The Grow Your Wealthy Mindset Podcast
This podcast helps physicians and other high earners build wealth by shifting their money mindset. Host Elisa Chiang, a physician herself, shares strategies to overcome burnout and take control of your financial future. Each episode offers practical advice on creating wealth so you can practice medicine on your own terms. Tune in weekly to learn how to grow your wealthy mindset.
Episodes
Replay Episode 33: Traditional Mutual Funds vs. Exchange Traded Funds
In this replay episode, we're revisiting one of the most common investing questions: Should you invest in exchange-traded funds (ETFs) or mutual funds?Both ETFs and mutual funds can be excellent investment vehicles, especially when you're investing in low-cost index funds. In this episode, I break down the key similarities and differences between the two, including:How ETFs and mutual fu
Episode 211: Feeling Like You "Made It" Financially
When do you shift from simply "doing fine" to truly feeling like you are reaping the financial rewards of your career?Inspired by a post from a physician with $370,000 household income, yet still feeling like they are constantly chasing, this episode dives deep into the psychology of wealth. We explore why high incomes don't automatically translate to financial security, what differ
Replay Episode 49: Mindset with Dr. Karen Leitner
Over the last 4 years, there have been several guests on the podcast. The guest who had the most downloads is Dr. Karen Leitner. Listen in on a conversation that Karen Leitner and I had on what mindset really means and how it influences our lives. It’s a candid conversation between two coaches with a focus on money mindset and topics like negotiation, the gender wage gap, and reframing failure. Dr
Episode 210: Four Years Later: Navigating Pivots, passions and the Pursuit of an Ideal Life
Following last week’s look back at where it all began, I’m fast-forwarding through the last four years to share what has changed, what has stayed the same, and what it really looks like to pursue an "ideal life." From the highs of checking off bucket-list travels to the unexpected pivots of the medical job market, this episode is an honest reflection on career resilience, lifestyle desig
Replay Episode 1: Grow Your Wealthy Mindset
The Grow Your Wealthy Mindset Podcast published an original weekly episode for the last four years. For the first episode of the 5th year of The Grow Your Wealthy Mindset Podcast, we return back to the very first episode, where Elisa Chiang talks about her journey that lead her to creating this podcast and why someone would want to take the time to listen to The Grow Your Weathy Mindset Podcast. E
Episode 209: When to Start Taking Social Security Benefits
This episode dive into the complex world of Social Security through the lens of a high-earning professional. We move past the "standard" advice of waiting until age 70 to explore the Real Math, including the impact of current 2.7% TIPS real yields and the looming 2032 Trust Fund cliff. If you are in deciding on a claim strategy, this episode provides a framework for political risk manage
Episode 208: Why "Good Enough" Investing Beats a "Perfect" Strategy Every Time
In the medical world, perfectionism saves lives. In the financial world, it can cost you a fortune. In this episode, we dive into the "A+ Student Syndrome" and why the traits that make you a world-class physician—attention to detail, risk aversion, and a desire for complexity—are the exact traits that lead to "Analysis Paralysis" in your portfolio.This episode breaks down why s
Episode 207: The W-2 Physician’s Tax Reality
In this episode, we pull back the curtain on the U.S. tax system to explore how it specifically impacts high-earning professionals. Inspired by a recent Freakonomics episode and the research of Jessica Riedl (Brookings Institute), we dive into the data-driven reality of tax progressivity, the "Buffett Myth," and why being in the Top 5% of earners changes the way you should approach your
Episode 206: Inside Medscape's Physician Compensation Report 2026
This week's episode reviews the findings published in Medscape's Physician Compensation Report for 2026. Key PointsThe Numbers: The average physician salary rose to $356K (+3%), with Specialists ($417K) continuing to outearn PCPs ($298K).Top Earners: Orthopedics leads the field at $611K, followed by Cardiology ($575K) and Radiology ($571K); Pediatrics remains at the bottom ($266K).The Ne
Episode 205: The Annual Financial Deep Clean: A 5-Point Financial Audit
Just as an annual physical catches "silent killers" like hypertension, a financial deep clean identifies "Efficiency Leaks" before they cost you hundreds of thousands in lost growth. This episode provides a 5-point audit to ensure your money and mindset are perfectly aligned while you focus on your practice.The 5-Point Financial Audit:1. Financial Goals Review: Move beyond vagu
Episode 204: Don’t Overthink This: How to Choose Your Brokerage Account
If you’ve ever asked yourself, “Where should I open a brokerage account?”you’re not alone. This is a common question I see in personal finance groups, and it can feel overwhelming when you’re trying to make the “right” choice.In this episode, I break down how to choose a brokerage account for investing outside of retirement accounts, or where to open an IRA, without overcomplicating the decision.
Episode 203: Charitable Giving Tax Changes in 2026 Explained
Starting in 2026, new rules will change how charitable tax deductions work. In this episode, we break down key provisions from the One Big Beautiful Bill Act and what they mean for your charitable giving strategy.You’ll learn how the new $1,000 deduction for standard deduction filers ($2,000 for married couples) works, why itemized charitable deductions now have a 0.5% AGI floor, and how a new cap
Episode 202: Will Your Retirement Go As Planned?
This podcast episode discusses a blog article from the White Coat Investor website written by Dr. Jim Dali, titled "Will Your Retirement Go As Planned.” The article highlighted unexpected challenges faced by retirees, such as early retirement due to job loss, health issues, and the death of a spouse. Elisa shared insights from the article, emphasizing the importance of considering life expec
Episode 201: Taking Money Out of Retirement Accounts Early Without the 10% Penalty
Can you take money out of a retirement account early without paying penalties? Many people assume retirement accounts are locked until age 59½, which leads them to avoid maxing out contributions—especially if they’re planning early retirement.In this episode, we explain when early withdrawals from retirement accounts don’t trigger the 10% penalty, including common IRS exceptions and strategies lik
Episode 200: Being Rich vs. Being Wealthy
In this milestone 200th episode of The Grow Your Wealthy Mindset Podcast, we explore the difference between being rich and being wealthy and why the distinction matters more than most people realize.While being rich is often visible through income and lifestyle, true wealth is usually invisible. Drawing from real-life examples and insights from The Psychology of Money by Morgan Housel, this episod
Episode 199: Common Backdoor Roth IRA Mistakes and How to Avoid Them
High-income professionals often find themselves locked out of direct Roth IRA contributions. The "Backdoor Roth" is the gold-standard workaround, but it is a strategy where small administrative errors can lead to big tax bills. In this episode, we break down the mechanics of the Pro-Rata Rule, why your Form 8606 is the most important document in your tax return, and the specific steps ph
Episode 198: Trump Accounts Explained: What Parents Need to Know
If you have children, you may have seen a prompt in TurboTax or other tax software about opening a Trump Account. But what exactly is a Trump Account, and is it right for your family? In this episode, we break down everything you need to know:Who is eligible and how to open a Trump AccountContribution limits, employer contributions, and federal seed moneyHow the accounts are invested and what rest
Episode 197: Your Money or Your Life: A Physician’s Life Energy
What if money isn’t just money—but stored life energy?In this episode, I reflect on the core premise of Your Money or Your Life by Joseph R. Dominguez and Vicki Robin and how it’s showing up in my own life as a physician. From reviewing Medicare reimbursement rates to comparing insurance-based care with cash-pay work, I share why the trade between effort, responsibility, and compensation is starti
Episode 196: Planning for Long-Term Care: Insurance vs Self-Insuring
Long-term care is one of the biggest unknowns in retirement planning. While many physicians can estimate their retirement spending, it’s much harder to predict if, and for how long, long-term care will be needed.In this episode, Elisa breaks down the real costs of long-term care, how long most people actually need care, and whether long-term care insurance makes sense for physicians.Learn about:Wh
Episode 195: How Much Do Physicians Need for Retirement?
How much do physicians actually need to retire comfortably? If you’ve heard numbers like $4 million—or more—and felt overwhelmed, you’re not alone.In this episode, we break down where these retirement numbers come from, why physicians tend to think they need significantly more than the average American, and how to calculate a retirement target that actually fits your life.Using data from Medscape,
Episode 194: Why High-Income Doctors Still Feel Broke
Why do physicians earning multiple six figures still feel financial pressure?In this episode, we talk about why a high income doesn’t automatically lead to financial ease—and why many doctors feel stressed about money despite “doing everything right.” This isn’t about budgeting harder or cutting out every joy. It’s about understanding the real reasons behind that stuck, anxious feeling.In this epi
Episode 193: Vesting: What You Actually Get to Keep in Your Employer Retirement Plan
Most physicians assume that every dollar in their employer-sponsored retirement account belongs to them. That assumption can be a very expensive mistake. In this episode of The Grow Your Wealthy Mindset Podcast, we break down vesting—what it means, how it’s governed by federal law, and why it matters when physicians change jobs or negotiate contracts. I also share a personal early-career mistake t
Episode 192: Solo 401k vs SEP IRA - Which Is the Better Choice?
If you’re a physician with 1099 income, locums work, or a small private practice, choosing between a Solo 401(k) and a SEP IRA can have a huge impact on how much you’re able to save for retirement.In this episode, we compare Solo 401(k)s and SEP IRAs in plain language and walk through real physician examples to show how contribution limits change based on income type, age, and whether a spouse wor
Episode 191: W-2 vs 1099 for Physicians: Pros, Cons, and the Money Impact
In this episode of The Grow Your Wealthy Mindset, we take a practical look at the differences between working as a 1099 independent contractor and a W-2 employed physician — and how each option affects your income, taxes, autonomy, and long-term wealth.Whether you're thinking about locums, considering a new job offer, or re-evaluating your career path, this episode gives you a clear framework
Episode 190: How to Know How Much House You Can Really Afford
Are you a physician thinking about buying a home but tired of the usual “30% of your income” rule? In this episode, we explore how to figure out how much house you can really afford as a doctor, without relying on arbitrary percentages or just what a lender says you can borrow.We talk about the smarter way to approach physician home buying, including:· How to calculate the total cost of ho
Episode 189: The Truth About 50-Year Mortgages and Housing Affordability
Trump has proposed bringing back ultra-long mortgages — including a 50-year option — as a way to make housing more affordable. But would stretching a loan over half a century really help?In this episode, we break down the real math behind the idea. You’ll learn why a longer mortgage term might look affordable month to month, but could cost you hundreds of thousands of dollars more over time.We’ll
Episode 188: Designing Your Wealthy Year Ahead
As the year ends, take a moment to pause and reflect. Instead of chasing resolutions, what if you designed a year that feels truly wealthy — rich in meaning, freedom, and joy? In this episode, learn how to align your money, time, and energy with what matters most, set financial intentions instead of goals, and take small, intentional steps toward your ideal life.In this episode, you’ll learn:·
Episode 187: The Myth of More Time
This Christmas Eve episode invites you to slow down and reflect on one of the biggest myths we tell ourselves — the myth of more time.As physicians, we often believe that at some point in the future, life will finally calm down. We’ll have better systems, more support, and more space to breathe. But the truth is, time doesn’t just appear — we have to choose to make it.In this episode, we’ll explor
Episode 186: The How of Happiness Taking Care of Your Body with Meditation and Physical Activity
This is the last episode in the How of Happiness Series that follows the 12 exercises outlined in The How of Happiness by Dr. Sonja LyubomirskyThis episodes explores how meditation and physical activity can boost happiness and well-being. You’ll learn how meditation trains the mind for calm and awareness, how exercise can be as effective as medication for improving mood, and why both practices str
Episode 185: What’s Your Money Type? Understanding How You Relate to Money
This episode explores different money types—the patterns of beliefs and behaviors that shape how you earn, save, spend, and think about money. Understanding your personal tendencies can help you build a healthier and more balanced financial life.This episode walks through several common money types—the Compulsive Saver, Compulsive Spender, Worrier, Gambler, Dreamer, Avoider, and Optimizer—and shar
Episode 184: Smart Money Moves After a Financial Windfall
What should you do when you suddenly come into extra money—like a bonus, inheritance, or settlement? Before you rush to spend it, take a pause. In this episode, we talk about how to make the most of an unexpected windfall so it supports your long-term financial goals instead of disappearing quickly. You’ll learn:Why the first step after receiving a windfall is to do nothing—and where to safely par
Episode 183: What Thanksgiving Teaches Us About Money and Mindset
Thanksgiving isn’t just about turkey and pumpkin pie — it’s also full of lessons that can help you build a healthier relationship with money.This episode of The Grow Your Wealthy Mindset Podcast, explores how the traditions and spirit of Thanksgiving reflect key principles of financial wellness. From planning ahead and practicing generosity, to cultivating gratitude and finding balance, you’ll dis
Episode 182: Your Year-End Financial Checklist
As the year comes to a close, it’s time to make sure your finances are in order before December 31st. In this episode, we go over a practical year-end checklist designed specifically for physicians to help you save money, reduce taxes, and start the new year on solid financial footing. We’ll cover:How to maximize retirement contributions and employer matchesSmart ways to use your CME funds and pro
Episode 181: The How of Happiness Practicing Religion and Spirituality
This is the 11th episode that comes from the book The How of Happiness by Dr. Sonja Lyubomirsky. This week, we look at how faith and spirituality can influence happiness, health, and resilience. Whether you identify with a particular faith, consider yourself spiritual but not religious, or approach life from a secular perspective, this episode invites reflection on how connecting with something la
Episode 180: Sunk Costs, Opportunity Costs, and Thinking in Terms of Expected Value
Have you ever kept going with something—even when you knew it wasn’t worth it—just because you’d already invested so much time, money, or effort? That’s the sunk cost fallacy at work.In this episode of The Grow Your Wealthy Mindset, Dr. Elizabeth Chiang explores how sunk costs, opportunity costs, and expected value shape our financial and life decisions. Drawing insights from Annie Duke’s Quit: Th
Episode 179: Spend with Intention and Discerning a Need from a Want
This week, we’re diving deeper into spending—what truly counts as a need versus a want, and how to make sure your spending reflects your values and supports your financial goals.Even high-income earners can struggle to save when lifestyle inflation creeps in. In this episode, we’ll explore how lifestyle inflation happens, how to recognize it, and how to shift toward mindful spending that brings la
Episode 178: A Practical Guide to Dividing Your Income: Needs, Wants, and Savings
Have you ever wondered how much you should be spending on housing, groceries, cars, or fun? This episode breaks down how to create a realistic and values-based spending plan that fits your lifestyle and financial goals.Whether you’re creating your first spending plan or re-evaluating where your money goes each month, this episode will help you understand how to balance your spending between needs,
Episode 177: The How of Happiness Committing to Your Goals
As physicians, we’re no strangers to long-term goals. Many of us spent years—if not decades—pursuing the dream of becoming a doctor. That kind of deep, meaningful striving can bring great fulfillment—but what happens when we achieve that goal and still feel like something’s missing?In this episode, we explore how goals influence our happiness, why the type of goals we pursue matters, and how to re
Episode 176: Changes Coming to Catch-up Contributions to Retirement Accounts
Are you age 50 or older and contributing extra to your 401(k), 403(b), or 457(b)? Big changes are coming to catch-up contributions that could affect your retirement planning—especially if you’re a high-income earner.In this episode of The Grow Your Wealthy Mindset, I break down the IRS’s final regulations on catch-up contributions under the SECURE 2.0 Act and what they mean for you starting in 202
Episode 175: Redesigning Work to Fit Your Life
As physicians, most of us start out following a traditional path: find a job posting, talk to recruiters, and take whatever positions are available in the places we want to live. But what if we thought differently about our careers? What if we created work arrangements that actually fit our lives, values, and goals?In this episode of The Grow Your Wealthy Mindset, I share my own story of exploring
Episode 174: Donor-Advised Funds: A Smart Way to Give to Charity?
In this episode of The Grow Your Wealthy Mindset, we dive into donor-advised funds (DAFs)—a powerful but often overlooked tool for charitable giving.You’ll learn:What a donor-advised fund is and how it worksWhy donating appreciated assets (like stock) may be smarter than giving cashThe benefits and downsides of using a DAFHow Fidelity, Schwab, and Vanguard’s donor-advised funds compareWhen a DAF m
Episode 173: APR vs APY Explained: How Compounding Affects Interest
When it comes to interest rates, not all percentages are created equal. In this episode, we break down the difference between APR (Annual Percentage Rate) and APY (Annual Percentage Yield)—two terms that may sound similar but can drastically affect how much you pay (or earn) over time. We’ll explore:Why lenders advertise APR while banks flaunt APYHow compounding frequency changes your bottom lineR
Episode 172: Savoring Life's Joys
Do you ever feel like you’re constantly chasing the next milestone, rarely stopping to enjoy the present moment? In this episode of The Grow Your Wealthy Mindset, we explore the powerful practice of savoring—intentionally appreciating positive experiences from the past, present, and future—and how it directly contributes to greater happiness and well-being. This episode is the 9th in the series e
Episode 171: Our Two Week Irish Adventure: What We Did, What We Spent - Part 2
What does a two–week trip to Ireland really cost—and how do you plan for it without blowing your budget? 🌍✈️In this two episode series, I take you behind the scenes of our recent two–week adventure across Ireland. From castle stays and scenic drives to cozy B&Bs and once–in–a–lifetime experiences (like a hawk walk at Ashford Castle), I share exactly how I planned the trip, the financial choice
Episode 170: Our Two Week Irish Adventure: What We Did, What We Spent - Part 1
What does a two–week trip to Ireland really cost—and how do you plan for it without blowing your budget? 🌍✈️In this two episode series, I take you behind the scenes of our recent two–week adventure across Ireland. From castle stays and scenic drives to cozy B&Bs and once–in–a–lifetime experiences (like a hawk walk at Ashford Castle), I share exactly how I planned the trip, the financial choice
Episode 169: “I Love You” Insurance: Protecting Your Loved Ones with Term Life
Life insurance isn’t something we buy for ourselves—it’s an act of love and protection for those who depend on us. This episode answers a listener’s question: How much life insurance is recommended?This episode dives deeper into how to determine the right amount of coverage based on your personal circumstances—whether you’re single, married, or raising a family. Dr. Elisa Chiang shares real-world
Episode 168: The How of Happiness Increasing Flow Experiences
In this episode, we explore a powerful and fun way to boost your happiness—by living in the present through flow and savoring. This is the 8th episode in the series following Dr. Sonja Lubomirski’s book, The How of Happiness. You’ll learn what “flow” really means, how to create it in your daily life, and why it’s one of the most effective ways to feel more fulfilled, engaged, and joyful—whether at
Episode 167: Options Trading 101: An Introduction to Derivatives
In this episode of The Grow Your Wealthy Mindset, we demystify the world of options trading—a topic that often feels complex and intimidating, especially for busy professionals like physicians. Whether you’ve heard of puts, calls, or covered calls and want to finally understand what they mean, or you're simply curious about how options can fit into a diversified investment strategy, this epis
Episode 166: Why Dave Ramsey’s Advice Doesn’t Work for Physicians
Dave Ramsey has helped millions of people take control of their finances—but does his advice make sense for physicians? In this episode of The Grow Your Wealthy Mindset, I break down where Ramsey’s principles work and where they fall short for doctors. With our unique financial journey—years of training, six-figure student loan debt, and sudden income jumps—physicians need a more nuanced approach
Episode 165: How the One Big Beautiful Bill Act Affects Physicians
In this timely episode, Dr. Elisa Chiang breaks down the One Big Beautiful Bill Act, signed into law on July 4, 2025, and what it means for physicians. With over 800 pages of legislation, this sweeping law has far-reaching implications for taxes, healthcare funding, student loans, and energy incentives. Dr. Chiang highlights the key takeaways—both positive and negative—for physicians, medical stud
Episode 164: The How of Happiness Learning to Forgive
In this episode of The Grow Your Wealthy Mindset, we explore the 7th happiness activity from The How of Happiness by Sonja Lyubomirsky: Learning to Forgive. Forgiveness isn't about condoning hurtful behavior or reconciling relationships—it's about freeing yourself from anger, resentment, and emotional weight. You'll learn what forgiveness truly means, why it's essential for you
Episode 163: Maximize Tax Savings with a Dependent Care FSA
Did you know you could get a 22–37% discount on your childcare or dependent care expenses just by using pre-tax dollars? In today’s episode, I dive into the often-overlooked but highly valuable Dependent Care Flexible Spending Account (FSA). While Health FSAs and HSAs get plenty of attention, Dependent Care FSAs can offer significant tax advantages—especially for dual-income families or single par
Episode 162: Investing for Cashflow with Debt and Lending Funds
Looking for a way to grow your income beyond your clinical job? In this episode, we’re diving into debt funds—an often overlooked but powerful tool for generating cash flow. Whether you're curious about how they work, the risks involved, or how to get started, this episode breaks it all down in simple terms. If you’ve ever wondered how you can make your money work harder for you—without swing
Episode 161: Passive Income or Long-Term Growth? Investing for Cashflow vs. Appreciation
In this episode of The Grow Your Wealthy Mindset Podcast, we're diving into two primary strategies investors use to grow their wealth: investing for appreciation and investing for cashflow. Whether you're aiming to build long-term wealth or looking to create more immediate income from your investments, understanding the difference between these two approaches is essential to aligning you
Episode 160: A conversation on Money and Happiness with Dr. Disha Spath, The Frugal Physician
This episode if a collaboration project with myself and Dr. Disha Spath where we talk about money and happiness. Tune in for a fun and insightful conversation. Dr. Disha Spath is a board-certified Internal Medicine Physician and the founder and CEO of The Frugal Physician, which has been recognized as a Plutus award nominee for excellence in financial media.In addition to leading her own initiativ
Episode 159: The How of Happiness Developing Strategies for Coping
In this episode of The Grow Your Wealthy Mindset, we explore the 6th activity from The How of Happiness by Sonja Lyubomirsky, Developing Strategies for Coping. Whether you're facing burnout, personal loss, or the everyday emotional weight of your work, learning to cope effectively can be life-changing. This episode reviews different types of coping strategies, from problem-solving to emotiona
Episode 158: Real Numbers, Real Life: Tracking Spending with Our Annual Spending Revealed
Are you tracking your spending—or just hoping it all works out? In this episode of The Grow Your Wealthy Mindset, I share how tracking your expenses can empower you to make intentional decisions, without the restrictions of a traditional "budget." I explain the difference between a spending plan and a budget, why I prefer the former, and exactly how my household tracks spending down to t
Episode 157: Do You Really Need Travel Insurance? What to Know Before Your Next Trip
Last week, we explored the role of insurance in protecting your assets. This week, we’re zooming in on a type of insurance that often flies under the radar: travel insurance. Whether you're climbing Mount Kilimanjaro, cruising to Antarctica, or simply flying cross-country, travel insurance can make or break your trip financially if something goes wrong. In this episode, I share:When travel in
Episode 156: Insurance is a Tool to Protect Wealth
When it comes to asset protection, your first line of defense is insurance against a potential financial disaster. You may purchase insurance to protect an asset, like homeowners’ insurance protects your personal residence in the case of significant damage. As you build your wealth, you may drop some types of insurance since you can self-fund if a situation occurs where you would actually use that
Episode 155: The How of Happiness Nurturing Social Relationships
This month is going over probably my favorite happiness activity that comes out of The How of Happiness by Dr. Sonja Lyubomirsky and that’s nurturing social relationships. I personally am an extravert and love being connected with people. However, I have found this harder to do as I’ve gotten older. We all get busy with our lives and time can seem to fly by. I’ll notice it has been months since
Episode 154: Roth Conversions, Backdoor Roth IRA, and the Mega Backdoor Roth Strategy
More people are familiar with the Backdoor Roth IRA strategy but there is also a Mega Backdoor Roth Strategy. While the Backdoor Roth Strategy is available to the majority of people, the Mega Backdoor Roth Strategy is more limited since it depends on how your employer sponsored retirement plan, whether it’s a 401(k), 403(b) or 401(a), is set up. In this episode, discuss Roth conversions, review th
Episode 153: How to Choose a Good Index Fund
Index fund investing is the best way to invest in the stock market. It has low fees, is tax efficent, and hands off while providing better returns over a 10 year period compared to 90% of actively managed mutual funds. However, not all index funds are created equal. There are index funds that have relatively high expenses and high turnover leading to tax inefficiency. There are also index funds th
Episode 152: Saving (and Investing) Rate for Retirement
You may have heard recommendations that range anywhere between 10% and 50% when it comes to how much of your income to save for retirement. I often recommend saving a min of 20% of gross income to physicians who plan to invest primarily in stock and bond index funds. How do you know what saving rate you need in your situation? What it comes down to is how many years you save (and invest) for retir
Episode 151: The How of Happiness Practicing Acts of Kindness
In the book, The How of Happiness, Dr. Sonja Lynbomirsky outlines 12 activities to increase overall happiness by shifting one's baseline. For 2025, each month will have an episode that talks about activities that can help increase happiness by adjusting that baseline upwards.This month’s episode is about Practicing Acts of Kindness. Tune in to learn about activities that research has shown to
Episode 150: Staying Invested Even When the Market is Falling
When you hear about a big drop in the stock market, do you feel uneasy? Do you consider selling your stocks or not investing any more money right now. That you’ll wait until the market starts to recover? If that sounds like you, you need to listen to this podcast episode. I want to encourage you to stay invested. When you deviate from your investment plan due to the performance of the stock market
Episode 149: The 401(a): A Lesser Known Employer Sponsored Retirement Account
401(a) plans were established with the original tax code in 1954 and have actually been around longer than 401(k) or 403(b) plans. 401(a) plans are generally offered by government agencies, educational institutions and non-profit organizations. Employers can form multiple 401a plans that each have their own distinct eligibility criteria, contribution amounts, and vesting schedules. 401a plans can
Episode 148: The Alternative Min Tax
The alternative minimum tax, or AMT, was implemented in 1969 to ensure that all Americans pay their fair share of taxes, and particularly targeted high-income individuals who had a lot of tax deductions. It was originally design to catch those high-income individuals who paid little to no tax but unfortunately, it was not indexed for inflation until 2012. Over time, the AMT started affecting tax p
Episode 147: Creating Stories to Raise Money-Smart Kids with Dr. Michele Cho-Dorado
Dr. Michele Cho-Dorado is a Pediatric Gastroenterologist, Medical Director, children’s book author, speaker and founder of Bright Futures EDG. She has developed a children’s book series with a mission to introduce financial literacy to young kids. Her first two books are called “Reach For The Stars” and “Mimi’s Magical Money-Earning Adventure” with additional books being released soon. Bright Futu
Episode 146: The How of Happiness Avoid Overthinking and Social Comparison
In the book, The How of Happiness, Dr. Sonja Lynbomirsky outlines 12 activities to increase overall happiness by shifting one's baseline. For 2025, each month will have an episode that talks about activities that can help increase happiness by adjusting that baseline upwards. This month’s episode is about avoiding overthinking and social comparison. Tune in to learn about activities that rese
Episode 145: Decoding Tax Forms: W-2, 1099s, K-1, and What They Mean for You
W-2 is a wage and tax statement and is sent by an employer to an employee to show the earned income the employer paid the employee during the prior tax year.1099-NEC (or 1099-MISC before 2020) are issued to independent contractors. K-1’s are issued by Partnerships, S-Corps, or Estates and Trusts to partners, shareholders, and beneficiaries to report financial information like income and earnings,
Episode 144: Financial Leverage: A Double Edged Sword
One thing that attracts a lot of people to investing in real estate is how fast you can potentially grow your wealth. Yes, it takes a lot more effort and work than investing in low cost index funds. The use of financial leverage is also a key to amplify returns in real estate investing. However, using financial leverage goes both ways, it magnifies returns but also magnifies losses. Tune in to lea
Episode 143: REITS: The Simplest Way to Invest in Real Estate
The easiest way to invest in real estate is through publicly traded REITs, Real Estate Investment Trusts and REIT mutual funds or exchange traded funds. Congress established REITS in 1960 which must meet specific criteria. - Invest at least 75% of its total assets in real estate, cash, or US Treasurys - Derive at least 75% of its gross income from rents of real property, interest on
Episode 142: The How of Happiness: Cultivating Optimism
In the book, The How of Happiness, Dr. Sonja Lynbomirsky outlines 12 activities to increase overall happiness by shifting one's baseline. For 2025, each month will have an episode that talks about activities that can help increase happiness by adjusting that baseline upwards.This month’s episode is about cultivating optimism. Tune in to learn about activities that research has shown to increa
Episode 141: Pump and Dump Schemes and Short Squeezes: The Hidden Dangers of Individual Stock Investing
Have you ever heard of a hot stock tip and debated if you should jump on it? Or been invited to join a group where they discuss promising stocks? If so, you want to avoid finding yourself in a pump an dump scheme. It can be tempting to seek out quick riches but it can leave you with sizeable losses. In this episode, I review what are pump and dump schemes and how they work. I also talk about short
Episode 140: The Costs of Buying and Owning a Home (Why You May Want to Keep Renting)
For many people, the largest amount of money spent in a single purchase is buying real estate. The average home price in the United States is around $420,000 in 2024. In high cost of living areas, the average single-family house can be over $1 million dollars. There are people who think that rent is throwing away money, and if a mortgage is less than rent, you should buy. What those people don’t r
Episode 139: New IRS Updates for 2025
This episode discusses the adjustment in tax brackets and changes in contribution limits for tax advantaged accounts for 2025. Marginal Tax Rates for 2025 37% for single taxpayers with incomes over $626,350 and $751,600 for married couples filing jointly35% for incomes over $250,525 and $501,050 for married couples filing jointly32% for incomes over $197,300 and $394,600 for married couples filing
Episode 138: The How of Happiness Expressing Gratitude
In Episode 131: Escaping the Hedonic Treadmill, we learned that hedonic adaptation is the tendency to return to a relatively stable level of happiness. People tend to have a baseline or set point level of happiness (or unhappiness) that hey return to. There are ways to adjust that baseline. In the book, The How of Happiness, Dr. Sonja Lynbomirsky outlines 12 activities to increase overall happine
Episode 137: Flexible Spending and Heathcare Savings Accounts
Flexible Spending and Heathcare Savings Accounts are both ways to pay for your medical expenses with pre-tax money. Anytime you can use pretax money to pay for anything, you are getting generally getting a 22% discount or more depending on your tax bracket. Flexible Spending Accounts (FSA) are benefits that may be provided by your Employer. Not all Employers will provide this benefit and with some
Episode 136: New Year Resolutions, Goal Setting, and Reaching Those Goals
The roots of making New Year Resolutions can be traced to Ancient Babylonia and well as Roman traditions. It’s still something many people do today. However, many people who make New Year Resolutions don’t end up keeping them. In this episode, I talk about goal setting an what can help you to accomplish those goals. I am also happy to announce that for the new year, I will be taking a limited num
Episode 135: When it Feels Hard to Spend Money
Some of us are spenders while some of us are savers. Personally, I’m a saver. I like to always have a money cushion. The idea of living paycheck to paycheck freaks me out. I like to get good value and prefer to buy any big-ticket items on sale. That being said, I do like nice things and spend a lot on experiences/travel. It can be hard for me to buy something nicer than what I already have which s
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