Podcast
235: From Scrubs to Stilettos: Dr. Tiffany Moon on Luxury & Leadership
You’re in for a real treat today with the return of Dr. Tiffany Moon—an anesthesiologist, entrepreneur, author, and unapologetic glam queen.
We go deep into what it really takes to create your own lane (and brand), the behind-the-scenes of running luxe in-person events, and why coaching + community + conferences are the triple threat for an expansive life. Tiffany also shares the vision behind her LeadHer Summit, and we dish on all things points hacking, burnout, and building style from the inside out.
What You'll Learn:
- The mindset shifts behind launching a luxury conference from scratch
- Why community and real-life connection matter more than ever post-COVID
- How to turn a “just an idea” into a powerful brand and business
- Real talk on burnout, boundaries, and finding joy as a physician-mom
- How points hacking turned a conference into a Maldives getaway
- Why personal style is more than clothes—it’s identity
Wanna join us IRL? Come to LeadHer Summit in Dallas, Nov 7–9. Use code BONNIE for $300 off through July! leadhersummit.com
Listen to the Full Episode:
All right, Tiffany, welcome back. Hi. It's good to be here. Yeah. This is such an exciting time for you. We're going to go into all the things, but in case someone listening doesn't know who you are, introduce yourself. Hi, I am Dr. Tiffany Moon. I am an anesthesiologist, mother of twins, former reality TV personality, entrepreneur, and author. Yes. So we're going to talk a lot about her book.
And she was on the podcast before episode two, 207 to be exact. And I'm pretty sure in that episode, because it was about a year ago that we talked about your first lead, her summit. And so I actually mentioned it in either last week's or the week before because I'm always telling people to attend conferences. Like, they're so fun. You're always going to meet awesome people. You're going to meet people that you're probably following, and it's just a great way to interact.
And no one's ever said anything bad about a conference like yours or, you know, Peter Kim's, etc. Mine as well. It's hard to have a bad time in Hawaii. I have been to all of the above conferences, and my husband now thinks that I am a professional conference guy goer. And I'm like, no, I need to go to other conferences so that I can network with other conference goers, organizers.
Kind of like, check out what other people are doing, how they structure the stage, how they do their keynotes and breakouts. You know what I mean? It's like, you have research. Yeah, it's research. And it's a business expense. So you bet your butt that if I can business expense, a trip to Hawaii and see you and Sunny and lay t and I'll like all my friends and learn and be inspired and empowered and have cocktails by the pool, like, you bet I'm gonna do that.
So my husband is like, okay, we need to slow down on your conferences because I think. I mean, it's, what, halfway through the year right now, I've gone to eight. Oh, yeah, That's a lot. I don't. Including yours, including roi, including Richard Branson's on necker. So that's already three pinnacle. Like, I. Yeah. My husband's like, you got to quit going to these conferences. He's like, you need to stay home.
You're like, I haven't seen you. The girls haven't seen you. Wait, so how many more do you have for the rest of the year, do you know? I have, like, four more. And now that you know, I'VE kind of gotten into the speaking circuit. A lot of conferences that I'm going to, I'm actually speaking at and not just attending. So I think I have like four, maybe five more.
Yeah, I'm definitely not going to that many this year. I think the only one I've had so far, I'm like, is it just mine I've had this year? Is that possible? Maybe, maybe. I don't know. I. I know I have at least two more, one of which is yours. Let's talk about your conference, actually. Oh, God. Something like. Something about your conference that I can't remember now. Oh, I was, you know, I spoke at your last conference and this year I'll be just an attendee.
But you don't know how excited I am about that because I wouldn't say it's stressful when you're a speaker, but it's like this low level anxiety until your talk is over. And I think I was the last talk at your conference, which sucked. Not by design, it just happened to be that way. But yes, like when I go to other conferences until I give my talk or breakout session or whatever, there is a low level of anxiety.
And you're kind of like, you know, the night before your talk, you're not going to go out and drink by the pool or whatever. You know, I'm like, oh, I have to go to my room and practice my talk for tomorrow, update my slides, that kind of thing. But you did such an amazing job. We had such good feedback. People wanted you to like go deeper, you know, they're like, oh, she kind of teased us a little bit, but like, we need the 2.0
version of that talk. So maybe this year when you come back, you can give like a breakout session or something, you know, that's like a little bit more in depth or not. You can just actually attend and enjoy the conference. Yeah, actually a breakout wouldn't be a bad idea because your topic itself. Yes, exactly. Your topic lends itself more to a little bit of a discussion and the ability for people to raise their hand and ask you questions or specifics and you to maybe like actually take them through a scenario.
You know what I mean? Whereas when you're on the main stage giving a keynote, you have to stay relatively vague so that it applies to everyone. Yeah, it's more of a highlight. Okay, well, we can talk about that offline. Yeah, but, but tell them, tell them about the conference in general. Yeah, yeah. So I think Tiffany just kind of like decided randomly that she wanted to Have a conference.
Right. It was so random. I decided in like I was toying with the idea in January or February of 2024, and I reached out to a couple of people and a couple of my girlfriends that have had these kinds of conferences before and I was like, hey, you know what do think? I have this idea, I want it to be different than these other ones and this is how it's going to be different.
And then I think I reach out to you. I remember because it was spring break when you and I got on the phone and you're like, oh yeah, I'm just going to send you my whole conference spreadsheet. Just fill in your own numbers. And I was like, oh, okay. Yeah, I remember the first project. There's all these things you don't think about and like they add up. Yes.
If, if you guys think that having an in person conference is cheap, think again. It is so expensive, transparently. And since your podcast is about money, so it's not like go here to talk about money. I did not make any with my last summit. Which is why when I get an occasional comment dm, email, something that's like, why is your conference so expensive? Like it's really unattainable. I'm like, you don't understand.
Like that is the base cost. Like I was on verge of almost losing money last year and then last minute we had like an influx of, you know, last minute registrations. But it, it is incredibly expensive to have these in person events. Yes. No, I agree. I, I had some comments about that too, especially since it was at the four season. So it's not just the price of the ticket, it's the price of the, of the room and same.
I just was like, you have no idea how much it's cost me. I did not make money either. And it's actually a double whammy. Right. So not that people listening care about this, but I think it would give people an appreciation because I'm sure people listening go to some type of conference every year. Also, we're not sponsored by pharma. I think it's important to know they're like, when I go to my society conference, it's only $400 and I'm like, that's because there's like a huge room of sponsor, you know, pharmaceutical companies and device companies that are footing the bill.
Yeah. Anyway, we're not here to complain about events, but just so you know, events are very expensive and if it you break even, you're actually still losing money because that means you never got paid for planning it. You didn't pay your staff. You know, I mean, like, you basically didn't make any money like yourself. Like, you got paid zero, right? Yeah. Yeah. But, you know, at the same time, like, I.
I never really intended to do it to make money. Like, I. I definitely don't want to, you know, do business ventures that lose money. Like, that's not a good entrepreneur. But I wasn't like, oh, how am I going to be. Oh, I know, I'll plan a women's leadership conference. Like, no, it was that I really wanted to do this, and I saw a need for it, and I wanted to put my own spin on it, and I did.
But, you know, just. By the way, that's why we don't want to hear about complaining prices. Yeah, exactly. Okay, so let's segue into what your vision was. Yes, my vision was to bring women from all different backgrounds, not just medicine, but law, finance, finance, business, real estate, to gather and share their ideas and their stories with one another. Because I feel like when I meet other women and they share their stories with me, the challenges that they've overcome, the lessons that they've learned, practical tips, like, you know, having a fractional CFO or a bookkeeper, or, like, I want to redo my website.
Do you know anyone good? Like, just sharing these kinds of contacts with each other is so valuable. And I wasn't getting that anywhere else, you know, certainly not from my medical conferences, and then a little bit at some of these other conferences that I was going to. But they were largely focused about, you know, medicine or running a practice or things like that. And I'm sort of, you know, shifting away from clinical medicine.
Yeah. And also, they're not that fun, usually. No, they're not fun at all. And so, you know, when I was telling Sunny, who's one of the first people, about the conference, when it was just a nice idea in my head, I was like, I want it to be glamorous and luxurious. And she was like, well, those are two words that don't usually go with conferences. And I was like, and I want it to be fun and spontaneous.
I want to surprise and delight my guests. You know, I want them giveaways, and I want the swag bag to be amazing, and I just want the energy in the room to be, like, palpable. And she was like, well, if anyone can do it, it's you. Yeah, I mean, basically, you dreamed up something that you really wanted. Sort of like your personality. Like, you know, it's Got like the Tiffany vibe to it.
Right. I mean, you know, just like my conference, you know, I just love Hawaii. So I just wanted kind of like that sort of luxurious and yet, like, peaceful, like, being by the ocean type of vibe, you know? Yeah. I think everybody has their own spin on things. This is a, you know, kind of the learning point for the people listening is sometimes you have an idea and then you do a little research and you're like, oh, but there's already other people doing it.
Like, maybe. Yes. Right. I hear this from my coaching clients as well, but I'm like, well, one. That means there's a demand for it. Right. If there's other companies out there to. Yours will be different because it's you. You are putting your own spin on it. You know, like, look at the different kinds of water we have. It's water. Oh, my God. There's, like. There's new brands every year.
Dasani, Smart Water, Voss, Fiji. And I'm like, it's water. Like, I. Yeah. One says it has an alkaline pH. And the Fiji one is from the island of Fiji. Like, okay, fine, fine. It's water. If there can be that many different kinds of water, surely whatever your idea is that you think is already being done, you can do differently and put your own spin on it. Yeah, that's such a great example.
And not even just water. Just all the, like, water, like, drinks, like Gatorade. And every time there's a new brand, I'm like, what the hell? But then it sells, right? It's kind of like if you build it, they will come. Yeah. Like, there's that drink. It came out a few years ago, was a buy B A I. Yeah, it's not very good. Oh, I just remember going to an event, and they were just, you know, like, they were brand new, and I was like, why, is there another company?
Oh, no, I. My friend works in beverages, and it's wild. Wild. Yeah. And you know Poppy, Allison Ellsworth, she's a Texas girl. I actually invited her to come speak at the summit, but I don't think her schedule is gonna work out. But, you know, she just sold Poppy to PepsiCo for, like, $1.2 billion. And it's. It's a drink. It's a probiotic soda. That's, you know, better for you than soda soda.
And if she had have been like, oh, yeah, there's so many, you know, beverages already out there, I shouldn't do mine. Look where she would be right now, you know? So I guess the Lesson is that don't. Just because you see like potential competitors out there doesn't mean that you shouldn't enter the market as well. Yeah. Yes. I love that. Lesson number one. Yeah, I hear that a lot too.
Especially when like people start having entrepreneurial ideas and they're like, well, some sort of doing that. It's almost like saying there's too many personal trainers or there's too many doctors. You know, it's like, yeah, there's a lot of people. Don't let that, don't let that be a limiting belief for why you don't start your business. Yeah. So why don't you tell us sort of what. Not so much what you learned from the first conference, but what's going to be different about this conference and why should people come besides hanging out with you and me?
Yes. And it's like amazing and fun and we actually feed you because I hate going to conferences that don't feed you. We have amazing speakers. I am still working on a few of the speaker contracts, so I can't announce them, but Devin is speaking. She's going to be giving us, you know, a points in cards talk. My friend Veena Jetty, who's raised over a billion dollars of vc.
I know who she is. Yeah, she's amazing. She's just a little like fireball. Jen Gottlieb, who is a pretty big time speaker. I think she speaks for Tony Robbins. The name sounds familiar. Yeah. If you saw her, she's super cute. Also a ball of energy. And her. Oh, is she. No, I'm thinking of someone else. She's just really cute. Like, you'll see she's a really great motivational speaker.
And then we have Betsy Grunge Lady Spine Doc who you know, is a content creator in addition to being a mother and neurosurgeon. And she just, just makes like really engaging content. And so she's coming back to talk about how to use social media for patient education, advocacy and growing your own brand. She started a merchandise line that's called Ladies Line. Yeah. Like she has merch now and they're like selling out.
They have like limited collection drops of T shirts, caps, socks, you know, things like that. And it, it goes, you know, and so I want her to talk about how to turn a brand, a personal brand and a large social media following into a profitable business. Yeah. And then, you know, other, other things. But it's just people ask me like, do you have to be a doctor to go?
And the. And the answer is no. I would say over 50% of our attendees last year were physicians. But that's just because that's who my friends are. Right? So I to reach out to my friends and be like, hey Bonnie, can you tell your friends? And then it just happens to be women physicians. But I will say the women physicians who came by and large, most of them had a side hustle or their own private practice or a coaching or consulting business on the side.
By and large, they were not just W2 employees clocking into the hospital and clocking out. And if they were, they were, they were coming to the conference to kind of suss out like what other possibilities there were out there. Yeah. Well, I just want to, you know, bring home a point. Just from what you're saying is there is a different type of person that attends conferences. Like I'm always like, whether it's a client or just someone I meet.
And they're like, well, how do I meet, you know, other people like this? Because, you know, you know, my audience is physicians. And if you're working in a typical doctor group, like most people just aren't, you know, growth mindset oriented or like really thinking bigger. And I always tell them, go to a conference and you know, there's a, there's the good news is there are so many conferences and like you said, like that means there is demand.
And obviously the ones that I attend and recommend are yours, Peter Kim's this fall, which is real estate and entrepreneurship and you know, some other conferences that you know, where I really know the hosts and know they'll do a great job. But I think that's the easiest and best way to meet like minded people. And if you, even if you don't have an idea, but you know, like something has to change or, and you don't even know what that is, it's fine, go to a conference, meet people who are doing things, you're going to get ideas, you're going to have conversations.
Like, yeah, the talks are good. But I think a lot of the magic of conferences is like the people you meet, the conversations you have. And even if you're shy, the good news is people like Tiffany and Peter Kim, they're really good at facilitating meeting other people. So like, you know, not everyone's naturally like a go getter, a Go Networker, etc. And so if you're thinking, well, I'm a shy person, you should still come because, you know, we'll make sure you're not alone.
Yes, I do get that question. Like, I don't know anyone Coming. I'm, you know, I don't know what to wear. Like, all these objections, and I think it's our amygdala, like, trying to, you know, keep us safe and keep us trapped in our nine to fives. But, yeah, we actually. I am so methodical and deliberate about this conference. Like, every single minute of it. I planned and I had my hands in.
Like, I micromanaged everything of this conference because it was my first time and I actually wanted to do, like, a forced networking session. And so I don't know if you remember, but in the afternoon, we do this facilitated networking where at your round table, everyone. It's approximately seven to eight minutes, and you introduce yourself, say what it is that you do or your business, and then tell us a problem that you're having.
And then the other six or seven people at your table chime in and offer advice. I was told that that was so useful and people, like, made new friends and, you know, got, like, therapist recommendations and divorce attorney recommendations, you know, all sorts of things. And business things, you know, fractional CFOs, and, oh, let's, you know, let's continue the conversation. Let's meet tonight and talk at the gala, that kind of thing.
So I am very deliberate about facilitating the interaction of the attendees, because like you said, I think half of the conference experience comes from the side conversations and the people you bump to at the bar or you look at the attendee list and you're like, oh, my God, I know that person. I think they do every X, Y and Z. I'm like, go talk to them. They're not gonna bite your head off.
And, you know, sometimes there's like, big people, you know, they're like, oh, my God, that. That's such a. She's a big name or whatever. Generally speaking, you have your shot. Better to get them in the hallway or after they just came off the stage or something than you do, like, cold emailing or DMing them. You know, like, people. Oh, of course, conferences. And I'm way more open to talking to them about their social media, their branding, whatever is going on in their life.
Because I'm like, they paid to be in this room and listen to me. But, like, my DMs, if you DM me, I probably will not get back to you because I receive so many, and half of them are, like, so spammy. I just don't even check it. Yeah, speaking of spent, I feel like it's gotten so bad between the emails and texts, but what I wanted to say about what you just said, like, meeting people in real life.
The good news is that conferences, it's kind of expected. You're going to mingle and meet people, you know, it's not like a place where, like, they're like, why are you talking to me? You know what I mean? Right. So it really is an amazing opportunity to network and, like, have a word in with, you know, people that maybe you've been following for a while, like, you know, like Tiffany and, you know, again, it's like.
And also, we're really friendly in real life, you know? Yes, we're friendly all the time. Just, it's hard to do that. Like, you know, in online circumstances when a lot of people are asking for your time and you don't know who you know. Yeah. You don't have, like, differentiates yourself because you're putting yourself in the room. Yeah. I mean, we all know that, like, real in person, human connection, like, it's just so powerful, even if you just talk a minute, but then, like, you know, when you email or whatever, like, they're gonna remember you, you know, and they're.
Yeah. So. Okay, cool. So actually, I wanted to say, I actually got an idea from your conference is assigned seating. Oh, okay. Yeah. So that's why I did it. We. We asked for feedback at the end of the conference, and some people loved the assigned seating and some people hated it. And I was like, you can't win. You know what I mean? Yeah. Well, the only thing I would say about that is you had the same assignments for both days, so.
Yes. So mix. It changes. Yeah. So they can have a different group. Yeah. So I think for. I had three sessions at my conference, so day one was assigned seating. Day two was assigned seating, but different. And then day three, I didn't have assigned seating. Oh, okay. Maybe we'll. I'll do the same thing. But I just, like I said, I learned that from you. And I just said, like, okay, what do I.
What did I like about this? What didn't I like about it? And I think it was having the same table all. Yes. Was it three days of sessions? Yeah, three. It was like two and a half. Yeah. Yeah. So that's what I took away. And then I was like, yes, I think that's a great idea. Because again, facilitates people to. Because it's really easy to just like go sit with their friends, which is also great.
Yes. But then it is harder for people who are, you know, might not know someone. They might just feel awkward. And then having these facilitated conversations, like, you Said where they kind of have little, you know, five minute discussions. That. That's really helpful too. So basically the bottom line is come to the conference, we're all nice, and you will not be sitting in the corner alone. Yes, you'll.
I guarantee you will make new friends. I can't imagine that if you came and actually, like, was present and, and friendly and like, put yourself out there just a little bit, that you would walk away from the conference not having learned anything or made a new powerful connection, honestly. Yeah. Oh, and so let's talk. Sorry I couldn't have a code. I made you a code. Oh, yeah, yeah.
So we'll put it in the show notes. It's Bonnie for 300 off. Yeah. Yes. If you use code, Bonnie, B, O, N, N, I, e, you'll get 300 off. Yes. And then until the end of July. Okay, I'll make sure. Yeah, I say that. Yeah. So, okay, there was something. Oh, so tell us what makes this Tiffany Moon and not somebody else? Well, it's very glam. We're at a five star hotel.
All the drink and food are included. Depending on what ticket level there, different number of meals, but everyone is invited to the gala for Saturday. You get breakfast, lunch and dinner on Saturday. And it's like a good dinner, you know, not like some, I don't know, cornbread and, you know, cold chicken fingers. There's just a glam esthetic. I don't know how to explain it, but there are certain conferences you go to and it's just very bare bones.
This is not it. I want my attendees to, once they get here, not feel like they're getting nickel and dimed and, and feel like they're being treated to a luxurious experience. This year, the gold ticket includes two nights of hotel accommodation. Well, let's go over the fact that there are different levels. Okay. Yes. So the silver ticket includes all the sessions, the gala, four meals and a swag bag.
So it's like the most basic session. But I mean, for people who are on a budget, I think it's. It's fine. And for people who are in Dallas or maybe staying in Dallas with a friend who don't necessarily need to stay at the hotel, the silver ticket, I think is a good compromise. The gold ticket is what, when I first came up with this conference was like the one ticket level that everybody would be at.
But actually my coach was like, oh, no, you should offer different ticket levels. And then you said, don't offer different ticket levels. I remember this. Yeah. So gold is everything in the silver. But you get a VIP dinner with the speakers and other VIPs on Friday night, you get VIP seating, a VIP swag bag, which is about a thousand dollars worth of stuff. And I know that you can attest to the value of the swag bag and includes two nights of hotel accommodations at the jw.
Oh, okay. Yeah. So gold. It, like, if I only sold one ticket level, it would just be gold. But my coach was like, well, you know, some people are in Dallas and. Or maybe they want to stay with a friend. And 5,000 is a lot. So, you know, then I made the silver. Yeah. And some people wanted more. They wanted coaching. They wanted like a VIP experience. So the Platinum people, which we only have 10 tickets of Platinum and it's almost sold out already, they get to come in a day early and basically have a mastermind and shopping day with me the day before the conference starts.
So it's like half coaching, masterminding and then half boozy brunch and shopping, so. Because that's what I want to do. Right, people? Yeah. You're like, well, why is that included as part of your conference? And I'm like, because that's what I want to do. Yeah, exactly. That's the Tiffany touch. Oh, yeah. Can we just talk about the swag bag? Actually, there's offline. I'll tell you the products I really loved, and I should probably, like, get one or two of them, but it was huge and heavy.
Yes. I mean, I had an attendee come up to me and she was like, Dr. Moon, I only packed a Carry on suitcase. And I was like, girl, we better figure something out then, because it's. It's a huge bag of stuff. Full size. Full size products. Last year, the VIPs got an ember mug, which, you know, is a significant size box. Their skin care, just all sorts of stuff in there.
So, yeah, I. I'm gonna put in the email this time that they should probably not just come in a carry on. Yeah. Or like come in a carry on, but be prepared to check on the way back, maybe. Right. Or ship a box home. I don't know. Yeah, yeah, I do remember that. I don't. I probably did bring just carry on, but then ended up just checking the suitcase and it was fine.
Yeah. I can fly direct from Tampa. Thankfully, that's the only main bummer of living in Tampa is like the flight selection. You know, I know I say that there's not a lot of great things about living in Dallas, except that I can get almost anywhere in The United States in about three hours. Yes, yes. It's one of the only redeeming qualities of living in Dallas. Yeah. And it has a lot of flights, like international flights, because we're like a huge hub.
Yeah, yeah. American Airlines hub. Okay, well, we need to talk about your book. Yes. I can't believe that it just came out a month ago. I feel like it was already so long ago. Well, you've been really busy and I remember you. You sort of like, did a. Yeah, you did an announcement, like a teaser at your last conference, and now it'll be, you know, have been, you know, out for at least six months by the time you're.
Oh, what. What are the dates of your conference, by the way? November 7th through 9th. And that's a Friday through Sunday, right? Friday through Sunday. So that you don't have to take too much time off work. Friday doesn't really start until happy hour time. Unless you're a platinum. And then you come in Thursday night and the platinums include three nights of hotel accommodation. So. Yeah. November 7th through 9th.
Last year, I teased the COVID of Joy Prescriptions. Yes. I had a cover reveal at Lead Her Summit. And then the book came out May 6th. That date is, like, forever ingrained in my brain. I've been joking to people that I feel like launching this book was giving birth to my third child. Like, right now I'm postpartum. That's how I. How are you feeling? Do you have. I'm recovering.
That's how I feel. I feel like I just had a C section again and. And I'm recovering because I birthed the baby. That is Joy Prescriptions. That's how I feel. Yeah. Okay, so obviously that's the title. Joy Prescription. So, like, what does that mean? It is. It was a working title. We had other. We had like the Joy equation, like all this stuff, but, you know, prescriptions. Because we wanted to play up the fact that I'm a doctor.
And at the end of each chapter, there actually is a Joy prescription that I wrote for the readers to infuse more joy, fun, humor, spontaneity into their own lives. So I tell people that it's a memoir with a self help twist. And those are the two categories that I landed in for the USA Today list. Oh, amazing. Yeah. Self help and biography. You know, I sent a bunch to my clients and I've been getting emails and DMS and just people.
Some people were like, this came at the right time, you know, whatever they were going through. And, you know, a lot of Women physicians are, they're not doing well. You know, I know. I think post pandemic or maybe even pre pandemic, the plight of the physician mom cannot be understated. I think as, as healers and caregivers and people pleasers and recovering perfectionists that we need to create better boundaries and invest in our self care.
Because quite frankly, I was running myself to the ground. Yeah, yeah, yeah. Because so many physician moms are, while working full time, obviously have kids and managing that. And there's obviously different seasons where, you know, when they're really little and I can't imagine having a kid during residency. There's people who have kids during residency or a few during med school. To me, that's insane. Well, med school actually I think is doable.
Like, I don't feel like med school was that hard except for, you know, like surgery rotations and it wasn't as busy. Like right. Residency. I mean, I was like, you know, on Q3, ICU call, you know, I was gone for like 36 hours at a time. So that's, that's crazy. The women that are having kids during residency, but they need to also, because the fact of the matter is that we do have a biological clock, you know, and the rates of infertility are higher in female physicians than they are stressed out.
We're stressed out. Cortisol is high. I mean, I talk about my struggles with infertility in the book. I talk about my struggles with this elusive work life balance that I could never find. So I, I think like you said, a lot of women physicians will find the book relatable and hopefully them some glimmer of hope that, that things can get better. But really they need to take the bull by the horns.
Like, you can't just kind of sit around waiting for someone to come rescue you. Yeah, no, totally. Yeah. Because we're also often, you know, the homemaker, even though we have a job, you know, like, you know, managing all the kids stuff, you know, cooking and cleaning. And whenever I see posts in the physician groups of, you know, two physician family, like, I need, you know, give me some easier, easy dinner recipes.
And I'm always like, just hire a chef. They're not as, well, like they're not as expensive as people think. I, I've never had one, but my nanny, you know, can whip something up also. I'm not a picky eater, so, you know, I'll eat like ramen or Mac and cheese for dinner. So I'm like, I don't care. Just give me Some food or. I am extra excellent at ordering takeout.
Excellent at it. And now that we have like Door Dash and Uber Eats, I mean, it's so easy. Yeah. It's almost like too easy. Too easy. Yeah. My credit card bill is always like Uber Eats. Uber Eats, Door Dash. Well, I hope you're getting at least 3x or 4x points on that. You know, I, I think so. I usually put that one on my gold Amex. Okay. Gold personal Amex.
You're getting your 4X. Yeah, yeah, yeah, yeah, yeah. It's interesting, like my, I have so many Amex points and I was actually getting low on Chase points. And I would say I probably use Chase points the most, like for hotel stay since I stay at Hyatt. And I was like, I need to switch over to one of the Chase cards for dining and dining now, which is 3x because I'm like, I need to get those Chase points back.
You know, I had like 1.3 million American Express points. I cashed out a lot of them recently for my trip to Korea. That was, was not the best redemption, but I was not going to be paying cash to fly business class and I was not going to fly economy to Korea for a 15 hour flight, you know. Right. Yeah. No, I, I say that I didn't make any money with the summit last year, but I did make a lot of points.
Yes. Oh, 100. Same thing with mine. Maybe. I, I, I made something, you know, that's tangible after all. Because we are going to the Maldives later this year on points. I'm so excited because it's on flights and the hotel. Yes. And we're flying Qatar Q Suites. Ah, I know. Everyone talks about how amazing that's amazing that you. Yeah. All on points, all from the points from Leader Summit.
Okay. So you got a trip out of it. Trip out of it. Yeah. And we're staying five nights at the St. Regis Maldives on Marriott points because I had the conference at a Marriott hotel. Right. I got Amex points for like all the vendors that I had to pay and all that, you know, AV bills, stuff like that. And then I got all the points for all the rooms because the speakers, I pay for all of their rooms.
Did you have a Marriott card? Yes. Yeah. Nice. So I'm like Titanium Elite and like easily qualified for the hundred room nights because everybody, all the speakers that stayed, it was technically like on my ledger. Oh, amazing. Yeah. There's no such thing as four season points, unfortunately. I know. They're like one of the only hotel chains that I don't like, tend to go to because I don't have a point thing.
I know, I know it's, it's, it's super annoying. But yeah, I got a lot of points on that. I think I forget which card I charge it to, but I know I got 2 or 3x on those. Do you know I did not start doing this credit card points thing until you, like, last year, and I applied for so many credit cards that my credit card, my credit score went down.
It was like, I was always above 800. And then I applied for like four new credit cards and it went down to like 770. And I was like, that's still pretty high. But yeah, yeah, yeah, yeah. I, like, was freaking out anyway. It's a temporary dip. Yeah. You, you and Devin Gimble are to blame now for my obsession with credit, credit card hacking and point to redemption. So some people say it takes up too much time, but, like, I think of it as, like, how many guys waste so much time playing video games?
Like, to me, this is like a game. It's a game and if you enjoy it, like, you enjoy it and Devin obviously enjoys it incredibly. It's a wonderful hobby. Like, you know, I'm, I would say, like intermediate level, and you are higher than me and Devin is like expert level, magician level. Yeah, exactly. But I mean, what a wonderful skill to have. And, and like, look, I'm going to the Maldives for free later this year.
Like, you're not going to catch me complaining at all. How much do you think that would have been? Cash price? Oh, I'll tell you exactly. The, the room at the st. Regis is $2,400 a night. And then you have this like, you know, 22% service fee, blah, blah, blah. So I, I looked at it with money and it was like 12,000, 000 for the five nights that I was.
And then the flights would have been, I think, 5,000 per person. And I'm. It's me and my husband. So basically the, the total cost, I think, of our trip that I got for free was like $35,000. Yeah. And if you're a Titanium elite, you get free breakfast then too. Yes, I think so. And it's probably like, like something insane, like $60 a person for breakfast. Right? I know, I know.
And it's not really for me because I don't really eat breakfast anyway. I kind of have a little protein scoop in my coffee. But, like, whenever I travel with my kids, they always need to eat breakfast. And I'm paying like 24 for room service. French toast. And I'm just like, this is insane. You know? Yeah, yeah, yeah, yeah. Like, my trip to Korea is, you know, if I paid cash for two business class tickets, I got all 16 nights on point.
That's why I have. I'm very low on points because I booked all of, you know, and then I use suite upgrade awards. You know, I probably wouldn't pay for a suite in cash, you know, especially just Jack. And I'd be like, oh, whatever, it's just us too. But it's like, I have all these suite awards, so obviously those are much more expensive rooms. And then I'm not a big breakfast eater either, but I'm still a sucker for free food.
Yes. Like, if it's there, you're gonna eat it if you have the tickets to the free breakfast buffet. Especially if it's like an Asian hotel. Oh, my God, the Asian breakfast buffets are amazing. You know, they have all this, like, dim sum and stuff like that. So, yeah, I. I went from being like, it's not worth the trouble. Like, I get 2% cash back on my card. Like, that's enough for me.
Right. To then learning about it. And there definitely is a learning curve. I remember when I first started learning about points and miles and all this stuff, I was like, it's too much headache. I think I'm just gonna cancel all of them and go back to getting 2%. But I. You were like, stick with it. And then Devin was like, stick with it. And then it took about six months to a year, and I started, like, learning how to actually redeem them for high value.
That's the hardest part going in the. Yeah. Earning is not hard because I. You just need to know the right cards, too. Yes. And it's easy for me to earn points because I'm always sending money. It's. It's the redeeming it for high value redemption. Exactly. That is the hard part. Yeah, yeah, no, totally. I. I actually was not interested in credit card points for a long time. And I remember, like, after the fact, Devin being like, yeah, I was so.
I was so perplexed. Like, as the money person, you wouldn't be into it. And I have another friend, she lives in California, and she has a business, you know, that makes a lot of money and she's spending a lot of money on, you know, because business, you know, expenses are high. And I kept telling her, telling. She kind of was like, oh, kind of the same thing, like, blah, blah, blah.
And then I don't Know, one day she got interested and she was texting me. She's like, oh, my God, Thank God you kept pushing me. She's been, like, traveling. So it's been Chris. She's like, oh, I booked some Singapore air for this. I booked Air France for this. Like, they're in Italy right now. It's like. Like, I unleashed a beast. Yes, yes. You've created a monster. Can I tell you another thing that I.
Where the pendulum swung is coaching. I used to be one of Those people circa 2012, 14, 16, that was like, oh, coaching's for people who can't hack it. Because I will tell you, at my academic medical center, whenever there was a vice chair or, like, a direction director kind of position that wasn't leading effectively, the remedy for that person was to go to coaching. Like, the chair made them go to coaching.
So I always thought that coaching was a punishment for being an ineffective leader. I mean, I'm not joking. I'm not joking. Okay, then. As, you know, things go, life happens. I had kids. There were things that happened at work. I did things outside of work, and now I'm like, everybody needs a coach. Everybody needs a coach. I don't care what kind of coach. I don't care if it's a life coach, a business coach, a mindset coach, a love and relationship coach, a parenting coach, which you and I have both worked with.
Hope. Everyone needs a coach and a therapist. Like, I. The pendulum has completely swung to the other side, because I just don't think that in the current landscape of life that you can do life effectively or as effectively without a coach. You need someone, like, guiding you, leading you, calling you out on your. Like, just. I don't know. I love coaching so much now. Yeah. Isn't that funny?
Yeah. I mean, that's kind of. It's a very common story. Right. In terms of, like, how people, like, get into. I definitely had, you know, a friend or two who actually. Our coaches now, who thought it was, like, crazy, crazy town. And then they. I don't even know how they decided to finally, you know, finally do it. But, yeah, I think if you're listening, I mean, if you're listening, you're someone who's interested in improving their life, you know, your life.
And so, you know, and then you might be like, well, how do you do that? And I feel like most of us will say through coach or, like, through an event or, you know, whatever it is. There's so many ways to get coaching. It doesn't have to be a one I think of it as like, fitness. Like, you can hire a personal trainer. You can, you know, YouTube something.
You know, you could pay for a membership. You can go to like, group fitness, like Orange Theory. There's so many ways to get coaching because a lot of people will say, like, oh, but it's so expensive. I'm like, yeah, if you're joining, if you're hiring someone one on one or like an intimate group that's really high end, like, those tend to be expensive. But there really is a coach for like pretty much every, really every budget.
And you could, we could read books. You know, books aren't. There are books that are like, really great for, for that as well. I feel like there's something I was going to say about, about coaching. I don't know. I feel like. I don't know. I know. Yeah, I know. I just got started on estrogen and progesterone cream. You know, I went to one of those, like, online, fill out a questionnaire and type in your info and somebody prescribes it to you and sends it to your house.
So. Because I'm tired of like waking up, like, wet, wet, literally, like soaking wet. And I was like, I'm too young for this. But apparently not. I do everything a little early in life, as you know. So I'm going. So here we go. Yes. Yeah. No, I'm on the patch. That's so much easier. Yes. Sunny was saying that too, because you, like, forget to put the cream on.
But I don't know. I'm gonna start with the cream first. I. I always say, like, the three pillars that help me be better and, and hold myself accountable are coaching, community, and conferences. And like, people probably think I'm three Cs. Yeah, I'm probably, like, spewing some BS or whatever. But, like, for those people who know me, like, that's literally what I practice. I mean, you already know I go to a ton of conferences and meet new people.
Community is basically like you, you know, having a group of people who you can call. And this is how I can tell if someone's a good friend or not. Like, can you call them if you have good news and can you call them if you have bad news? Because there are some people, see, like there are some people that you can tell good news to that'll be actually happy for you.
Like, if I called you and told you my business goal had been met or something like that, I feel like you would genuinely be happy for me. And then perhaps if you weren't doing as Good at that one moment that you wouldn't like, like be a little bit of jealous or something like that, you know. But I can also tell you bad news. You know, maybe I've been struggling being a parent.
I've had a lot of mom guilt being away at all these conferences, haven't been home with my children. I felt bad about that. You know, there are periods of time where I don't feel close to my husband. I feel like we're, you know, ships passing in the night and I don't know what's going on with him. I feel like I can reach out to you and tell you those problems and know that you'll hold them in confidence and not like use them against me later or something like that, you know, like that's a true friend.
I have other friends. I will tell you a lot in Dallas. That's like just my hang out, go drinking, have a good time friends. But I don't really tell them what's going on in my life. Right. Like, I only have a handful of those kind of friends. And when I say community as the third C, that is what I mean. Yeah, I think we all have different types of friends, you know, like, and we all have different, like you might have the, you know, community of like, you know, parents from your kids school.
Like if you go to church, you have your church community, you have your, like your. If you're in, you know, if you've got neighbors that you're in community with. So I think, you know, what's interesting just talking about community is in the mastermind that I have, the happy and rich mastermind. I think universally all of them said that was one of their goals is just they wanted more connection and community because we're all connection starved and Covid.
And then actually I actually had a, a connection intimacy coach, guest coach recently and she said like, we literally still have not recovered from COVID I don't know if we'll ever recover from COVID I mean, the kids basically didn't learn anything that year. You know, like my kids were in zoom kindergarten. Like get out of here. You know what I mean? And then they kind of fall behind and then it's like a growth curve.
Like you're sort of on a different trajectory. I after that it's kind of hard to catch up to. I mean, I know people's relationships that didn't make it out of COVID people's businesses that didn't make it out of COVID Not to mention the number of, you know, physician suicides and depression and anxiety rates, like, I don't know that we'll ever recover in our lifetime. It's really sad. Yeah.
And then depending on your age, like the age of the kids, like, obviously certain age ranges were more detrimental. Like if you were a toddler, like it was. Or a baby, it didn't matter. It was probably good for you because your mom was home more. Yeah. Yeah. Jack was. It was 2020. Right. So, yeah, he was like two and a half when Covid started. Yeah. And then 4ish.
Because Mike. But one thing that he really missed out on, not so much academics, was like, what are you. What are you doing at that age? But it was more that he. Speech delay. We identified it pretty early, like when he was 2. So he didn't get speech therapy for like three years because nothing was in person. And like, you know, I think each with a three year old.
Yeah. And so I think that was really detrimental that he missed out on getting intensive speech therapy. And I think he, you know, he still gets it, he still needs it. But I definitely think that was one thing that really kind of was like bad about COVID you know, for Jack, because again, like, like, it's not like he was learning math at age two and a half. I mean, I don't know, maybe.
Right. Maybe you did when you were two and a half. No, no. I mean, I was doing calculus, Bonnie. Duh. And the socialization that was missed out. You know, my. My step kids, they're 21 now, so they were like 15 to 17. That was a bad age. And I am telling you, Bonnie, they are so addicted to their phones. I mean, as am I. But they didn't have the.
Have a senior prom. They basically like lived on YouTube and tick tock and Instagram and that was their form of socialization versus, like going to the movie with their friends or going to the mall or just chilling, you know? Yeah. And I. I just think now that it's so funny. I always say it's so ironic that we are more connected than ever. Right. Like literally the. The palm of the world.
I mean, the world in the palm of your hand. You can chatgpt just about anything, connect with just about anyone. But explain to me why loneliness has been declared an epidemic by the Surgeon General. Rates of anxiety, depression, self harm are through the roof. And people actually report higher rates of being disconnected from other humans. Humans. You know what I mean? Like, there's some irony there. I'm not smart enough to figure that out.
But I think we need to get off our phones a little bit more. Oh, yeah. I mean, I've got a problem too. I think the difference is we had a childhood and young adulthood without it. Right. And that it's so like, our brains kind of developed appropriately. And as, you know, smartphones, it really affects, you know, people's brains. Actually, you know what I just saw? Like, I'm always like, well, is this really true?
But I'm pretty sure it's true because I've experienced it is basically, if you use ChatGPT too much, you're basically, like, delegating your brain, thinking that if you use it too much, your brain will atrophy and your cognition goes down. And I have actually noticed that, like, I've noticed that it was almost information overload on one hand, and then I realized that I wasn't using my muscle, my brain.
And so I actually have decided I need to schedule, like, thinking time. Yes. I mean, I think of the brain because all our executive functioning tasks is being outsourced, you know? Yeah. So anyway, there's. There's a lot we could. We don't want to talk just doom and gloom. But no, no, we're really happy, upbeat people. Really. People are listening to this, are like, this is terrible. No, Richard.
Richard Branson did say I have to drop this tea that when I was on Necker island with him like, a couple of weeks ago, that if it were up to him, AI would have never been released to the masses. He thinks it's making us stupider. Oh, it's 100% kind of worried that it's like, one day gonna take us over, which is like, you know, right out of a sci fi movie.
IRobot. Yes. And also that the energy expenditure necessary for AI is killing the earth. And I was like, we were killing it already, and now we're just expediting, really killing. But yeah, I agree. I think for anyone listening who has kids, like, I think it really is our responsibility to. To shield them. So, like, one thing, Jack doesn't listen to my podcast yet, obviously. But, like, I hate YouTube.
I think it. There's weird stuff on it, even if it's YouTube Kids. Like, there's just like, brain rot. Like, he. And like, he knows. Like, I'll be like, jack, that looks, like, weird. And he's like, no, it's not weird. It's about math. And it's just. Just. That's what I said. Like, he knows. Yeah. And I think he. Anyway, so he does have an iPad. He knows that I will never let him download the YouTube app.
He does not know yet that you can get it on the browser because he doesn't know what a browser is. I deleted the YouTube app off of my kid's phone, and they just go through the browser I found. Yeah, but he doesn't know that. That the browser exists. Okay, let's not inform him. Yeah. And actually, when he was much younger, like, five, I told him YouTube went out of business.
Business. And he believed it for a while. Okay, what are you gonna do when he comes home from, like, I don't know, visiting a friend or something one day, and he's like, Mom, YouTube is not out of business. Well, yeah, now he knows it's not out of business, but he did believe it for a while when he was younger. Yeah. Oh, that's cute. Yeah. Well, we went past our 35 minutes, but that's okay, because that's what happens when you're engaged in a deep, meaningful connection with someone.
I know. We talked about a lot of stuff. I know. We really did not. We were. You're supposed to talk about, like, the summit, why people should come, and then we kind of, like, veered off. Yeah. Well, is there anything that we didn't talk about that you want to talk about regarding your conference or your book? No. No. I mean, I am just so grateful at the outpouring of support that I had for.
For the book. And even now, I will get DMS from people saying that, like, they're in the middle of reading my book or they just finished it, and they really identified with it, and they're also trying to, you know, reclaim and rediscover their joy. And it just. I. And that's the reason I wrote the book. You know what I mean? That really warms my heart. And I just want people to come to the summit because I already know it's going to be amazing and fun and inspiring, and, I don't know, I just.
I want to build this community more. Yeah. And also, like, just seeing your outfits is really fun. Yes. I mean, they're fashion, you know? I mean, I, I'm not gonna lie to you. Like, you should plan your outfits for the summit. No, I told Sunny. She was like, are you gonna be mad at me if I don't wear, like, designer to go on stage? I was like, no, Sunny, like, just come as you are.
But what did happen last year? Oh, I, I, I made my stylist come to the hotel, but that wasn't at my conference. That was at Peter's conference. Conference at the Renaissance Hotel. Remember Ali's shoe broke. Her boot broke. Oh, that wasn't your conference. That was Peter's conference. And then I literally had a van come to the hotel with a rack full of clothes. And I dressed Sunny and Ally.
I mean, the clothes for Sunny were really good because it was. Because, you know, she's. She's very, very casual, you know? Yeah. So. And she's tall. Looks nice. Because when I try on certain clothes, because I'm five three, it looks terrible on me. Like, not at all how it looks on the picture on the model online, because it. I'm five three, I have to, like, hem my pants four inches.
But because Sunny is so tall and, like, lithe, like, everything looks good on her. So she's like my Barbie. I dress her all the time. And she. She actually told me we were, you know, workshopping, having wine, and I told her that I had a new idea for a business, but we were. This is like, okay, call me crazy, but this is my new idea. I was like, I want to have a comprehensive coaching program for women where I work with them, you know, for their life coaching, business coaching, social media coaching.
But also I redo the outside of them. So, like, if they want a color analysis, like, if we want to talk about which silhouettes flatter their body, and then I'm going to go into their closet and organize everything so that when they go into. Into their closet, like, it feels magical. I need that. Like, okay. Said the same thing. She was like, I will be your first client.
I was like, seriously? I was just being crazy. Like, we had had, like, two glasses of wine, and I was just, like, you know, randomly daydreaming out loud. And she was like, this is amazing. And I was like, okay, okay. She shops at Marshalls. Walmart. Walmart. She shops at Walmart. I thought it was Marshalls. I mean, Marshall's has designer stuff that, like. Yeah, yeah. And look, I'm not trying to be, you know, a snobby person and be like, oh, if shop at Walmart, you're not sophisticated.
That's not where I'm going with this. I just like nicer things, you know, so don't come for me, y' all. But I was like, okay, since you're, like, agreeing with me and not, like, squashing my dreams, I already came up with a slogan for my company. And she was like, oh, tell. Are you gonna say it or no? Yeah. I mean, it's probably already trademarked. It's not that original.
It's look good, feel good, do good. Oh, I like that. Yeah, that's how I kind of like, if I don't feel good and I'm frumpy and I'm not, you know, put together, like, I don't feel good and then I don't show up, you know, as my full expression of myself. But when I do, then I feel good. Then I can help other people and just, you know, be on this earth to do the things that I want to do.
But, like, first I have to feel good or else I can't help anyone else, you know? Well, speaking of style, I actually did have a style. You probably don't know, but I had a style coach, coach, coach in my money program two years ago. And, you know, just how important is style because it can really change your identity immediately. Like having a different haircut, hair color, the way you dress.
And then, you know, you don't have to buy really fancy clothes to, like. I think a lot of people just don't know what looks good on them. Yes. And you don't need to spend thousands of dollars on clothes that look good in you. Because when you get. Or I think people also forget that when you buy high quality stuff, you don't need to buy a lot of stuff, Right?
No. I create capsule wardrobes for people. Like, I basically already workshopped this with Sunny, and I was like, there's like a vacation beach edit, you know, so that when you go to your family, like, beach vacation, you have this capsule of clothes. Then we have like, the work from home, but still you need to zoom. So it's like a cute blouse that you can put on top and, you know, wear joggers party down below.
I mean, you can be in shorts, whatever. And then like an athleisure for, you know, carpool, running the kids to birthday parties, running errands, that kind of thing. And then like a professional, like, conference attire where you kind of want to look cute, but, like, it needs to be more professional. And then finally, like, cocktail and event attire. And I. Because I used to organize my closet by color.
It was like all white clothes, then black clothes, then red clothes. And I'm like, it doesn't make any freaking sense. Because within the red section, there's like an athleisure dress, a red cardigan, a red cocktail gown. Like, it doesn't make sense. So now I organize my closet, like, by thing. Like, yes, vacation. Yeah, no, that makes sense. So that's my new business plan. I'm gonna work. Okay. Or after the summit.
I think you should. Should sell it at the summit. I need to rest, but there's not. Okay. We need to talk offline, but I think you should definitely sell at the summit. Yeah. Something and I'm planning. Yeah. You don't need to have it all, like, figured out. Like, you already know what it's going to be about. You just have to, like, figure out the price. The container. Container meaning, like, you know, how many months the price.
Right. But, like, you could definitely sell it there. All right, well, we'll see about that. I'm supposed to be doing less, not more, so that that doesn't align with my year of less, but we'll see. Yeah. Okay. Well, thanks so much for, for being here. I hope people enjoy the conversation of randomness. The comments are either going to be, this was really good or this was really bad.
This was like, so rando. Okay, so lead her summit. Isn't that the website? Leadher summit.leadhersummit.com you can see the ticket values on there. If you have any questions, you can email us at@Info LeadHer Summit. I'm across all the social media platforms at Tiffany, MoonMD and Joy. Prescriptions is available anywhere books are sold. Yeah. And November 7th through 9th in Dallas. And if you use code Bonnie B O N N I e, you'll get 300 off until the end of July.
So go get your ticket. We'll be there and we can't wait to see you. Yay.
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234: The Power Group: How One DM Turned Into Millions in Impact
What happens when you put five ambitious physicians in one room—and one of them is Bonnie Koo?
You get a friendship-fueled mastermind that’s helped each of them grow massively successful businesses while challenging the traditional path of medicine. In this raw, behind-the-scenes conversation, Bonnie joins forces with Dr. Peter Kim, Dr. Sunny Smith, and Leti & Kenji of Semi-Retired MD to share how their crew—the “Power Group”—formed and evolved.
Spoiler: It all started with a few emails and a willingness to say yes.
You’ll hear the hilarious, heartwarming, and holy-crap-that’s-powerful origin story of how each member found their way to the group, the mindset shifts they’ve sparked in each other, and why investing in relationships and masterminds is non-negotiable if you want to build wealth and impact as a physician.
What You’ll Learn in this Episode:
- Why saying yes to random invitations can change your life
- How coaching and masterminds have shaped each of their careers
- The mindset shift that made Bonnie say “go big or go home”
- The truth about collaboration vs. competition in the physician space
- How to create your own circle of power (and why you NEED one)
Listen to the Full Episode:
Resources & Mentions:
- Wealthy Mom MD
- Passive Income MD
- Empowering Women Physicians
- Semi-Retired MD
- Tony Robbins UPW Event, Stu McLaren, James Wedmore, PIMDCon, Leverage & Growth Summit
Want to have your entire financial life organized in one place? Introducing the Personal CFO Dashboard.
This isn’t just a spreadsheet—it’s your money + legacy command center.
Track your accounts, insurance, estate docs, and medical info. Know where everything is, and give your family peace of mind.
Grab yours HERE.
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.
Hello, everyone. Welcome back. So excited to be speaking to you today. So this episode is a replay from 2023. I actually can't believe it was from that long ago, but there's a reason why I'm replaying this specific episode. So. So a few weeks ago, actually, at the time of this recording, I think it was a week ago, I was in Nashville for a business mastermind that I'm in with Amy Porterfield.
And if you're in the online business world, then you definitely know who she is. She was actually my first online business teacher, if you will. I took her course on email list building. I think that was probably the first online course I actually bought. And since then I've been an online course junkie. I'm sure some of you can relate to that. Anyway, the reason why I'm mentioning this is, in case you're not familiar, a mastermind in the traditional sense.
Because a lot of programs have the word mastermind and they don't always mean the same thing. But a real business mastermind is where a group of business owners, in this case female entrepreneurs, mastermind together under the guidance of someone way ahead of the group. So in this case it's Amy Porterfield, who's the guide slash mentor, and everyone else in the mastermind, we all contribute to the knowledge to help each other, et cetera.
So truly, it's masterminding together as a group and Amy is our teacher, but she's not the end all, be all. She's really there to facilitate. And of course, she imparts us with her wisdom as well. So I think I might be the lowest earner in this mastermind, or maybe the second to lowest, but it doesn't matter. I'm nowhere near the highest and most of them are making way more money than my business.
Now, you might be thinking, isn't that weird? Or is that really a good idea? And I will tell you, when I first joined a mastermind, not this one, where I was sort of in the bottom half or maybe even the bottom quarter, like it did not feel good because the one prior I was one of the highest earners. But what I've come to Realize is that you don't want to be the highest earner in the room.
And the reason why is you always want to surround yourself with people ahead of you to learn from them directly. Like it just kind of makes logical sense if you want to know how to get to whatever goal you want to, and in this case in business, make more money, scale your programs, blah, blah, blah, learn from people who've done just that. It's actually that simple. And so the same goes for you whether or not you have a business.
But if you have your own practice, for example, that is a business and you want to meet other practice owners who have been around longer, who've really, you know, built incredible practices, you can learn from them, learn from how they grew, and then also learn from their mistakes. Right? And if you're not a business owner, you want to be around people who have more money than you, because the same thing applies.
How do I create the life that I want? Find someone who has what you want and learn from them. And so that's one of the reasons why, you know, people join my programs is because of the community, because then they get to be with like minded women. Now, now, most of my programs are not in person, unfortunately. I do an annual conference or retreat. And at the time of this recording, I already had my big conference in Hawaii earlier this year.
At this time we are not going to do one in 2026, maybe 2027, we shall see. But also more likely is having a much smaller intimate retreat within the next year anyway. So then people ask me or my clients ask me more often. Well, how do I actually meet people in real life that are like this, that are thinking bigger, that want to think bigger and living bigger lives.
And I always tell them, go to a conference. And not just any conference. I'm not talking about going to your specialty conference like the American Academy of Dermatology, although that's all well and good as well. But you want to go to a specific type of conference. Now the good news is there are so many of them at this point, whereas maybe even a few years ago there really weren't that many.
And so this episode I am chatting with some of my really good entrepreneur friends. Dr. Peter Kim, Dr. Letizia Alto, her husband, Dr. Kenji Asakura, and Dr. Sunny Smith, who was also my first coach back in 2018. And so this conversation is really about how we met and how we've been supporting each other and really the power of proximity with like minded people. So speaking of upcoming conferences, if you miss mine in Hawaii.
Then the good news is there are two. More than two, but two that I'll be personally attending, and I would love to see you there. So the first One is in September 27th through the 29th in Newport Beach, California. That's Orange county airport code SN A. I guess you could fly into LAX, but then, you know, it's about 50 minutes away by car. Or two hours of traffic, if you're familiar with LA traffic.
But anyway, it's called PIMDCON, which stands for Passive Income MD. The actual conference name, however, is the Physician Real Estate and Entrepreneurship Conference. And it started out as just a real estate conference, but then Peter found that entrepreneurship and real estate go hand in hand. In fact, real estate is a form of entrepreneurship, and so he sort of included an entrepreneur specific track. And so I will tell you, Peter puts on a really fun conference.
If you've met him, you know how not just how nice he is, but he just brings so much contagious energy. And I know that if you show up, you will also leave energized. Now, this conference is for men and women, not necessarily just doctors. And this is a great conference to bring your partner, spouse, boyfriend, et cetera. Especially when you're trying to, like, explain why, you know, you should learn more about money and entrepreneurship and real estate.
It's a great way to get your partner on board. Just saying. The second conference I'll be attending is called the Lead Her Summit. And this is with my friend, Dr. Tiffany Moon. And I'll link a podcast that we did maybe a year ago. And she just came out with a new book called Joy Prescription, so you definitely want to check that out. So this is her second Lead Her Summit, and she started it last year.
And this is a little different. It is not limited to female physicians, although maybe like 70 or 80% of the attendees last year were. It's for any ambitious woman. And if you know Dr. Tiffany Moon, you know that she's all about glam and it has a great feminine, luxe energy. And so it was super fun. Now, the small problem last year is that I was a speaker that spoke in the last slot.
Yeah, when I'm speaking at a conference, I would say that I'm not necessarily like nervous, but it's like this little background anxiety and feeling like you can't fully relax until your talk is over. So every speaker wants to go on the first day as early as possible, not the last day in the last slot. And so I'm thrilled to say that this year I'm Just an attendee. And I'll be there to just soak it in and not have to, like, worry about what I'm going to say and all that good stuff and working on slides the night before, which is what I typically do.
And I will be speaking at Peter Kim's conference. The topic is TBD, but last year I spoke about Business Finances 101. So these are two great conferences that I highly encourage you to attend. Tiffany Moon's conference, November 5th through 7th, is in Dallas, Texas. That's where she lives. And so. Oh, there is one more conference I'll be speaking at, but it'll be only for the dermatologist. And that's actually September 5th through 7th.
It's the weekend right after Labor Day, and it's called the Lead Derm Summit. I don't think it's limited to women, but I'm not exactly sure. But if you go to the website, I'll link all these in the show notes. The Lead Derm conference is lead derm.org and that's also in Newport Beach, California, too. And the really fun part is that the host of Lead Derm is actually one of my Derm mentors back in the day, Dr. Jennifer Sung. And so kind of a big. I was going to say 360, 180, whatever it is, to be invited to speak at her conference. She attended my conference in Hawaii. And I don't know, I just felt so nervous, like, oh, my God, it's like, I don't know, it's like having your teacher, professor, like, you know, be part of something that you created. And it just, you know, it was really cool.
So I was so thrilled and honored to be asked to speak at her conference. And hers is all about leadership, community, and diversity in dermatology. So that is September 6th weekend in Newport Beach, California. And so, yes, that means I'll be going to California, Newport beach, twice in the same month from Tampa, which, by the way, I actually do love living here, but I do not like the fact that it's not the New York City airport in terms of the number of flights available, the number of direct flights available.
And there is no direct flight to Orange county from Tampa. I heard there's one, but it has very limited service and it's not a major airline. And so at the time of this recording, I'm still figuring out, should I fly into LAX and then, you know, rent a car and drive down, or do I just deal with a, you know, an indirect flight? And yeah, I'm entitled. I'm spoiled because I almost never have had to take an indirect flight from New York, whether it's domestic or whether it's abroad.
And so it's. It's a serious problem. Anyway, here's my conversation with my crew and I really hope you can sense how important it is to be surrounded by like minded people, to become friends with them and to really normalize the types of conversations that one can have when you're thinking bigger. Hey, everyone out there listening. This is Peter Kim. I'm the founder and creator of a brand called Passive Income MD this is again, I'm an anesthesiologist by training.
I live in Southern California and I love talking about multiple streams of income. Sunny. My name is Dr. Sunny Smith. I'm a family physician by training and I am the founder and CEO of a company called Empowering Women Physicians. And we are arguably the largest or most comprehensive collaborative coaching program for women physicians. And we have the most impactful or effective physician wellness data that exists. So it's an incredibly meaningful line of work to support other physicians in this business.
Bonnie. Hi everyone, I'm Bonnie Ku. I am a dermatologist by training and I. My business is called wealthy mom, MD and my co coaching programs basically help predominantly women physicians to work on their money and really help them start living the life they want now versus waiting for the money to come in before they can do that. Hi everyone, I'm Le T and this is Kenji. And we're both hospitalist physicians by training and we run semi retired MD and we train physicians how to create a source of income by using rental real estate, both long term rentals and short term rentals, to be able to build lives they love.
Okay guys, I wanted to start out with our origin story. So I don't know if there's anyone who wants to start and kind of tell your version of what happened and then maybe we can go around and add in the things that we remember about the experience. What do we talk about? Origin stories. Like of our lives, of our, like our businesses. How we met, Getting together. Origin of us getting together.
Yeah, exactly. Oh, okay. All right. How did it happen for you, Peter? How'd it happen for me? Well, I said I think I've. I've heard. I had heard of Bonnie before. I think one by one, I think I'll just. What I remember, I'll tell you of how I met each person here. You know, Leighton. Kenji. I just remember. I think I remember an email that came in one day from.
It might have been Kenji or I Don't remember just. Just wanting to connect with me online at that time. I was a few years into Passive Income MD and I remember somebody. I should bring that email up. That'd be cool. I bet you it's somewhere I could search that. And it talks about how you guys are interested in invest. Investing in real estate, or you've been investing in real estate.
You wanted to share your story or something to that effect and wanted to connect. And so I remember thinking that, you know, you guys are living in Hawaii at the time. Somehow the conversation came up that you guys were in Hawaii. I was going to be in Hawaii in a month or two or whatever it was, and I said we should get together. And we did. Somehow we made it happen.
I don't know. I was on vacation with my family and usually on this vacation, it's kind of hectic and crazy. But you guys, we all happen to be on the same island of Hawaii. And you guys joined me, my wife, it was the four of us, and we just had acai bowl. You guys brought me some acai bowls. I still remember that sitting there at Turtle Bay up in North Shore.
And we just talked about life, about business, about real estate, all of these things, and about what you guys were hoping to build at that time. And I got really excited by it. And again, that thing, one thing led to another and you guys said, hey, you should, you know, we're coming to la. Ultimately, again, the conversation is probably longer, but we're coming to LA in a couple months for a Tony Robbins event.
And, you know, you should come with us. And I remember thinking, you know, absolutely not. That's not something I'm interested in at all. Something happened a couple days before and I said, you know what? I should do this. And I showed up at this event, hung out with you guys, and I don't know how, Bonnie, how did you hear that we were coming to this event? At least I was going.
I don't know how you heard that, but you're like, I have this other friend that's going. She's my coach. Yeah, yeah, yeah. I think you're like, this is my coach or something like that. I remember her name is Sunny Smith. You should try to meet up with her. And so I still remember, I was like, yeah, yeah, we should connect. And you connected us through that. That's where I met Sunny.
I had met you already, Bonnie, because we had been to some, you know, events together, I think, in the financial blogging world. And then we took a picture together. You remember that guys. You guys remember we took a picture together. Oh, we'll have to put it up. We'll have to put it up for this. Yeah. Acting all silly and crazy in front of this, like, firewalker sign. And that's.
I felt like that's when Bonnie, you weren't there in person, but you were there in spirit, because we talked about you a lot. All good things. But it was all of us together, and that's kind of where everything started. I mean, maybe you guys can add some color to that, because that's what my remember is not always the best. So what do you guys remember? Well, I remember actually meeting Bonnie first, because Bonnie reached out to me and asked.
Asked if we would be willing to do a guest post for her. And we were talking about real estate. And so that's how that whole relationship with Bonnie started when we were still in Hawaii. And Kenji was, like, online, and he was like, oh, I think this guy Peter, he's just really cool. Like, I could just sense his vibe. He's just like, he's not like a lot of the other ones.
Like, he's just very, very approachable. Like, maybe I'm gonna reach out to him. Right, and so you've reached out to Peter, right? That's right. Yeah. I emailed him and like, you said you could probably pull up that email and. Yeah. And then. And then just so happened. We just met up a couple months later is what I remember as well. So. Yeah, your recollection is pretty good. That's.
That's pretty much what I remember as well. Not much more than that. Yeah. And I think Sunny. Yeah, we met at UPW through Bonnie, just connecting us all. I think Bonnie wrote to Peter to find Sunny, and Peter was like, hey, we got to go find this person, Sunny. And Peter, we invited you. So I just wanted to kind of bring that up is like, we invited you to a random conference and you said yes.
And I think that. That you see that a lot, like, a lot of themes of just saying yes, how. How it can bring up so many cool opportunities in relationships. So maybe Sunny. Yeah, And Sunny, I thought. I think you said yes as well. Right. But. But your story there, getting there was. Was kind of a big deal. There was a lot going on for you. Yeah. So, I mean, as I entered into the circle in that I was doing physician wellness coaching.
Right. And Bonnie had reached out, and I was her coach at the time, and I had gone to an Orange County Women in Medicine event. I mean, it was a normal CME type event. And. And the initial people who were there that were on the stage said, you know, what's your advice for people who. For women physicians who want to get ahead? And the first person, they were all leaders.
The first person was like, get a coach. And I was like, what? I'm sitting in the audience like a new coach. How are these women physicians, like, saying, get a coach? Like, I feel like such a, you know, outsider, because nobody was talking about coaching. I thought at that time. And then the second person said, get a coach. And then the third person said, get a coach. I was like, what the hell is happening?
And then someone from the audience got up and said, how would I find a coach? And so I went up to the mic, and I was like, I'm a coach. And so anyway, this is how I ended up at the Tony Robbins event, because then someone who was in the audience came up to me, and she said, you're a coach. Do follow Tony Robbins. You have to go to his stuff.
He has this event coming up. It'll change your life. It changed my life. It saved my marriage. Like, it's life changing. You have to go. And I was like, I don' I mean, I'd known of one set of coaching skills and tools, and they were incredibly effective for me and my clients, but I was like, I don't know about that. I just had suspicion. And so notice the story is like, Peter was like, I don't know.
No, that's not for me. Right? Like, that thought at first, that's not for me. That's not who I am. I'm a traditional physician. Right. I was an academic physician. And so in particular, because it was Match day. Like, literally Match day. Exactly, Match Day. And so since I was a formal medical student advisor and an academic community director, it was my job to be at Match Day day and to stand with my students when they open their envelopes, celebrate with their families.
The news comes, all this stuff. And so this woman kept texting me and texting me and texting me, telling me I had to go. And I was like, who is this crazy stranger? And why does she keep telling me I have to go to some big event in Los Angeles? I lived in San Diego. And so then Peter Kim texts me and says, you know, hey, I hear, you know, Bonnie.
And he texted me a picture of himself, and he said, I'm here in Los Angeles. This is what I look like. Come and meet me. And I was like, well, okay. So that was the day before Match Day. So I drove up there. We sort of met each other, you know, like, said hellos. I. There was a firewalker event that turned on, turned out, went into like 2 o' clock in the morning.
And the whole time all I'm thinking while people are chanting is, what the hell is happening here? Have I gone into a cult? What is this? Like, it feels insane the first time time. And I was like, I need to get back to Match Day. Like, I can't just stay here and chant and wait to walk on fire. So I left and, you know, it was the middle of the night when I was driving home, I went to Match Day.
I had to decide if I was going to go back. I took pictures with my students. That was March 2019. So this ended up the crew that, you know, sort of moving forward were Covid residents and all of this stuff. But I had to decide whether I would go back or not. And there were some people still scrambling that day. And so in the end, I got another text message from you guys and I was like, all right.
I mean, what's the A difference? Nobody's really working today anyway, after Match Day. So I went back and I remember taking calls about scrambling people from the LA Convention center and then going in and being back in the cult and then. But the truth is, and I didn't think we had that much in common, honestly, like, I was very skeptical. I was like, these are physician finance people.
I run a free clinic. Like, I'm the opposite of finance. And then we went to lunch, Kenji and Letty and. And we sat together and I saw, oh, you're approaching physician finance through a different lens. Through financial freedom. You get to choose how you spend your life. And that is what matters. That's what we were all trying to get at was like, how Bonnie said she teaches women physicians to live their lives they want now and not wait till they hit a financial independence number.
And Peter also, you know, passive income, so that people could do what they want and not wait for a certain time. And you also taught people to leverage that. And I thought, I would never do any of that finance stuff. I would never do real est. I would never. And then I just think we all saw we had a lot more in common than I think any of us ever would have anticipated.
And it was a very transformational weekend. I think we all left changed and all left connected to each other in a very unique way. And Bonnie was the ultimate connector for all of us. Right. I really want to highlight that, Bonnie, you're the person who went and found each of us separately. So how did you do that? So if people want to know, like, how do you bring together groups?
How did you go and find each of us? That's a good question. I want to say a little bit about how Sunny said, like, she was skeptical because I did, like, a personal development conference when I was like, 23, and I heard about it through a friend and I thought she was crazy. So it's like a. Like the similar theme. I was like, she's nuts. It was right after 9, 11.
I was living in New York City. And the reason why I ended up doing it was not because I thought what she said was sound. It was because I was studying for the mcat. She said, you're going to get a higher score if you do this. I'm in. I'm in. I want to do dermatology. I'm going to need all the help I could get. So it's just funny how that's what got me in.
And then. And that's one of the reasons. And I say that because when I saw that Sunny was offering coaching in a Facebook group, I didn't have to be sold on coaching. I already knew what it was. And I also knew that it wasn't, like, cheap if you wanted your own coach. So when she was offering free coaching, I was like, holy cow. Basically, I was like, yes, I'm gonna do this.
Like, I can't believe it's free. Because I remember wanting to hire someone when I was in my 20s, and it was just cost prohibitive for me at the time. So that's how Sunny and I met. And then I think I met Peter before because we were in the financial blogging world. I think we met in person at the first White Coat Investor. And you was. You were just coming out, I think, around, you know, because I knew who you were enough to meet you versus, like, I don't know who Passive Income MD was.
Right. Can we clarify that? That means. Okay, just clarify a little bit. There's nothing wrong. I'm just saying. But you revealed your identity, and I was revealing my identity on it. Right. Okay. And I want to say, Peter, just for a second, I want to put in because, again, I ran a free clinic. And so the fact that you were so humble that you wanted to help other physicians and were anonymous helping other physicians as Passive Income md, and it wasn't about your ego.
It wasn't about you. And only after a long period of time of helping people, you went through that transformation and deciding to put your name out there and deciding to Come forward with who you were. That actually meant a lot to me. It was endearing. It told me something about your character. And so I think when people are looking for other people and how do you know who's a good character?
It's what you do. When people don't know who you are and people aren't watching, that tells a lot about you and your values. And so I knew kind of right away that this was going to be a safe space. Space to be in. So go ahead, Bonnie, with your story. Yeah. And then we met again at another conference, fincon, and I forget what year that was. And that's actually when we had a conversation that I mentioned all the time to people is.
I think it was around the time when I was like, do I keep doing this blog? Like, it was kind of fun. It was making, you know, a few thousand dollars. Like, that was like, cute, right? And then I was like, should I do this business? And I was working with Sunny at the time. And that's when you said, go big or go home. And you didn't say it like in a, like, mean way or whatever or provocative.
You were just like, make a decision. Go big or go home. And it was just very matter of fact the way you said it. And I was like, I don't know. And then that's when I decided with Sunny to pursue it. And then with Latean. Kenji, I do remember you writing me a guest post. So the question is, how did I. I must have heard about your blog somehow.
I don't remember. I. What I do remember is being on my bed in Philadelphia and us having our first phone conversation. I forget what year, but I remember where I was. Which is kind of random, right? Because I do too. I remember. Oh, my gosh. Yeah. Talking to Bonnie because she was such a big name. She was Miss Bonnie. And I was like, so excited, like, to get to talk to her.
It was really, like pivotal for me. I mean, it was a big deal. Yeah, I think this was before. Yeah, before, you know, you had courses and stuff. You know, the blog was just a blog. I don't know what your origin story is in terms of how. How your blog started, so. So I think I met all of you around the same time. And yeah, I do remember telling you all, like, oh, Sunny will be there.
And I think I remember saying, like, she's really tall, so that might help find her because obviously there's thousands of people at this conference. Right? So, yeah, that was 2018 when we all met you. And then 2019, we met each other. Yeah. Yeah. Somehow we all ended up on a text thread together at that time. I think that's how after this event, then we decided that, like. Yeah, well, I mean, we decided to call ourselves the Power Group.
If we're being transparent, I don't know where that came from. I have no idea. I think it was me. There you go. It's Bondi's. Always a ringleader. Well, you can name a group chat. And I thought, leesh, we should just have a name. Yeah. I want to point out Bonnie was the ringletter the whole time of everything. She met us all individually. She put together the text thread.
She gave it a name that she remembers. Right. Yeah. And I want to point out also how each of us, just by saying something along the journey, has, like, totally transformed what the other person did. Because, you know, Peter transformed what Bonnie did. But Bonnie was the person who brought courses to us and said, hey, course. You should do a course. I'm doing a course. Right. And so that totally changed what we were doing, because we had met Sunny, we thought we were going to do a coaching program.
And then Bonnie set a course, and we changed. So it's just. And I'm the one who taught Bonnie how to do courses, because I had done. I had become a coach. And then I had also. One of my coach friends had said, hey, have you heard of James Wedmore? He has this program called Business by Design. I went and did that. And so I was like, hey, he has this program called Monetize.
Before you make it, I asked him, can I share it with my client Bonnie? Because I think she could make a course and teach women physicians this. And so, like, the. The interweave. Interweb, or like, CR of people who have similar interests. It's like, this is what I'm doing. What are you doing? This is. How can we make this better? How can we all help each other out?
Right. And even though you're all in the financial space, none of you were like, well, someone might sign up for Bonnie's course and not mine or Peter's and not mine. Right. There was none of that. In fact, I have to say, if we put together a list of people who've been in all of our programs, that list would not be small. Right? Yeah. There's definitely, like, a Venn diagram where they all overlap.
Yes. But I think that's one thing that's beautiful is none of us feel significant competition with the other people. We're, like, always truly trying to help the other people and know that there's not a fixed pie. Yes. Yeah. And people should know that we get together and actually are pretty transparent about our businesses. We share a lot of the challenges, struggles of the business particularly obviously our successes.
But we're all like, every time we meet, we're trying to share what's working well and some of the challenges where we have. And the cool thing is we all are getting our information not actually from the same place. Like you know, you guys have done Keith Cunningham, you guys done all this. Like you guys are going to your own masterminds and everybody's doing their own masterminds. Some of the things we do together, but a lot of things we're doing is we're all pursuing our own education on our own and then we're bringing it back to everyone else and like kind of condensing it down and giving the best stuff, which I think has been like a really fun part is everybody's contributing to everybody's education and helping each other.
So I know I've learned a lot from you guys. I mean Peter even, because I'm like a little disorganized. And so Peter even told me who his CEO was or his COO is fractional coo. And we shared a COO for like how did that turn out? Six months. I mean she got so much organization and structure in my business. She really did. I mean I went from like a one woman show with one VA to a company with that woman.
And I learned about culture and fit and she wasn't the right culture fit for me. But you know, I learned a lot because like when you're saying we help each other, like we really, really help each other. And we really do go into very different spaces for the. We all invest significantly in personal development and coaching and business support and with very different spaces and you know, whether we want value alignment or whether we're looking for a certain goal or result and then we really do trying to help each other and teach each other.
Yeah, I was thinking about what, you know, allows this group to be such a really great group and part of it is a growth, growth mindset and also the mindset work that we're all doing. And so if we can talk about some specific examples where somebody went and and learned something or grew and was able to help you with your business. Well, I think Sunny was, was the one who said introduced idea of doing a course like that would have never entered my mind.
And you were the one who said you can sell it before you make it. And I was like that's crazy. But that doesn't mean you don't have a plan. Right? You gotta, like, know what to sell. You can't just be like, I'm doing something. Buy it. Right. You have to. So I remember, like, I planned it all out, but. So that was definitely facilitated by you. And I guess, you know, lady and Kendra were like, oh, we should do a course too.
Like, I don't remember exactly that conversation, but I think we would just talk about, like, what we're doing, what we're up to, and if it's not an interesting, like, oh, tell me more about that. What are you doing? How did you learn how to do this? Like, in the beginning, like, we were all, like, beginners and online business. And I felt like we were all sponges. I feel like we are still sponges.
The difference is that now we just have a lot more knowledge and experience under our belts. But, like, we're like, I. I did the sales page copywriting course just recently, and then I'm working with the same coach for email copy. And so I'll definitely share what I've been learning. Like, she's. She's so good. And so, yeah, we're always taking some sort of. We're always in some kind of, like, business, whether it's a coaching program or to learn a specific skill, like, you know, copy.
And then we could always bring that to the group. Yeah. I was wondering where the membership site came from, because I think at least a couple of us have done membership sites and that's been a significant impact on our business. So was that Bonnie again? Bonnie. Oh, yeah, Bonnie' One that goes out there first, like, meets all the. The right resources, tries it out, tells us all about it, and.
And then many of us then will try it. I feel like Bonnie's the first one always. Well, and then what she does, literally, and then she becomes everyone's taste study. Right. She became like, Amy Porterfield's case study. Stu McLaren's case study. Like, she's. I met. I met Stu, who teaches about memberships at James's event. That one that I had told Bonnie about. But. But again, when Bonnie, like, a lot of people hear about things, but I think what's remarkable and exceptional.
Exceptional about everyone in this group is we don't just hear about things. We enroll in things and attend things and listen to things with the intent to take action. And so whether she goes in with the intention or not, she's like, I'm going to be everyone's star student. I'm going to be a testimonial, because I'm going to apply this work. Otherwise, why did I enroll in the program?
You know, like, if you don't want the result, don't enroll in the program. Don't waste the thousands of dollars. And so I just think that that's. It's a characteristic, right. That is. It's no accident and it's replicable. Yeah. And I think the same with. The same with each one of the people here. That's what I was going to say. Like, we all take action on things that we've learned.
We're not just, like, sitting around, you know, I think I learned from you, Peter. Like, I saw you give a talk, and I say it over and over again. Like, you know, a lot of us think knowledge equals power, but it's knowledge plus action equals power. I use that line all the time because it's so true. Right? Like, and I think, you know, I made that, guys. I made that.
I made that up. Just want to let you know. No, but that's. Tony learned it from Peter. Yeah. You know, but I think that. Sorry, I was just gonna say that I think that what another thing that I got from Peter that's a saying is like, what if it's the third time that it works out? He said that in real estate to one of my clients, who is also one of your clients, the as well.
But it's knowing knowledge plus action equals power, and then knowing it's probably going to be the third time that you actually get it right. It gets you out of the perfectionism and trying to get it right the first time, because it's like, you have to experiment the first time and the second time to have enough experience under your belt to get it right the third time. Yeah, I got to say, Peter is, in my opinion, like, an incredible salesperson.
Like, when I watch his webinars, like I'm watching, I'm like, oh, my God, I got to learn from Peter. I got to learn from Peter. I want to be like Peter when I grow up. Right? So, like, each of us have built skills in certain areas and that we can model off of each other. And it's just so great to be able to learn from watching you guys kick ass in your businesses, too.
Like, the actual. It's that we actually care, though. Like, because if you think of Peter, why, when you say he's a good salesperson, I like, I don't even think of Peter as a good salesperson, per se. What I say is, like, he's. He Cares about people. He's everyone's best friend. He genuinely likes them. You know, like, I genuinely like Peter and all of you do as well. So there's like that.
It's not transactional, it's relational. And having a real relationship with people really matters because, you know, they'll forget what you say and did, but they'll never forget how you made them feel. It's Maya Angelou. Well, a good example of that is I was just at my 15 year med school union, which kind of blew my mind. It's like, it's been 15 years. And I was telling them we were all just, you know, talking about money because they were asking me what I was doing.
And we were talking about real estate, and I mentioned your name. I, like, told them at the conference. And then my friend Jessica, who I introduced to you when she took your sundaycation course, she's like, oh, my God, I love Peter. I gotta go, I gotta meet him. I can't wait to hang out with him. And I feel like people say that a lot about you. Well, I brought, by the way, Bonnie came over my house recently and I brought her to a little picnic.
We were having a little picnic outside for the neighborhood people, and then I was introducing her, and then somebody's like, wait a minute, you're Bonnie Coup? Like, I've read your book, I've done this. And it's amazing to see the influence of, like, I didn't even know my neighbor. Like, again, I never talked about Bonnie to my neighbor, who happens to be a physician. But it's just. It's just really cool to see the impact that all of you have made.
All your names come up. When I talk to people in the space, whether they're in real estate or not, just kind of influencing, you know, the influence that you've had on them has been amazing. And I will say all of you have had an influence on me, obviously, in so many different ways. But one of the biggest ways is definitely, like, how much you guys are all willing to invest in yourselves.
Like, the whole education aspect of learning more masterminds, coaches, you're not just telling people and creating these things for other people. You're doing it yourself, too. And so the amount of, like, you stretch my mind to, like, what's. I'd say, what's, like, possible in that sense? What is reasonable? I guess, in a sense, like, you know, being in my world, I'm like, I don't want to pay that much, you know, because I'm more worried about the cost versus the benefit.
Right. The cost versus the return on investment. And what you guys have really taught me is that it's not about how much you spend on, it's what you get out of it in terms of value, value. And, and you're able to now I'm able to see these things in terms of that light. It's not like, oh, how much I'm going to spend, you know, it's more like what am I going to get out of this?
And, and like so now obviously Latino, I mean we were all spending significant amounts of money on our own education, masterminds, coaching, all of it. But it's created the amazing returns for all of us. And I think we can all probably say the return on investment has been like not small but humongous. Right. And so those that wouldn't have been possible if I didn't see each of you kind of invest in yourselves.
And that's allowed me for sure. And that like when I was doing this at first I was the literal only physician I knew doing this, right. Like my initial Coach training was $18,000 and everyone thought I was completely insane. And then once I got around people who really again invested in themselves in this work and whether it's a training, a certificate, a program, a course. And then I had just decided from the get go, like from the jump I had heard, because I'd read Grant Cardone's book 10X, I just decided, I'm like, I get 10X out of everything.
And my first offer to Bonnie was I guarantee you'll 10x your money. So pay me this and I guarantee 10x your money or I'll give it back. And so I just had that thought for myself and I still have it. And I know it seems extreme and like there's another book coming out soon that's called 10x is easier than 2x because you have to as Benjamin Hardy, the guy who wrote the gap in the gain good book for everybody to read.
But really, even if you knew if you decided ahead of time you were going to 2x or 3x or 5x, like there isn't Peter's passive income MD. I mean I give him hundreds of thousands of dollars for syndications. I'm not expecting 2x or 3x or 5x or 10x. Right. So it's so I do think it's been helpful to see other physicians doing this too. And again, not at all to be self serving or salesy my life, as you all know, I'm going through a really hard time right now my life is so much better.
My mind is so much better. My ability to cope is so much better. My perspective is so much better. By purposely surrounding myself with people who think that our life experience matters. Because let me tell you, physicians are not accustomed to thinking that their experience of this life matters. They just sacrifice themselves and sacrifice themselves and sacrifice themselves. And it's like, what if all these rules were made up?
And what if you didn't have to play by their rules? What rules would you play by? And so I think the people who. Who immerse themselves in mindset work start to realize we really can make up our own rules and we can still work as physicians, or we can work part time, or we can do all these other things that, like, we really do get to play by our terms.
Wow. It's one of the best things is that we get free coaching from Sunny. Yeah, I mean, you're already doing this, but I'm just saying, when you talk about roi, there is a, like, literal. You can look at my, you know, whatever Social Security statements or whatever, there is a literal roi. But what's more important. And you guys know that I'm, like, speaking my absolute truth here, because money solves problems that money can solve.
And then you're left with the real work, which is like, what is this life really about? And what is your experience of this life? So let's get everybody who's listening, because you guys are financial people, like, so let's all get them to the point where they know they have enough money. Money, the money's not a worry anymore. And then again, what are you really doing with this life?
It's. It's a profound place to be and reflect on. It is. It is. So let's talk about going forward. I think we've talked a lot about the past and, like, what made us such a good fit for each other in terms of mindset and. And how we've been kind of going so far going forward? What kind of things would you like to see changed or added about what we're doing now?
Just for people to be able to model, like, okay, I. How they got together. I see how it's worked so far. What do you want for the future? Are you talking about in the context of our group specifically, or our businesses? Oh, okay. Well, one thing I realized, great is because peer masterminds, you know, I think there's pros and cons, right? It's really easy for a pure mastermind to just kind of be like, well, I'm not paying for it.
It doesn't matter. And I think our group has been different because I'm. I've been in peer masterminds or attempted where there's just not buy in. Whereas ours kind of came organically, I think, you know, really purposefully, you know, meeting up. Like, I think we all end up meeting each other because we kind of go to the same conferences. But when was the last time we were all together?
I can't remember. It's been a while. Like Peter's conference, I think. My conference. Yeah, yeah. Afterwards, My backyard. Yeah, it's been a while. It's been a while. Yeah. Yeah. So I think, like, purposely doing something that, you know, maybe not just, you know, attaching to a conference, but we've talked about maybe, like, doing, like, planning a vacation slash work thing together, right? So we can all bring our families because, you know, it's hard to always separate from our families.
So we've talked about Disney cruises or Greece. Like, I don't remember, but I think it's just, like, you know, executing it. And I think, like, lady was in charge of getting this podcast together. So I think what it takes, and this is just for anything, is like, someone's got to kind of decide to organize something, right? To kind of be, I guess, the ringleader, right? So, like, one of us will have to be like, okay, like, let's look at our calendars.
Let's figure out a time to go. I think, Peter, you said you're going on Disney cruise next year. Since we're like, what dates is that? Like, maybe we could go and we vote on that person right now? I vote Bonnie. Organized. We need one person. Is that what you're saying, Bonnie? I'm happy to. I think it'd be really nice for us to purposefully meet in person. Like, I think we're pretty good about meeting, you know, periodically and, you know, like, to you really, you're really good about organizing that.
Like, hey, let's meet up, up. And it's. There's no, like, specific cadence. And I think that's also nice is like, we're not like, oh, we gotta meet the third Wednesday of every month. Or it's kind of like whenever it feels like it's been a while, we'll kind of end up doing a zoom call. But, yeah, I think that's one thing I would love, is to actually meet in person.
We're not, like, you know, where Peter's not, like, running a conference, right. Because that's obviously a huge use of his brain. Time and he's got to focus on that. So whether we just stay a few extra days and, like, you know, maybe go to your str and where is it? By Coachella. Oh, Indio. Yeah, right. Or one of their STRs or everybody has something somewhere. We're having a thing in Puerto Rico soon.
You can all come to. As soon as I buy my. Our Italian villa. Yeah. Yeah. There you go. I think what I would say about that is that I. It's about my experience that Leyte is the instigator for our meetups generally, and she kind of has to hunt us down. Like, it's not easy. We're not all like, hey, sure, yeah, we'll do that. It's like every. How about this day?
How about this day? How about this day? How about this day? And everybody's going somewhere all the time. You know, like, we're. We all have conferences and things we're going to. So it's not an easy job for you. I've noticed it's most common when, for instance, you or one of us has a significant issue. Like, as Peter was saying, like, we really come together with, like, oh, the stuff's gonna hit the fan right now.
Like, I. We're in it. We're deep in it. We need some people who are physicians, who are entrepreneurs who get what it's like to run a sizable business. And when stuff hits the fan, because it's like the team or the this or the that. And so lay t, I find, is very good and persistent about getting us together. And then what I think, even for the better is, honestly, I think, like, are we meeting instead of waiting for every single time, like, our COO quits or our, you know, whatever terrible crisis is going down?
And maybe even we could take turns like this. This month. You lead next month. I lead next month. Right. Like, we could actually do that. And then also, I think the. In persons with intention to have a period of it that is mastermindy. And then there will be periods where. Because even in my real. Not real, but in my paid masterminds, there's the content. You know, say you're at a thing from nine to three or whatever, nine to five.
And that is super important. You're there with your notebook and all that stuff. Stuff. But a lot of the learning comes from sitting by the pool and having a drink at the bar. And so I think we could, for ourselves, do both of those things. We could have some actual content. And we're also really good at the, you know, drink at the bar or and it doesn't have to be alcohol.
Right. I was at Leyte's house yesterday and it was her two year old's birthday and we had cake. Right. And also went to the pool. And the reason we're in Puerto Rico is because of you. And they're. Exactly, exactly. And you just came to visit, right? So it's like you, you really do become the average of the five people. You. Before I met you guys, I had my five people and we're basically the same person.
We're underserved medicine, family medicine faculty members that teach. That's. That's who we are. And we've been best friends for 25 years. And they're still my people, but I, they don't really understand the kinds of things I have to talk about right now. Right. It's a very different world. And so having you as some of my five people. I think again, that just spending time with people intentionally, the things that Peter happens to talk about.
About. Right, or that you happen to talk about because it's part of your life. It's not like you're trying to teach me all the time. It's just this is your life. And so, yeah, I think structure plus the unstructured time are things that we could take turns doing. And I look forward to doing that. It's gonna be super fun. Peter. Yeah, I mean, I think, I think we need to be intentional about meeting up.
That's really, that's really what it is. I think we're all busy and I think everyone, probably everyone in their lives, they've realized that without setting something especially way up in advance, like, it just doesn't happen. I mean, I, I think like Bonnie's talking about, she's got a conference coming up and you know, if she doesn't put that date down pretty soon all of our schedules will be filled up already.
I mean, just the way it happens, life happens, right? March 3 through 6, 2020. Yeah, I had to. We're there. Like, I was just, I was like, are you guys free this day? And you know, we. Not everyone knows our schedule that far in advance, but we knew for sure, like you didn't have. Have certain big things that, you know, you had responsibilities for. So. Yeah, that was also part of it too.
It's like, okay, finding a date that would work for all of us. And I'm, you know, really hoping that you guys can all make it. So. Yeah, I think that. So we should probably talk about Sunny. I was just gonna say I'm the opposite. Yeah. Peter's Peter will be like, I have a conference going on. It starts on Saturday. Sunny, can you come? Are you gonna come? And I'll be like, yeah, I'm just, I'm just last minute because my life has been.
Has had a lot of unforeseeable events, you know, and so I needed flexibility in my life. So when Bonnie's like, March, I'm like, I mean, you could create a whole human between now and March of next year. Like, there's no way to actually know what's gonna happen during that time. Put on the website. Just do it. Bonnie put her name on the website. You know, put her picture.
I saw. I saw my name, a picture on the website you're creating. I don't have your headshot. Otherwise, I'm just gonna put your picture up there, Sonny. I'll get it. Yeah, I'll give you a headshot. But I wrote subject to change. But it's a mirror ball. I mean, who's not gonna want to go to Miraval? Yeah. Yeah, exactly. But I, I, I've learned this, and I think my wife's reminded me of this too.
Is that, like, you know, if you don't set even time with her, like, a potential, like, it's just like, you're gonna fit in the cracks maybe, but other things keep filling it first. And so I think for us, we've talked about it for a while. I think you're right, Bonnie. I think we got to just, like, like, set these dates intentionally. We need to set intentionally, like, time in advance and block that off, and then that way we can say no to other things.
And so. Well, MAR would be a great way to extend because you're at a spa resort, and it's all inclusive, and it's, you know, it's like the perfect, you know, backdrop. So maybe we could talk about just adding a few extra days or. Yeah, it's probably better to do after, right? I think so. Yeah. I was actually just thinking that one. You know, we have a mastermind that it was conflicting with Peter's PIM decon.
And I was like, oh, we got to rearrange the mastermind, right? Because I. We're going to pimdcon. So it just gives you a sense of, like, we make sure that we're at each other's important events to support each other. You guys, you know, were our affiliates. For the first course sale, we didn't have a huge list. You know, you guys made all the difference in the growth and, like, and it.
It just, you know, knowing how Much of a difference you guys have made in our growth, our trajectory. Like, you know, just the loyalty of being there this whole time. It means so much to, to us and to all of us, I think, to have this relationship where we all started from the beginning and we've all grown and grown some really remarkable businesses over time, through each other, helping each other, which is really, really phenomenal and beautiful.
So thank you guys so much for your time. This was so amazing. Can you, each of you maybe tell everyone how they can get a hold of you and find you and learn more about you? Yeah, I'll go first. First of all. Well, quick question, lady. Did you say what you want to see and do going forward? I don't think we had anything. Yeah, we didn't have anything.
I mean, the only thing I had to add was that I would love us to do like a group like two day thing where we just bring in all our people. Oh, yeah, we've talked about that. Right. We just gotta. But it would be killer. Killer. Yeah. Right. Okay. I said, are you allowed to cuss on this show? Yeah, I said, when the stuff hits the fan, because I didn't know that answer to that question.
I was gonna say. Then I was like, maybe it's not an explicit show. I don't know if it is. Now you got the. If I had the choice, I would have made it explicit. So. Yeah, all right. No, I think that's a great idea. I mean, I think if people are interested in that, I mean, that's maybe something in the future where we create like a, A joint kind of.
Well, this is what my conference is kinda. You guys are all going to be there. Maybe I need. Maybe I need to rent out the whole resort buyout. It's got to be like, it's got to be a conference on, on wealth in general, like financial wealth, but also like the wealthy mindset. Right. It's like, it's a combination. I think that's what she's doing is actually. Yeah. Yeah. All right.
So people can find me at Wealthy mom md. And so those are all my handles. Instagram, my website, my podcast. So that makes it super easy, honey. People can find me at empowering Women Physicians.com and they can get like free resources and guides and things, like things that I actually do with my clients. They can download them there. I would say most people don't know me from my Facebook group.
And so that is for women physicians. You have to be a woman identifying physician to get in there. And then I have a podcast of the same name, Empowering women physicians. You can find me at Passive Income md, that blog podcast by pretty much the same name. We have some Facebook groups and, and of course there's a conferences that we do, pimdcon and Leveraging Growth Summit, so look out for those.
And yeah, that's it. And that's where you'll see all of us for sure too. You can find us @semiretiredmd.com and we do courses, masterminds, and you can find our public Facebook groups as well. Semi retired physicians and semi retired professionals. Thank you guys so much for your time. This was so much fun and I can't wait to get texting to you guys later today about other things and all the things we've been going through.
It's just really an incredible thing to have all of you in our lives. So thank you. All right, thanks. Bye, guys. Thank you. Hey there. Thanks so much for tuning in. If you love what you heard, be sure to subscribe so you don't miss an episode. And if you're listening to this on Apple podcast, 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 they too can live a wealthy life.
And finally, you can learn more about me and what I do @wealthymom md.com See you next week.
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233. You Can’t Delegate Your Dream Life (And Why That’s a Good Thing)
What happens when you step back from the spreadsheets and ask: What do I actually want my life to look like?
In this episode, I’m diving into:
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Why I’ve gone all-in on a holistic approach to money
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What “experiential wealth” really means—and how I used points to book a $20K trip to Korea ✈️
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The mindset shift that made me finally pull the trigger
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How rethinking school (hello, homeschooling!) is reshaping my business
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Why you might already be able to live your dream... you're just not giving yourself permission
💡 Plus: Get the scoop on the Happy & Rich Mastermind, the newly updated Money for Women Physicians course, and my brand new Personal CFO Dashboard.
Hey everyone. It has been a minute. I think, in fact it's been like two and a half months since I've talked to you and so much has happened in the last two and a half months. And I meant to do an episode after my Hawaii conference because I wanted to just talk about how it was, et cetera. I mean, it was amazing. It's like, how can you not have an amazing time at the Four Seasons in Hawaii?
It was amazing. And in case you missed it, you can actually get all of the talks. We recorded them. So go to my website, wealthymomd.com conference. At least I think that's what it is. But if you go to my website, you'll see a link to access it. And I, I'm pretty sure it's just $299 to get all the talks and it comes with 10 CME credits, so truly it's a no brainer.
And 100% of conference attendees basically said they would recommend this to another woman physician. Some of the talks were so powerful. I would say the talk that was the most popular was the one on boundaries and the one on startups. So anyway, if you want to catch the talks then go to my website, wealthymomady.com but what I really wanted to talk about today was first just kind of give you an update on things that are happening around here and tell you about the amazing trip I booked on points.
So one of the things that has been evolving is I've taken a more holistic view on money and I actually started the conference with that. And I don't know if I talked about this, but I started a new mastermind called the Happy and Rich Mastermind. Because at the end of the day, money's a tool. It's a tool to enrich your life, you know, experiences and connection, relationships. That's what makes our life feel rich.
It's the experiences, right? And so, and also like, what's the point of having all this money if you're not enjoying your life? Right? Ultimately it's like there's things that we enjoy and maybe we want to be able to enjoy it more. And some of those things Require money. So I've taken sort of that approach mainly to kind of help my clients and including myself, to kind of zoom out.
Because it's so easy to kind of get stuck in the details, like, should I pay off debt, what should I invest in? And it's like, okay, let's pause. What do you actually want your life to look like? What are the things you want to do more of? What are the things you want to do less of? Short term, long term? That's going to inform what you need to do to grow your money.
Okay. And so just to give you some quick examples, you know, if you're someone like, I really love being a doctor, but, yeah, maybe in five years I would like to work one or two days less, but I don't really see myself quitting completely anytime soon. You have different options than someone who's like, I want to go part time tomorrow, or I want to maybe be able to not work as a physician in the next five years.
So different decisions have to be made for that. And you have to be willing to do things that are outside of your comfort zone. Because the truth is, if you want to have choices sooner, investing in the stock market, specifically in your retirement accounts, isn't going to be enough. Short term anyway. Long term, sure. But if you want choices before age 65, 70, etcetera, you're going to have to do something else.
So then it's like, are you willing to do that? Are you willing to do something else? And I mention real estate a lot because that is really common. Or maybe it's starting a business so you can have a great income and then use that, some of that money, not just for yourself, but also to grow your money. And so again, it comes down to what do you want your life to look like?
And at the conference and in my Mastermind, I present the Life Wheel. And you could just Google Life Wheel. It's not like I invented it. And the Life Wheel is great because it lets you. It helps you assess your life by thinking about specific areas. But again, it's all interconnected. But sometimes when I ask the question, like, well, what do you want your life to look like? People often draw a blank because they're like, well, what part should I think about?
So, for example, it could be around relationships, and that could be a significant other, if you have one. Or maybe you want a significant other. It could be, you know, your children, so you can call that the family unit. It could be around hobbies. Maybe you really want to travel more. That's Pretty much. I would say most of my clients say they want to travel more and they want to work less.
That seems to be the common theme. And that also affects their ability or rather the amount of time they have to spend with their loved ones. Pretty much no one. No one has ever told me they want to work more. So they just want choices, and they want to be able to have the experiences that really enrich their lives. Okay, so once you have an idea of what your life is going to look like in those different areas, and obviously all those things together are your life, then we can have a conversation of, okay, what will it take to do that?
And there are a lot of things you can do now to help to have that. And that's actually one thing a lot of my clients are, oh, why aren't I doing that? Because I think almost we tell ourselves that we can't do things until we have a certain amount of time or money. And there are many things that don't necessarily require that. Some things require more money for sure, but a lot of things don't.
And so I just think it's a great way to kind of take inventory or stock of your life. I really recommend doing this at least annually. And, you know, if you have a partner, this is something both of you should do. I was talking to a client the other day and how, you know when you first meet someone and you're decided this is the person you're gonna spend the rest of your life with, like, all there is is future.
You're talking about your future, about the life you wanna build. And at some point you kind of stop doing that. Especially when kids come along because, you know, you're so busy doing that and taking care of them that it's like. It's like we almost stop dreaming a little bit and kind of go on autopilot. So one thing that I've been wanting to do for a while is to go to Korea.
I am Korean. I was actually there, but I moved here when I was around three years old. And I was waiting for Jack to be a little older because I wanted him to have memories and I wanted him to really be able to fully experience it. I was really attached to flying business class, specifically with Korean air. The last year. I'm like, okay, don't have to fly business class Korean air, because it's pretty hard to get to get point points flights with Korean air business class.
And so I was thinking, okay, maybe I'll just pay cash. And if I'm going to pay cash, well, I can't do that right now. That was kind of like. And I would just kind of go in a big circle. So one of the decisions we recently made. I almost forgot to mention this. If you're on my email list, I talked about it. I think this week or last week is we are going to homeschool Jack this fall.
Starting this fall, he's finishing first grade. So what does that mean? That means I. My travel is not restricted to. To school breaks, thank the Lord, because as you know, school breaks and the airlines know this and the hotels know this is everything will be expensive during those breaks. Even though obviously not every school in the country has the same breaks. But kind of similarly, right between basically March and April, it's like, good luck.
And then winter break. Good luck. Anyway, my mom told me that she's going to Korea this fall, the month of October. And she's obviously fluent in Korean. She grew up there. My Korean is. It's funny, people always ask me, like, oh, how good is your Korean? This is. When I'm speaking to a non Korean person, I'm like, well, I know more than you. You know, I'm probably not giving myself enough credit.
I can actually understand it pretty well. As long as they're not talking about super complicated topics. I probably could speak more than I think I can, but I'm probably just embarrassed. And I can read it because it's a phonetic language. I won't necessarily understand it. So anyway, she told me she was going and I was like, wait a minute, we can go too. Because we're not limited by, you know, school.
And so that's when I got to work with looking for tickets. And I was able to secure two round trip business class tickets for me and Jack. And I'm super excited. They are not Korean Air, but they're pretty damn good. It was Delta specifically, Delta 1 on the way there, on the way back, we're flying Cathay Pacific. I have never done Delta one or Cathay specific. I've only done first or business class with United.
I'm talking about Life Flat, specifically Air France and Emirates. So I'm excited to try some new airline products. That was a lot of points because it was not an optimal redemption. But I also did not spend $12,000 on business class flights because as you know, it's a very long flight. Direct flight from the US to Korea, 15 hours. Okay. Now I was able to book every night on points, as you know, or maybe you don't know.
I'm a Hyatt girl. I Have globalist or top tier status. And I get a lot of points. You know, the conference I had at the Four Seasons, I got a lot of points for that. I got three x points for what I had to pay to the Four Seasons, which was, you know, over a six figure amount. So I have a lot of points. And I charged it on my Chase card specifically because Chase transfers to Hyatt.
So I booked all 16 nights in Hyatt's. And fortunately there are Hyatts in all the major cities in Korea, at least where we're visiting. So. And there's like five of them in Seoul itself. So that was pretty easy. And I have tons of suite upgrade awards. And so what that means is if you book a standard room and a standard suite is available on points, you can upgrade for no additional points.
So I think every night is in a suite, except for the last two nights. I think I was able to use it, but I didn't want to, like, use all my suite certificates. And then I also was able to book a second room for my mom and my stepdad in two of the locations. So I used a lot of points. But I was, I am so excited that this is happening.
In fact, I texted some of my friends and I was like, why aren't you more excited? Like, I'm so excited. I think I'm more excited that I booked the whole trip on points because it's almost like a dream come true. Because this is not something I. I probably would have put this off for a while if I was not able to book that trip on points. The total value that I was able to book, I mean, think about it.
Flights and hotels. I kind of did the math. It's close to $20,000. Cause the flights themselves would have been at least $12,000 for two people, right? Round trip business class to Asia, so. And then 16 hotel nights. Like, just do the math. Like, that would have been a lot of money. And so basically I just. Money to eat and to, I don't know, buy some souvenirs. I mean, what else are we gonna do in Korea except for eat Korean food and like, you know, we'll visit some stuff.
I'm not really big on visiting sites and stuff like that, to be honest. Like, I kind of like just walking around and exploring and eating. So Jack is seven now. He'll be turning eight this fall. And so I'm just so grateful and appreciative that we're doing this now because again, I could totally see myself pushing it off and pushing it Off. And again, if I had to pay cash, I honestly truly don't know when I would have taken the leap to do that.
Okay, so this is a form of experiential wealth. And Devin Gimbel, you may know her as the points girl, she actually talked about that specifically at my conference that travel is experiential wealth. I would say for the people in my life and my clients, travel is such an important thing to them and it does create such an amazing experience and memories for ourselves and our families. And so that's why I'm super into credit card points.
I have a few episodes on credit Card points, so if you search for Devon D E V O N, you'll find episodes about her with her rather. And then I, I believe I had one or two episodes where I talk about Black Friday shopping and credit card points. Because around that time not only are there great deals in terms of price wise, but there are amazing credit card opportunities.
Credit card points, I should say opportunities as well. So we have a while for that. But just want you to, I just want to seed your mind that that's available later this year. And so personally I don't understand when someone's like, oh, I'm not really into credit card points or they don't do it. I just assume they just don't understand that. They just don't understand what's available to them.
In fact, I was that person not that long ago. And Devin would always be like, why aren't you interested in this as a money person? And basically my thoughts were, oh, it's too complicated and it takes up too much time. Honestly, Credit Card points is my video game. Okay. You know, a lot of people, mostly men, play video games that are completely useless and they spend money on money on them, on their phones.
And that's all well and good, but this is my video game and I'm already spending the money on a credit card, so I might as well get points and then learning how to use the points to again get $20,000 worth of value. Like that's just insane and amazing. And when I tell people I'm flying business class on points, they're always like perplexed, like, how did you do that?
And it's not as hard as you think. Okay, so my question to you is, what does experiential wealth mean to you? What does it look like? What are those experiences that you want to have more of? You know, one of the clients in my current mastermind said she would love to go to Italy for a month And I asked her, well, when are you going to do that?
And then she's like, you know what? I could do that next year. I forget when she said next spring or fall. But again, I said earlier, there are things that a lot of us want to do. And it's like, okay, why don't you do it? When they actually. That you may find that you actually have the ability to do it, you just haven't necessarily made it a priority.
So that's what I wanted to talk about today. Just to give you some updates around my business and my life. As I mentioned, we'll be homeschooling this fall. I might even have a whole episode on that, even though it's not really related to money, but I've actually always been interested in it since Jack was a baby. And you might be asking why. And also, there's a lot of misconceptions around homeschooling.
In fact, Matt was so against it and they finally gave in recently. But it's breaking the paradigm that school is what everyone should be doing. We're so indoctrinated that everyone should go to school. Traditional school, I should say, whether it's public school or private school, we don't even stop to think like, is that the most effective way to learn? And as I've done this work in terms of learning money, teaching money, and now I'm a full on entrepreneur, school doesn't teach us that many useful things.
It's actually not even that good at teaching you in a way where you're going to retain it because a lot of the stuff is taught out of context. So I think of. I hate the word homeschooling because that doesn't mean you're like home all day doing stuff. I think of it more as like, I guess you could call it self directed or I think of it as like immersive 3D learning.
And kids are naturally curious. And unfortunately for a lot of people, school kind of kills that curiosity because you're forced to learn things. And most of the things I hear is, oh, well, what about socialization? Or they're going to be isolated. And one of the things I say to that is, how is it normal for you to be in a room and being exposed to people your age?
Like, that just doesn't happen in real life. And I was listening to a podcast, I forget which one that talked about there is socialization and there's being social, and they're two different things. Also, what was shocking to me is that the actual academic time you need to learn when it's just like one on one. It's like 90 minutes to two hours a day at Jack's age. And it's not even Monday through Friday.
And then it's just like blowing up the whole paradigm and like totally like breaking our belief systems about what education should look like for a child. And we all know, especially when you have, if you have multiple kids, you know, your kids are different, they learn very differently, they need different things to support them. And unfortunately school, you know, it has to kind of be the same. And unfortunately, teachers are tasked to get teach everyone and they just can't, you know, because everyone learns differently.
Like you're teaching the same thing. Every kid is not going to internalize it the same way. And you know, Jack is good at, he's better at some things and there's some things that he's not so great at. He was recently diagnosed with dyslexia. And so he's going to need some pretty intense intervention to help him learn to read. So he's learning basically an Orton Gillingham methodology called Barton.
So we're going to be starting that this August. He already gets tutoring, just regular OG tutoring, but we're going to start specifically Barton this fall, so. And again, the actual academic time will just be a few hours a day. And which means he'll have lots of opportunities to be out and about, to be with other people, to be with other kids, and to do things that he wouldn't normally be able to do and do it during the daytime.
And also there's no homework in homeschool, by the way, because you get your work done and there's no death by worksheets. It's gonna look different for everyone. But the way that I envision it for ourselves is kind of what I discussed anyway. What was the point of me explaining that? Oh, the point of me explaining that was. And as a result of that, I've really had to sit down and sort of rethink my business because obviously it's gonna affect my ability to do work.
And so I do have to. I'm going to hire a part time nanny who, and I would love to hire someone who, you know, maybe was an educator in some capacity to help with the homeschooling. I don't really need this person to tutor. It's more just like supporting him while he does some stuff on his own, but also so that I can do work. And then I've really thought hard about simplifying my business.
It's been something that's been on my mind for the past year. And now with the homeschooling decision, I was like, okay, I really need to simplify my business. And so what does that mean? That means that. So I've had to really rethink what my business is going to do. What, what are the ways that you can work with me? And so I want to just tell you what they are because they are a little bit different than what I've been doing before.
So I'm not really taking one on one clients. I do have a few right now, but I generally do not take on one on one clients. I have the Happy and rich mastermind right now. There's 21 women in it and I love it so much. And again, it's a great combination of building wealth but also working on life goals. And I would say one of the big themes in the community is relationships.
Really working on creating your community, your chosen family. And when I say community, it's not just friendships. It's like, you know, your community maybe have kids at school, like your school community, your church community, all that kind of stuff. And so because people are, I think we're all a bit relationship starved. And it's not just because of COVID although definitely affected it is, I think women physicians, we just get so busy with our lives and then one day we realize that we don't have friends or, you know, don't have enough basically.
And then if you move like I did, then you're like, oh, I don't have any friends. And you have to really make an effort to make them. So that's been a theme and it's just been really beautiful to watch everyone really prioritize their lives and make changes. And so I've been loving doing it. It's a six month thing. The next cohort's gonna start probably September. And so if you're interested, you wanna go to my website, wealthymomad.com,
go to the Work with me page and you'll see information about the Mastermind and you can join the waitlist because there is a limit, it's not unlimited enrollment. And so I keep the number small on purpose so that there is a great sense, so that it is tight knit, a close sense of community in itself and also so that I can really be available for everyone in there.
Now, I may have said on an earlier podcast that I have officially retired my Money for Women Physicians program. And what I mean by that is I used to run it as a live program. What that means is I would do weekly or even twice a week coaching, slash office hours and do a lot of live teaching. And so I will not be running it live anymore. But you are still able to enroll in it as a standalone course and there will be quarterly office hours, but it's essentially self paced and so it is available at a lower price point.
And so for those of you who've been thinking about doing it but maybe didn't buy it before for a number of reasons, this would be a great time to enroll and grab it. And so again, just go to my website and you'll see more information about that. But you can buy it at any time. And once you buy it, you'll have 12 months to complete the program, although I really recommend you get it done in less than six months.
And so that's sort of what I'm doing now, my business. So just to recap my happy enriched mastermind that I run twice a year, go add yourself to the wait list because it's a limited number of spots and actually some of the spots are already filled, actually. And so if you're, if you're super interested, you can email us, we can book a short call and you can reserve your spot and actually you can get access to some of the workshops that are in the program already.
And the money for Women Physicians standalone course, you do have access it access to it if you are in the Happy and Rich Mastermind. In fact, if you end up buying the money for Women Physicians standalone course and you end up doing the Mastermind within a year, you'll actually be able to credit whatever you paid, what you paid for the money course towards the Mastermind. So I think that's pretty cool and I hope you take advantage of that.
And yes, I am back with the podcast. I can't promise weekly episodes. That is my goal, however. And so I'm so excited to be back in your ear. Thank you so much for sticking around. Maybe wondering, did she quit the podcast? No, I just took a bit of a hiatus where I had to like deal with a lot of life stuff. And so I hope you're doing well.
It's already May. I can't believe it. And that means at least in Florida there's only a few more weeks of school left, which is also strange to me as someone who's from New Jersey and used to school going towards the end of June. Oh, one more thing. I actually created this amazing, what I call personal CFO dashboard. And basically it is a spreadsheet on steroids to basically have all your information at your fingertips.
Like, I'm literally talking about, I don't know, accounts, locations of important documents, health information, a list of all your insurances, and a lot of stuff for estate planning as well, because that's super important, because I know many of you do not have this information organized. You know you need to do it, but you haven't. And the spreadsheet makes it really, really easy to use. It's a little fancy.
We have a video to walk you through how to get it. And so to get that, and it's $47, you have to go to wealthymomd.com dashboard. That's just no spaces. And so personal CFO dashboard. We just finished it and we just kind of put it out there in the world. And it's an amazing organization tool that I hope you'll take advantage of. Okay, I'll talk to you soon.
Bye. 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 podcast, 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 they too, can live a wealthy life. And finally, you can learn more about me and what I do at Wealthy Mom, Maryland.
See you next week.
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232: DPC vs. Concierge Medicine: A Deep Dive with Dr. Jessica Mendelsohn
Have you ever dreamed of starting your own direct primary care (DPC) practice? In this episode, I'm joined by Dr. Jessica Mendelsohn, a family medicine physician who owns New South Family Medicine, The MedSpa at New South, and Echelon Contrast Suites in Fort Mill, SC. With over 13 years of experience in family medicine and hospice, Jessica opened her own practice in 2019, becoming a successful solopreneur in the healthcare space.
Jessica shares her journey from feeling burnt out in a traditional hospital-based practice to discovering the DPC model and deciding to take the leap into entrepreneurship. She breaks down the key differences between DPC and concierge medicine, and explains how the direct care model can benefit both physicians and patients.
Starting a business is never easy, but Jessica's story proves that with the right mindset and a willingness to learn, any physician can create the practice of their dreams. She offers practical advice for those considering the DPC model, from writing a business plan to setting realistic goals and navigating the challenges of growth and scaling.
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!
Ready to transform your life and finances? Join the Happy and Rich Club for Women Physicians — a 6-month, intimate program designed to help you thrive in both life and money. Click here to learn more, enroll, or schedule a quick call to see if it's the right fit for you!
What You'll Learn from this Episode:
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How the direct primary care model differs from traditional insurance-based practices and concierge medicine.
- The benefits of DPC for both physicians and patients, including increased autonomy, lower overhead costs, and more personalized care.
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Practical tips for starting a DPC practice, from writing a business plan to setting realistic goals and navigating growth.
- Why owning your own office building can provide significant tax savings and financial benefits for practice owners.
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How to create an irresistible offer and stand out in a crowded healthcare market.
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 there, welcome to another episode. So today I have a client and a good friend, Dr. Jessica Mendelsohn. So I first met her, I think it was the 2023 PIMD Con Conference. That's the Physician Real Estate and Entrepreneurship Conference by my good friend, Peter Kim. And she had just enrolled in my program, Money for Women Physicians. And we have just kept in touch and she started a DPC practice, a cash only practice. And she's going to explain the difference between DPC and concierge medicine. Although the definitions definitely overlap and sometimes people use them interchangeably.
And so we actually had Jack's old pediatrician, Dr. Nitin Gupta. And so we'll link that in the show notes for him to talk about when it comes to DPC as a pediatrician. So Jessica is, she's in family medicine. So I actually don't know if she sees both kids and adults, but my thinking is yes.
And I cannot talk about this topic enough because I think going DPC, going cash only is great for so many reasons. It lets you practice medicine the way you want to. It reduces so much overhead because you don't need to have like a biller just to make sure you get paid by insurance. You get to create a much better patient experience. You know, you really have the time to be seen and heard by your physician and they really get to know you.
And so that's one of the reasons why we continue to have a DPC pediatrician for Jack now that we're in Florida. And I just joined a DPC slash concierge physician group and I'm assigned to one physician, but they have a group. So they rotate call. And what I love about them is that they're so proactive about my health. You know, we're looking forward versus being reactive and guess how long my physical was? 90 minutes.
And of course I have access to her. The other day I had a question about whether I should consider going on Ozempic for a number of reasons besides being pre-diabetic and some other things. I'm not really trying to lose weight. Like maybe 10 or 15 pounds would be nice, but it's definitely not my primary purpose. And I was able to have a conversation with her on the phone about it. And so, again, I think it's something many of you should consider.
And I know so many of you think, well, patients actually pay, like, are they willing to do this? And all those other questions you may have. And so Jessica is such a wealth of knowledge. And so I'm excited to have her on to speak more about that. Now, Jessica isn't a speaker at my upcoming conference in Hawaii, but she will be attending. And I know that she'll be a great resource if this is something that you're thinking about. And so that's February 20 to 23rd in beautiful Hawaii at the Four Seasons to find out more, go to wealthymommd.com/conference.
Bonnie: Hi Jessica. Welcome to the show.
Jessica: Thank you, Bonnie. How are you?
Bonnie: Good. I'm so excited that you're coming on today because I know we have so much to discuss. I know people are going to be really interested in hearing about your journey, where you started from and where you are, because I always wanna show examples of what's possible and I know a lot of people are probably where you were before you started on these new ventures and I think any encouragement is always great. So, well, first of all, why don't you introduce yourself?
Jessica: Sure, absolutely. First, thank you so much for having me. My name is Jessica Mendelsohn. I am in Fort Mill, South Carolina. I own New South Family Medicine and the Med Spa at New South.
I am direct primary care physician, family medicine trained, and I opened my practice in 2019. I've been growing ever since and yeah, have two kids. I have boy Charlie, who's 11, and I have a son Henry, who is 7. And my husband works with me at the practice. He started with us two years ago and does all clinical work.
I do a lot of everything and that's me.
Bonnie: Okay. So obviously you didn't finish residency and start this practice out of the gate. So tell us about, like, I don't know if it's more than one job and just tell us, like, what had you make that transition?
Jessica: So I graduated from residency in the early 2000s. And at that time, it was mostly hospital-based medicine. So in Charlotte, North Carolina, there's two really large hospital systems. So at the time, there really was no option other than to work for a large system in a family medicine practice. So I stayed on with the system where I trained and I was there for almost nine years at my practice in Charlotte.
During that time, I did a lot of physician leadership. I was actively involved outside of the practice in various hospital committees. I was our medical director for three years. It was a large practice. There were 14 providers, 11 MDs and three PAs.
And like most of my colleagues got burnout. I had my first son in 2013, and after that, just the balance of trying to manage life outside of medicine and my practice and the leadership work was just more than I wanted to do. So I decided to leave and I actually went into hospice care for five years. I continued to do locums with the hospital system and family medicine. And then I was a part-time medical director at a hospice.
I quickly became more busy in leading a group of physicians and RNs and social workers on goals of care conversations. So I would do that with all of our specialty colleagues, how to have end of life and goals of care conversations. But I started to really miss the relationships of family medicine. I missed my adolescent patients, my families. So I knew if I was gonna go back, I was gonna do it differently.
And that's when I dove into multiple different practice models and found DPC.
Bonnie: So when you say dove into, you kind of, or are you saying that you kind of explored what your options were to kind of create that type of practice that you wanted?
Jessica: Yes. So I looked at telehealth, I looked at home visits, I looked at concierge, I looked at all sorts of different ways to do primary care. And when I found the DPC model, it really just resonated with me in terms of being able to do it solo. And while that has changed significantly over the last 6 years, it was a place where I was able to do it from the ground up. I did not have an MA or any staff for almost a year, and I had no business background prior to opening my practice, so it really allowed me to grow at my own pace.
Bonnie: Well, let's talk about what DPC is. I feel like most people probably know what it is, but let's just pretend, you know, I'm sure some people don't quite understand that model. So let's just define what does it stand for, how does it, is it the same thing as concierge? We've talked about, you know, what are the differences and the overlap, so let's just talk about that for a second.
Jessica: So DPC stands for direct primary care and the direct piece of it means that it's a direct contract between a patient and a physician. So there's multiple, multiple different ways to do it, but the basis really is that my patients pay me directly. There are no third parties. I do not accept insurance, and it's a membership base.
So I describe it a lot like a gym membership, meaning my patients can come see me 30 times a month or they can come once a year and the cost per month is the same. There's no copay or per visit fee. So for that, most of their care is included.
So if they need rapid point-of-care testing, if they are doing a physical, if they have hypertension, if they have depression, if I'm suturing something or removing that, if they need them all removed, those types of things, all of that is included in their membership fee. And then they have access, right? So our visits are 30 minutes to an hour because we cap our patient panel. They can email, they can text, they can call. And so it's much more personal and accessible for people.
Bonnie: Yeah, and how would you say that differs from the concierge model? So for example, we have a DPC for Jack, so his pediatrician is direct, and we do pay a monthly fee, and then she's family medicine. I mean, it is membership and that I do pay directly to them. It's not monthly. It's an annual fee, although you can break it up into a smaller payment.
Because in terms of the care I get, it's very similar. But so some people I thought they were kind of interchangeable, but it sounds like some people do that too, but also there are some key distinctions usually. So let's talk about that.
Jessica: Yeah. So pure DPC is membership-based, whether that's a monthly fee, a quarterly fee, a yearly fee, it is no insurance at all. So then on the other spectrum, you have the concierge model. So that's generally a yearly fee, and then each visit, you still pay your co-pay in billing.
Bonnie: So I don't do that.
Jessica: Okay. And I say this all the time, and there's sort of this saying in the DPC community of, if you've seen one DPC practice, you've seen one DPC practice. The beauty and why I love direct care practices, be it concierge or DPC, is that you can create it however you want. If you wanna work two days a week, that's what you do. If you want it to be full concierge or full DPC or a hybrid of the two, that's what you do.
Bonnie: Yeah, so yeah, I think you're right. That is the distinction, because I do know physicians who take insurance, but then they charge extra on top of that to kind of offer that higher level of service. So yeah, the practice I'm with doesn't charge me for regular visits. Obviously not every single thing is included, but they draw labs there, so that's nice. But they do run labs and vaccines through insurance.
So that's nice. I feel like that's kind of standard in direct primary care. Like we actually took Jack to his person, you know, the flu vaccine will go through insurance in that case.
Jessica: So, okay. So we give patients a choice with labs. We do cash pay, which is pennies on the dollar. Like they pay us, it's what's called a client bill. And so the patients pay us and then we pay LabCorp monthly.
So those are extremely inexpensive. For example, I like to describe a CBC as it's $5 or an A1C is $8.
Bonnie: But tell us how this works. Like you pay LabCorp like a certain amount of money and that allows you to have patients do it for low cost? Is that what you're saying?
Jessica: Patients pay us and then we pay LabCorp. So that's called a client bill in medicine, right? So by doing that LabCorp knows they're going to be paid. And I'm part of a group purchasing organization that has a contract with LabCorp for those low prices.
So LabCorp charges me $3.50 say for a CBC and then I don't upcharge that significantly for patients, just enough to pay my phlebotomist in the practice. Right, so that's where that works. Or a patient can bill insurance and we code it appropriately just like we normally would. Generally the out-of-pocket expense when somebody does that ends up being more than if they had paid cash at our practice.
Bonnie: Okay. This is such like a scam because it's crazy that it's only like to say $3.50 through LabCorp, but if you bill through insurance. So actually in May, I got a panel done and it was CBC, Hebel-Golbin A1C, and it was like vitamin D and a few other things. And it was through "insurance". And I do have a high deductible, so it's not like I was expecting to pay.
It was like $550. It was insane. And I was like, this is just a racket.
Jessica: It absolutely is. And what's interesting, and what I tell people all the time is that that is because of whatever contract LabCorp has specifically with your insurance company. It has nothing to do with your physician's office billing. It has to do between those two companies.
Bonnie: Oh, yeah. But why is it so much more?
Jessica: Because they can. I think for the same reason that getting a Tylenol at the hospital is $50, because there's so many people involved in the process. There's the insurance company, there's the hospital system, there's the doctor, there's LabCorp, versus here, which is, all right, I've got this contract with LabCorp and my patients are gonna pay me for it. And it just eliminates so many middle people that the cost drops significantly.
And I talk about that as DPC being cost savings because I get the question all the time of why would I pay $129 a month for you and I have insurance and that's exactly why that's why DPC pairs so very well because we save money on the back end for people and we have patients who have high deductible plans or patients who are uninsured at all.
And in family medicine, we are trained to do a lot and we don't do it because of time. So not everybody needs an endocrinologist for their type 2 diabetes. We can manage a lot of that, but in a hospital-based system, we have 10 minutes versus here I have an hour. So plenty of time to manage a lot of those things and that drops cost.
Bonnie: No, 100%. I mean, like, I'm sure you've seen those graphs where it shows you over time the amount of administrators just have shot up. And again, as you were saying, when you started your practice, you didn't need all this staff.
So an insurance-based practice, you need a biller. It's like you have to pay someone to make sure you get paid. And when you do get paid, it's like a few months later or they're not gonna pay you and you have to keep fighting. Like it's, you know, I know I'm preaching to the choir here but it is like insane when you think about it. Like it's just mind boggling.
Jessica: Really is. And it's why we pay the most money, like why our healthcare is the most expensive healthcare in the world is because we have so many people doing so many things that are wasteful. And this model for primary care, at least, it takes so much of that waste out. So we're able to charge lower fees and still make a living for us and enjoy medicine again. And patients absolutely love it because they get more personal care and they're paying less over time.
Bonnie: Yeah. So speaking of, you know, the US being the highest cost. I'm going to talk about our story in Greece. Okay, as an example, so like many of you know that I spent a month in Greece with a bunch of my physician, entrepreneur friends and Jessica when we had a few people kind of come by just, you know, to stop by while we were all there. And so Jessica.
Jessica: I love that. Like, let's just pause and say, I just stopped by to see you in Greece.
Bonnie: I was like, hey, I'm going to be in Greece. You want to come? And you're like, yeah. So yeah, she just, she just made a little stop to hang out in Greece.
So I have an epidermal cyst and I'm just one of those cyst makers. And so I had one in my left armpit. I've had it since I was like a teenager. And like Matt is totally grossed out by it. He's just, is like grossed out. And then it is like a little, like little lump. And then Jack calls it my ball. And then he actually said one day that he wants one. And I was like, no, you don't. They just want to like copy you.
Anyway, so it got angry. And I think it was like, cause I was doing a lot of walking and it was hot and sweaty. And it had gotten to a point where I was like, okay, I was hoping it would just kind of like relax, but it didn't. And so I think it was all happening when you happen to be in Greece.
And I made an appointment, actually I didn't, it was like the physician was just like, you just walk in. And it was just, I just walked in and he spoke English thankfully. And I told him, and I'm a dermatologist. So I was like, I need a little shot of Kenalog. Can you do that for me? And he's like, oh, I don't have the Kenalog. And I don't think he was used to doing this. He kind of was like, oh, like he was used to like draining it. And he's like, you know, he was like, I don't think there's anything to drain.
And then I was like, yeah, just these little shot of steroids and it should be fine. And he's like, wait, you go to the pharmacy and if you buy it and come back, I'll do it. And I was like, okay, great. And I was like, what do I owe you? He's like, yeah, nothing. I was like, okay.
And then I went to the pharmacist and then they didn't have exactly what I needed, but it did have, oh, I, he did give me a script for Doxycycline cause I asked, I told him that's what I wanted. So yeah, he gave me a script and did an intramural phase. So I went there, got it filled, and you know, it was like very minimal.
And then you can get certain things that are prescription here, but they're not there. So I actually got two kinds of steroid cream, like the strongest, I think the equivalent of Clobetasol and something else. And it's like less than $10 when if you try to buy Clobetasol here, it can be stupid expensive. And so I just took Doxy and hope for the best.
And then the short story is at some point it was like, all right, this needs to be drained. And so again, since you are, you know, family medicine, I was like, Jessica, can you drain it for me? So we were like, did this whole like, you know, Jimmy rigged sort of IND, you know, in my apartment. And so, and then I came back and it still needed to be drained and now it's all scarred up and I should probably get it taken out before it actually hits again. But I was waiting. You don't want to do it right away.
Jessica: No, I think what was so interesting too was, one, I had the best nurse ever in Jack. He was fantastic. But also I was able to just go to the pharmacy and say, I need an 18-gauge needle to drain a cyst, and do you have X, Y, and Z, and can we get some gauze pads, and all these things that we couldn't do that here.
It would be make an appointment, maybe you'll get an appointment with your doctor three weeks later. They don't have time to do it. They send you to surgery or to dermatology. Like, it just, it was so simple and straightforward, and that's how we try and run our practice.
If a patient needed that, we'd get them in that same day and they would walk in and it would be, okay, this is part of your membership. Good luck, I'll see you next week if you need me. You know, so that's the beauty of this model too is that it keeps it so simple just like that.
Bonnie: Yeah, And definitely cost savings because, you know, usually then you would just go to urgent care and urgent care charges you an arm and a leg. Yeah. It's just anyway. So let's talk a bit about like what roadblocks, obviously when you're starting something new, especially starting a new business. Just tell us about your experience.
Like, did you, was it easy for you to get started? Like, not really in terms of logistics, but like, what did you face? What did you have to kind of work on and what are you doing now?
Jessica: I think that's the biggest piece, right? I think that if you, whatever the business is, it's getting your mindset in the right place to know that it's okay to make mistakes. It's okay if it's messy. It's okay if it doesn't work the first time. All of those things that those of us that own businesses have experienced.
And I do not come from a business background. No one in my family is in medicine and no one in my family has ever owned a business. So I basically said, one of my friends was opening a children's art studio and I thought, if she can open an art studio, I can open a medical practice. And that's exactly what went through my head. And then I just sort of, once the mindset was there, then I deep dove into what the, truly what the logistics were, but not necessarily that mindset piece.
And so it wasn't until getting in there and getting my hands dirty and seeing, okay, I need to pivot here or I need to grow this or I need to learn about marketing, what is that? Okay, now I'm so busy that I need to hire back my time and bring on an MA. And so it isn't until you get comfortable being uncomfortable, at least for me, that I recognized keeping it simple to grow and keeping it simple to scale, truly, if that's what you choose to do. And so luckily for me, what I've done is created a team that understands my mindset and respects it and understands they work for a startup company and have been able to create a culture where everybody welcomes that and is able to pivot. Did I answer your question?
Bonnie: I mean, kind of like, well, let's talk about where you are now because, you know, we heard the beginning where it was just you for the first year. So like, tell us about how many locations do you have? How many people are actually working for you at this point? Right? Because it's not just you anymore.
Jessica: So when I started growing in 2021, really was when I hired a PA and I brought on the med spa team. I knew I was going to need more space, so I started looking. I also knew I wanted to own that space, so I was trying to understand commercial real estate, what that looks like, understand the numbers, and constructed the building that we're in now and almost for a year. So this is a 6,600 square foot building and I have 20 staff, I have 20 employees here. And in 2025, the intention is to grow our second location and potentially do a franchise model.
And my reasoning for that is I want physicians to own their practice. So to me, it's extremely important that everyone has their own practice, that it's physician owned. And so how do I grow this brand and this practice where each location has their own autonomy? But they have our coaching and support. So yes, that's my vision, but I have, it's myself and my husband who joined two years ago. I joke that now I'm his boss both at work and at home.
Bonnie: And he's a physician too, right? I think.
Jessica: So he's family medicine and we had to work through a lot because he worked for a large system for 18 years. We had to deal with his non-compete. The physician I'm looking to hire in first quarter, we're managing what that looks like for him as well. It's those challenges, those things that we have to deal with that are, I think, not necessarily unique to medicine, but really and truly how do you navigate growth and scaling while keeping a certain culture and autonomy.
Bonnie: You talk so like matter of fact, like then I did this and then I did that. And like, I know people listening are gonna be like, okay, she's very different than I am. And so like, what kind of advice, like, cause you're, cause you almost make it sound like you just follow these steps, not that it was laid out for you. And I could just, you know, because I know my listeners would be like, okay, this lady's like on another planet, like I'm not like that.
And so what advice do you have for someone who's like, what I know is like a lot of my clients like who are family medicine or some, in the primary care field, as you said, when you're employed, but in a practice, especially a hospital system, like it just sucks, right?
Because you get so little time, there's all this charting, you don't have autonomy and annoying insurance work, et cetera. And so I know a lot of them aren't happy and this sounds like a pipe dream for a lot of people. They don't feel like, oh, can I really do that? Will people really pay me?
My first DPC pediatrician for Jack, he told me that when he told people about this idea, the older pediatricians were like, why would anyone pay? Like it's not going to work, you know? So did you have any of that?
Jessica: Oh, sure. So to break it down, because I am one of your listeners, right? I have read your book and been through your program, and I would say this, and I say it a lot. If I can do this, so can any other woman or man.
My house, I'm going to break it down like this. My house needs new floors. I need a new roof. I drive a beat-up old car. I have two kids who I joke all the time look homeless when they go to school, and it's okay, it's okay, right? Those things are also all happening at the same time.
I'm managing a senior parent who is sick. I have young children because I had kids late in life. I still am working through coaching in my marriage because now we work together and we're trying to navigate that and it's caused some friction.
So this is not easy. I've had staff come to me crying because of things that are not going well or communication that hasn't occurred. I only just hired a COO level of person three months ago.
So this is, it's messy and it's messy personally, it's messy at home. I didn't know the first thing about QuickBooks. I did my own bookkeeping and screwed up my taxes so bad in 2019. You know, so this is all real genuine stuff. And all of that is also happening while I'm telling this story.
No, I think that's so important because we often don't talk about that. Like I know people look at me or one of my entrepreneur friends and like think it's, I don't know, easy or like whatever. And like, yeah, people don't see like all the, I don't wanna say suffering behind the scenes, but there's a certain level of suffering when you're a business owner, like at least when you're starting and growing, because there's so many skills that you need to learn to run a business. And the vast majority of people, why would you have a business background, especially as a physician? It's not taught in school.
So of course you don't know. So yeah, I think it's just important to highlight that. It's not like it was just a walk in the park for you. Because like the way you speak about it, it's like, oh, yeah, then I did this and I did this and everything's great and, you know, whatever, you know, but.
Jessica: That's funny that you say that. I've never noticed that I talk like that about it. But it's true. And my husband, just last night, we were talking about how this has put a strain on our marriage. There are things that I've needed him to do in the practice as a leader, and that's not what he wants to do.
He wants to practice clinical medicine. So now, you know, there isn't, I heard someone say there isn't necessarily a balance. It's juggling different balls and sometimes, you know, one ball is really high up in the air and you drop another one. And so then you pick that one up and sometimes you have five balls in the air, sometimes you have two. What's the most important one at that given time?
I'll go back to, you know, IND-ing your arm when we were in Greece. Like, we're also still doing those things too, right, at the same time. So that's happening behind the scenes. And it's just, it's nothing other, my favorite word is just messy. Yeah, yeah, lonely too.
I describe it as lonely as well. A lot of times, like just in terms of, there are not a ton of people that think like I do where I live in terms of what I want and my mindset. And so navigating that with a team of people who are your employees, but also we're all very, very close. And so how do you shift between boss and friend and colleague and neighbor. So there's a lot of that.
Bonnie: Yeah, I mean, there's, again, so much to learn. And I think like kind of what we're trying to convey is that like, you're still a human being with normal human problems. And, you know, I like to, what I like to say, and maybe you've heard this phrase I didn't make it up is like, people like you and I were trying to have higher quality problems. You know, like I was at my, I just joined a master when we talked about this and like, I was talking to someone about like, what's the problem you wanna work on? She's like, I just can't get past the $2 million mark.
And like, that's a great, that's a high quality problem.
Jessica: Yeah, absolutely. It’s funny, I keep thinking, okay, I’m not at eight figures yet.
Bonnie: That's a high quality problem. I love that. That's a great way to, versus like a low quality problem. Yeah. Okay. I'm trying to think like what else I wanted to make sure we covered.
What would you say to someone who is thinking about it, even if it's like not even seriously thinking about it? Because I think a lot of people think about it and again, they think like, well, that's not possible or this is what I hear a lot. Well, where I live, people wouldn't pay that.
Jessica: Right. Right. I hear that a lot as well. And I've coached a lot of people into this type of practice. I actually sat with a physician yesterday for an hour and a half talking about her goals and what she wants to do.
And I will absolutely say this, it can look so incredibly overwhelming, but there's so many different ways to do it that it doesn't have to be. And start small. And my favorite thing to say to people in the very, very beginning is, write a business plan and write a vision statement just for yourself. No one else has to ever see that, but just what is it that you're looking for? What is it that you want?
And then going back and getting a little bit more granular in how can I bite off this small piece this year? How can I bite off this small piece this quarter? How can I bite off this week? You know, setting your goals realistically. And eventually it starts to, some people don't like the word manifest, but I use it all the time. And it tends to really, really do that.
So yes, it's absolutely possible and I know you and I say things like that all the time, but to my core, it truly is. It's a matter of how you are approaching it and what your realistic goals are over the course of one day, one week, one year.
Bonnie: I know a dermatologist who opened up a practice in Honolulu actually, cash only. And she was told like, it's saturated, no one's gonna pay that and she's not having a problem. She grew pretty quickly.
Jessica: People are so ready for something different. And I think that, and I love the book that Alex Hormozi wrote, a $100 Million Offer. One knowing our worth, that's a whole nother conversation. And two, when you make your offer irresistible, and it's in this prime time, if people want something different in medicine right now, then it will absolutely happen.
Bonnie: I think we're, you know, in medicine, we're seeing this patients are very dissatisfied and they want a higher level care. They're tired of getting only 10 minutes. A side note, because I just saw this on Twitter, like, you know, is it CMS that determines the reimbursement rates for doctors? Is it? Yeah, every year they decrease the reimbursement and that is just insane.
It's like we're like the only specialty that like we're basically get reverse inflation. So basically every year you get paid less for the same exact thing. And then this person made a point, but your insurance premium isn't going to decrease. No. It's only going to increase.
It's kind of insane. Like it's such a racket. Anyway, we can talk about this. You know, that's a whole conversation as well in terms of, yes, absolutely. Nodding vigorously over here.
Bonnie: Oh, I want to ask, because since you mentioned that you talked to a doctor, like, is this, I know you were talking about it. I don't want to put you on the spot, but like, are you offering like consultation services for people who are interested in exploring this model?
Jessica: I love that you asked that and thank you. I've gone back and forth. We've had this conversation a couple times, gone back and forth about what would that look like and how would I help somebody and structure that? I would love to, and my intent for 2025 is to put a small course together just with a small cohort of people. I think that that group setting is very helpful for people to ask questions. And certainly if anybody is interested in one-on-one, I would love to talk with them about it.
Bonnie: Yeah, I 100%, I think a group setting, especially for business makes total sense because you just, you not just more collaborative, but like you're just bouncing off ideas. How would people get in touch with you? Like, what's the best way for them to follow, et cetera?
Jessica: Probably. Well on Instagram, we are @newsouthfamilymed and then I am @dr.jessicamd under slash New South, or just you can email me at [email protected]. Can also call us, we're online. You can just even get on the website and send something.
Soon our website will have hopefully my sort of coaching piece to it. But right now it does not. Just email me.
Bonnie: OK. Yeah, we'll put all the links on the show notes, because I'm sure people here would love to. Part of me is like, why try to figure it out yourself when someone's already done it? Especially someone like you who's really been successful in growing. And then I also think, I know you do real estate, I don't know how much, but even just owning the office building, to me that just makes total sense.
If you're a practice owner, you should try to own the building or at least like your little nook of the building. And so.
Jessica: That's a whole conversation as well in terms of the tax savings and ways to, and the reasons why it's okay that you don't get paid like you did as a W-2 employee, right?
Bonnie: Yeah. Okay, awesome. Thanks so much, everyone.
Jessica: Thank you.
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.
231: How to Break Free from Autopilot and Pursue the Life You Really Want
Do you ever feel like life is passing you by while you're stuck on autopilot? It's so easy to get caught up in the day-to-day grind and put off the things that truly matter. In this episode, I share a personal story about how I almost missed out on two incredibly special moments because they felt "inconvenient" at the time.
As busy professionals and moms, we often prioritize our never-ending to-do lists over the experiences and relationships that bring us genuine joy and fulfillment. But what is the cost of constantly saying "no" to the things we really want to do? Of waiting for the perfect time that never seems to come?
Join me as I explore the importance of living life with urgency and intention. Discover how to break free from the excuses holding you back so you can start creating the time and financial freedom you deserve. Because if you don't make a change, nothing changes. And you are worth so much more than a life of "what ifs" and "maybe laters."
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!
Ready to transform your life and finances? Join the Happy and Rich Club for Women Physicians — a 6-month, intimate program designed to help you thrive in both life and money. Click here to learn more, enroll, or schedule a quick call to see if it's the right fit for you!
What You'll Learn from this Episode:
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Why it's crucial to start saying "yes" to the things that truly matter, even when they feel inconvenient.
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How to recognize the excuses and limiting beliefs that keep you stuck in autopilot mode.
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The real cost of constantly putting off your dreams and desires for a later date.
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Why pursuing time and money freedom requires courage and intentionality.
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How to take actionable steps towards creating a life you genuinely love.
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Why investing in relationships and meaningful experiences is key to a fulfilling life.
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The power of deciding that you are worth the effort it takes to make positive changes.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
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 am recording this right after February 1st and I cannot believe it's already February. I don't know about you, but a part of me feels like the year's already over now. I know I'm being a little dramatic, but it's more that time is going so fast. So that actually ties in well with what I want to talk about today.
So I realized how easy it is to put off things that really matter. And I want to talk about how important it is to really start living life with urgency and intention. And so what really got me thinking about this is actually something that happened really recently a week ago actually, is I almost missed two really important and special moments. And that's where I was like, what is the point of all of this if I'm not actually doing the things that I say I want to do?
So here's what I mean. Here's the example. So I had two friends who were celebrating big milestone birthdays, and neither of them live near me physically. In fact, most of my friends, I would say, are kind of spread across the country and we try to meet up. A lot of us go to the same conferences or even vacation together.
And so, when I first got the invitation, you know, sometimes you get invited to something and you kind of like just ignore it. And they were dear friends of mine, so I don't want to say I just ignored it, but I kind of was like, well, you know, it would require me to book a flight and figure out a hotel, etc. So basically, you know, not the same as, you know, hiring a babysitter for the night and going to a party.
And so when I initially got the first invitation, I kind of was like, immediately, oh, basically, oh, it's too hard, like logistics of childcare. And then I got to travel and I travel so much already. And so I don't really want to travel more. Basically, it felt really inconvenient. And then the second dear friend also had the same milestone birthday. Not only that, but it was like the day after this trip. So I would have to fly to Washington, D.C. And then the day after, fly to California.
And not only that, a few days later, I had to be in Nashville for a two-day in-person mastermind retreat. And what I mean by that is I'm in a business mastermind with other female entrepreneurs, and they're ridiculously amazing. Like some of them are people you probably know. One of them is an author of books for, I think, tweens. And I don't have a tween, so I didn't know what the book was, but apparently everyone else there who does knew her books.
Anyway, all that to say is I was able to spend a few days with some incredible female entrepreneurs. So you can see that it would have been so easy for me to say, well, I can't because, you know, that's two flights I have to be on and I'm going to be, you know, out for two days for the mastermind. Like that's a long time to be away from my family. And there was even more, another excuse on top of that. Matt also had a business trip that overlapped, not the whole time, but for like 80% of that time.
So most people would agree that it just wouldn't work, that it's inconvenient, and that, you know, well, I can't really do that because… And again, it made me realize, obviously, a light bulb went off eventually because I did end up going to all of those things. And I was gone from like a Friday to a late Thursday night.
And again, I realized I have created a life where I have relative, almost 99% time freedom. And it's like, why did I create that time freedom? So that I can be present and available for these moments that really enrich our lives, that create memories, right? And yes, it took something to make all this happen, right? I had to arrange child care. I actually ended up flying my mom and my stepdad in and arranging for them to take Jack to school for a few days. And of course, in my head, I was like, well, that's really hard. And Jack's, you know, he's very high energy and, you know, my mom's not exactly a spring chicken. And so I felt bad to ask her to do that.
She said yes, obviously, but again, there were all these sort of competing thoughts and emotions and again, super justified as to why it was just not convenient. And I will tell you, I am so, so glad I went. It was so meaningful to be with two close friends of mine. In fact, the first one in DC, it was a true celebration of her life. It was actually quite moving and to also meet other people in her life that I haven't met before, mainly because I don't live near her, and just meeting new people. I already met one person there. I think we'll stay connected for a while, and so I am so glad.
Then going to California, I mean, I was basically walking on the beach every day, hanging out with a small group of girlfriends and again, and then had a very special dinner to celebrate her birthday. Again, an amazing experience that I know I'll remember for a long time. And I also know these two good friends will remember that as well.
And so how many of you, if you're listening, what things have you said no to that you really want to say yes to because it wasn't convenient? Now, I'm not saying you need to say yes to everything, but I know there are certain things that you would love to do that you know would be so meaningful for you and maybe a friend, but you're not doing because it's frankly inconvenient.
And so I wanted to ask you, what is the cost of you not saying yes what is the cost of you feeling sort of stuck and stagnant in your life what is the cost of not working towards time and financial freedom because the truth is and I know you know this if you don't make a change nothing changes and I see this too often with the women that I work with or before I work with them like another year goes by and they are not closer to what they want And everybody wants some version of time and money freedom. I don't know why you wouldn't do that. You probably wouldn't be listening to that if you weren't interested in that, right?
And so really, the takeaway message, I think this is going to be a pretty short and sweet episode, is that I really want you to think about this. If you feel like you're someone who keeps waiting for life to slow down, if you keep feeling like I'll do it later because now is not a good time, I'll do this later, I'll do this some other day, notice that that day hasn't come. How long have you been telling yourself this?
I understand and appreciate the courage and the boldness it requires to make this type of change where you are pursuing time and money freedom. And I'll be honest, this work isn't easy. It's simple in that there are predictable steps and actions you have to take, but it's not easy because it's so much easier to keep doing what you're doing even if you're not happy, even if you're struggling because you already know how to do whatever you're doing.
You know how to go to work even if you hate your work environment. You know how to show up and work many hours and take call even though you really don't want to. It's easy. You don't have to do anything different. It's like autopilot.
And so it does take something to basically kind of put a line in the sand and be like, this is not what I want. I want something more for myself. And honestly, I feel like that's basically what I do. This is why I have a podcast. This is why I'm in your ear every Thursday is because I want you to be living the life that you really want.
And even though I do this work and even though I'm speaking to you right now, it is so easy to kind of get into a pattern of autopilot. Like again, just the example I gave you earlier where I was presented with two invitations and my initial response was, oh, I can't.
In fact, actually, I agreed to the first invitation, and the second invitation actually didn't come that much later. I got a text saying, hey, we're going to California for so-and-so's birthday. Do you want to come? And immediately, I literally was a no and I was a no for a while. And even that birthday person reached out, you really can go. She's a former coach of mine. And I was like, oh, I really can't, childcare and blah, blah, blah. And then I feel bad. It's a lot to ask my mom to be by herself.
I have flown her down, but usually myself or Matt's around to kind of like, you know, help out. And I basically said, I can't, I can't, I can't. And then one day I said, I can. And again, I am so glad I did that. I'm still tired from that trip. I actually got back late last Thursday night and I'm still a little tired, but again, so glad I went. I have amazing memories and pictures and I'm just so glad that I rearranged my life, literally, to spend time with two people that are so so important to me.
So that's what I have for you this week. I really hope you make this year the life that you really lived intentionally, that you decide for yourself that you're worth it and that changes need to happen. Now, if this resonates with you, if this is something you want to work on, then you really need to consider joining my Happy and Rich Mastermind.
I think I talked about it last episode. I can't remember, but we are starting in March. And so now is the perfect opportunity to work with me to make this happen. And remember, it's not just about money. That's why I'm calling it Happy and Rich. It's really about creating a life that you love and putting time and attention on the areas of life you really want to elevate.
Now for the women who have joined so far, relationships are definitely a big focus. And again, relationships are everything. Your relationships, the experiences you have when you travel with your family, all of that, I think that's like 90% of what makes life so, so meaningful.
And so the mastermind is limited to 25 amazing women. It is like 60% full at the time of this recording. It is by application only. And so if you've been thinking about it or this is something that you really want to tackle this year, then I really encourage you to apply.
And so just go to my website, https://wealthymommd.com, and you'll see up top a link where you can find out more and submit your application. Once you apply, you'll hear from me probably within 24, usually within a day, and we'll go from there.
I hope you're having a wonderful week, 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.
For media or speaking inquiries please click here.
For all other inquiries please click here.
230: PSLF, SAVE, and More: Your Guide to Student Loan Relief with Sim Terwilliger
Are you drowning in student loan debt and unsure of your options? With the ever-changing landscape of student loan forgiveness programs, it's easy to feel overwhelmed and confused. In this episode, we dive deep into the complex world of student loans to help you navigate the system and keep more money in your pocket.
I sit down with Sim Terwilliger, a Certified Financial Planner and student loan expert from Student Loan Planner. She breaks down the latest changes to student loan forgiveness programs, including the recent administration change and the ongoing legal battles surrounding the SAVE plan.
Whether you're pursuing Public Service Loan Forgiveness (PSLF) or exploring other forgiveness options, this episode is packed with valuable insights and actionable advice. Sim shares her expertise on how to lower your monthly payments, maximize forgiveness, and prepare for potential tax consequences. Don't miss this opportunity to get clarity on your student loan situation and take control of your financial future.
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!
Ready to transform your life and finances? Join the Happy and Rich Club for Women Physicians — a 6-month, intimate program designed to help you thrive in both life and money. Click here to learn more, enroll, or schedule a quick call to see if it's the right fit for you!
What You'll Learn from this Episode:
- How recent changes to student loan forgiveness programs impact borrowers.
- The current status of the SAVE plan and what it means for your loans.
- Strategies for maximizing PSLF and other forgiveness options.
- How to lower your monthly payments by filing taxes strategically.
- The importance of regularly certifying your employment for PSLF.
- What happens to your student loans if you die.
- How to prepare for potential tax consequences of loan forgiveness.
Listen to the Full Episode:
Featured on the Show:
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- Financially Free Physicians by Sim Terwilliger
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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 up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hey, everyone. Welcome to another episode. So this episode is all about student loans. So if you don't have any, I guess you could skip this. Although we do have a bit of a non-student loan related discussion towards the end that you might find interesting. But if you do have federal student loans, which is what we're mostly talking about. As you know, the student loan world has been a crazy sort of thing since the pandemic. So many things were changing. There are all these what I call pandemic specials and a lot of things even just recently have changed and also with the new administration, we recorded this just a few days actually after the new administration started. And so a lot of things are still in flux, but I do think this is a topic that if you do have student loans, you need to keep abreast of and we give you some ways to do that without it feeling overwhelming.
So again, this is to inform you because I've definitely had clients who did not think they would be eligible for forgiveness and I've seen a lot of money forgiven. I've had quite a few clients get over $300,000 forgiven. So you know, I just want to make sure that you are keeping all the money that you can or not paying loans that you don't need to.
So this is my interview with Sim Terwilliger. I had her on the show before talking about financial advising. She is a CFP. She's a financial advisor. She's also a certified Student Loan Planner and so that's also her expertise and she works for Student Loan Planner. That is a company that I've been collaborating with for several years now. It was created through, Travis Hornsby created it. He's become a good friend and they do such great work. It's where I refer all my clients to if they really want to make sure that they're doing everything they should be or can regarding student loans. And even if you find out that there's nothing you can do, I do think that peace of mind is worth paying for because the last thing you want to be doing is wondering if you could have gotten loan forgiveness. And again, the laws are changing so rapidly. And so I think it's worth paying attention to. And there are forgiveness options for those not pursuing PSLF. I find that a lot of people don't know that exists. And so make sure you listen to this to find out more.
And so if you want to learn more about Student Loan Planner, it's studentloanplanner.com. And if you do want to book a call, when you use my link, wealthymommd.com/SLP, you will get, I think it's $100 off, maybe $200, but you do get a discount if you use my link and you do get some extra support after the call, because even though the call is about an hour, an hour and a half, I can't remember. You are able to follow up with emails and I believe you get an extra three or six months of email support when you use my link. So you definitely want to use that link if you are looking to have a consultation also at the time of this recording.
And I believe when the recording is coming out, we are taking applications for my Happy and Rich Mastermind. This is a brand new program that I'm starting this year. It is a six-month mastermind, and it's basically what it sounds like, happy and rich. How do we get your money working for you, and how do we work on the other parts of your life that are also important? Because at the end of the day, money is a tool. It is not the end all be all and you have to be intentional about your life, right? It's not going to just unfold the way you want to because that's what you want.
And so I think it's something that's always a good thing to do. And with all these changing times, uncertain times, I just can't think of a better time to really focus on this. And so it is application only. We're capping at 25 female physicians. And so when it's full, it's full. We are at the time of this recording, almost a third full already.
To learn more about it, go to wealthymommd.com and you'll see a link, the top banner that will say, learn more about the Happy and Rich Mastermind. And so you can get more information. And if it sounds like something you want to do and that's a good fit, then you can submit an application and we will get back to you usually within 24 hours and go from there. So I would love for you to apply if you think it's something that you want to work on this year.
Again, wealthymommd.com and you'll see a banner to find out more. All right, so here's my interview with Sim, all about student loans and more.
Welcome to the show, Sim, or welcome back, I should say.
Sim: So glad to be back. We have a lot to unpack today.
Bonnie: I know. So we had scheduled this a while ago, but it's timely because of what the administration changed. So we're recording this just a few days after Trump was inaugurated and even before then, there were some assumptions that had to be made about student loans after a bunch of the pandemic specials ended.
So I think this is very timely. I know we don't have all the "facts", but I think this podcast is great for anyone with federal student loans who just wants to kind of get, like, what is going on? What do I need to know? And what actions do I need to take, if any?
So I will kind of let you spearhead this conversation, since I don't really know what's going on. I don't keep up with it, because that's why I have friends like you and Travis.
Sim: Yes. And this is the thing, too, Bonnie. Even amongst us who work in student loans, we even argue about some of this stuff too, like what's gonna happen next and what this means. So I'll kind of just add a disclaimer that my opinions are my own, blah, blah, blah.
Bonnie: Right.
Sim: Yeah. Okay, so what's going on? Well, we had this wonderful new plan come out called SAVE. So what they did was they took an old income-driven repayment plan, repay, and they made some great changes to it, helped a lot of borrowers. It's called SAVE. It was eligible for PSLF, long-term forgiveness. And it became a political topic.
And my opinion has always been that student loans on the political spectrum are actually very small, right? And that our politicians on both sides of the aisle don't really care about it. And that's my opinion. And in an election year, you hear about student loans a lot because it's a carrot that they're dangling in front of people.
Well, so what happened? Well, the SAVE plan was challenged and now it's kind of stuck in limbo in the Eighth Circuit Court of Appeals, if I said that right. So it's frozen. Anybody who was on the SAVE plan who made that switch is in a forbearance. It's a SAVE forbearance. And unlike the forbearance that we had during COVID, this one does not count towards PSLF, and it does not count towards long-term forgiveness.
The silver lining, if you will, is that interest is paused, so there's no interest accrual, but it doesn't count for anything. So for someone who is going for PSLF, you're not totally screwed, right? So these last six or seven months that haven't been counting you will have an option to do something called PSLF buyback. And we don't think PSLF buyback is on the chopping block because I know people are going to ask that next. Can I do PSLF buyback? Can't promise it, but it's on the table for now.
The way PSLF buyback works is, let's say you get to 114 months out of the 120. You need 120 for PSLF.
And you're 6 months short because, hey, you got screwed with the safe forbearance. Well, now you can buy those 6 months back. So whatever your payment would have been over the 6 months, you'll just write a lump sum check, essentially, and you're buying those months.
If you had a $0 payment, because maybe you haven't had a payment in a long time, you came out of residency and you were in attending, but you didn't have to recertify your income, you had a $0 payment, you don't have to write a check. They're just going to give it to you. But you have to go through what's called PSLF reconsideration.
So essentially, you're appealing and saying, hey, I didn't have a payment, and I would have had these months count had I not been in the forbearance and then they should give it to you. You cannot do PSLF buyback unless it brings you to the 120.
So if you're like at 90 months and you're really itching, you want to see those 6 months on your file, I'm with you, I would probably want to get that right away. They won't give it to you. It has to bring you to the 120. So that's the deal with that. So a lot of people are gonna be kind of waiting so that they can do that.
Bonnie: What else do we need to know?
Bonnie: Okay, so that's the PSLF crowd. Non-PSLF crowd, they have the six months forbearance. I don't know that there's any kind of buyback option for them. Don't quote me on that. I just know for PSLF buyback.
So what's the deal with everybody who's stuck in this SAVE limbo? There are some options. We have different income-driven repayment plans. So if you wanna make sure all of your months are counting for something, you can switch out. Some people are not going to switch out, and there's maybe some rationale to not switching out either.
Some folks who have maybe like cashflow problems and they're not going for PSLF, maybe just ride out that 0% interest as long as you can. Or if you know, hey, I'm going for PSLF next year. This is actually a case that I had. Someone who's going to hit the 120 next year, she's kind of waiting to see what happens and then do the buyback and she's at a $0 payment. So for her, she may end up doing like a six to 12 month buyback of $0 payments.
That could be very strategic for her versus switching out. But for someone who has more time until they hit PSLF, might start being a good time to looking at different income-driven repayment plans, specifically IBR, ICR. I think repay might come back if SAVE is gone, and pay as you earn. Pay as you earn, by the way, went away when SAVE came about, and then they brought it back last month. So a lot of people are applying for it right now. Very slow processing with the paperwork. So someone who may be.
Bonnie: Isn't it always?
Sim: Yes. I mean, that's right. That's just the case with anything like this, but especially so with pay. Because a lot of people left pay to get on SAVE, and then they were screwed because pay was gone. And so they couldn't do anything.
They were like, okay, well, now what are my options? But now pay is back, so people are making the switch. So I would caution, you know, if you put an application like in December, give it at least 2 or 3 months, 2 or 3 billing cycles.
Bonnie: I kind of want to slow down and unpack because we said a lot of acronyms and
Sim: Yes.
Bonnie: So was everyone on a SAVE forbearance?
Sim: If you were able to get on the SAVE plan, then yeah, you're on the forbearance because they basically blocked the plan.
Bonnie: So I guess, you know, I'm just thinking of someone listening to this who has loans and is trying to learn what to do. So well, first, you probably have some more things to say, but maybe towards the end we can talk about, like, kind of give a rough algorithm, just so people can kind of at least figure out what they need to file, if anything. So I don't even know what questions to ask.
Sim: So maybe let's talk about a game plan then. What should someone do who's in this situation? So I'm kind of breaking this up into like the PSLF gang and the non-PSLF gang. PSLF gang, always get your employment certification form done. I tell people, let's do it every 12 months. Don't wait longer than that. Some people are, you know, we call them like spelling bee kids and I'm one of them, do it every six months if that makes you feel better. But we wanna make sure that you're getting the credit that you're owed on file. So that's part one.
Part two is figure out what income-driven plan is the best for you and if you should switch or not, right? If you're like really close to PSLF, like maybe like a year out, it could be strategic to wait if you have a low payment. Otherwise, if you're like, you know what? I don't like my job. I just wanna be done. I wanna go part-time, you know, then let's get every month on file and maybe that's the time to switch to a different plan.
One thing to note is that anytime you change plans, like if you're leaving SAVE and you're going to like a different income driven repayment plan, they will have you recalculate your payment. So if you were lucky enough to have a $0 payment, Now you're in attending, you have a higher salary, your payment will go up. And for some people that's worth it just to get all the months counting.
The next thing to figure out once you've figured out what payment plan you should be on is how do you file your taxes? Because our goal is always, let's get your payment as low as possible. They're calculating your payment using your family size that matches your tax return. And they're using your AGI, your adjusted gross income. That's line 11 on the 1040. So how do we legitimately lower your AGI?
Well, if you file your taxes separately and you totally ignore your spouse's income, that's a great way to lower your AGI. There's pros and cons to that approach. If you live in a common law state, sometimes filing separately can leave you with a much bigger tax bill than if you had filed jointly, and that stinks.
However, you have three years to amend your return from separate to joint. There's actually this really corny expression in tax world. You can make up, but you can't break up. So you can go from separate to joint, but you can't be like, you know what? I would have been better off just filing separately. You can't do that. So when in doubt, I would say for the flexibility, consider filing separately and then amending to joint later.
An exception to that approach is if you and your spouse both have similar levels of student loans, sometimes it's advantageous to actually file jointly. But the way they calculate your payment when like both people have student loans is they actually calculate like a household payment and then they prorate it for each person based on like their percentage of student loans.
So if you have two people, they have very similar balances, maybe like a dual physician couple, they're going to basically each have 50% of that payment. And sometimes that can be really advantageous versus filing separately. So it's a math question.
Bonnie: So people listening will be like, well, how do I know which one is best? Is this something that Student Loan Planner, the company you work for, is that something you help figure out? Who should they talk to figure out what would be the best for them?
Sim: Yeah, we offer consultations for an hour. We will look at your student loan data file. And if you have a partner spouse who also has federal student loans, we'll look at that as well. And we'll just kind of run everything through our calculator and we'll talk you through, you know, your tax situation.
And actually, if anyone wants to look at the calculator for free first before working with us, they can text loans, L-O-A-N-S to 33777.
I'll mention that at the end of our chat today as well. But then you can get a free calculator and kind of play with it if you want to. But we do that analysis all the time. We actually do talk people through their private loans as well. There's just less options with that.
Bonnie: Yeah, that's cool that you guys got that text thing.
Sim: Yeah, I just learned about it today.
Bonnie: Yeah. Okay, so there's still a lot of people who don't realize that there are forgiveness plans that are not PSLF. So basically these are people who are working for a for-profit versus a nonprofit, right? So can you just give us an overview of what that is, what's changing, if anything, and things to keep in mind?
Sim: Yeah, so people in that group have one of two options, which is either your income is so high you're going to end up paying off these loans anyway, or the math supports you're going to be able to get forgiveness. And so we're talking about forgiveness outside of PSLF.
So quick level overview, PSLF, Public Service Loan Forgiveness. You work in public service, essentially 501c3 nonprofit, government, military. You do that for 10 years, 120 payments. And then at the end, whatever balance is left is forgiven federally tax free.
Then you can get forgiveness outside of that. You're on one of those income-driven plans we talked about, and depending on which plan you're on, what you're eligible for, whatever balance is left after 20 or 25 years is also forgiven. However, there will be what we call the tax bomb. We call that lovingly because we hate the tax bill.
Now why is there a tax bomb? So whenever you get any kind of debt forgiven, whether it's student loans, credit cards, et cetera, you're going to get issued a form called a 1099-C, which is like a cancellation of debt notice. And so you're filing your taxes, you're getting all your forms together, your W-2s, your 1099s, you have this 1099-C. Whatever balance is on that 1099-C is going to be reported as income.
So if you got like $200,000 of debt forgiven, they tax you on it as if you just earned $200,000 that year, even though you didn't. It's like phantom money.
Now, I'm putting a big asterisk next to everything I said, because you have to do that in the student loan world. During COVID, they got rid of the tax bomb, and they got rid of it through the end of this year, through the end of 2025. So anyone who's getting their loans forgiven outside of PSLF on these like long-term plans is going to get that forgiveness federally tax-free. And most states don't tax it as well. I think there's like four or five that tax at a state level, but most people won't pay taxes on it. So this is a question we get a lot.
Well, I have to pay taxes on the end. And what happens if I can't? A lot of people who are going for long-term forgiveness don't have that much time towards the credit, right? Most of our borrowers, they're like maybe five or six years into it? Occasionally we'll get like people who are much closer, about 15 years. But if you're farther out, you have more time to prepare for this tax bomb. And that's actually something we can mathematically calculate.
We have to make some assumptions, right, about like, what will your tax bracket be? That's an assumption. Any president can come in and change it. Any administration can change that. We make some assumptions about rate of return on your investments, but at the end of the day, we get to a number and we're like, okay, this is your tax bill. And then we work backwards to say, okay, we have this many years left. This is what you're going to get on your investments. This is what you should save every month. This is what you should set aside every month, maybe in like a taxable brokerage account or something. And theoretically, right, if our estimates aren't too off, you'll have what you need by the 20 or 25 years.
If there is enough political will, and by that I mean people pick up the phone, call their congressperson, write letters. Because like I said, small fry issue for them. This is not something they care about. And the evidence, you know, I would say for that is we just had a new administration come in on day 1. Trump did a bunch of executive orders. Not one of them was student loan related.
So all of this talk about student loans in the election, not a single executive order about student loans. So to me, that's evidence that this is not something they care about. They'll probably get rid of SAVE and not look at student loans again. We have to advocate. So you can call our congressperson and say look you guys got rid of this tax thing through the end of 2025.
I would like for you to extend it, delay it whatever. But at the end of the day, it's something we prepare for. If they do get end up getting rid of it or modifying it somehow then look you just have this bucket of money you've been saving that you can do something else with. So it's a win-win.
Bonnie: Yeah. So obviously, I'm just thinking these are complex calculations because, as you said, it's like you want to make sure this forgiveness is advantageous. I'm assuming, and correct me if I'm wrong, because I don't do math very fast in my head. But is it possible for someone to actually owe more than if they paid it off quicker?
Sim: Potentially. So that's why it's always a math question, right? Is it worth it to go for forgiveness? Or are you going to end up paying so much more versus if you had just tried to pay it off over like 10 years. But that's always the question too, because if you're trying to pay it off over 10 years, you're probably going to have a very high monthly payment.
So like I said, it's always a math question, which one is saving you the most money overall? But part two would be what gives you the most flexibility. So some people maybe don't want to save the most money overall, they want to have the lowest monthly payment and then use the rest of their cash flow to like, invest or something.
Bonnie: My opinion is student loans are, they were already complex, and they've been in complex, it's not even more complex, just the rules have kept changing over the last you know since 2020 right.
Sim: Yeah.
Bonnie: And so honestly that's why I lean on you and Travis's group because you know that's your job to kind of keep up with what's going on and you know you know you've worked with some of my clients and definitely I've had clients who did not think they were eligible and then found out that they were. And this also includes non PSLF. I had one client who, an older client who just was like, I'm not eligible, but then got like $30,000 forgiven, right? So what would you say someone listening who has loans but thinks that they're not eligible? Do you think, well, I think the answer is yes.
Do you think it's worth it for them to kind of get a second look?
Sim: I think it's always worth it because the rules change constantly. And some of this just has to do with timing. I know, actually, I think I know you're talking about Bonnie. I think this is someone I worked with. And she was eligible for her loans being forgiven because of the timing of when we met.
If we had met like now, probably not. If we had met like a year earlier, probably not. It's just the timing of when we have certain programs available.
Bonnie: That's what's a moving target these days, right?
Sim: And it's so unfortunate because, you know, while these political battles are going on, it's real people who are getting affected. And people need to make decisions about their cash flow or even where they want to work. And so I have so much sympathy for people in that situation.
Bonnie: What's the Instagram handle that people should follow? Because I know Travis is really good about doing lives and telling people.
Sim: Yeah, it's just @StudentLoanPlanner.
And we also have our website, https://studentloanplanner.com.
Bonnie: Yeah, yeah, so it's @studentloanplanner, you're right, for the Instagram, yeah. So that's kind of how I get my updates is looking.
Sim: That's how I used to get my updates before I joined the team. I was with another financial planning firm, and I wanted to be the student loan gal. So I was like, who's this Travis guy? And I just started following his newsletters. I have a hope I can tell a quick, funny story, Bonnie.
But we were at FinCon just a couple of months ago in October, and that's when all of the court stuff was going on with SAVE and everything. We were at lunch and Travis has his headphones in, like I do now, and the rest of us are just talking. And every couple of minutes, he's like screaming something that they said. He's like, oh, they just said this. They just said this.
So like literally live while this stuff is happening, we're trying to keep on top of it.
Bonnie: I just love how much Travis cares and really takes the time. And he really does what he says. You know what I mean?
Sim: Yeah, we're doing our best, especially like you said, it's a moving target. So all we can do is just follow it and give our best advice as of today. And that's true with any kind of planning. All we can do is really plan with what we know.
Bonnie: Life situations change, marriages come and go.
Sim: I think it's always a good idea to revisit your plan. Like every few years, you know, some triggers might be, and I'm a financial planner, so I'm going a little off topic, but like if you move states, right, because you want your plan to conform with state law, so if you move states, relationship changes, either with you and your partner or like, this is an awkward one, but I went through this, guardianship for your children. If you're like, I want so-and-so to take my kids, and you're like, you know what, now I hate you, and you're gonna go nowhere, you're my kid, that is a great time to redo your statement. Ask me how I did.
Bonnie: That's actually something I recommend that you, that I recommend my clients to review those important people on an annual basis. Cause you forget who, you know, cause you know, if you're married, usually your spouse is the executor, but then, you know, usually you have backup. So it's like, are those people still alive, number one? Are you still friends with them?
Do you still trust them to do it? And then obviously the guardian is the same exact sort of thing. And it's easy to forget, you know, because you're not really actively thinking about your estate plan. So I kind of put it on the annual sort of checklist of things to kind of just briefly review.
Sim: Yeah. And I would also add to that, for your estate planning, if you have like a 401k or something, your beneficiary designations, those are actually going to override whatever's in your will. So even if you have a will and you're like, "I want everything to go to my honey," but you have your mom or somebody on your 401k, that's who's getting your 401k.
Bonnie: Yeah. I think that's really important, because when people get divorced, I think that's something you can easily forget to change, not give it to your. I actually heard of a case, and I don't know, I probably read it in the news. I don't remember where, where that actually happened. I think it was the man who died, but forgot to change the beneficiary, so it went to his ex-wife.
But that sounds like the ex-wife actually gave most of the money to his new wife or new family, or something like that. She actually was very gracious about it.
Sim: Surprisingly and refreshingly amicable.
Bonnie: Pretty amicable. They do exist. I don't know what percentage exists, but they do exist. But you don't really hear about them, because people aren't saying, "Everything's going so great, so easy," because people don't usually brag about that stuff.
Sim: Yeah, they're gonna take to social media when it's negative. "I hate my ex" or whatever.
Bonnie: Okay, so we digressed a bit about estate planning, but obviously extremely important. Well, since we're talking about that, can you remind people what happens to student loans when you die?
Sim: Yeah, great, great segue. So if you have federal student loans and they're in your name, no one is responsible for them. They die with you. Now what happens to the taxability of it? Through the end of 2025, there's no tax consequence.
After 2025, it's more like a we don't know unless they change things, but it could be taxable to your estate. But that does not mean that anyone outside of that is liable. There could be taxes coming from the estate. Private student loans are a different story. I would imagine, and I'm gonna put an asterisk next to that, depends if you're in a common law or community property state, most likely that there's going to be taxes owed by the estate as well.
I'm not an attorney, but I have heard that it depends on when you borrowed the loan. So if you're in a community property state, of which there are nine, and you borrowed private loans after you got married, the question is, are those loans considered to be property of the community or not? And I actually don't have a clear answer. I've tried to find out from an attorney if that's the case or not. I don't know what's gonna happen to those private loans in those nine states, but outside of that, my best guess is that no one is liable.
Because that's true for most types of debt that are in your name. Someone dies with a lot of medical debt, and the kids are like, do we have to pay it? No. So that's going to all come from the estate.
Bonnie: Because I did have a private loan that I did end up paying off early, but I remember reading specifically that it's not forgiven upon death.
Sim: The private loans probably are not. So they would be, the private loans would be owed from the estate, but the federal loans would be forgiven. The question is, is that forgiveness taxable or not?
Bonnie: Okay, so I don't know if you know the answer to this, but what happens if the debt isn't forgiven and there is no estate to pay for it, then who has to pay?
Sim: The custodian, the lender, is probably just gonna have to eat it and they'll write it off as a bad debt, but they can't go after someone else for it because they're not legally liable for it.
Bonnie: Well, that's the question, right? So...
Sim: They will try. They're going to try these shady tactics. They'll probably go after your spouse and say you have to pay it, but that's not true. Again, it's that weird specific situation of like a private loan borrowed after you got married in community property estate. I can't think of a situation where your spouse is gonna have to pay that.
Now, maybe the caveat would be if there's like a cosigner, the cosigner's gonna owe it. And actually, this is a really unfortunate situation with some lenders. Some private lenders, at the death of the cosigner, will have you owe the whole private loan in full up front. They just change the terms on you if there's a death of a cosigner. I don't know why they do it that way.
But that's why it's...
Bonnie: But assumes that they can do it, that they can pay it.
Sim: I mean, who has that kind of money sitting around? Most people can't do it. So if you have a cosigner, it's really important to read the terms of what you've signed.
Bonnie: Yeah. Basically read the fine print that most people don't read. You know what's nice about... I think ChatGPT is actually really good for this stuff. You feed it the contract and you ask it to kind of pull out, like, what are the things that I should keep in mind?
You know, that's something I need to watch for. Like, I forget the wording, but I find it really helpful to kind of like unpack things. So I don't have to read all this legalese. That doesn't make sense to me anyway.
Sim: Yeah, actually, I can nerd out about this. My husband works in AI. And so the new hot thing he really likes is Gemini, but they have a new Gemini. It's 1260. So it's like the new one that just came out.
And I think that one, in my opinion, is much better than ChatGPT. It's a lot more detailed. Whatever you decide to use, whatever AI you like, just make sure in your prompt, you say, using Google and cite your sources. Because sometimes they'll just make stuff up.
Bonnie: And sometimes the math calculations are wrong.
Sim: Yeah, and you can tell it. You can talk to it like a person, be like, that doesn't make sense. And they'll say, oh, I'm sorry, let me try again.
Bonnie: Again, this is off topic, but I'm sure people are curious. So I have the paid version of ChatGPT. I have Perplexity, I have the free version. What do you think is better about Gemini? Is that something you pay for?
Sim: Yeah, we have a paid version. And so I'll give you an example of what I used it for. I run a podcast called The Financially Free Physician. And sometimes I need help coming up with my outline for my podcast and so I'll tell them.
Yeah, so there you go. So try it out and see what you get, but I do it in ChatGPT, we have a paid version for that, and I'll do the same topic, same exact prompt in Gemini, the 1206 or 1260, and the Gemini one is so much more detailed. And it's part of Google, so it already has the sources. You can say search Google, and it's part of Google.
So the outline I get is so detailed and beautiful, and it lays out, talk about this for five minutes, talk about this for five minutes, or a ChatGPT kind of gives me a bunch of stuff. And it's like, here you go.
Bonnie: Okay, when I do it, it gives me timing.
Sim: Try out both and see what you get.
Bonnie: Curious, can you train Gemini like you can train chat? Because like, you know what a GPT isn't?
Sim: Yeah, you're like, it's doing like machine learning. I would assume so. I actually don't know the question to that.
Bonnie: Yeah, because I've trained it to know sort of like my brand, my voice. It's not perfect, but it's much better than if I just use plain ChatGPT.
Sim: I think that the new Gemini version doesn't remember what you said previously. I know ChatGPT will save what you've searched, if you have the paid version at least. I don't think Gemini does that, or the new Gemini.
Bonnie: Okay, well I'm gonna have to do some research and look into it. Not that I'm a ChatGPT genius, but I know more than the average person.
Sim: Just try it out and see what works for you.
Bonnie: So, you know, right now we're recording, I'm using Fathom. I'm sure you noticed. Do you use Fathom at all?
Sim: Okay, you're gonna hate me. So, our financial planning firm, I'm our chief compliance officer. I have interviewed a bunch of note-taking tools. We use Zox because they're more secure than Fathom. Now you're not using Fathom, I assume, for like client meetings or anything.
So for something like this, it's fine. But if you have like sensitive information, I wouldn't use Fathom because they actually store the data.
Bonnie: But what do you mean by store the data? Because obviously it lives on their, like I access the notes on their server. So like.
Sim: Zox will clear it out periodically. And then the other question I asked all of these providers is do you use this data to train your models? And so Zox does not, Fathom does, at least at the time that I interviewed them, this was like early 2020.
Bonnie: I think ChatGPT does that too. A lot of them do, right?
Sim: A lot of them do. So if you're going to use something that's like for sensitive purposes, you want to make sure it doesn't do that.
Bonnie: So I'm curious. I don't know if you know this, but does Fathom, can you delete things in Fathom? Or does it always keep it, even if you clear it out?
Sim: That I don't know. All I know is that a bunch of people on my team were very upset with me when I told them they can't use Fathom because they really liked it. But that's a good tip.
Bonnie: For like work?
Sim: Yeah.
Bonnie: Because, you know, for example, when I do my program, my group program calls, those are recorded. And obviously, it's put in a password-protected sort of site.
Sim: I think at the end of the day, we're all just kind of doing the best that we can because like we're in a, we're in an information age, which is wonderful. And it's always the question of like, well, what are you doing with my data and there can always be a data breach. So, you know, just do your best.
Bonnie: Yeah, I don't know if it was ChatGPT. But I remember reading that sounded scary that it was like, I think they were like redoing stuff and deleting parts of the software or whatever you want to call it. And then like it was doing things to prevent that to happen. It was something like that. And I was like, that can't be good.
Sim: The other issue with a lot of these AI tools is that they're going to reflect the biases of the people who build them. And unfortunately, this world, it's very white male dominated. And so whatever the biases that group has can be reflected in the outputs you get.
Bonnie: This is what I talk about a lot with finances, right? A lot of the rules or even the financial advisors, the vast majority of them are not women, right? And so things are different for women. And then especially if you're a mom and a breadwinner and just like different considerations. We live longer, right?
So yeah. That's not changing anytime soon, unfortunately. But.
Sim: Yeah. I did see a statistic as of 2019 that if you look at med school applications, who was getting into med school, it was now primarily women. Like, the percentages had changed. So the majority was women. So I'm hopeful for our future, because the statistics are starting to change a little bit.
But like you said, even in financial planning, those statistics haven't changed since 2020. These number of CFPs who are women is at 23%. That has not budged.
Bonnie: Yeah. Speaking of med schools, yeah, so my class was 50-50. Obviously, the physicians in the workforce are, it's still predominantly men. And the truth is women do tend to go part-time and quit medicine at higher rates than men. Actually, this is totally off topic, but this is something I've been thinking about and reading about how, again, what you just said about how AI predominantly created by men.
I mean, I don't know if there's any, are there any women who are involved in AI? Like, I haven't heard of any.
Sim: I'm actually meeting one next week from my alma mater, so I'm so excited to pick her brain.
Bonnie: Okay, well, definitely, you know, if you remember, shoot me an email and just tell me a little bit about it. So if you think about the workplace and just the things that we think are normal, all the working conditions were designed for a man versus a woman who tends to has kids, right?
And so I read, you know, there's a lot of complaints about how these accommodations need to be made for women. But the truth is, it's not that these are like accommodations, just that women are different than men. I read even something like the ideal temperature for women is higher than like that's why women are cold.
Sim: Yeah.
Bonnie: Because they actually do run colder than men. But you know, the workplace temperature is set to whatever the standard and it's all around men and like maternity leave and like, you know, pumping and these conditions are not good for women. And so people will say, oh, women can't cut or whatever. It's just that you can't do everything, you know, just it's like, I don't want to say it's physically impossible, but it's very different for a working mom.
Sim: It's a design flaw.
Bonnie: It's a design flaw, yeah. But I think there's a lot of people saying, well, they're not saying that, but they're saying, women aren't cut out for the workplaces. But the real problem is, and this was a very recent thing I realized is the workplace is designed for men, not for women.
Sim: Yeah. So. I have definitely experienced that. When I went on my maternity leave, I have a twin 19-month-old boys, and it was a very difficult transition. And I felt like I got left out of stuff.
There's a conference I wanted to go to. I had to pump for two. There was, you know, what am I gonna do? Disappear eight times a day? Like, could I sit in a different room and watch, you know, the speakers?
But they don't have stuff set up like that. And, you know, an example comes to mind, Bonnie. I heard about, this is starting to change this year, but like crash test dummies, they always use like the standard male, like five foot whatever, when they test like if their vehicles are safe enough for a crash, but women tend to be shorter. They're not using like five foot three, five foot four dummies. Now, more companies are starting to do that, but this is why.
Bonnie: It's just another example of. And even the, I'm sure you know, BMI's was based on white males.
Sim: Yeah, I didn't know that, that makes sense.
Bonnie: Okay, is there anything we have not said about student loans that you think people need to hear?
Sim: Get a plan, I know that that plan might change in a few months and that's okay.
Bonnie: So definitely follow Student Loan Planner, Instagram, and you guys have a blog, which you guys are really good about updating. And I always see the timestamp of when it was last updated. So probably the easiest thing is to follow Travis or Student Loan Planner on Instagram because you know people aren't necessarily remember to like look at a blog post right.
Sim: Yeah, we sent out a weekly newsletter. I'll just put another plug if you want those free calculators text loans to 33777 they are free and you can tinker with them and if you want some help you can book a call with us.
Bonnie: I will give out the link I have to book a call. I think it's just wealthymommd.com/SLP. It might even be /Travis. I think that was the original one. I'm like, OK, Travis is the only guy at SLP, so I should probably just make it SLP.
Sim: Yeah, we got, we have women on the team now.
Bonnie: Yeah, exactly. Okay, well, thank you so much for being here and giving out this very timely information. But I think the bottom line is if you have federal student loans, you're going to want to revisit it periodically and maybe even more frequently with the administration change.
Sim: Yeah, absolutely.
Bonnie: Okay, well thanks for being here.
Sim: Absolutely. Stay safe, 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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229: Maximize Your Income: Tax Strategies Every Physician Must Know with Doc Wealth
Are you a physician looking to keep more of your hard-earned money? Do you feel like you're paying too much in taxes and not sure what to do about it? If so, this episode is for you.
In this episode, I talk with Dr. Mark Applegate and Laxman Pichappan, the founders of Doc Wealth, a tax strategy and CPA firm tailored specifically for physicians. As a physician, you have unique challenges and opportunities when it comes to taxes, whether you're a W-2 employee or a business owner.
Mark and Laxman share their expertise on how physicians can reduce their tax burden using a variety of strategies. They discuss the difference between a CPA and a tax strategist, and why it's so important to work with professionals who understand the specific needs of physicians. If you're ready to take control of your taxes and keep more money in your pocket, you won't want to miss this valuable episode.
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!
Ready to transform your life and finances? Join the Happy and Rich Club for Women Physicians — a 6-month, intimate program designed to help you thrive in both life and money. Click here to learn more, enroll, or schedule a quick call to see if it's the right fit for you!
What You'll Learn from this Episode:
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Why most CPAs are not equipped to provide proactive tax strategy for physicians.
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The key differences between being taxed as a W-2 employee versus a business owner.
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How real estate investments, especially short-term rentals, can provide significant tax benefits.
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The power of setting up the proper business entity, such as an S Corp, to reduce self-employment taxes.
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Why defined benefit plans and cash balance plans can be a game changer for high-earning physicians.
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How to take advantage of the Augusta rule to write off personal home expenses.
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The importance of proper documentation when expensing business costs like vehicles and home offices.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
- Doc Wealth Intro Call
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 back. So today, I am interviewing the two founders of a company called Doc Wealth, and they're basically a tax strategy and CPA firm really tailored for physicians. And I was really excited to learn about them because one of the most common questions I get from doctors is how do I reduce my taxes? Whether you're a W-2 employee or a business owner, newsflash, if you're W-2, there are a lot less options for you, but there are options.
And so, as you know, my goal is to always educate you on what's available and what's possible. I do have a financial relationship with them. And what that means is if you use my specific link to schedule a call and you do end up working with them, I do get a small commission. In fact, if you don't know already, if you go to my website, wealthymommd.com, and if you go to /resources, that's with an S plural, you'll see a list of either companies or tools that I believe in and think they're great and a value add that you can basically peruse. I don't have financial relationships with all of them, but a lot of them I do.
You'll see that I have a list of what I mostly personally use for my own business. And so obviously, I like them if I'm using them myself. So do you definitely want to go and check out the resources I have available there? So again, you're going to learn so much. We give tax tips for W-2 employees, as well as business owners who do have a lot more things they can do.
My goal is for you to at least take one of these things, look into it, maybe even schedule a consult with them to learn more about their services. And to do that, using my link, it's wealthymommd.com/docwealth, that's D-O-C-W-E-A-L-T-H. Here's my conversation with the founders of Doc Wealth.
Bonnie: Welcome to the show, guys.
Dr. Mark: Thank you. Yeah. Happy to be here.
Bonnie: Yeah. So we've got two people on which we don't normally do. So hopefully we don't talk over too much, although it's bound to happen. So why don't you guys introduce yourself? Let's start with you, Dr. Applegate.
Dr. Mark: Yeah. So my name is Mark, Dr. Applegate. I am an emergency medicine physician, primarily work exclusively as a locum physician, kind of traveling more so in the local region. I'm also a founder of Doc Wealth, where we focus on positions as a tax firm.
Bonnie: Yeah, what about you?
Laxman: Yeah, so I'm Laxman Pichappan from Florida. My background is a CPA. Spent a lot of my time in Silicon Valley, over a decade working a lot of tech companies like Apple, Groupon and such. And then yeah, co-founder and CEO at DocWallet.
Bonnie: Awesome. So you guys have such an interesting origin story and I'm so glad we were able to connect. So I heard a little bit from Laxman before, but Mark, I'd love to just hear like how did this – because you guys are friends from college, is that right?
Dr. Mark: Yup. Basically, kind of kept in touch throughout the last decade. Kind of lost track in med school and the residency grind and no time for personal life. I started working exclusively as a locums doc 1099 and found that essentially, you know, you're a single member business owner and really struggled at that point finding, you know, a good reliable CPA that was comfortable working with a single member 1099 and maximizing and understanding the nuances of locums and travel in multiple states as a 1099 trying to maximize the strategy, understanding the differences.
If I'm in this state, this state, do I need a LLC? Do I need a PLLC? Do I need a PC? Do I need a foreign qualification? There's just a lot of nuances that come with being a 1099 or particularly a travel physician. That's when I reached back out to Laxman who I knew was in the CPA space and I said, hey, why don't we bring both our expertises together and kind of focus to serve the physicians in the space the best we can.
Bonnie: So did you have – I'm just curious, did you have this business idea right off the bat or was it more like, hey, Laxman, I need some help. Can you help me?
Dr. Mark: Yeah, so, no, I do a lot of like thinking, designing and first I identified the problem and said, hey, I'm struggling to find a solution. Why don't we just create it?
Bonnie: Yeah, I mean, it's very obviously, that's also you're a very entrepreneurial clearly. So I just love that because I think doctors are natural problem solvers. So I'm always talking about how I think every physician is an entrepreneur themselves, even if they don't think of themselves as one, because we are solving problems all day.
So I just love it because I work with a lot of clients in the money space, obviously, and that's like one of the top questions is how do I save on taxes? I think people get confused between the difference between a CPA and a tax strategist.
They're not necessarily the same person. And just because you have a, like CPAs come in all different shapes and sizes. So I educate on that. Because I think people do have a lot of bad experiences with CPAs like, oh, do I get charged every time I email them? They don't really help me with tax strategy.
And I think what I try to do is just kind of explain that you kind of have to find out what is the CPA actually do, like what are the services are going to provide? And some of them do have, you know, experience with tax strategy, but I think a lot don't. And Laxman, you can talk more about this. And then obviously knowing the specific doctor market, can you speak to that a little bit?
Laxman: So being a CPA for over 15 years, tax is not something we specialize in in grad school at all. It's something that you kind of really learn once you get into practice. And so actually most CPAs that you work with and what we realized is 95% of CPAs don't know tax strategy. It's very much a subspecialty. So that's why you see that most CPAs just file taxes.
Filing taxes happens after the tax year is done. To be able to deduct anything and get savings and lower your taxable income, you have to do it in the tax year.
Bonnie: Like doubt, right?
Laxman: You would think so. You would think so, but it's actually not as commonly known. And so, a lot of that, you know, we've had to kind of go through the education process with different positions on what that difference is really because not many know. But so, what we did was we spent about six months just researching what are all the CPA firms out there, what do they do, and as you mentioned there's not a lot of transparency on the costs, on every single time I get a call, do I get charged. So our focus was full transparency, everywhere we post we say hey we have one flat fee, it's just all inclusive of everything, You don't have to worry about getting on a call.
Am I getting charged? You can reach out to us however many times you want throughout the year and we're really here to help. So we spoke to about 700 physicians just to get a market search. And As Mark mentioned, Mark is always data oriented. The number one pain point was, hey, my CPA is not a tax strategist and whenever I reach out to them, I can't get a hold of them.
It takes a week.
Bonnie: So common.
Laxman: It takes two weeks. That was overwhelming. Over 90% mentioned that they can't reach your CPA. And being friends with Mark for so long and have a lot of physicians who are friends, I can never get a hold of them. So I know all of you are very busy.
And so when you need an answer, you want it pretty quickly. You don't have time to just wait around. If you forget about it and that's money that's on the table, right? And so we really prioritize that. And so staffing up correctly and we ensure like a 48-hour business response time.
Bonnie: It sounds like you guys really did your market research. It's very like well thought out. I love it. I didn't know this part of the, about the business. So like, cause I'm thinking I would love for you to explain what tax strategists do, what do you guys do specifically?
And then I'm curious how that goes along with your investments knowledge because obviously certain types of investments have different tax implications. So I'm just I'm curious on the breadth of knowledge. So let's talk about what is a tax strategist and why does every person, every physician need one?
Laxman: Whenever you're making money, you're going to have to pay taxes to uncle Sam. And that becomes very important because there's two ways of actually making money. Being a finance person. One is your income. The other is paying lower taxes.
And so as a tax strategist, we look at the 75,000 page tax code and evaluate, okay, what are the different strategies in the tax code that we can leverage legally and then be able to work with our single member or multi-member businesses to lower income. So that can be anywhere from setting up the right entity structure and LLC, S Corp, et cetera, to expensing meals on travel. Everything has to be following the certain tax rules related to the business. It can be all the way complex and to investments that you mentioned. Real estate investments are one of the biggest vehicles for minimizing taxes.
The tax code favors business owners. They don't favor W-2 because at the end of the day, we're a capitalistic society. And so the tax code, anyone who's building their own business is creating or furthering the economy. And so there's a lot of different tax strategies that are out there. But happy to go into any detail or...
Bonnie: Because the people listening who are W-2 are like, they're gonna be like, okay. So I think, you know, they hear time and again, there's not much for me. So why don't we speak to, because a lot of them, I don't know, you might know the percentage, but there's a, maybe it's half at this point of physicians are W-2. I think it's probably more than half. So like, what are, let's do some simple things.
I bet there are things that people aren't even doing that's like the simple stuff. So why don't we start there?
Laxman: Yeah, for sure. So let's talk about W-2. W-2, there are strategies. There's typically, I would say, 4 main strategies. The easiest one I would say is doing a mega backdoor Roth, right?
This is after tax, but instead of contributing only $23,000 to a 401k, you can contribute $69,000 that grows tax-free. Very simple to do, doesn't take a lot of time, you can talk to your financial institution, the bank that you work with, or your financial advisor, and they'll be able to do that.
Bonnie: But that's not available to most people, right?
Laxman: It is very much available to vast majority. You may have exceptions based on how your employer sets up the 401k, but most W-2 should have that availability. There are ways to have a loophole around it where you can contribute into an IRA and then have a conversion to a backdoor Roth and then do a mega backdoor.
Bonnie: Okay yeah because the backdoor Roth most people are familiar to exist although not everyone so what we mean by that I never want to assume someone listening understands all this so a backdoor Roth is basically the ability to contribute to a Roth IRA despite being above the income limits according to the IRS. But my understanding is maybe I'm wrong is that you need a 401k plan that allows in-service Distributions and a lot of plans don't allow that. I know that like Kaiser a lot of the Kaiser's on the West Coast do allow that. So a lot of people are able to do that. But because when I worked for a large hospital, two places that had foreign case, neither of them allowed it because isn't that a requirement?
Laxman: No, no, that is our climate has had in service. So you're correct. Not everyone is every 401k allows that. But you know, if it is, then you should definitely maximize it, especially if you have money laying around.
Bonnie: Okay, so what is it?
Laxman: Yeah, so mega backdoor Roth is essentially where you're able to contribute up to $69,000 into a traditional and then have it convert into a Roth IRA. So now this is all post-tax. So I want to make it clear, this is not going to lower your taxable income, but this is still important if you really value retirement planning and want it to grow tax-free. It alleviates that $23,000 threshold otherwise.
Bonnie: Do you still recommend that for people who live in like California or New York that are high state income tax?
Laxman: So what I would say is that if you have enough money left over after all your taxes, taking care of all your expenses and it's sitting on the sidelines and you have enough comfort, then it makes sense. You never want to overextend yourself. It's not worth it to overextend yourself.
The next item for W-2 is I would say real estate investment. When you're W-2, you can do basically a short-term rental and have it as a cost segregation, do a cost segregation study.
And What this actually means is when you're W-2, the short-term rental is the only real estate investment that enables you to have active participation. What that means is whenever you accelerate depreciation or lower your taxable income, you have to be putting a lot of time towards that. In a long-term rental, it requires you to have 750 hours of active participation in the year. As a W-2, it's just not possible because you're working a full-time job. That's why long-term rentals are out.
And for short-term rental, you need only 100 hours of active participation. And so this is usually kind of basically doable. And so most of the W-2 positions that we work with definitely go down this route.
And what cost segregation means is that once you have the short-term rental, say for example you buy a $500,000 property, based on the 2024 tax rules, there was 60% accelerated depreciation. So, at a high level, a $500,000 property, you can write off around $100,000 against your W-2 income.
If you're making $400,000, you're only paying taxes on $300,000 now.
Bonnie: Again, just making sure people understand. So real estate, we mentioned earlier, is a great vehicle for creating wealth. And it's a great way to create wealth, not just because of the income it can produce, but also because of the tax savings. It's almost like you're getting like two lovers right to create income. Long term rentals, like, as you said, it's much harder because they have just rules that basically if you're a full time position, you cannot take advantage of it.
It works if you have a spouse who basically doesn't work or works very part-time because there's stipulations on like, you know, you can't have a job. You have to work more hours as a real estate professional versus like your regular job. So it is harder, but there are situations where that works. And then also there's physicians who do decide to go part-time because they want to take advantage of it because they have the part-time physician income, but it's not hurting as much because they get to keep more of it, right? And so short-term rentals are more attractive because of what you just said, because they need a lot less hours.
It's very easy for physicians to get those hours and then have that ability to write off the depreciation. Because basically you can't really write off other expenses against your W-2 income. It's like there really isn't anything available to you. You can't write off your computer unless you're only – well, not unless, but unless your job reimburses you, you're kind of out of luck, right?
Laxman: Absolutely.
Bonnie: Is there anything else you want to say about short-term rentals?
Laxman: I mean, there's a couple more rules associated with that, but at a high level, the 100-hour after participation, short-term rentals are very popular as a tax strategy.
Bonnie: What else?
Laxman: Yeah, And then I would say oil and gas investments. I know the moment I mentioned this, people are like, okay, this sounds pretty risky and it's an investment. So there are risks associated with it. But for whatever reason in the tax code, oil and gas is considered an active investment. Unlike stocks, which where you’re passive, you don't control what's happening in the company.
If I invest in Apple stock, I don't control what happens. But in oil and gas, you're actually investing in a fund that is buying drills and procuring oil out. And so you get a K-1 with an oil and gas investment. And as a K-1, here, you're treated as a partnership and so an active. And so if you invest $100,000, typically, you can write off 90% of that.
So $90,000 is treated as a deduction against your W-2 income. Many different funds out there, some get oil, some don't. So there's definitely risk associated with that. So definitely do your due diligence with different funds. If they do well, they can average anywhere from 10% to 15% returns over five to seven-year period.
That's usually how long the drills and funds last to procure all the oil. But again, there, it is an investment and there are risks associated.
Bonnie: So yeah, it's important. Cause I think every doctor would love the easy button. Like what's a low risk investment that pays really well. I'm like, that doesn't really exist. But I think people want some kind of guarantee, unfortunately.
So I do invest in a mineral rights fund, but this particular one doesn't have any tax benefits. In fact, the income is considered ordinary income. So it's a very specific type because this company I work with, they also offer the type that you can write off against, but there's higher risk associated with. So again, it's all education. Okay, what's next?
Laxman: The last one is private foundations or charitable contributions. Typically with a private foundation, there is more administrative costs because you're basically creating your own charitable contribution company. But here, you can contribute up to like say about 30% of your total income and you can decide where you want to allocate that money. It could be to something that's very close to you, you know, boys and girls club or something that you create yourself. And instead of giving the money to the government, you're able to give this money to something that you're passionate about.
This is probably the least common overall, but it is an optionality.
Bonnie: So there's three ways to give that, you know, I'm broadly speaking here, right? You could outright donate it and as long as it's above the standard deduction threshold, you can write it off, right? And then there's donor advised funds. So what's, which is pretty easy, right? You just open an account on like Vanguard or Fidelity, Charitable, whatever.
So tell me what's the advantage of a foundation versus a donor advised fund.
Laxman: So the, through a foundation, you can do a combination of the foundation's limits. Plus you can do the charitable contributions through a 503c as well. So there's a little bit more you can contribute in aggregate. So there's a benefit on that side. The other benefit is that maybe there's these charities that you don't feel as close to and you can actually control exactly how these funds are being spent, right?
And so there's just a little bit more control at the end of the day.
Bonnie: But you can do that with a donor advice fund, right?
Laxman: We can do with a donor advice fund as well. I think it still has a little bit of limitations. The private foundations basically it's all controlled by you completely.
Bonnie: So the tax break in this case is more on the, you know, you're doing the money so it's no longer yours, but it does reduce your taxable income. And so, you know, I'm just trying to make sure people understand there's different ways to do that. So some of these aren't the easiest to implement and involves like risk with investments. But if you're listening, you know, you're someone who hopefully is wanting to invest your money. So it's like if you're going to invest your money, might as well maximize the return and also get to keep more of the active money that you, cause I think people forget that.
So now it's just what you make, it's what you keep, right?
Laxman: Exactly.
Bonnie: So, okay. And then obviously there's pre-tax retirement accounts. I think most people know that if you're going to do that, then you can maximize the employee side, which is kind of like your limit. And then if you're 50 or over, you have a little bit more. My partner just turned 50, so we're like, yeah, we can do a little bit more.
Okay. So let's switch over to on the business side. There's a lot of stuff, so we obviously can't cover everything, but what would you say, like, let's just give the top three or four things that are like the biggest tax savings?
Laxman: Yeah, absolutely. I think whenever you're a business owner, I think it's important, first you think about the entity structure. Is it an S Corp? Is it a C Corp? C Corp is usually for large corporations.
It gets a lot more complex, so I'll probably stick to the LLC or the S Corp. At a high level, when you're making over $60,000 to $80,000 in 1099 income, it typically makes sense to do an S Corp. An S Corp allows you to lower the self-employment taxes as well as FICA. This can be quite beneficial.
For example, if you're making about $200,000, in an S Corp, you have to treat yourself as an employee. You give yourself a reasonable income. So out of $200,000, I see the general rule is about 35% of that is what you should deem as a reasonable salary. So $70,000 is what you pay social security taxes and FICA on. The other $130,000 is a distribution. You still get the money, but you don't have to pay any of these self-employment or FICA taxes.
That equates to over $10,000 in cash back in your pocket. That's that structuring of the entity is pretty important and can be massively helpful.
Bonnie: Yeah. Yeah. Still paying income and state taxes, that applies obviously, but you are having a tax savings. I get asked a lot, what do they consider reasonable? So I'm a W-2 employee, so I use a payroll service.
I use Gusto, very popular among small businesses. I pay myself a salary of $70,000. People always ask – Actually, my friend just texted me. She's a coach. She asked me, like, what's reasonable?
It sounds like you have a bit of a rule of thumb, 30%, 35%. That's a net profit, right? Or gross revenue. I'm curious.
Laxman: That's gross. We look at the gross level. We've seen a lot of different S Corps and what gets audited, what doesn't. Obviously, that's a good rule of thumb. When you look at reasonable compensation, you want to see what is someone actually doing this job as a W-2 making?
As we typically look at anything from the VA, for example, what is the VA? VA is pretty low in terms of comp, but it at least gives a sounding board of, okay, this is what the range should be. And we look at, okay, what is the higher amount of 35% or someone doing this W-2 job, you know, full time and that gives us a little bit of comfort and protection.
Bonnie: I'm just curious now that we're talking, I'm learning so much from you by the way, so thank you. I'm curious why it's based on gross versus net because the gross could be 500,000, but if the net profit is like 100,000, you can't pay yourself the whole – you know what I mean? So I'm just curious why is it based on gross and not net?
Laxman: Because there's a lot of things you can do to start expensing and lowering that amount. When you run a company, for example, it's your gross income, you pay your staff, so that's an expense line, right? And then ultimately you get down to your net profit. So the way the IRS has it is that you need to expense this before the net profit. But that's also what we've seen with most artists and stuff is they evaluate, okay, is it meeting that 35% threshold against the growth?
Bonnie: Okay. I'm like, does that mean I have to pay myself more? Anywho.
Laxman: Yeah, property, the next is, it goes back to real estate, right? Short-term rental, long-term rental. And as you mentioned, it depends on if you're full-time, if your main job is being a physician, then you cannot get that active status to accelerate depreciation. If you have a spouse that does not work or they can say that their main job is managing this real estate, then you have the opportunity to do between short-term rental and long-term rental. Short-term rental, 100 hours active participation, long-term rental, 750.
If you can do that, now you have options on what type of property. Again, you can accelerate that appreciation and high-level rule of thumb, about 25% of that purchase price is what you can write off. So that's, I would say, number two. Next goes into retirement planning. There's cash contribution plans, cash balance plans, SEP IRAs and solo 401ks.
The latter two is probably the most common. And when you're a 1099, it's the SEP IRAs and solo 401ks, you can contribute up to $69,000 as well on the max side. On the solo 401k, it's 25% of your gross income or $69,000, whichever is lower. And the SEP IRA, it's 25% of your net profit or $69,000, whichever is lower. That's what I would say is the next strategy that's quite common.
Bonnie: I'm curious what your thoughts are, SEP versus Solo 401k. I'm curious what your opinion is.
Laxman: So when you have an S Corp and you're solely 1099, I think Solo 401k has the most opportunity for you to be able to contribute more because it's not off of net profit. But almost I would say 99% of the time, it yields a more favorable outcome.
SEP IRA, we have a lot of positions that we see that are trending from W-2 to 1099 or doing a combination of W-2 and consulting on the side as 1099. In those cases, when you already have a 401k plan, it's going to limit what you can do on the solo 401k side. So then you see a SEP IRA, because now we look at separately, the SEP IRA has no impact to what you contribute on the 401k side.
So look at your 1099 business separately, What is your net profit? And then let's see what makes sense.
Bonnie: Yeah. So obviously, again, all this tax strategy and personal finances, it's very, it really depends on your situation. So tell me, Does the SEP IRA interfere with your ability to do a backdoor Roth IRA?
Laxman: No, you can still do a backdoor Roth and I personally do that myself actually.
Bonnie: Yeah, because people have heard there's a pro-rata rule so that's mostly for the rollover traditional IRAs then.
Laxman: Yes, exactly. Okay.
Bonnie: Did you mention defined benefit plans?
Laxman: Defined benefit plans, cash balance plans, you know, you can contribute far more than the $69,000. There's a few nuances on that side, but ultimately the most important I would say is I talked to this position yesterday actually, they're contributing $200,000 pre-tax, so they're lowering their taxable income dramatically. But you want to make sure that there's consistency because it's really important. There's rules with this that you need to be able to maintain this level of contribution. And so, any times where you may dip or you may be out of work or you lower your gross income for the year, then it gets a little bit tricky.
There's also more administrative work. You need an actuary typically to be able to do this. So if you are in that lazy boat or you don't want to deal with any of this, this may not be the best plan, but if you're willing to put in the work and get an actuary and do all this, it can be quite, quite beneficial.
Bonnie: Yeah. I kind of think of it as a bit more advanced. Would you agree with that? It's kind of like start with the solo 401k or the SEP IRA. And then once you're making so much money, then you should visit the defined benefit plan.
Laxman: Yes. And yeah, we typically see this with our more mature attendings. We've been attending for a while. Anyone less than 10 years, it's not very common at all.
Bonnie: I'm curious, what's the penalty if you can't contribute the high level? Because I know my understanding is you have to be able to contribute a certain amount of money, like a high, you can't just do two under one year and be like, oh, they're sure I didn't You know make as much money. So what happens if that happens?
Laxman: I have to double-check that I'm not 100% Certain on that I have to do it.
Bonnie: It's not good.
Laxman: It's not good. It's not worth the risk.
Bonnie: Yes, you have to really believe that you'll have to maintain that level of contribution for a certain amount of time. Okay, was there another tip you want to give for business owners?
Laxman: I would say the other ones are more kind of general, like Augusta rule is where you can use your primary home, rent it out and pay back your LLC or your S Corp for 14 days out of the year versus renting a hotel space or Airbnb to conduct a business meeting. You know, instead of paying $1,000 to that, you can just pay yourself $1,000 for using your home, primary home as space. And I would say everything is pretty general. As 1099, you can expense a lot of things, your laptop, everything home office. Home office is huge.
We had many physicians renovate their entire home office space, you know, build cabinets, get desks, do paintings, walls, all of that was expense, right?
Bonnie: All the furniture in it too, right?
Laxman: All the furniture in it as well. Artwork. Artwork, yeah. We had a physician spend about $25,000 and that is one of the best home offices that I've ever seen.
Bonnie: I just want to say about the Augusta rule for people who don't know this. This is only if you're a homeowner. So I rent, so since I rent, I can't take advantage of it. But the just to make sure people understand why it's so valuable is it's an expense for your business. So let's say that use your example of $1,000.
So it's $1,000 off of your top line for your business. And then it flows to your personal income, but that's not taxed. And that's what the Augusta rule is all about is the 14 days, that income is tax free. So again, it's like you're keeping more money. And then obviously, hiring your kids for the tax break, but then also you get to fund like a Roth IRA or something.
I keep not getting my act together. Do that for my son. I didn't feel comfortable doing that for a while, but you know, he is in my social media, decent amount. So. All right. Is there anything else that you want to say tax strategy wise, whether it's a strategy or just some education around tax strategy?
Laxman: Yeah. I mean, I think we cover a lot of it. Paying kids is very popular. There's definitely some guidelines around it. You don't want to pay a two-year-old, right?
Because that can be a red flag. Has to be legit. That's very, very important. I would say the last thing is probably we see pretty common is everyone needs a car. If you're 1099 and you're using your car as your main source of going to work, then that can be expense as well.
If it's over 6,000 pounds, it's 179, you can basically accelerate all of the car, the entire expense of the car. If it's less than 6,000 pounds, you can typically do it over five years.
Bonnie: What are the rules though? Can you only use it for business or what's the percentage?
Laxman: Yeah, you'd have to track what is the percentage that is used for business, but it has to be more than 50% towards business.
Bonnie: Okay. Well, I think I'm so glad we connected because again, I think a lot, like we talked about in the beginning, being educated about tax strategy, again, most CPAs don't have this information. So it's a big pain point for doctors because they see all the taxes go out of their account. That is one advantage of moving to Florida is there's no state income tax. It's significant, you know, when you make a high income.
That's been a nice little bonus. It's like we got like a raise just by moving here. Plus our cost of living is lower than Northern New Jersey. So it's like we got like a double raise in many ways. So, so tell us more about your company, who you work with and what people can expect.
Laxman: Yeah, absolutely. So Doc Wealth, you know, founded by Dr. Applegate and myself, We work with about 150 physicians right now across the country, all specialties. And our focus is completely from the physician perspective. You know, we did a lot of market research and what we really prioritize is a one-stop shop where you can get help with structuring your entity and LLC escort.
We take care of all of that for you all the way to setting up payroll, then doing the tax strategy throughout the entire year. We have multiple check coins. Everyone gets their own custom plan. We sit with you when you get on boarded, understand all of your different revenue sources, your family situation, where your investments are, come up with a different plan of all these different strategies that I mentioned and say, okay, this is what we can do. This is the documentation that's required.
These are the next steps. Let's go execute it in the tax year. And come filing time, let's save all this money. And so we also file as well. So now you're not getting stuck between talking to a lawyer, talking to someone who does entities, someone who does payroll.
We try to be in one place to save our physicians as much time as possible.
Bonnie: We call that brain damage. So you guys offer a free consultation, right?
Laxman: Yes. Yes.
Bonnie: You guys are a good fit for them. So what can they expect on the consultation call?
Laxman: Yeah, the consultation call, you know, I love to just get to know the physician, what their income source is. There's a list of 9 questions where it's almost like an onboarding call. We go through different PACS questions they have themselves and even go through a strategy session where they get a feel for what, what we can do, how we can work and what we can probably save. So it's a pretty comprehensive call, I would say, but
Bonnie: People will get value regardless of whether they actually end up working with you.
Dr. Mark: Oh yeah. Absolutely.
Bonnie: Yeah. Okay. So the link is wealthymommd.com/docwealth. That's DOCWEALTH. And that link will take you to basically a way to schedule an appointment.
Is it with you or Mark?
Laxman: It's with me. Yeah.
Bonnie: Oh, it's with you. Okay. Well, Laxman, thank you so much for your time, and I just loved how thoughtful you and Mark were about seeing this problem, solving it. I just love that entrepreneurial engineer mindset, and so I know this is a problem that many of my listeners have, and, you know, I'm glad to be able to suggest a resource. People are always asking me for recommendations and it's hard.
Like I don't, you know, the tax people I use is specifically, they only work with online businesses, for example, it's not going to apply to most positions. All right, Well, thanks so much for your time again.
Laxman: Yeah. Thank you so much for having us. This was great.
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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228: Pivoting with Purpose: Aligning Your Money and Life Goals
Have you already given up on your New Year's resolutions? Don't let another year go by without making meaningful changes in your life. As a physician, it's easy to get stuck in the same career path, neglecting other important areas of your life like family, relationships, and personal growth.
In this episode, I share some exciting changes happening in my business and how they reflect the importance of evolving and living life intentionally. I'm retiring my main money program and launching a new six-month mastermind called the Happy and Rich Club for Women Physicians, as well as a business program for female physicians starting their own ventures.
Join me as I discuss the six key areas of life that money fuels and how to align your financial goals with your life goals. It's time to give yourself permission to pivot, make changes, and design the wealthy life you truly desire.
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!
Ready to transform your life and finances? Join the Happy and Rich Club for Women Physicians — a 6-month, intimate program designed to help you thrive in both life and money. Click here to learn more, enroll, or schedule a quick call to see if it's the right fit for you!
What You'll Learn from this Episode:
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Why it's normal and necessary to evolve in your career and life.
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The importance of living life intentionally and not neglecting key areas.
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How money is a tool to fuel six key areas of life: career, family, relationships, fun, vitality, and self.
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Details about my new six-month mastermind, the Happy and Rich Club for Women Physicians.
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Plans for a new business program for female physicians launching in the spring.
Don't forget to grab your Design 2025 & Beyond workbook I created just for you. You'll also get the deets to attend my upcoming live workshop Design Your Wealthy Life on Jan 15th or 18th, 2025.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
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 this episode should be coming out January 16th. And did you know that most people have already given up on their New Year's resolutions? I don't want that to be you. The year is so young and I know it's just early January or mid-January anyway, and you still have the rest of the year and so easy to let another year go by without making the meaningful changes that I know you want to make.
Also, it is not too late to attend one of my live classes, Design Your Wealthy Life. Again, this is coming out on January 16th, this episode, and I'll be going live again on Saturday, January 18th at 11 a.m. Eastern. And so you want to save your spot right now, go to my website, wealthymommd.com, and you will see a banner up top where you can save your spot for Saturday. And so I really encourage you to come if you haven't signed up already, because it is all about designing the life that you really want and how to align your money goals because money is not the end goal. It's a means to an end. It is a tool, a very powerful tool.
So what I want to talk about today actually is a bit more of an insider behind the scenes episode of what's going on in the business. I alluded on one of the episodes at the end of the year that I'll be making some big changes in my business. So that's what I want to talk about today.
So before I go into what the specific changes are, what I realized is this is such a beautiful example of how life changes, how people evolve, how businesses evolve, and how you can change your mind. You are never stuck to one thing, one career, and even what you're doing in your career. You could still be a doctor, but maybe change focuses, maybe start your own practice or go into pharma or whatever. There's so many choices available to you. I want to make sure you never forget that you do have choices and that it's normal to evolve.
What I found with a lot of physicians is that we think we should just stick to medicine and have the same job for the rest of our lives.
And that paradigm, and this is for everyone, whether you're a physician or not, that paradigm is simply outdated. So aside from attending my live webinar, it's actually not too late to attend our upcoming conference, the live wealthy money and wellness conference for female physicians. It's taking place February 20 to 23, 2025. So in a month in beautiful Hawaii at the Four Seasons, Oahu.
So I may have mentioned before, but this is the last time I'm doing this conference. I guess technically I shouldn't say last, but we're definitely not doing one in 2026. And as far as I know, with the way my business is going, it's probably not something we're going to do anytime soon.
A lot of people have expressed, "Oh no, how come?" Quite simply, two things, a conference requires a lot of work. I think you can probably appreciate how much work it takes to plan one, to curate it, organize all the things. It's like a three-day wedding, but a lot more work. And quite frankly, it loses money for the business. And I have to pay myself, I have to pay my employees, well, my contractors, I should say, and simply it is costing the business way too much money.
So from a financial perspective, it was – I am not saying this for you to feel sorry for me, but financially, it does not make sense for us to do one. I would have to charge a lot more money, which obviously I could do, but at this time, we've decided it is not a good use of company resources money-wise and time-wise. So that's the current decision anyway.
Plus, I have so many ideas for smaller intimate retreats, although the conference is pretty intimate size-wise. And so stay tuned for that. I'm thinking of doing something at Miraval this fall. I really want to do a Paris retreat. I already have the whole itinerary plan. It's just about choosing a date and making it happen and obviously making it available for some of you to join me.
So after teaching pretty much strictly money for since my business started, that's kind of how my business started as educating female physicians around money because I really saw the gap in education and just resources available. And also, it's so important to learn money and I've really enjoyed doing that. But again, as I said before, I've changed as I've learned and through my personal growth, sort of my desires about what I want to teach. And really, I don't even think of it as a major change in terms of what my business is going to be providing, but more of an evolution and my understanding of money is that, yes, it is so important to understand money, but I have seen too much of a disconnect between money and life goals.
And what I mean by that, and this is why that workshop is called Design Your Wealthy Life, because ultimately, when people ask me questions like, I don't know what to invest in, I don't know where to start. That question mainly tells me that you probably haven't really thought about what you want your life to actually look like.
And I have found, and I found this for myself, is we kind of stopped asking ourselves like not so much what do I want to be when I grow up, although truthfully, I still ask myself that question assuming I still have many years ahead of me, although I'm about halfway through I guess technically. But I don't believe that I should even be doing this for the rest of my life, right?
And so what are the areas of my life that are important to me? I know you all have areas of life that are important to you and that you would love to make some changes in. And it is so easy to not do something about it. It's so easy to neglect it to – I don't mean neglecting as if you're willfully doing that, but we're busy, busy physicians, busy taking care of our families.
If you have young kids, you're maxed out mentally, right? And it's so easy for things to kind of fall through their cracks. This could be your spouse, your boyfriend. This could be your health, right? And even parenting, right? Especially if you're working so much and you can barely see your kids. Like all these things are competing for your attention. They take up a lot of bandwidth and things will not change unless you purposefully put time and attention into it.
And again, I know how easy it is for another year to go by for even five or even 10 years to go by, and you're wondering what happened. This is not exactly what I want my life to look like.
And so if you're in this camp, first I want to say you are not alone. This is so common. It still happens to me because it's easy for me to kind of go autopilot in one direction and then realizing, you know, this area, well, it is parenting. It's my child, Jack. I actually really want to do this. And a lot of times I have to literally remind myself like, Hey, this is something I want to do. And this is a great example because just because you "forget" or don't spend time on it, it doesn't mean it's not important to you. It's just that we really have to live our life intentionally.
So I'm saying all this because I saw this for myself, I saw this with my clients, and so I actually have retired my main program, Money for Women Physicians. This was not a decision that I took lightly, but I really took time to think thoughtfully about what direction I want to go in and what I thought would be really valuable to the people that I work with. And what I decided is that I really think it's important to marry the two things together. Although, obviously, you can do a separate program on money, you can do a separate program on life, but the way I like to approach things is obviously, it's sort of my framework, if you will.
And so, I basically decided to combine the two, meaning the money part and also the life part. And what I mean by the life part, because that's such a big general topic obviously, is like, you know, I created this life wheel. Now, I didn't create it, life wheels exist, but I chose six specific areas. And then, so think of a wheel and think of the spokes and there's six spokes and money's at the center of it. It's not the only fuel to make those areas better, but money definitely is involved. Obviously there are things that aren't money related involved, But again, money is a fuel. It is a very important tool to help those areas of life thrive.
And so those six areas are career. Number two is family, and that includes your spouse, that includes your kids. Number three is relationships. So this is everything aside from that. So this could be relationships with people at work, your friends.
A lot of us have different communities like maybe your school community, maybe your local community. So that's number three. Number four is basically I call fun and that's kind of a catch all. So for hobbies, for you know, that could be travel, right? Things in that category.
Number five is health. I prefer the word vitality, and this is – When I say broad, it's mental health, it's physical health, right? It's not just health in the way we think of it as just physical fitness. So that's number five.
Number six, I called self. And this basically is your inner world, your inner voice. Most of us have a pretty inner critical, not so nice voice. It's about personal growth. It's really about yourself because so many of us neglect that, right? Like you are the person living your life. Let's not forget about you.
So common as a female physician mom to basically kind of stop taking care of yourself because you're so busy taking care of your patients and your family, kids, and maybe also aging parents. It's a lot, okay?
And so I've designed a program to work on both areas intentionally. When I say both, I mean life and money. So I'm really excited to let you all know that this program is going to be six months. It's called the Happy and Rich Club for Women Physicians or Happy and Rich for short. I love that name because it really encompasses what I want all of you to take away from it and that really focuses you on its life and its money.
And so it's going to be six months. It's going to be a relatively small, intimate group. We're all going to get to know each other and there will be an optional add-on to meet in person. And so to learn more about that program, you'll want to go to my website and you'll see the link to learn more about it and to either enroll or schedule a short call with me to see if it's a great fit for you.
So I'm really excited about this new program I'm doing. I'm really excited to get to know a small group of women really well to really work on those areas. Something else I'm also working on, this is something that's going to come out a little bit later, probably more like April ish is a business program for female physicians.
I had mentioned it before, but I wasn't quite ready to start it. I wanted to think a bit more about what I want to teach, how long all these logistics you have to think about when you're creating a new program. And so that's going to launch later in the spring. And that's kind of what it sounds like. It is a program for female physicians who are starting businesses. It's really geared for people in the beginning stages, but you don't have to be a beginner. Meaning like if you're making well over $100K as a coach, it is still for you because it's basically, I haven't figured out quite the name, but I really think of it as like a mini MBA.
And what I mean by that is I'm going to teach you literally everything you need to know to run your business because there's the marketing and selling and we are going to cover that by the way, but there's all the other things like what email program do you need? Should you be emailing your list frequently at least once a week? What do you say? How do you set that up? How do you set it up so that you're getting people into the right segments, you know? What's a funnel? How do you set it up? How do people work with me? What portal should I use? How do I hire my first assistant? What are SOP, standard operating procedures? How do I train a new person? How do I actually run the business? And how do I look at my business finances, right?
Business finances is a different topic than personal finances. Obviously, they're all related. So there will be some personal finance stuff sprinkled in just because, you know, a business is creating money for your personal finances as well. So it's really going to cover everything and you can come with me with for any questions you want. I love talking business. If any of you have interacted with me and we've talked about your business, you know that this is a topic that's near and dear to my heart. Whenever I talk to someone who has a business idea, like I just have so many ideas for you and I obviously have a lot of knowledge about what our best practices and so I'm really excited to share this with a small group of women as well. So stay tuned for that. So basically what's changing is I'm retiring my main money program.
I am starting this new six month, I guess you could call it a mastermind, the Happy and Rich Club, and I'll be starting a business program. It's probably going to be called Business for Women Physicians. I haven't quite decided if it'll be a four or six month thing because there is a lot of material I want to cover in addition to all the mindset coaching that's required around business. So that probably really should be a six-month program as well.
And then I'll be doing smaller retreats. Some will be related to those two programs I mentioned, but there also will be standalone retreats and some will just be fun like the Paris one. They'll be sort of we can really work on and talk about anything that you want to talk about in your life, money or life-wise, and to be in beautiful Paris. I know, the more I talk about it, I'm like, I really need to get this planned. This will probably, in my mind, is really more of a spring 2026 type thing, but this fall, I definitely want to do some kind of retreat.
It will probably be at Miraval, Austin. I think it's really central, easy to get to from both sides of the country. And I've been there many times. I know they can do a great job with accommodating us. And obviously if you have not been to Miraval, it is amazing. It's a high-end luxury, all-inclusive spa resort. And so all of your foods included, including snacks, alcohol is extra, but it's very reasonably priced. A bunch of activities. You get a credit every day to use their spa. Some of the activities are paid. There's a lot of free ones as well and just an amazing place to take care of yourself and relax and be away from the family. Kids are not allowed. It's adults only.
So I think it's a wonderful opportunity to really practice some amazing self-care. You will definitely not regret it. So I will let you know when we have dates for that. It'll probably be in the fall, October, November-ish type situation. So that's what's going on in my business and the reason why – Well, I want to share it with you to share and also just to give you permission to pivot and make changes.
I see a lot of women besides being afraid of change because change is always kind of scary. I think a lot of us feel that we should just be sticking to what we're already doing and that maybe changing is selfish or maybe it's weird, it's not normal. And I just want to give you permission to do that. If, you know, maybe you've been in clinical medicine for 20 years and you're like, you know, I think I'm ready to do something else, like do it. It's normal. You should do it. Life is too short. Our life is finite, but also it's long in many ways, right? Like we're going to live into well into our 80s or 90s. Like it doesn't make sense to do the same thing for the rest of your life. You know what I mean?
So not saying that if you love what you do and you could see it doing "forever", I'm not saying that's wrong. I'm just saying that if you have the desire or you're feeling some kind of pull to maybe pivot, by all means, do so. You have permission to do that. I am giving you your permission slip to do that.
And so if either of these programs sound great for you, reach out and let me know that you're interested, especially if you're a business person. I don't think it's set up on my website. We'll have some kind of thing you can fill out to let us know that you're interested in hearing about our business program when it comes out. And so I don't know if that will be set up by the time this episode comes out. So if it's not, just reach out to me and tell me you're interested and we'll make sure that you get on the list to learn more about it.
And actually, it will be set up. I'm deciding right now that we're going to have that set up because I want to start having a conversation about business and I'll send you sort of a separate business email here and there to just give you some tips until we actually start that program.
So just want to thank you if you've been following me from the beginning or even just the past year, just want to thank you for being here and listening to my podcast. I really appreciate you and I'm just so grateful. 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.
For media or speaking inquiries please click here.
For all other inquiries please click here.
227: Massive Action: The Key to Achieving Your Hopes and Dreams in 2025
Do you find yourself stuck in passive action mode, endlessly consuming information but never actually doing anything with it? You're not alone. As high-achieving, perfectionist women, we often fall into the trap of thinking we need to know everything before taking action. But here's the truth: all that passive action is really just a way to avoid failure.
In this episode, I'm diving deep into the difference between passive and massive action. I explain why we get stuck in passive mode and how it's actually a form of failure in itself. Plus, I share strategies for overcoming your fear of failure and taking the massive action required to achieve your goals.
If you're ready to stop letting perfectionism hold you back and start making real progress toward your hopes and dreams, this episode is a must-listen. I give you the mindset shifts and practical tools you need to get out of your own way and into action. Let's make 2025 the year you finally go after what you really want!
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 passive action feels safe but is actually a form of failure.
- How to radically change your relationship with failure.
- The importance of having compassion for yourself when you fail.
- How to shorten the time between failure and your next action.
- Why courses and communities make it easier to take massive action.
- How to track your progress and ensure you're taking enough massive action.
- The key mindset shifts required to overcome perfectionism and fear of failure.
Don't forget to grab your Design 2025 & Beyond workbook I created just for you. You'll also get the deets to attend my upcoming live workshop Design Your Wealthy Life on Jan 15th or 18th, 2025.
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 2025. I'm still signing things 2024. I always do that. I'm sure you do as well. I wonder when we'll all stop doing that, maybe within a few weeks.
So if you haven't heard, I am doing a workshop, Design Your Wealthy Life in 2025. I did something similar last year and it was a big hit. This is such a great time to think about this, like take advantage of the momentum of the new year to really think about what you want. Okay. And so if you're interested in coming, first of all, I'm going live on two dates, January 15th, which is a Wednesday at 8 p.m. Or Saturday, January 18th at 11 a.m. So I hope one of those times works for you. If it doesn't, no worries, we will send out a replay, okay? But be sure to sign up so that you get the replay. Now to sign up, go to wealthymommd.com/design, or just go to the main website and you'll see a link on the top banner to save your spot.
So today's episode is about massive action versus passive action. It's actually a replay of the episode I did last year. And honestly, there was really nothing I want to change. I want to do an episode talking about this topic. But when I listened to last year's episode, I was like, you know what? It's pretty good. And I really don't have anything to add. And so this is such a great episode for the new year because it's important to understand the difference of taking real action versus passive action. And I want to make sure you understand the distinction.
Also, if you haven't had a chance, make sure you listen to the previous episode, the first episode of 2025. I've created a workbook just for you, and it will make a big difference if you download it and take the time to do it. It's probably gonna take you between 30 minutes, maybe even an hour if you really get into it. We'll link that in the show notes, but it's episode 226, so just go to wealthymommd.com/226.
Oh, and I just wanna remind you, make sure you subscribe to this podcast so you don't miss an episode.
And I would really, really love it if you took the time to write a review either on Apple podcast or Spotify. It really helps other people find this podcast. And if you're listening, then it's making a difference for you and so pay it forward.
Okay, so let's talk about massive versus passive action.
Speaking of massive action, that's what today's episode is all about. Passive action and massive action and how I want you to think about it. Now, I said on the previous podcast that hopes and dreams without action remain hopes and dreams. Okay. And so I want to talk a bit more about the different types of action. Okay. You may have heard this concept before, but I think it's really important because too many of us get stuck in passive action. And there are some really good reasons why there's nothing wrong with you. You know, if this is you, but because I know you're a type A perfectionistic woman, passive action is really safe. We're also very good at it, right? Because passive action is mainly consumption. Learning about things, reading books, taking my course, yes, that's passive action.
And it's not that these things aren't necessary or useful, but they're only useful if you actually do something with what you're learning. And the main reason why it's so easy to just get stuck in it, because we're afraid we're going to take wrong actions, which might be detrimental in terms of reaching our goals, but ultimately comes down to avoiding failure.
So this is also an episode about failure because we don't want to fail because failure is bad. And I just want you to remember that all failure is, is that you didn't get the result that you wanted. It's a very neutral way of looking at failure. The reason why failure feels so bad is that we usually make it mean something about ourselves and we beat yourself up. Now this doesn't mean failure is not going to feel bad. It's not going to feel great, that's for sure. But it's what you make it mean that makes all the difference.
And so that's why it's so easy to stay in passive action because we have thoughts like, I need to know everything before I do something so that I don't make a mistake or do something wrong. But the thing is, you're never going to know enough. You know, the best analogy I can think of for this is, can you imagine if we became attendings but we never saw a patient because we had to make sure we knew everything. This is literally the same thing. We learned or we became physicians by learning things. We had to learn a lot, obviously lots of passive action.
But then we also had to do something with the knowledge. We had to see patients, we had to practice taking histories and physicals, knowing which questions to ask, knowing what information we needed to make a clinical decision and then carry it out. Obviously, we were under supervision during our training, of course, but that's how we learned.
And I'm just guessing you were pretty bad at it in the beginning, knowing at least I was, I definitely didn't know what questions to ask. I had an index card in my pocket to make sure I didn't miss anything and it was like very discombobulated. And now I'm at a point where I don't have to even think about what to ask, you know, based on what the person is seeing me for and whatever that I see as a dermatologist, most of its visual, I know exactly what questions to ask. I don't have to even think about it, but that's because not only did I learn, I also practiced it many, many times and made mistakes along the way.
And so it's not good news to know that making mistakes or having fails is part of the process. We want to avoid that as much as possible. I totally get it. But one thing I tell my clients that they hate hearing is that you have to make some money mistakes. Well, I don't know if I should quantify it as some, but money mistakes, money failures are part of growing your wealth.
I mean, do you think, think of like whatever person or persons come to mind when you think of someone who's super rich? Do you think they've never made a money mistake? Of course they have.
Another reason why we avoid doing things, again, everything I said really comes down to our perfectionistic nature, not wanting to fail because of what we make it mean. And what we make it mean ultimately is some kind of negative emotion, usually a group of negative emotions, and we don't want to feel those emotions.
But if you knew how to feel your emotions and have compassion for yourself, meaning you knew you could handle any emotion no matter how good or how bad because some of us are actually not good at feeling really good emotions or really good feeling emotions. Then failure wouldn't be so scary. You know what I mean?
And so you have to combine passive action with massive action and all massive action means is you actually doing something besides just consuming.
So it's something you do. So for example, if you're in my program and one of the things that I was going to say make you do, but I don't make you do anything. But you know, why would you take my course if you didn't want to do anything? Right? So one of the things you have to get clear on is where your money's going, right? You have to actually sit down, look at your money, look at your accounts, look at how you're spending money, etc.
So maybe an action is something like, what are bank accounts, picking a budgeting software program, and then buying it if it's, you know, something you have to pay for, connecting all the accounts, those are examples of concrete actions that are going to move you further along the path to getting your money in order and ultimately setting it up to grow it and help you reach your life goals.
So I mean, that makes sense. I think it's pretty obvious what massive action is versus passive action. And there needs to be a balance. And I don't know if it's 50-50, it's probably actually, I don't know, I'm not gonna even pretend to try to figure that out. But if you're noticing that you're not really taking massive action, or you're not taking action or nothing's changing, that's a signal, an obvious signal, but most of us just sometimes aren't aware of it, that you're spending too much time in passive action and it's an opportunity to examine why.
Now I want to go back to passive action a bit more. One of the things that one of my coach mentors taught me is that when you stay in passive action because you're afraid to fail, you're actually failing ahead of time. And when I heard this, it kind of blew my mind because a lot of us are thinking the opposite that as long as I don't take action, I can't fail. But not taking action when you have a hope and dream that you want to make true, not taking action is actually failure as well. So that actually kind of blew my mind, thinking of it that way sort of like helped me reframe that if I'm going to fail either way, I might as well fail by taking action. Because when I do fail, and notice I say when, not if, I'm taking action and not all those actions are going to be failures, right? But if I don't take action, then I am 100% failing.
What's that quote? You miss 100% of the shots you don't take. And so if you want to stay in massive action, then you have to radically change your relationship to failure and your relationship to yourself. And really that comes down to trusting yourself and having your own back.
You've heard all these phrases and they seem kind of trite, etc. But it's because it's true. If you know and have the capacity to have compassion for yourself. And if you know that you can handle any negative emotion, then it's just so much easier to take action.
This is one of the reasons why I'm such a big fan of courses and not because I have one. I'm also a consumer of many courses and masterminds, et cetera. It's because it's so much easier to take action when there's other people around you. Quite frankly, when you have a community, sometimes people have accountability partners, whatever you want to call them, and having someone who can guide you and having someone who can really help you out when you're stuck.
You obviously have to "raise your hand" and ask for help, but that's honestly one of the reasons why I take courses and put myself in groups of like-minded people because I am way more likely to take action. And I do take more action when I have something discreet to focus on, when other people around me are doing it, and frankly, when I'm spending money, right? Because when you pay, you pay attention.
And a lot of the stuff that I've learned as someone who's taken many, many courses is that I've really had to work on that muscle of not feeling like total crap when I fail. I still feel like crap when I fail, by the way. The difference now is that there's less and less time between feeling crappy about failure and taking action again.
You know, there was a time when, when I had a perceived failure in my business that like, it would really put me in a position or a place where I wouldn't do anything for, I don't know, let's say a month or two, I can't remember exactly.
And now that time period is so much shorter. It depends, right? It's not like it's like three hours and it's done, but it's a lot shorter. And that, again, is another thing you have to learn about failure is that, okay, you failed, process it, you know, maybe you have to vent to your friend, maybe you have to journal, maybe you have to just, you know, decide like, I'm going to feel crappy the rest of the day, and then it's time to move on.
So that's another skill to learn is to, in terms of changing your relationship to failure, is that you want to really shorten that time between failure and your next action. Otherwise, things can take forever. It's pretty obvious, right?
Okay, so that's really all I want to say about staying in action versus passive action. Because this, what I'm talking about today, this is what's required in order to really reach any of your goals, to make your hopes and dreams come true so that they don't stay hopes and dreams.
Again, be to listen to the previous podcast, make sure you do. I want you to think about the questions I asked in that podcast. You might even want to make a list of what's passive action and what's massive action or really think about when you're doing a week-to-week or whatever monthly progress tracker or whatever you want to call it. It's an opportunity to ask yourself was I mostly in passive action or was I mostly in massive action or did I have a good balance of both.
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.
226: Rethinking Retirement: Are You Chasing the Wrong Goal?
I still can’t believe it’s 2025. Time seems to fly, especially when raising kids. My child is about to turn eight, and I can’t help but wonder how it happened so fast. It got me thinking about the stories I hear from clients - how childhood feels short. Many parents say they want to spend more time with their kids but feel money is the obstacle. The truth is, money isn’t the goal; it’s a tool to build a life you won’t regret.
This brings me to a question I hear often: Am I on track for retirement? Should I hire a financial advisor? But that’s not where I’d start. Too many people focus on hitting a “magic number” or following financial rules. The reality is, if you focus only on building net worth, you might reach financial success only to wonder why you didn’t enjoy it sooner. Life isn’t linear, and neither is money. So what are we really working toward, and are we living the life we want?
Tune in this week as I walk you through a mindset shift - thinking of life in seasons and aligning your finances with what matters now. I’ll share practical steps to create a vision of what you want, whether that’s traveling, prioritizing family, or feeling in control of your choices. By the end of this episode, you’ll feel ready to plan for a life that’s rich in every sense.
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 focusing on a “magic number” for retirement might be holding you back.
- How to shift your mindset and think of life - and money - in seasons.
- Ways to identify what truly matters to you and prioritize experiences now, not later.
- How to create a vision for your life and align your finances to support it.
- Why money is a tool, not the goal, and how to use it to build a life you love.
Don't forget to grab your Design 2025 & Beyond workbook I created just for you. You'll also get the deets to attend my upcoming live workshop Design Your Wealthy Life on Jan 15th or 18th, 2025.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
- Peter Attia
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.
Happy New Year. Welcome to 2025. First, I can’t believe it’s 2025. And secondly, I actually recorded pretty much this whole podcast and realized I didn’t hit record. And I only noticed because I was looking at the program I use to record and I noticed there wasn’t a number which kind of tells me how long the recording is, and I realized I never pressed record.
This has happened one or two times before, and you can imagine it sucks, right? It’s like writing a paper and then realizing it didn’t save. But it’ll be even better because it’s the second time around.
So a question I get asked a lot is some form of this, am I on track for retirement? Should I hire a financial advisor to see if we are on track? And that is actually the wrong question. Many of us are sort of focused on, well, how much do we need in retirement, what is our magic number, like 5 million or 10 million dollars? And what this number means is it’s based on the 4% rule, which is also based on stock retirements, or rather usually it’s a combination of your brokerage accounts and your retirement accounts, like a 401K, 403B, and a Roth IRA.
And so you may have heard of the 4% rule where for every 1 million dollars you have invested in the stock market, you can safely take out $40 thousand a year. Now, the word safely is kind of in quotes because they’ve done these fancy calculations that if you do this, then you are highly, highly unlikely to run out of money. But most of you will have more than just stock investments, especially if you’ve been following me for a while you’re probably dabbling in other things like real estate et cetera.
So here’s what I want to say, you are going to die at your peak net worth. Did you know that? You are going to die at your peak net worth. So then it’s like, why did we work so hard? Why didn’t we enjoy the money that is ours when we were younger, right? That’s when you can enjoy it the most, when we’re younger and healthier. Not that being old means that you're not going to be healthy, but you know what I mean.
That being said, money isn’t the actual goal. Remember, it is a tool to help you live the life that you want. So the question is, what is that life that you want? Are you living it now? If not, what would you rather have? What would you want it to actually look like, like right now, in the future, and what I mean by future is that life comes in seasons. If you have young children, this is a season. If your kids are out of the house, that is a season.
And so I know it might seem overwhelming to sit down and think about this, but I really recommend that you do because this is how you're going to know if you are on track. And many of my clients think they need to have a certain amount of money before they can make changes like working less or starting a business, et cetera, but money isn’t linear. And it’s not really a problem to make less in the short term so you can enjoy, let’s say, your kids when they’re young.
Now, Jack is 7 right now, he’s turning 8 this year. He’s in first grade and will be starting second grade in the fall. And part of me is like, how did this happen? I mean everyone says the days are long but the years go fast. And so many parents I talk to with older kids, they’re always saying it goes so fast, it goes so fast. I remember being told this when I had a newborn, and it sure does.
And I saw this Instagram post that kind of really pierced through the heart, and it was something like you are going to know your children the longest time-wise as adults. Childhood is so short. So I’m not saying this to guilt trip you if you're a mom with young kids, but I really want you to think about that.
Pretty much all of my clients want to spend more time with their kids. And so the question is, do something about that. You can. And I think that’s the thing that I see a lot, is we feel like we don’t have a choice because of … money. I never want that to be the reason to not spend time with your kids and things that are valuable for you, experiences that really enrich your life.
Many of you love to travel and love to experience traveling to new places, and the truth of the matter is it’ll probably be harder when you're older. And growing older doesn’t mean that you're going to be frail and weak and unable to travel, especially if you follow Peter Attia’s principles and really be proactive about maintaining your health and your muscle and your bone density and your agility.
And so the question is, how do you enjoy the money that you’ve worked so hard for now and also make sure that you're planning for the future? It’s not either or. And so what you need to do is basically sit down and really, really think about this.
Now, this isn’t something you're going to figure out in one sitting. And I know many of you have thought about this, at least day dreamed about it, and how many of you have written it down?
Now, as I was planning this podcast episode I realized there are so many questions to facilitate this sort of vision, planning, or even brainstorming if you will. And so I actually created a worksheet for you and you can download it. The link will be in the podcast app for this episode. This is episode 226, and so if you go to wealthymommd.com/226, you can download the worksheet there.
And so this worksheet, really, you should approach piecemeal. Again, you’re not going to get it done in one go. It’s probably going to take several sittings. And so there’s going to be questions like, what does your life look like now? What would you rather have it look like? What experiences do you want to prioritize before retirement? And more.
So I’m not going to go through all the questions because they’re all on the worksheet. And again, go to wealthymommd.com/226 the numbers and you will be able to grab the worksheet there.
And so I think you can see that once you have a much better idea of that, then you can figure out what do my finances need to look like to actually have this life? Because that’s the only way you're going to know if you're on track, right?
And I know many of you will be thinking, well, how do I actually estimate? Now of course it’s going to be not super easy to do that, you really have to guesstimate, and guesstimate loosely. But that’s still worth doing because you're going to get a sense of what that’s going to take, right?
And so if you are attending my upcoming conference, which at this point will be in less than two months, the Live Wealthy Money and Wellness Conference February 20 to 23 in Hawaii. But if you are coming, I’m really excited for you. In fact I really want to make sure you download this worksheet because we are going to dive even deeper.
And if you come sort of having done at least a few passes, you're going to get so much more out of the conference because with the talks, with the people there and the masterminding you're really going to be able to get so much more clear on what that life will look like and be able to leave the conference with a pretty good plan of how to get there.
And hopefully it’s not too late, you're welcome to join us February 20 to 23 at the Four Seasons Oahu, and that’s wealthymommd.com/conference to learn more and to see if we have spots remaining.
Again, I encourage all of you to download the worksheet, it’s going to be so helpful, and honestly it’s going to inform you what you actually want to work on this year in all areas of your life. Remember, money is a tool, there’s so many aspects of your life that you may want to work on.
For example, if you have a goal of really optimizing your health, again, that’s kind of vague. Let’s say for example you really want to lift heavy weights, you really want to increase your muscle mass, and so obviously you're going to learn a bit about how to do that. It’s actually one of the topics at my upcoming conference, and so you can make a plan for how to do that this year, right?
It basically means making sure you get adequate protein, and most of us are severely undernourished when it comes to protein, and obviously that includes lifting heavy weights, not multiple reps of light weights. I don’t know what that was even a thing in the, I don’t know, was it a decade ago? But it’s actually about lifting heavy weights, that’s how you build muscle.
So I hope your year is off to a great start. I’m so excited for you, I’m excited for me because, again, this time of the year is such a great time to dream and figure out what to do next. 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.
For media or speaking inquiries please click here.
For all other inquiries please click here.