estate. And for some of you, that might scare you because you're worried that you might make the wrong move or that you'll make a mistake or you’ll have bad tenants, et cetera. I'm not going to sugar coat it. There are challenges and obstacles you will encounter when investing in direct ownership, but if you're up to the challenge, you'll also reap the amazing benefits as well. 

I know many of you are interested in what we call passive real estate investing, but you still need to understand some basic terminology and do some education for yourself. The good news is all these terms are the same whether you do passive real estate investing or direct real estate investing. In fact, I'll say starting with passive is a great way to transition to direct ownership. Many real estate investors that I know own both passive and active real estate. 

Even within direct ownership, there are ways that make it easier and sort of more done for you as the investor. So you may have heard the term turnkey real estate, and I think this means different things depending on who you're talking to. But turnkey real estate, at least the form that I'm talking about, is where you still own the property, but someone manages a lot of the work for you. You have a little bit less control, it's more hands off, but you still own the property. 

But if you want to get even more passive than let's talk about syndications. What is a syndication? You may have heard that word a lot because that word is becoming more popular lately and there's a reason why. A law was passed not too long ago where syndications were allowed to “advertise” to the masses. Before that, they weren't allowed to. A syndication simply is where investors pool funds together to invest in various real estate projects. Think huge multimillion dollar projects that, on average, a single investor couldn't do themselves. 

Many of you have heard about crowdfunding and real estate funds, and these are definitely the most passive types of real estate investing. And like I said, because they are the most passive, they also have the least tax benefits. 

Hopefully, I've made real estate a bit more accessible to you and also helped you realize that it's not as hard as you think. You’ve got to start somewhere, so why not start now? 

This episode is sponsored by Zero to Freedom, the free email mini course by Semi-Retired MD. Semi-Retired MD are doctors Letizia Alto and Kenji Asakura. They are the physicians who have achieved financial freedom by investing in direct real estate. 

In this free video series, you will learn what you actually need to know to successfully invest in direct real estate. Go to wealthymommd.com/semiretiredmd to join their free video mini course. 

So let's talk a bit more about the types of passive real estate investing. Specifically, I'm going to talk about crowdfunding, syndications, and REITs. I think earlier I said my first foray into real estate was through syndications, but it's actually through REITs and that's because if you own an index fund, chances are, you also own a REIT. They're usually folded inside some of the popular index funds, like VTSAX by Vanguard.

This is where a trust purchases property and rents the space, and then the income that's generated from the rental is returned to the shareholders. So if you are already familiar with how to buy index funds inside of your brokerage account or your retirement account, then while an REIT is very similar and it's super easy in that sense, you can buy an actual fund of REITs or usually it's folded in already inside of some of the larger popular index funds. So you can buy these through Vanguard, Fidelity, et cetera. 

Now let's talk about crowdfunding. Many of us are familiar with this concept because we've all heard of things like Kickstarter. So you kind of have an idea of how crowdfunding real estate works. Crowdfunding real estate is fairly new, at least in a formal capacity. However, investors have been pooling funds for centuries. Crowdfunding is popular now because of the new-ish online platforms that have streamlined the crowdfunding process. In this way, you can bypass the parts of active real estate–meaning working with the agents and brokers and contractors– and just go to a crowdfunding real estate website to invest in a variety of real estate projects. You still want you to do your due diligence, however, meaning you need to understand the terms and how to read if it's a good deal or not. And real estate crowdfunding can involve either debt or equity. 

So let's talk about syndications. Syndications are somewhat similar to crowdfunding, but they are a little different. The same in that they both require pulling together funds from multiple investors. So basically, you're pulling money together to purchase a much larger real estate or project that you normally couldn't invest on your own. Think multimillion dollar deals. Think high rise apartment buildings, assisted living, self storage centers, et cetera. When you pull the money together, the expenses are shared and the risk is split. Oftentimes, crowdfunding and syndications are used interchangeably, but they're not exactly the same thing. I think the best way to think about the differences is that crowdfunding is focused more on obtaining large amounts of investors. Hence that's why it's an online platform. You rarely talk to anyone high up in the company. You usually talk to a low-level analyst. When I think syndications, I think of sort of a smaller type of shop where it's focused more on the relationships.

So that concludes our two-part series on giving you an overview of real estate. I hope I've made this topic a bit more accessible to you and be sure to tune into future episodes where we'll go even deeper into certain topics. Bye for now. 

Hey, if you're a woman physician who is ready to take control of your money, you've got to check out my program Money for Women Physicians. It's part course, part group coaching, and a hundred percent guaranteed to put more money in your pocket. Go to wealthymommd.com/money to learn more. 

 

If you enjoy this episode and don't want to miss out on new episodes, please hit the subscribe button on your favorite podcast app.

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6: Introduction to Real Estate Part 1

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Welcome back! Today, we are exploring how real estate might be the missing piece in your portfolio. This is especially true if you are looking to fast-track your way to wealth. 

In a previous episode, we focused on thinking beyond your clinical income. As you look to uplevel your money and your life, focus on that metaphor of wealth as a dining room table. The more table legs you can create, the more solid your financial situation will be. We have already explored how side hustles and investing can grow your wealth. Real estate can also add additional table legs with the added benefit of speed. 

Unlike investing in the stock market which may take decades to build real wealth, real estate actually has a much shorter timeline. That’s why in this episode, we are going to explore why you should consider investing in real estate and the many benefits it can provide. 

Many people don’t even consider real estate when it comes to growing wealth. It seems off-putting or overwhelming. Perhaps we’ve all heard one too many stories about terrible tenants. But actually understanding the different types of real estate investing and the benefits of it might help you see just how powerful adding real estate to your portfolio could be. 

As a real estate investor, you could absolutely invest in a rental home. That single-family home that gets rented out each month is probably what most people think about when they think about real estate investing. In addition to single-family homes, you can also get involved in duplexes, triplexes, apartment buildings, raw land, senior living centers, and so much more. 

Now that you have a better sense of what real estate investing might look like for you, it is time to explore the why behind real estate investing. What makes real estate so powerful and beneficial?  

The most important benefits of real estate include:

  • Speed of growth, which occurs much faster than stock market investing;
  • Control, which allows you to be actively or passively involved; 
  • Taxes, which provide unique benefits to investors; 
  • Familiarity, which reveals that you are already more well-versed in real estate than you imagine; and
  • Tangible assets, which means you actually have something to show for your money. 

In this episode, we also explore:

  • A case study of how real estate allowed my fiance to use leverage to sell his Brooklyn home for 400% more than he paid for it 
  • A deep dive into the exclusive tax benefits of real estate investing
  • A preview of what a real estate professional status is and how to make it work for you

Plus, I also share how I am getting started with active real estate investing

Enjoy the show?

Subscribe to the podcast (on whichever platform you listen on) so you don’t miss an episode! My favorite podcast player is Overcast.

If you love what you’re hearing on the podcast, I would be SO grateful if you left me a review on iTunes. These reviews help other people find this podcast. And you may just hear me read your review on the podcast! To review: find the podcast in your favorite podcast app, then select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

Featured on the episode:

  • Learn more about Semi Retired MD and enroll in their free video mini-course here.
  • Check out this guide to understand how women can use real estate to achieve financial independence.
  • Understand how much money you need to start investing in active real estate with the breakdown in this post.

Learn more about how to manage your mindset with Wealthy Mom MD.

Read the transcript Expand

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 uplevel your money and your life. I'm your host, Dr. Bonnie Koo. 

 

Hey there. Welcome back to another episode of the Wealthy Mom MD Podcast. Today we're going to talk about real estate. Specifically, today is going to be high level. I just want to set the tone and we're going to explore some more specific topics in later episodes because real estate is such a big topic. I mean, there are whole podcasts, books, and businesses devoted to solely real estate, and this is not a real estate podcast. Why am I even talking about it today? Well, I've come to realize that real estate is a great way to build wealth and relatively quickly, so I'd be remiss to not mention it. Here's an overview of what I'll talk about today.

 

I want to talk about why someone like you should even consider investing in real estate. I want to go over some of the common objections to investing in real estate, and then I'll talk about the overall benefits. And then I'll start going into how you actually make money in real estate. I find that this is actually one of the most understood details about real estate investing. 

 

Okay, before I start, I want to talk a bit about my real estate history. Like many of you, I knew that many people invested in real estate and that was a thing, but I just wasn't personally interested in it and I had some of the common objections I'll go into a little bit later. But eventually I decided, “You know what? I need to learn more about this. I need to educate myself. If I could become a physician, I can certainly learn about real estate, right?” 

 

So I started small. I started investing passively through syndications, and you'll learn what that is in a later episode. And up until recently, I was avoiding direct real estate, meaning owning my own property. At the time of this recording, we have purchased our first rental property. It's definitely a learning curve and there's lots of stuff happening, but I'm so glad we finally took the leap. 

 

So why should someone like you consider real estate investing? If you recall my earlier episode, Think Beyond Your Clinical Income–I'll be referencing this episode a lot–you'll recall that I talked about a table with legs and that the goal is to create as many legs as possible, so that your table of wealth is as stable as possible.

 

What's great about real estate is there are so many legs within the leg of real estate and you can build this leg relatively quickly versus stock market investing, which just takes a long time and there's absolutely nothing wrong with it. Also, you can have a lot of control over real estate. I'll go into why that's important. 

 

Let's go over the common objections I hear and that I personally had when it came to investing in real estate. So many of us think it's so hard and it's so overwhelming. You don't even know where to start, and that's partially because of the breadth of real estate. And so my goal today is to kind of start breaking down these pieces for you. Also, many of us have heard horror stories about bad tenants or fixing toilets or things that could go wrong. And finally it's a lot of freaking work, right? At least that's what I think and maybe that's what you think too. 

 

I want to say that you know much more about real estate investing than you think you do because take a step back. Where do you live right now? Is it a home? Is it an apartment? Is it a condo? Are you renting it or do you own it? Whether you rent or buy, most of us had experienced renting, so we understand at least part of the puzzle, right? Just remember these types of experiences, when combined with focused reading and education and supportive mentors, can make taking the plunge into real estate relatively easy and you can become successful too.

 

Okay, let's go over the overall benefits. There are five specific benefits I will go over:

  • Speed of growth,
  • Control,
  • Taxes,
  • Familiarity, and 
  • Tangible assets

 

So first let's talk about speed of growth. I've mentioned earlier that you can create wealth relatively quickly through real estate. So what do I mean by relatively quickly? Within a few years. Compare that to stock market investing, which will take decades for compound interest to work.

 

Second, we have taxes. So a lot of us have what we call retirement accounts and these are sheltered from taxes, right? But at some point you are going to have to pay taxes on it. Whether you pay taxes upfront, like in a Roth IRA, or if you pay taxes later, like a traditional 401k. But there's no getting around the fact that you're going to have to pay taxes at some point on these investments. And many of you are thinking, “Well, but yeah, that's normal. I mean, you're always going to have to pay taxes.” 

 

This is where real estate investing really, really hits the mark. And this is what I'm really excited to talk to you guys about when it comes to real estate. There are so many tax benefits to real estate investors. In fact, yeah, the tax code was written for real estate investors and this is especially true if you achieve something called real estate professional tax status, also called REPS, R-E-P-S. We'll talk more about that later. 

 

Okay, let's go over the overall benefits of real estate. We're going to talk about the speed of growth or speed of wealth with real estate. We're going to talk about control, taxes, familiarity, and the fact that it's a tangible asset. 

 

So first, let's talk about the speed of growth with real estate. And I think this is one of the biggest benefits of real estate because I hear so often from my women physician colleagues that they understand the basics of stock market investing, but that it takes so long, especially when they start plugging in numbers in a compound interest calculator. 

 

And so if you want to reach financial freedom quicker or at least get flexibility earlier, then you really should consider real estate because you can create freedom relatively quickly. So what does that mean relatively quickly? You could do this within three to five years. I would say probably five years. That's way, way less time than waiting decades for the stock market to pay off, right? 

 

Next we have control. This is where some people get a little scared because in some ways, investing in index funds is kind of nice because it's super hands-off, and it's even more hands off if you just invest in a target fund. With real estate, it's a bit more hands on, although there is a range over passive to active. But the more control that you have over real estate, the more benefits you will have and the more wealth you can grow quickly. 

 

Familiarity, remember most of you guys are already familiar with real estate investing way more than you think because you've been a tenant at some point as a renter or you've owned a home or maybe you're living in that home that you own right now. So those experiences actually make up part of the knowledge of being a real estate investor and the more types of homes, apartments, et cetera, that you've lived in, that gives you even more experience than you realize.

 

Finally, real estate is a tangible asset. You can see the property that you own. It's real. And this is so different than investing in the stock market where you just see numbers on a screen and a bunch of letters and yeah, you know that you own 0.4, 0.5 shares of a company. But what does that really mean? You can't really see it. You definitely can't touch it. And so for many people, the fact that you can actually see and touch your property can actually make you feel a lot more confident.

 

So let's talk about how you actually make money by investing in real estate. And this is where I find a lot of people actually don't understand how it makes you money. That's partially because if you're a homeowner, you only see one side of how real estate can make money, specifically appreciation. And that is one way to make money in real estate. But that's sort of gambling, right? Cause you're kind of hoping that it will appreciate, and generally it does. Obviously, every real estate market is different. For example, you know, my fiance had a condo in Brooklyn, New York City, and so the appreciation in New York city is unreal. He was able to sell his condo at almost 400% than what he actually paid for. 

 

That brings me to another topic, leverage–because he didn't actually pay the amount when he bought it. He bought it for, it was in the low one hundreds, let's just say $150,000 for this example. He didn't have to put in $150,000. He made a down payment of $15,000 and was able to sell it for way, way more. So that's called leverage. Basically you're making a down payment, you're leveraging borrowed money to make more money. This is kind of an out-there topic or concept because a lot of us think that debt is bad, right? Because in real estate you often take on debt to make money in real estate, and that's a concept that many of us are not familiar with or we're not comfortable with because we've been conditioned to think that debt is bad. We'll talk about that in a later episode. 

 

So cash flow is one of the ways you can make money with owning direct real estate. Basically, your tenants pay rent and the rent covers more than your mortgage and other expenses, so you've created a small amount of cash flow. Now a lot of people understand this concept and when you look at the actual numbers, you might think, “Well, gee, this is only cash flowing $500 a month or a thousand dollars a month. That's not really going to move the needle for me.” But that's just one aspect of how you make money in real estate. 

 

The real benefit, in my opinion, are the tax benefits. And there are such numerous tax benefits that I sort of mentioned earlier. And so it's really the tax benefits combined with all the other things, cashflow, possible appreciation, and leverage, that just grow your money at such a fast pace. 

 

Let me give you an example. So I mentioned before that there's something called real estate professional tax status. This is where you're able to write your real estate losses, which are paper losses (meaning they're not actually real, meaning you're not losing money, but on paper you are losing money). That's not making sense. Don't worry about it now it's just something you do on your tax return. Okay?

 

If you're able to elect this tax status, real estate professional status, you are able to use these paper losses against your active income. What do I mean exactly? That means that if you are working as a physician or you have a business or some other sort of stream of income where you'd generally pay income taxes, right? Which most of us think is normal and that we all should pay taxes. Well, if you have real estate professional status, you have the possibility of actually paying zero income taxes. Now some of you might think you're thinking, “Well, that's just not right. I mean, I should be paying income taxes.” Here's the thing, the government will get its money. Instead of paying income taxes, you're paying taxes through the real estate. Because when you own real estate, the real estate generates taxes for the government.

 

Think about it. Property taxes. Do you have tenants living there? Property manager. All the things that go along with real estate investing generate taxes for the government. You're still paying taxes; it's just offloaded and basically, someone else is paying the taxes for you. 

 

Think about that. You’ve got your cash flow, which is generally tax free anyway because you can write your paper losses against it. You've got leverage because you're generally not paying the whole amount. Let's say you bought a $300,000 property, you're not putting in $300,000 to buy their property. Generally you're paying a percentage of it–25 to 30% let's say–and the rest is loaned from the bank. And then if you combine this with tax benefits, like real estate professional status, it can really supercharge how you create wealth. We'll talk more about real estate professional status later because there are lots of nuances and most physicians initially will not qualify. However, it's still worth it to invest in real estate because later you may qualify.

 

So I want to close out this overview of real estate episode by talking about the different types of real estate out there.

 

Now, many of us just think of homes because you probably live in a single family home. That's what we call it and real estate investing. That's the most common type of real estate that people think of. 

 

Well, let's talk about all the other ways you can invest in real estate that you can actually own. It starts with just raw land, like you could just buy land that has nothing on it. Land is valuable or you can develop real estate on top of it, right? 

 

We already mentioned single family homes. This is the traditional home that you probably live in now. Then we have multi-family homes. Basically it's duplexes, triplexes, quads, et cetera. Then we have our super large apartment complexes, which is where I live now. I'm renting right now. We have mobile homes, we have commercial real estate. We have self storage, there is senior living. Just look around. You'll start noticing all the different types of real estate that people live in and those are all available as investments in the future. 

 

I hope I've piqued your interest around real estate and I have made it a bit more approachable. Stay tuned for part two where I'm going to go over the general ways to actually invest in real estate and go over the spectrum of passive to active real estate.

 

This episode is sponsored by Zero to Freedom, the free email mini course by Semi-Retired MD. Semi-Retired MD are doctors Letizia Alto and Kenji Asakura. They are the physicians who have achieved financial freedom by investing in direct real estate, and they teach physicians and other high-income professionals to do the same.

 

In this free video series, you will learn what you actually need to know to successfully invest in direct real estate. Go to wealthymommd.com/semiretiredmd to join their free video mini course. 

 

Hey, if you're a woman physician who is ready to take control of your money, you've got to check out my program Money for Women Physicians. It's part course, part group coaching, and a hundred percent guaranteed to put more money in your pocket. Go to wealthymommd.com/money to learn more. 

 

If you enjoy this episode and don't want to miss out on new episodes, please hit the subscribe button on your favorite podcast app.

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5: Get Your Side Gig On with Dr. Carrie Reynolds

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You are here to uplevel your money and your life. One way to do that is to learn to think beyond your clinical income. Typically, physicians see direct patient care as their only source of income. Once our eyes are opened to multiple streams of income, people have a very common question, “What should I do?

To help you get started, I sat down with my friend and fellow physician Dr. Carrie Reynolds. In addition to her physician work, Carrie also runs her own business, the Hippocratic Hustle, that showcases the side work of other physicians. Her podcast currently features over 70 guests who are doing amazing things outside of traditional clinical medicine. 

When it comes to finding the right side gig, the most important thing you can do is to get started. Carrie says it’s OK if you don’t know what the end goal will be. She shares Dr. Kristen Bizati’s story about how a wedding planning book with a focus on Persian weddings snowballed into an intercultural consulting career. 

Another important aspect of starting a side gig as a physician is understanding our unique perspective and skillset. As problem-solvers by nature, many physicians find side work that overlaps with something they do professionally. In the case of Dr. Katie Deming, her work as an oncologist led her to create MakeMerry, a company that understands the unique needs of breast cancer patients and survivors. 

Even if you don’t start a side gig right away, it is important to at least consider the possibility of side gig work. It’s easy to forget that there are other things out there if you’ve been doing your clinical work for so long. You can build a side gig around a passion that is an offshoot of your skills or one that allows you to revisit an interest or hobby from the past. 

As you continue to foster a growth mindset, improve your finances, and uplevel your life, you won’t want to miss the advice in this episode from Dr. Carrie Reynolds.

In this episode, we also explore:

  • Carrie’s Hippocratic Hustle empire that spans side gigs, travel, and real estate 
  • Why physicians are uniquely suited to side hustle and explore entrepreneurship 
  • How podcasts are monetized and the real way they can propel a career or side gig 

Enjoy the show?

Subscribe to the podcast (on whichever platform you listen on) so you don’t miss an episode! My favorite podcast player is Overcast.

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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 uplevel your money and your life. I'm your host, Dr. Bonnie Koo. 

 

BONNIE KOO: Welcome, Carrie, to The Wealthy MD Podcast.

 

CARRIE REYNOLDS: Oh my gosh, Bonnie, I am so excited to be here on your new show. That’s awesome.

 

BONNIE: I know it's very strange having Carrie on because usually that's the other way around. She is welcoming me on her show. To everyone who's listening right now, I'm feeling super insecure being the interviewer this time because Carrie is such a pro. So first, a good morning. 

CARRIE: You're doing great. 

 

BONNIE: Okay, awesome. So the reason why I brought Carrie on to the show today is I want to talk about side hustles. So as you recall, in a previous episode titled “Think Beyond Your Clinical Income,” I talked about how many physicians sort of only see their only source of income as direct patient care. But there's so many options. And I actually think that everyone should pursue multiple streams of income and think beyond their current physician job. And so a lot of times people ask, “Okay, that makes sense. I should do that. But what should I do? What can I do? I need ideas. I want examples.” 

 

And so I usually tell them, “I have a perfect resource for you.” And it's Carrie’s podcast, The Hippocratic Hustle, because she basically interviews mostly women physicians who are doing amazing things outside of sort of traditional clinical medicine. And so she started in 2017. Is that right? 

 

CARRIE: Yeah, I think so. 

 

BONNIE: So how many people have gone on? Do you know the number?

 

CARRIE: I have over 100 episodes now and probably over 70 or 80. I actually need to count that. That's a really good question. 

 

BONNIE: So, basically at least 70 ideas or so? 

 

CARRIE: I think so. Yeah, yeah, yeah. And even if someone came on twice, there's probably two ideas there. So at least 80 ideas. 

 

BONNIE: Yeah, and it's so amazing what women have been doing. Women physicians do things that I wouldn't even think of. And I think that also goes to show that so many physicians, they really think they can't do anything else besides what they do. And so I think we forget that there are other things out there besides medicine because we've just been doing it for so long. 

 

So one guest that's really memorable to me, Carrie, is the one who I'm trying to think of. It's been a while. The one who helps women or men marrying Persians.

 

CARRIE: Oh, yes, she is awesome. Oh, my gosh, I'm drawing a blank, and it kills me that I'm forgetting her name right now because she's a good Facebook friend. But she married a man whose family background was from Iran, from Persia, and she had to go through the whole marriage process. And so she ended up deciding, well, it was hard enough for her to understand the traditions and the culture that she didn't want other people who were going through the same thing to have to try to reinvent the wheel. So she wrote a book about wedding planning for Persian weddings. So, yeah, it's apparently a really popular book for couples that are going through that.

 

BONNIE: I mean, what an amazing resource. 

 

CARRIE: Yeah, for someone who needs something like that, it’s perfect. She said, It's doing pretty good. And then that actually ended up snowballing into another career that she has on the side, which is cultural communication, like counseling and coaching for people who are doing business with people in the Middle East. So it even went beyond weddings into a whole other business. So it seemed like something she was just doing for fun on the side ended up being a whole other branch of her overall career and who she is. So, yeah, amazing. 

 

BONNIE: I think that's a perfect example of just getting started with an idea because you don't know what the end goal will be necessarily. It's not until you get started that, like, you just give a perfect example, starting with this book, and now she's doing consulting, you know, for business. So I think it's pretty amazing what can happen once you sort of allow yourself to even pursue something different. 

 

CARRIE: Yeah, and her name is Christen Behzadi. She's a physician in Texas. So, yeah, it was a really, really fun episode. I love that episode.

 

BONNIE: Yeah. We'll be sure to link that episode in the show notes. So going back to you, Carrie, can you tell us how this podcast idea even started? So you started in 2017. So what was sort of the inspiration for you to even do this? Because I will tell you, as someone who just started a podcast, it’s a lot of work, man. 

 

CARRIE: Yes, it is. It is. I know it's like anything where people are making things creatively, whether it be a blog or YouTube show or a podcast. It looks so easy when people are doing it. But then when you actually realize what they're doing behind the scenes are so much more to it. So it is. 

 

So I started in about 2017. At the time, I had been attending for about three-ish years, maybe 2.5 years. And it was about that time where I had really settled into my job. It felt relatively easy, you know. I mean, there's always challenging patients that you have, so there's always something new that you're doing in medicine. But for the most part, it was, you know, the same sort of patients. It was getting a little bit boring, it was getting a little routine. 

 

And I don't know about you, but when I was going through all of my training, I mean, whether it be from undergrad to med school to residency to, you know, fellowship. There's always these, like 3- to 4-year blocks that we are doing these things. And we're always looking forward to the next step that we have coming up. And I think it was in this job that I had that I was like, “What's the next step?” And I didn't have a next step and I didn't have a goal. And I was looking for goals professionally within my job there. Could I, you know, advance myself in the private practice that I was in? Could I join some committees? Could I do a few things on the side that might resemble that next step that I was looking for professionally? But unfortunately, where I was, there just weren't a lot of options for that, so I really felt a little bit stuck and a little bit bored. 

 

BONNIE: Yeah, and so for those of you who don't know, I think that's around the time Carrie and I met, at least virtually. So I don't know if everyone knows the story, so I want to see if I can remember it. (laughter)

 

So my memory is I think I helped you with something. I connected you to Jim Dhale. Actually, the White Coat Investor. You were having an issue about something. And I guess he ended up emailing you back. 

 

CARRIE: Yeah, because he's a really responsive guy. 

 

BONNIE: Yeah, really good with email. He still replies to emails. Amazingly, I can't imagine the volume he gets. So that happened. And then, not too soon after, a box of toffee showed up at my apartment. 

 

CARRIE: That's so funny. I had a friend who was doing this thing since he was an attending, and he's making a little bit more money, you know, he was a recent graduate, but he was making more money. So he started sending chocolates to friends for Christmas and stuff, and I thought, Well, that's really nice. I thought that was kind of cool because we were getting chocolates from him for Christmas. And then I thought, Well, I should do that, too. But as a thank you gift for people who are doing nice things for me. And so I thought, well, since Bonnie really helped me there, I'll send Bonnie some chocolates and I'll send Jim some chocolates. I totally forgot to send it to Jim. Oh, sorry. Jim, you  didn't get your chocolates. I'll have to just send them over. He would be like, Why are you sending this? But I still think it's a great idea. And I, honestly, I haven't done it too much since I sent you the chocolate. 

 

BONNIE: So, uh, all right, well, we love them. Like, we just put them in the freezer. And because they’re really tiny ons, it felt like it wasn't a big deal to have a little piece of toffee. So we'd like, dig into the freezer and like them one day they were gone. 

 

CARRIE: And it's really funny that was memorable for you because I think it was not too much longer after that I was basically brainstorming about what to do with my podcast and who I wanted to have as guests. And I thought, Well, you know, Bonnie! At the time, you had been really vocal and obviously one of the biggest helpers on the Facebook group that we were part of. So I mean, you were like Facebook famous at the time, right? So I just decided, Well, if I'm going to have someone with a personal finance twist who likes to talk about money, then Bonnie would be an obvious choice. So I wasn't sure she was going to say yes. But I emailed you, and you were like, Yeah, sure. 

 

BONNIE: Did I even have a blog at the time? 

 

CARRIE: I think so.

 

BONNIE: Yeah, maybe the first rendition had just started. Like, maybe it had a few posts or something. 

 

CARRIE: Yeah, exactly. It was pretty fresh. 

 

BONNIE: Exactly. So tell us how the podcast idea even came to you. 

 

CARRIE: Yeah. So I think it came to me because, you know, there's a lot of Facebook groups that we've both been into. You know, some of them had tons of people, and I think I was part of maybe three that were most important to me. It was the Physician Moms group. It was the Women Physicians Personal Finance group. And there was the Women Physician Entrepreneur group. And between those three groups, there were often people who would post on those groups about what they were doing.

 

And I remember there was one memorable time when there was someone who had just left her private practice and opened a solo practice. And people were asking her, “How did you do that? How did you get up the guts to leave your group and do all this stuff?” And she was typing her response, and it was so fast that there were typos and you could just see that it was like a stream of consciousness. And she was trying to teach everybody what she did. But, I mean, in a Facebook group in a little post, that is not the place where you can really express yourself and get all those ideas out at once. 

 

So I thought it would be awesome if we could hear this as a podcast. And I for one, I'm a huge podcast fan. So I've been listening to podcasts for years, and I thought I would like to hear this as a podcast. I thought, “Well, are there any physicians out there who are doing this? Is there anything like this?” 

 

So I searched Apple podcasts and at the time, Apple, it's really hard to find good podcasts sometimes, especially if you're looking for something very specific. Sometimes the discoverability of podcasts is very difficult to find, even if it exists. Apple has improved that somewhat, but definitely three years ago it was really hard to find things and I couldn't find anything. I couldn't find anything that was related to physicians doing a side gig or, you know, a project or business or things like that. And so I thought I had that little spark in my head. I'm kind of the type of person if I'm in a group of people and someone asks for a volunteer and no one's sitting around, I probably will end up putting my hand up and volunteering. I don't know. It's just like no one's volunteering, I better just do it. So once I got that thought that I should just do it, then I was like, Well, I have to do it now. So that's basically how the podcast got started.

 

BONNIE: I actually, do you remember you telling me that's how it started. You were seeing people posting things, and you're like, we need a better way to collate all these great ideas into one. Because, as you know, with Facebook posts especially, this is a comment. I'm assuming. 

 

CARRIE: Oh, yeah, a lot get lost. 

 

BONNIE: You see it one day. And if you didn't see it that day, it's buried by other things. And Facebook is also difficult to search.

 

CARRIE: Yeah, And I thought, Well, that's a shame that she went through so much to type all that and get it out. Now it's gone. It's gone. I have no idea how to find that post again. 

 

BONNIE: And then these days, we're just in so many Facebook groups. I don't remember where posts are. I'll read something and when I try to go back and search, I'm like, “Ah, what group was it in?” Then I just give up. 

 

CARRIE: Yeah, Unfortunately, Facebook is just so huge, and the bigger the group, the worse it is, right? So it's almost like you're a little better off having in a group of like, 3000 or 4000 people because I think there's enough information there but doesn't get overwhelmed by the volume. But everything has value to it.

 

BONNIE: Now that you've interviewed over 70 mostly women physicians, is there anything that surprised you about their hustles. Have you seen themes? And I guess I'm just trying to get a sense of how my readers can be expected to listen to, you know, the women saying what they're doing. 

 

CARRIE: I think a lot of people have found that there's some passion that they've always had in their life that they want to get back to, or there's some passion that ends up being an offshoot of something that they're doing professionally. For example, I'm thinking off the top of my head, MakeMerry is a lingerie company that I interviewed the founder–I do believe her name is Doctor Katie Deming–and I interviewed her on the show. She was a radiation oncologist, and she found that there were women coming into her clinic with breast cancer who were having really sensitive skin issues and they couldn't wear regular lingerie.

 

Apparently, they make this lingerie for people with these problems that are really frumpy and ugly, and she was like, “Well, this is horrible.” A 40 year old woman is coming in, and she wants something comfortable and pretty. So she had a passion in her past for fashion design; she's always been really fascinated by that. I don't think she had ever really done it professionally, but just almost as a hobby or just something that she liked to think about and read about that sort of thing that she decided these ladies need a garment. I know what kind of government they need. I'm interested in making items, fashion items, I guess, and twisting all that into something that's both an offshoot of her passion personally and also of her professional work.

 

So I think that's a great example of how she was able to kind of mix that up and make a product. I just saw it on her Facebook that her lingerie won an award for best type around for this sort of situation. She's doing amazing work and really helping people and making some really pretty bras in the process. And she definitely was one who was saying that doing the side business is like fuelling my passion and helping support me professionally and emotionally at the same time.

 

BONNIE: Well, first of all, I think physicians are perfectly poised to notice problems and come up with solutions. That's kind of what we know, right? Yeah, that's the problem. And then we are giving solutions, you know, in terms of medical advice, right? But that skill set is translatable to so many things. I think that's actually a key point. You notice a problem and you try to come up with a solution, usually either for yourself or in the case that you just said, it's for her patients. So I think that's actually a great point right there that you actually might have a solution that hasn't been given.

 

CARRIE: Yeah, I think that's a great point that we're problem solvers. And even if it doesn't relate professionally to what you're doing. Like that example of the Persian wedding planner. I mean, we’re helpers at heart. We want to help people. And so I think that's all coming from who we all are. At the core of who we are is to help people.

 

So if you find someone who needs something, we want to fulfill that. Whether it be helping them with money, like you do, or helping them plan their wedding. Yeah. 

 

BONNIE: So what have you learned so far after a few years of podcasting? Is podcasting your side hustle? Has it given you inspiration to work on other things? 

 

CARRIE: Yes, it's part of a side hustle. I mean, a lot of people assume that many people who are successful with podcasting and what's the definition of success in podcasting? Actually, that is a whole can of worms for that one, too. But many people assume that people can make a lot of money podcasting, and there's really unfortunately not a ton of people who are making a ton of money being podcasters. Really the ones who are making money are the ones who are already famous. I think you know as far as nationally known personalities and things like that.

 

So it's not the easiest thing to make money on as a singular task. But you know, it can be quite successful for using it as some sort of promotional tool or advertising tool for something else that you're selling, such as the course or coaching business. Or, you know, even the Persian wedding planner. I don't think she has a podcast, but if that was something she wanted to promote, then having a podcast about that topic would be great. And I think people had a lot of success using podcasting as a means for that. 

 

As far as success with podcasting that’s monetary, it’s a little bit difficult to make a ton of money, especially at the beginning. I just tried to break even when I first started getting rolling with this. I didn't want it to take any of my family's money to support the podcast because, you know, I still have student loans that I'm paying off and stuff like that. So it's not fair to use this quasi-hobby/business and start taking away from my family's finances.

 

So I've always tried to at least break even with my finances and then maybe a little bit on the side because it takes a ton of time. And unfortunately our value, many times, comes from seeing patients, and that's where we really can make the best money for our time is seeing patients. So when I think about that, I really don't make very much money per hour that I'm working on the podcast at all. 

 

BONNIE: What you said about, you know, it's not easy to make money as a podcaster. Well, it's a little like, remember when blogging was kind of the thing everyone was trying to start because people had seen bloggers make money. Then, everyone kind of jumped on and assumed they could make money to write something there. You have to have the traffic, meaning you have to be popular. You need eyeballs for advertising. 

 

So I find it fascinating how the models have changed over time. And so if you're looking at a podcast as making money by itself in its own sort of vacuum, like a blog, I do agree. You have to get sponsors. It’s kind of the same sort of model, so there's different ways to look at it. I guess what you said is more about marketing tools or what I call lead generators. 

 

So this is kind of a mini business lesson for those who are looking for a way to market your services  as a coach. You know, obviously, I'm a coach. I coach people. I have an online course that I sell. So for me, the podcast is a way to get my free, valuable information out there because I also know that most people won't ever pay me, which is totally fine. But I still want to be able to teach them and give a free or low cost resource for people. 

 

It's a way for people to get to know me to see if I guess worth paying for, I guess, is one way to say it. And it is also part fun, right? Because it's fun to have your friends on, like Carrie, for example, on the show. But I do agree, if I was just doing it purely for its own self, for money, it would probably not be worth my time to do that, right?

 

CARRIE: Right. What I think about as far as the value from the podcast is there's tons of intangibles. Like a lot of intangibles that I've gotten from doing the podcast. And actually, one of the things that's actually more tangible than intangible is that I had my now-good friend Cheri Wiggins. She's a PM&R physician. She came on the show to talk about a product that she created.

 

After we got done doing the interview, we started talking about what she does for physician life, which is she is a locums doctor. At the time, I had no idea what being a locums doc was about, you know? And she had said outright, She's like, “This is the best job I've ever had.” And I had it this whole preconception in my head that locums for when you couldn’t get real jobs. I don't know. I don't know why I have that thought, but, you know, so I didn't really understand what locums was all about.

 

Right after we recorded the show about the product that she was creating ended, I said, “Can we just record this? This is great information.” And so she was like, “Sure!” So that whole episode turned into how she got into the business of doing locums. And from that one episode with her, I decided to quit my job. I decided to basically go out on the road and become a locums doc.

 

So I've been doing that for, oh my gosh, I've been doing that for almost two years now. Financially, if we want to talk about financial rewards, that has paid leaps and bounds. I mean, I get paid so much better doing locums with working less and having better quality of life and better satisfaction with my career.

 

Overall, I mean, that makes doing the podcast worth it. Even if I was paying for every episode out of pocket, I mean by far, yes. So there are a kind of intangibles that come around from doing something like this putting yourself out there, that sort of thing. 

 

BONNIE: Yeah. No, I think that's a great point. Putting yourself out there because you're meeting people. The nature of your podcast is that you're interviewing people. So you've talked to 70 or 80 people, so you're getting ideas and you're getting new ideas and thinking about how the whole locums thing.

 

Actually, we have another episode with Carrie coming up about locums. I think becuase of you, I switched to locums if I really have to think about it. So is that crazy? 

 

CARRIE: Yeah. 

 

BONNIE: From that one episode, right? 

 

CARRIE: Yeah, all from that one episode. So the trickle down, I mean, and I’ve definitely gotten emails from other people who have listened to the show and not even just locums, but, like, “Oh, someone did this, and so I decided to do this. And now it's really great, thank you so much.” That sort of thing. So the trickle down effect, I guess, probably is greater than I even realized. So again, I guess it comes back to wanting to help people. And, you know, I just hope every story that I put out there gives someone some sort of idea that maybe they could do something a little bit different with their career.

 

BONNIE: Yeah. So what other hustles have you been pursuing since the podcast? I know you've been up to lots of things.

 

CARRIE: Oh, yeah, I think I had to think about it for a second. Like, what am I doing? Oh, yeah. So I recently got licensed to be a real estate agent here in Colorado. So I'm a licensed real estate agent.

 

BONNIE: Awesome. 

 

CARRIE: This is so funny. And, you know, that came from me going at one point maybe two years ago. Someone saying, “Oh, if you weren't a physician, what would you do?” And I think I was like, “Oh, yeah, I’d be a real estate agent, I guess.” 

 

Every time I've bought and sold my house, I've been so fascinated with the process, and it's kind of like being a lawyer, but a little bit lighter version of being a lawyer. But I also would want to be a lawyer, I think. But then I think if I actually went to law school, I would get overwhelmed, and I don't think I'd actually want to do it. But in my head, it seems like a fun idea. And every time I buy and sell a house, I'm just so fascinated with the real estate and the pricing and all that stuff.

 

So someone said, “What do you want? What would you be if you weren't a physician?” I said, “A real estate agent.” And then I thought, Well, why can't I be a real estate agent? That's actually something that's relatively achievable even while being a physician. So I really didn't have a strong plan at the time. 

 

I talked to Peter Kim who also is a licensed real estate agent and he was really encouraging. He's like, “Yeah, totally go out and do that, man. Pretty ‘easy.’” And yeah, it kind of is. But actually, being a real estate agent itself is not easy; doing the school work when you’re a physician is easy. I mean, we went to medical school, so we're really good at tests, so it's not too hard.

 

BONNIE: I think that's a great point, Carrie. There aren't that many things that are really hard for a doctor. If you finished medical school, you finished training, there's so much stuff that you're capable of. 

 

CARRIE: I mean, I've talked to some people on my podcast who went to law school after they went to medical school, too. So, yeah, I mean, it just takes time and it takes, you know, a little bit of effort and putting your time into something new. So that sometimes can be hard, but yeah, you can really do anything as a physician on the side. You can do anything. 

 

BONNIE: So tell us more about this real estate thing. So what are you doing with it? Are you actually using it? What was your idea?

 

CARRIE: Yes. So I am a real estate agent with Your Castle Real Estate here in Denver, Colorado. But my side name for it is Hippocratic Homes. But my goal ultimately is to help any physician who's moving in or out of the Denver market to help find a home here in Denver. For the greater Denver area, in the metro area, because the market here is really fast paced and it can be really hard. And as physicians, when we're moving after fellowship, we moved to Denver from Kansas City, and it was so hard to shop for houses because we really only had a chance to come out here. I mean, on maybe one day, maybe two or three times before we actually bought our house. 

 

And it's just so hard to buy a house in that environment where you really don't know the neighborhood. You don't know the school districts. You don't know the commutes. You don't know the traffic patterns. You don't know anything. And when we moved here to Denver, our real estate agent really didn't know how to answer those questions. I was really good at finding the answers, so it wasn't a big deal for me, But I thought a lot of people don't have the bandwidth to understand all this. I want to help them when they're moving into Colorado. So anyway, that's my goal. So if anybody is moving to Denver and needs a real estate agent, I'm your girl.  

 

BONNIE: Well, Carrie, that just brings up what we just talked about earlier. You had a solution to a problem, right? You becoming a real estate agent to help busy physicians, you know a solution.

 

CARRIE: Yes, of course. Of course. Yes, yes, that was right. That was the problem that I felt that I had. And I have a solution for that problem. So yeah, you're right. I didn't even think about that. I am helping people again. It comes back to us being helpers. You're right. 

 

BONNIE: Yeah. Awesome. So we got the Hippocratic Hustle, Hippocratic Homes, and don't have another offshoot?

 

CARRIE: I do because I can't stop. Holiday. So Hippocratic Holiday is a podcast for physicians, not just ladies, but any physician who wants to come on the show and share a story of their trip or the adventure. And basically, I just really wanted a way to hear stories about people's adventures mainly. Again, I'm on another physician travel group on Facebook, and it's so hard for people to express exactly what they did and also to then review that again when you're like, “Oh, someone went to the Amalfi Coast. Where did they go? I knew I saw that. What was that?”

 

So I wanted just another reference for people who are planning their trips. Honestly, when I was looking through Apple Podcast trying to find podcasts that would fill this kind of thing that I wanted to listen to, I had a really hard time because a lot of times when people are doing these sorts of podcasts, they’re digital nomads. They’re in their twenties or whatever, and they're making podcasts about just traveling the world and not having home. And they're just basically podcasting and blogging and YouTube-ing about these things. But very few of us could be digital nomads. 

 

I’m not going to say, I'm not going to have a digital nomad on my show because I know a few physicians who are now basically traveling the world and essentially, you know, not staying put in one place, so they exist, too. But the majority of us have, like, three weeks of vacation, and we really have to spend it wisely. And we all have this pent up desire to kind of get out and see the world. 

 

I know I did. We finally took our family on her first international trip last year, and I had been dying to because I studied abroad in France. Once upon a time, I spoke French fluently, and so I have a strong desire to introduce my daughter to other cultures, but with medical school and work and all that stuff, we just have very limited time to do that. So the Hippocratic Holiday is a great way to kind of get some ideas for different places you can go. Or just a little bit of escapism, if that's what you need too. 

 

BONNIE: Yeah, I know. It's like an inside joke. Like I don't even know where she is half the time. Because between locums, and I feel like you're always traveling now. Like, maybe you are always on a trip. 

 

CARRIE: Yeah, there was a moment where I was always traveling. Not right now.

 

BONNIE: Give it a bit more.

 

CARRIE: Yeah, exactly. In the times that we're in right now, but definitely itching, itching to get back out. We had plans to go to Hawaii again for our 20th anniversary and plans to go to Italy again. And so there's a lot of places I want to go with it right now, but I can't go. So I really can't wait to get back out there.

 

BONNIE: What do you think your first trip is going to be? 

 

CARRIE: Oh, my gosh. Well, quite honestly, I think my first trip is to take our camping equipment to go camping in Colorado. I think that's probably gonna be our first trip, which wasn't something that we necessarily were going to do. But this summer, I think it's definitely going to be a stay close to home kind of vacation situation. And we do have a whole bunch of camping equipment. So it's time that we used it.

 

BONNIE: I actually love camping. At least I say, I do. I grew up camping. I don't think Matt’s a huge fan. 

 

CARRIE: Oh, you guys should come out camping. We're not doing anything too hardcore. We have a very plush—

 

BONNIE: Glamping!

CARRIE: Yeah, pretty much glamping. Which is funny, because my husband and I used to backpack and stuff like that. So we used to make fun of car campers. But now it's like, whatever you're outside, I don't care. 

 

BONNIE: Awesome. Well, I think we uncovered a lot of awesome information and hopefully inspired folks not to just listen to your podcasts to get inspiration, but just even hearing us talk. And I think I love that, you know, at the core of who we are is we want to help people. So I went into medicine, and so I see that as a common theme in terms of all the hustles that all the physicians are doing with their time right now. 

 

And so, Carrie, tell us how people can find you. 

 

CARRIE: Yeah, well, you can find the podcast Hippocratic Hustle and Hippocratic Holiday anywhere that you get your favorite podcast. So it should be there, Also, hippocratichustle.com, hippocraticholiday.com and hippocratichomes.com are all where you can find all those things.

 

BONNIE: Awesome. We’ll be sure to link to all that in the show notes. 

 

Carrie, thank you so much for being here. I had so much fun. 

 

CARRIE: Thank you, Bonnie. Awesome.

 

BONNIE: Thank you. 

 

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4: Think Beyond Your Clinical Income

What if you could minimize some of the money anxiety in your life and find financial freedom faster? We’ve already discussed ways to process anxiety and how an emergency fund can be a critical part of your financial plan. It’s time to think beyond that financial foundation now. 

Part of upleveling your money is about having more freedom and more choice. That’s why thinking beyond your clinical income is key. Let’s explore some of the ways that multiple streams of income can help you be more empowered. 

Before exploring the why and the how of multiple incomes streams, it is important to understand exactly what multiple streams of income means. As a physician, most of us have a relatively fixed mindset when we think about income. After spending all that time and all that money in medical school, we tend to think of our income in terms of our profession. 

Yet, there are many ways that we can help others, pursue passions, and earn more money beyond our main job. Multiple streams of income are other ways that you generate money. It might be through roles related to your physician brain. For example, many physicians now generate income through telemedicine, moonlighting, locums, surveys, consulting, and even casework for lawyers. 

Additional income streams can also come from the stock market and entrepreneurship. The stock market is definitely an important piece of our financial wellbeing. Still, it is important to remember that the real power of the stock market and of compounding require time. That means that for many of us, the stock market will not be a significant stream of income until years or even decades later. 

Think Beyond Your Clinical Income: The how and why behind having multiple streams of income

In addition to physician-related work and the stock market, you might explore entrepreneurship. There are many ways that you can create a business online or in person. Start by considering your other interests and talents and work from there. 

Now that you know what multiple streams of income means, it’s important to understand why you would want to put in this extra work. Why bother building additional income streams? Ask yourself, “What would happen if my income dried up?” and you will have your answer. 

In the past, physicians enjoyed amazing job security. In recent years, how physicians work has shifted. Instead of opening our own practices, many of us find ourselves as employees. There’s nothing wrong with that. However, it is important to note that changes in the healthcare landscape and the recent pandemic have both revealed that physician job security is not what it used to be. 

Think beyond your clinical income. Perhaps you want to pursue other opportunities that overlap with your physician skill set, maybe you explore entrepreneurship, or possibly you do both. No matter which stream of income you focus on first, know that you are taking an important step toward being more empowered and upleveling your money and your life. 

In this episode, we also explore: 

  • The benefits of multiple streams of incomes
  • They ways physician job security is evolving
  • How and why to change your fixed physician mindset
  • Other income options as a physician beyond patient care 
  • My personal experience with multiple streams of income as a physician  
  • An inside look into how I make money as an entrepreneur 

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If you love what you’re hearing on the podcast, I would be SO grateful if you left me a review on iTunes. These reviews help other people find this podcast. And you may just hear me read your review on the podcast! To review: click here, then select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

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  • Learn more about how to manage your mindset with Wealthy Mom MD
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3: How to Deal with Money Anxiety

Are you feeling anxious about money? Today we talk about how to deal with money anxiety or in other words, how to feel better!

Before we get into it, you need to understand the relationship between our primitive brain and our prefrontal cortex, or higher brain and how feeling anxiety evolved from something that was very useful to our survival but rarely is in our modern day.

For most people, anxiety is not a pleasant feeling and most of us will do anything to avoid it. Be sure to listen to the episode to learn an easy process to manage anxiety and download the FREE worksheet to walk you through it!

If you want to uplevel your money and improve your mindset, you need to understand how anxiety works. Why? Because we all face anxiety and likely always will. However, anxiety does not have to result in paralysis and inaction. Instead, by learning what anxiety is and how to process it, you can move through your anxiety more productively. 

Wealthy Mom MD quote on money anxiety

Generally, when people feel anxious, they do one of three things: resist it, avoid it, or react to it. In order to truly deal with anxiety, though, we need to choose to fully experience it. By doing so, we can regain control and reflect more accurately on our situation. 

One of the most important things to remember about anxiety has to do with mindset. All of our feelings come from thoughts and beliefs. The reason that these beliefs become so powerful is because they feel like the truth to us. 

Learning how to turn a more critical eye to the thoughts and beliefs that make us anxious is key. 

The four-step process I recommend is to:

  1. Write down all of your anxieties
  2. Separate out the facts from thoughts, beliefs, and feelings
  3. Pick one thought and question it
  4. Learn to focus on the present

Explore this approach more by downloading my free worksheet and tuning into this episode.

Most of the time, when we are anxious, we are thinking about something that has not happened yet. Anxiety can be so distracting and overwhelming that it keeps us from focusing on the present. While worrying and enduring anxiety can sometimes feel productive, oftentimes it leaves us in a state of inaction. That is why learning to be more present focused, rather than future focused, can be so effective. No one’s life is ever going to be totally free from anxiety. Learning to process it effectively, though, will leave you productive instead of paralyzed. 

In this episode, we also explore:

  • How the primitive brain doesn’t always fit into the modern world
  • What spurs anxiety 
  • The differences between feelings and beliefs
  • A deeper dive into the four-step process to deal with anxiety 
  • My personal experience with processing anxiety with job loss during the pandemic
  • Effective strategies for focusing on the present 

Enjoy the show?

Subscribe to the podcast (on whichever platform you listen on) so you don’t miss an episode! My favorite podcast player is Overcast.

If you love what you’re hearing on the podcast, I would be SO grateful if you left me a review on iTunes. These reviews help other people find this podcast. And you may just hear me read your review on the podcast! To review: click here, then select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

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2: Emergency Funds are Sexy

Do you have an emergency fund? Why or why not? And, can emergency funds actually be sexy? In this episode, I discuss why everyone should have one and how the definition of what it actually is can vary widely. 

Follow along with my FREE worksheet on creating your emergency fund plan!

As a listener, I hope your goal is to uplevel your money and your life. How do we start to do that? One of the best ways to become more empowered financially is to have an emergency fund.

While an emergency fund might not be the flashiest part of your finances, when you need one, it is everything. In fact, when a financial crisis, like the COVID-19 pandemic, strikes unexpectedly, it is painfully clear how important that safety net is. So let’s take some time to explore what an emergency fund is and how you might fund yours. 

The biggest consideration when it comes to emergency funds is that the money is designated for something that is truly an unexpected emergency. When it comes to finances, a loss of income or reduction of income is probably the thing that is most likely to catch people off guard. 

Some people also include home and car repairs and medical emergencies in their emergency fund planning. However, it is important to ask yourself if there are certain things that you can anticipate and plan for. For instance, as a car owner, you know that you are responsible for oil changes, tire rotations, and other maintenance. The same is true for homeownership. That is why it is important to turn a critical eye to your finances to see how you can prepare for some of these costs separate from your emergency fund. It is also why making sure that you have the right health and life insurance is invaluable. 

When it comes to creating an emergency fund, I teach a four-step approach. 

  1. Define it
  2. Calculate your needs
  3. Determine where it will be
  4. Create your plan 

Explore this approach more by downloading my free worksheet and tuning into this episode.

Depending on where you are in your financial journey, you may already have an emergency fund, you may need to refill it, or you may be in the process of creating it. One of the most important things to remember about personal finance is that it is personal. That means that you want to create an emergency fund that empowers you based on your situation. You won’t regret building this safety net into your financial plans. 

In this episode, we explore:

  • Why you need an emergency fund and what you should actually use it for
  • The difference between lean and fat emergency fund numbers
  • Common and alternative ways to store your emergency fund, so that it is there when you need it 
  • A deeper dive into the four-step process you should use to start your emergency fund
  • How I created my emergency fund and how it has evolved over time
  • Other sources of cash that you can draw from in emergencies 

Enjoy the show?

Subscribe to the podcast (on whichever platform you listen on) so you don’t miss an episode! My favorite podcast player is Overcast.

If you love what you’re hearing on the podcast, I would be SO grateful if you left me a review on iTunes. These reviews help other people find this podcast. And you may just hear me read your review on the podcast! To review: click here, then select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

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1: What’s Your Lens?

Welcome to the podcast! I’m so thrilled you’re here with me on this journey. 

I’m kicking off this podcast with an introduction to your mindset. It’s the one thing we have complete control over. In this episode I go over what a mindset is and how your thoughts and feelings affect your behavior.

What is a mindset? Simply put, it is the lens through which you view your life. Some of you already think of yourselves as positive people, while others might see themselves as realists or even pessimists. No matter how you categorize yourself, you probably view your mindset as part of who you are. If that’s the case, that means you think you have a fixed mindset.

The reality is that we all choose our mindsets. Of course, if we aren’t being deliberate and intentional with our choices, we might not even notice that we are making choices at all. 

Truthfully, you can change your mindset and I can help you learn how to make that change. That means that you no longer have to wait for the perfect circumstances to feel a certain way about life. You can regain control of your thoughts and emotions to see different outcomes. Different outcomes mean a different life. That’s the power of choosing your mindset. 

Before we can begin changing our mindset, we have to understand our current lens. Take some time over the next few days to observe your thoughts and emotions. As you become a watcher of your own thoughts, resist the urge to judge. Simply notice. If you observe any negative thoughts or emotions, write them down. Becoming more in tune with your present mindset is the first step to creating a mindset that will help you uplevel your money and your life.

In this episode, we explore:

  • How your fixed mindset is impacting your emotions, your thoughts, and your beliefs
  • What it means to choose a new mindset that transforms you from powerless to empowered
  • The power of becoming a watcher of your own thoughts
  • The first step in transforming your mindset to level up your life

Enjoy the show?

Subscribe to the podcast (on whichever platform you listen on) so you don’t miss an episode! My favorite podcast player is Overcast.

If you love what you’re hearing on the podcast, I would be SO grateful if you left me a review on iTunes. These reviews help other people find this podcast. And you may just hear me read your review on the podcast! To review: click here, then select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

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This episode is brought to you by:

If you’re new to Wealthy Mom MD, be sure to subscribe to my FREE email mini-course, The 5 Money Myths Keeping You from Financial Freedom. In this mini-course I go over the 5 pervasive money myths that are out there and you’ll learn to never fall for them again. To sign up for this FREE mini-course, go to https://wealthymommd.com/moneymyths

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