Physio And Innovative Pain Management With Sarah Kerr Of PhysioWell Health Solutions A Clean Bill Of Wealth With Galen Nuttall podcast

39:20

HOOPP here it is! Attention Ontario* Physicians! You can now join HOOPP (Healthcare of Ontario Pension Plan)! That may sound exciting, but you might have lots of questions like... What makes HOOPP different from other retirement plans? How does HOOPP’s defined benefit pension work? How do HOOPP benefits impact your overall retirement planning? In this episode, we dive into the Healthcare of Ontario Pension Plan (HOOPP), a valuable retirement option for incorporated physicians in Ontario. We’ll break down how the plan works, from eligibility and contributions to its key features. Whether you're early in your career or planning for retirement, understanding HOOPP is essential. Tune in for insights on: HOOPP’s structure and benefits How the HOOPP pension plan is structured and how it differs from other retirement plans Advantages like stable income and less market risk If you’re a physician looking to secure your future, this episode is for you! To learn more about joining HOOPP, talk to your financial planner or take a look here: https://hoopp.com/join-hoopp/physicians-joining-hoopp Want to understand how this new option impacts you? If you’re wondering how this change might affect your financial plan and ability to retire, a fee-based plan might make sense for you. If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan. https://www.galenhelpsdocs.com/call…

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Changes To Capital Gains And What You Can Do About It With Tax Expert Hemal Balsara 38:45

hace 38 weeks38:45

38:45

The clock is ticking for the changes to capital gains to take effect. The window is also closing to do anything proactively about it before the changes occur. I sat down with Hemal Balsara, Head of Tax, Retirement, and Estate Planning, Individual Insurance, Manulife for this episode to get to the bottom of the changes. Hemal was part of a group invited to a closed-door meeting for the first viewing of the proposed changes and (you’ll hear in the episode) as the document was handed out, he heard a wave of people muttering “capital gains”… “capital gains” and, in his own words: “I can’t believe they finally did it” Hemal and I dive into the changes to help you answer specific questions I’ve been getting from clients like: Should I sell anything before the deadline? How will the changes affect what’s outside of my corporation? What about my investments inside? What can I do about these changes? What existing tax strategies will still work? What existing tax strategies might work better? Even if you’re listening to this episode after the changes have taken effect, we talk about what long-term adjustments to your existing plan might make sense considering these changes. It’s not all about what you can do before the 25th. As always, consult someone who knows your specific situation before making any changes to your finances. If you’re wondering how these changes might affect your financial plan and ability to retire, a fee-based plan might make sense for you. If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan: https://www.galenhelpsdocs.com/call To follow Hemal and read his up-to-date articles analyzing the changes, you can find him on LinkedIn here .…

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Capital Gains Tax Changes and How it Impacts Doctors 11:51

hace 46 weeks11:51

11:51

The Budget! You've likely heard about the proposed tax changes in the 2024 federal budget and how they could impact your financial future, especially regarding capital gains within your corporation. Since I was fielding so many questions and clarifying misconceptions about the change, I decided to make this podcast episode and a whiteboard video where I delve deeper into these changes and offer insights on how physicians can adapt their financial strategies. In this episode, I explain the impact these changes could have on physicians and their corporations and what it means for using a corporation as part of a retirement plan. I also share some steps physicians can take to navigate this shifting landscape. To watch the YouTube video, click here . Are you concerned about how these changes could impact you? I specialize in providing fee-based financial planning services tailored to physicians' unique needs, if you’d like to figure out if a fee-based plan could help you achieve your goals and also analyze what steps you can take to be proactive about these changes - book a free discovery call to get started. Till next time!…

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Product Collecting Versus Planning 8:59

hace 1 year8:59

8:59

Are you collecting products or do you have a plan? A lot of physicians I meet have picked up different financial things along the way: investment accounts, insurance products, corporate investment accounts, maybe income properties, and more. There's nothing wrong with this approach, but the two questions I commonly get from physicians after they have gathered a number of these components is:" "does this all fit together?" and "is this all going to get me where I want to go?" It's kind of like someone dropping a bunch of puzzle pieces on a table but not providing the box to know what the puzzle is supposed to look like. When doctors at this stage reach out to me, they are concerned that they have either done the wrong thing, not enough of the right thing, or they are unsure as to where they are headed. These are all valid concerns. What I help them figure out is if a fee-based financial plan would answer these questions. A plan not attached to a product. A plan using data specific to their situation, not based on opinion or hearsay, but hard numbers. Often times, an unexpected result from this approach is the elimination of FOMO (Fear Of Missing Out). There is no shortage of options when it comes to financial planning in general and there are even more options when someone has a corporation. A solid financial plan not only outlines your goals and what you can be doing to reach them, but also helps let you know what things not to do. After listening to this episode, if you are left wondering if a fee-based plan would answer your biggest questions, be sure to book a discovery call at this link: https://www.galenhelpsdocs.com/call . You pick a time that works for you and I'll ask you some questions to help you figure out what your next steps are and if a plan is right for you.…

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The Most Expensive Mistake I See People Make With Whole Life Insurance 14:51

hace 1 year14:51

14:51

I've recently had some lengthy conversations with physicians about whole life insurance. It dawned on me that for all the information out there about this sometimes polarizing product, many people are poised to make what I consider the most expensive mistake... buying something they don't need. Now, I'm not saying that no one needs whole life insurance, nor am I saying everyone needs it. What I cover in this episode is how nuanced the decision can be and why it's so polarizing out in the financial education space. Then I walk through two case studies of people who came to me interested in whole life insurance with two very different results. With one, it totally made sense, with the other it did not. Listen in to hear me walk through the decision making process I took them through to determine if whole life made sense for them. I also touch on the second most expensive mistake when it comes to this product: not structuring it properly. A lot of the information out there around this product is about what I call the 'old school' way of designing it. Where it often times has slower growth and minimal flexibility. If it does end up making sense for you to buy this product, please ask whomever you are working with about the options to enhance the growth and flexibility of this product, which may be better for you. If you're wondering if whole life insurance makes sense for you and you like the idea of going through a data-driven process that uses evidence to support the best path for you, a fee-based financial plan might be right for you. To book a free introductory call at a time of your choosing, click here . During this call, I'll help you figure out if a plan is right for you. Thanks for listening in and see you on one of my upcoming episodes about money mindset, practice management, DIY investing, and much more!…

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Confused And Uncertain About Your Finances? You Are Not Alone 10:40

hace 1 year10:40

10:40

This episode is different. It's only my second solo episode, with many more to come. It's a topic close to my heart: helping people who are confused about their finances. Have you ever felt like everyone else has it all figured out when it comes to money? Do you feel like there must be something wrong with you if you haven't been able to make sense of your options? Do you struggle to find the time to compare all the different accounts and products available and don't have a clear path forward? Well... then this episode is for you. In this episode, I pull back the curtain about financial planning for physicians, tackling the misconception that everyone else has their financial life all figured out. As part of this, I share the results of a survey of Canadian Physicians. Guess what percent agreed with the statement "I'm not confident I'm using my corporation to the fullest" And when it comes to finances, guess what percent agreed with the statements: "I want someone to do it for me, but don't know who to trust" "I find it all very confusing and I don't know where to start" Spoiler alert, over 50% agreed with those last two statements I get why that is. Physicians have limited, if any, formal training around financial literacy and likely struggle to find time to try to figure it all out. Even when someone does take the time to figure it all out through research, there's plenty of differing opinions. Sometimes people say the opposite thing about the same concept. There is more information available than ever, then why are so many people still confused? Because more information might not make a difference. One of my favourite concepts from my teaching days is "Bloom's Taxonomy" where the lower levels of comprehension are information based and the higher levels tackle implementation. Before I became an advisor I was definitely stuck in an information gathering loop when it came to my finances, where I always felt like I needed to know more before I could take action. If that sounds like you, it could make sense to work with a Financial Planner. Even if working with a planner doesn't work for you, I believe it's crucial to decide when enough information is enough and when it's time to take action. Give this episode a listen. My goal is if you are feeling like the only person who is confused about finances, that you no longer feel so alone. If you've got a lot of unanswered questions about your finances, like if you're making the most of your corporation, if you're putting enough away in the right places to retire, and more, you might be a good fit for a fee-based plan. Book a free discovery call where I'll help you figure out if a fee-based plan could help you. Click here to book your call.…

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The Surprising Website That Helps Busy Physicians Find Their Next Job with Dr. Jordan Vollrath 38:45

hace 1 year38:45

38:45

Dr. Vollrath saw a problem. No cohesive system for doctors to find or post jobs. He saw scattered conversations across forums, Facebook, and WhatsApp and figured he could do something about it. So he co-founded Cherry Health, Canada's Medical Network where more than 2,000 monthly job seekers and over 1,300 employers post and look for their next job or locum opportunity. Join me and listen in to this episode about the founding of Cherry Health, how it's helping physicians across Canada and how to get started. Jordan, who is a practicing physician and co-founder of Cherry Health, also shares his own journey using the platform and the entrepreneurial journey that led him into the tech space with a mission to make a difference for overwhelmed doctors across Canada. To get started, be sure to go to cherry.health (yes, that's the site). There you can create your profile and download the app on your phone and get started. Whether you're new in practice looking for places to work to get a feel for where you'd like to settle down, or an established physician looking for someone to take over your practice for a few weeks so you can take a vacation, be sure to check out Cherry Health. If you've got a lot of unanswered questions about your finances, like if you're making the most of your corporation, if you're putting enough away in the right places to retire, and more, you might be a good fit for a fee-based plan. Click here to book a free discovery call where I'll help you figure out if a fee-based plan could help you: https://www.galenhelpsdocs.com/call . As of posting this, I've opened the doors for "New Year, New Plan" for five physicians who want to hit the ground running in the new year with a plan. If you think you might be one of those five, click the link.…

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Pursuing Passion and Creativity as a Busy Doctor with Shawna Pandya, MD 36:31

hace 1 year36:31

36:31

"She's some sort of superhero." That's the first thing that popped into my head when I started following Dr. Pandya on social media. She's an aquanaut, scientist-astronaut candidate, skydiver, and practices medicine in rural Alberta. The cool thing is Shawna is eager to share what she's learned by pursuing her passions and the approach to resilience and building support structures that has allowed her to accomplish so much. If you're a busy doctor looking to pursue your passion and creativity, this is a must-listen episode. Tune into this episode to hear her 5 pillars for resilience, real-life examples of support structures to stay grounded and maintain work-life balance. She'll even share advice she got from the one and only Chris Hadfield. If concerns around your financial plan are weighing you down, you might be a good fit for a fee-based financial plan. If you'd like to know more, be sure to click here . Enjoy the show!…

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How Interest Rates are Impacting Mortgages and what to do about it with Mortgage Broker Carlin Poole 33:32

hace 1 year33:32

33:32

It's top of mind for anyone with a mortgage or anyone about to get one: "What can I do about interest rates?" For a long time we saw rates dropping then staying fairly stable. Now rates have gone up quickly and don't show any sign of dropping. Until I spoke with Carlin I figured there's nothing anyone can do about it, but I was wrong. Carlin is a mortgage broker with access to over 50 lenders and has a knack for monitoring mortgages for opportunities. In this episode Carlin shares with you examples of how she has uncovered opportunities for recent clients and the value of joining her Mortgage Monitoring Program where she does the work for you of running the numbers to see if you're in the best mortgage for your situation. We also talk about specialized lenders that work best with physicians and how the way you pay yourself from your corporation may impact your ability to qualify for a mortgage, if you don't know the right questions to ask. To get access to Carlin's Mortgage Monitoring Program, be sure to click here . Once you do, she will check for opportunities for your mortgage or help you get your first one. If you have questions about your finances and have big questions that have you worried like: "Am I making the most of my corporation?" or "Am I on track for retirement?", you might be a good fit for a fee-based plan. To schedule a no-obligation call to find out if a fee-based plan would answer those questions, click here .…

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How to Have More Money with Less Hustle with Author and Physician Dr. Latifat Akintade 1:00:51

hace 2 years1:00:51

1:00:51

I read a lot of books about finance and hands down, Dr. Akintade has written a must-read book, especially for female physicians. Done with Broke: The Woman Physician's Guide to More Money and Less Hustle. It's filled with anecdotes as well as research around successful paths to building wealth. My copy is covered in highlighter because there are so many gems about topics that are top of mind for physicians like: - Where should I start when it comes to investing? - Can I budget my way to wealth? - What should I do about my debt? Latifat went into medicine because she knew she wanted to help others, then she realized it was a broken system that caused lots of burnout and not a lot of financial security. She now helps women physicians take control of their finances and tackle the root causes that keep them from having the financial life they crave. If that sounds like you listen in. To learn more and buy a copy of the book, go to: https://www.moneyfitmd.com/ To follow on Instagram, go to: https://www.instagram.com/moneyfitmd/…

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How to make more time for what lights you up with New York Times bestselling author, Eve Rodsky 45:32

hace 2 years45:32

45:32

Eve Rodsky wrote a book called 'Fair Play' that completely changed my life. After I read it, I realized I was not pulling my fair share of work around the house. It led me to make some serious changes to bring a balance to the workload in our household. As much as I hate to admit it, I also realized I didn't value my wife's time as much as mine. In this episode, I go into why I was unconsciously holding onto this belief and how Eve's book helped me. In 'Fair Play' Eve introduced a concept called Unicorn Space, which is time dedicated to a creative pursuit that lights you up. It was an idea that caught on, so she wrote a whole book dedicated to it: "Find Your Unicorn Space: Reclaim Your Life in a Too-Busy World." In this episode we go in depth on the challenges busy professionals face in reclaiming time in their jam-packed schedules so they can be freed up to be creative. If you struggle to find time for yourself and claim your Unicorn Space, give this episode a listen. To learn more about Eve and Fair Play head on over to www.fairplaylife.com Be sure to follow her on Instagram. www.instagram.com/fairplaylife www.instagram.com/everodsky…

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How to Become a Money Smart MD with Dr. Matt Poyner 48:27

hace 2 years48:27

48:27

Dr. Matt Poyner is a physician who empowered himself around his finances and is now doing the same for other physicians. He also took a year off with his wife and four children, travelled the world, and blogged about it, which is really amazing. Part of how Dr. Poyner helps physicians is to help them clarify their financial path forward, one of the big questions he gets is "Should I become a DIY investor?" To help answer that, he's come up with the three signs you might be a candidate for doing your own investing. Tune in to hear what they are. Matt goes deeper than just the numbers and looks at the intersection of money and happiness. We talk about a cool concept Dr. Poyner refers to as the 'four f's of evidence-based happiness'. Listen in to see how you rate yourself on those four f's. Also, listen in to see how to avoid the ‘one more year’ trap that sometimes keeps physicians working longer than they need to. To learn more about Dr. Poyner's course head on over to www.moneysmartmd.com If you have any questions for Matt, you can email him directly at: moneysmartmd@gmail.com To learn more about the investing side of what Matt has discovered, check out www.dividendstrategy.ca…

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Making Cash Flow Fun with Sunny Wishart, CFP 42:00

hace 2 years42:00

42:00

What relationship do you have with the longest ‘four letter word’ in financial planning? Of course, I’m talking about ‘budgeting’. I had never done an episode about cash flow, and when I met Sunny, I realized she is the perfect person for this episode, because she makes it fun. Sunny is a zero-judgement financial planner who rolls up her sleeves and digs deep into real money talk. In this episode Sunny and I talk about how to look at cash flow and budgeting without getting bogged down by shame and judgement. We also talked about a common catch-22 in planning, where many people feel like they can’t start a plan until they have a budget they can stick to. Sunny and I talked about how to overcome that and keep it from being a limitation from creating a plan that will work for you. We found amazing common ground on a concept many of my own clients follow, which is called ‘reverse budgeting’. We also talk about why cash flow is a cornerstone of every good plan. Tune in to see what approach works best for you. To learn more about Sunny, check out her work at: https://www.alacartefinancial.ca/ If you have any questions for Sunny directly, you can reach her at: sunny@alacartefinancial.ca…

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Critical Financial Concepts for Canadian Physicians with The Loonie Doctor, Mark Soth, MD 47:08

hace 2 years47:08

47:08

When I first came across Dr. Mark Soth's website: https://www.looniedoctor.ca/ I was blown away by the amount of content created by just one guy. In case you haven't heard of The Loonie Doctor, Dr. Soth is a mid-career academic ICU doctor. He has been helping Canadian physicians and other high-income professionals to not get hosed (nor be hosers, eh) with their time and money since 2017. He's got insight into insurance, investing, incorporation, taxation, and much more. He also has some cool calculators to help put some numbers behind his insight. He also goes into some of the more personal topics like wealth and happiness and earning versus spending. Be sure to go to his website to check it all out. In this episode I learn from Mark what inspired him to learn so much about finance and then share it with his colleagues. We also talk about why he himself uses a financial advisor and the important difference between delegating and abdicating when it comes to working with a financial professional. Join me in this episode to gain insights from a doctor who is very knowledgeable about all things finance and physicians.…

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Why Traditional Financial Planning Does Not Work for Canadian Physicians. 7:28

hace 3 years7:28