The Grow Your Wealthy Mindset Podcast

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Think financial freedom takes 30+ years? Think again. In this episode, we break down why your savings rate is the single most important metric in your career—and why standard retirement math is dead wrong for high-earning doctors.

In this episode, we cover:

• Why your time to retirement is exponential, not linear.
• The “Double-Leverage Effect” of lowering your lifestyle burn rate.
• How changing tax brackets in retirement can shave 8+ years off your timeline.
• Real numbers for $500K and $800K physician households.
• Why finding value-aligned, low-cost hobbies accelerates your journey to financial freedom.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

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Replay of Episode 40, which originally aired on March 1, 2023. 

What do you do when you have a sudden windfall of money that you want to invest? This may be if you receive a bonus, a large monetary gift, or an inheritance. You would like to invest into index funds, but what's the best way to do it? Do you invest it all at once, called lump sum investing, or do you spread it out over time, called dollar cost averaging? In this episode, I discuss both investment strategies.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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In this episode, we take a deep dive into Asset Under Management (AUM) fees—the standard 1% cut many financial advisors take from your portfolio. While 1% might sound insignificant on the surface, this quiet deduction acts like a constant leak in your financial bucket, pulling money out of your accounts regardless of whether the market goes up, down, or sideways.

What we cover in this episode:

·         The true cost of 1%: How a seemingly small fee can drain over $1.5 million from your long-term wealth over a 30-year investing horizon.

·         Misaligned incentives: Why AUM advisors are incentivized to discourage you from paying off high-interest debt, investing in real estate, or funding your own practice.

·         Artificially complex portfolios: How advisors use dozens of funds and active management strategies to create the illusion of value and justify their fee structure.

·         "Sticky Assets" and hidden costs: Why firms try to make it difficult for you to move your capital elsewhere.

·         Fee-Only vs. Fee-Based: The exact question you need to ask when interviewing a financial advisor to ensure they act as a true fiduciary.

Stop letting hidden fees compromise your financial growth. Tune in to learn how to evaluate your current advisor's compensation model and take control of your investing journey!

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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Every dollar paid in fees, expenses, and commissions is one less dollar compounding in your portfolio. In this episode, we break down how small, seemingly minor fees can drag down your investment returns by millions of dollars over a lifetime—and how to keep more of your hard-earned money working for you.

Key Takeaways

• The Compound Cost of Fees: Over 30 years, a $1M portfolio earning 7.1% grows to $7.61M at a 0.1% fee, but drops to $4.32M at a 2% fee (1% advisor + 1% fund fee)—costing you over $3.2 Million in lost gains.
• Mutual Fund & ETF Fees: Watch out for front/back-end load fees, 12b-1 distribution fees, and high management expenses. Look at both the Gross and Net Expense Ratios in the prospectus.
• Hidden Trading Costs: High turnover funds incur hidden expenses like brokerage commissions (~0.38%) and bid-ask spreads (~0.34%) that silently eat into returns.
• Real Estate Friction: Don't forget transaction and holding costs—closing fees, appraisals, inspections, title insurance, and maintenance—which all directly impact your net cash flow.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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Are you a master saver who feels completely lost when it comes to investing? In this episode, I tackle the "saver’s dilemma": having plenty of cash in the bank, but letting inflation erode its value out of fear, confusion, or lack of time. I  break down simple, low-effort steps to immediately boost the interest rate on your cash using High-Yield Savings Accounts (HYSAs) and Cash Management Accounts (CMAs). Then, I take the fear out of the stock market by revealing how to kickstart your investment journey using low-cost index funds—no complex strategies or high-fee advisors required.

Key Takeaways

• Stop Earning Less Than 3%: Why keeping all your cash in a traditional brick-and-mortar savings account is costing you money every month.
• HYSA vs. Cash Management Accounts: A practical comparison of top platforms like Fidelity, Vanguard, Wealthfront, Capital One, and Ally.
• Index Funds Made Simple: Why total stock market and S&P 500 index funds serve as the ideal foundation for any portfolio.
• Lump Sum vs. DCA: How to transition your idle cash into the market in a way that respects your risk tolerance.

Resources & Mentions

• Episode 16: Index Fund Investing (Sept 13, 2022)
• Episode 40: Lump Sum vs. Dollar-Cost Averaging Strategies (March 1, 2023)
• Episode 90: Optimizing Your Banking (Feb 14, 2024)
• Episode 153: How to Choose a Good Index Fund (April 30, 2025)
• Wealthfront Referral Link: Get a temporary interest rate boost on your cash balance: https://www.wealthfront.com/c/affiliates/invited/AFFD-ETUB-658Z-SN6B

Recommended Index Funds

• Total US Stock Market: 
  • Vanguard VTSAX (mutual fund) or VTI (ETF)
  • Fidelity FSKAX for taxable accounts, can consider Fidelity FZROX for individual retirement accounts
  • Charles Schwab SWTSX or SCHB (ETF)
  • iShares ITOT
• S&P 500 Index Fund: 
  • Fidelity FXAIX 
  • Schwab SWPPX
  • Vanguard VFIAX or VOO (ETF)
  • SPDR Portfolio SPY (ETF)
  • iShares IVV (ETF).  

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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Can money actually buy happiness? While we often hear that it can't, psychological and behavioral research tells a more nuanced story. Beyond securing life’s basic necessities, extra income hits a ceiling of diminishing returns—and higher wealth can even bring unforeseen traps like social isolation, reduced generosity, and time scarcity.

In this episode, we break down landmark studies on income satisfaction and explore actionable ways to shift your spending habits to maximize joy, connection, and peace of mind.

Cited Research & Resources:

• Book: Happy Money: The Science of Smarter Spending by Elizabeth Dunn & Michael Norton
• Income & Happiness Study: Kahneman, D., & Deaton, A. (2010). "High income improves evaluation of life but not emotional well-being." PNAS.
• Prosocial Spending Cross-Cultural Study: Aknin, L. B., et al. (2013). "Prosocial spending and well-being: Cross-cultural evidence for a psychological universal." Journal of Personality and Social Psychology. PubMed Link
• Ideal Life Satisfaction: Jebb, A. T., et al. (2018). "Happiness, income satiation and turning points around the world." Nature Human Behaviour.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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If you could make ONE problem in your life disappear tomorrow, would it be money? In this episode, we dive into a surprising truth: no amount of money will automatically make you stop worrying about money. Whether you’re living paycheck to paycheck or sitting on millions, financial anxiety is often driven by mindset rather than math.

We break down the false promise of worry, share personal stories around canceled contracts and family health concerns, and explore the unique financial pressures facing physicians today. Plus, we cover three practical strategies to move from passive anxiety to proactive financial freedom—including how your primary asset shifts as your net worth grows.

Key Takeaways:

• Worry is Not Preparation: Worrying doesn't solve future problems; it just trades away your present peace.
• The Income Paradox: High earners and physicians often fall into "lifestyle lock-in," building high fixed costs that turn minor income dips into major stress.
• The Wealth Transition: Early in your career, your ability to practice medicine is your greatest asset. Over time, as your portfolio grows, your financial capital takes over—making clinical work a choice, not a necessity.

3 Steps to Financial Control:

1. Protect your flexibility by keeping fixed monthly overhead low.
2. Protect your income early on with disability insurance and emergency reserves.
3. Automate peace of mind through reverse budgeting.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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Many of us have fallen into the trap of arrival fallacy, or the belief that you'll finally have lasting happiness once you achieve a specific goal our outcome.  Yes, reaching goals can make us feel happy for a while, but eventually that becomes your new baseline and life goes back to "normal." Learning to enjoy the journey which is going to include both ups and downs will lead to more happiness now. 

Tune in each week to learn more on how to grow your wealthy mindset! 

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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After receiving an email from Vanguard urging a security profile update, I took a deep dive into the security options financial institutions are pitching to customers today. From AI-vulnerable voice prints to phone biometrics and multi-factor authentication, not all security layers are created equal. In this episode, we break down what features actually protect your retirement and brokerage accounts, why 3-second AI voice clones make voice authentication a major risk, and how hardware differences between iPhone and Android impact your mobile banking safety.

Key Topics Covered:

Vanguard Email Audit: How to safely navigate official-looking marketing emails, domain redirects, and link safety.

The AI Voice ID Trap: Why voice biometrics are easily bypassed by generative AI tools like ElevenLabs, and why podcasters and public speakers are especially vulnerable.

On-Device Biometrics Explained: The crucial security differences between Apple’s 3D TrueDepth Face ID, Google Pixel’s Class 3 machine learning, and Samsung’s ultrasonic fingerprints.

Smart MFA & Transfer Locks: Best practices for multi-factor authentication, trusted devices, and how outgoing transfer locks add an extra vault door to your wealth.

Mentioned URLs

Vanguard Direct Security Profile URL: https:\\security-profile.web.vanguard.com

Vanguard Official Login: https:\\logon.vanguard.com

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

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Dr. Liz Aguirre is a remarkable women. She grew up in poverty without reliable access to food or shelter and is now a mom, wife, and a physician with passion for person-centered health. We talk about how she grew her wealthy mindset and how coaching has assisted that journey. I am so lucky to have great clients like Dr. Liz. 

You can find Liz Aguire at: https://www.lizaguirremd.com/

Watch Liz’s TEDx Talks: 

End Professional Burnout: Become More Energized and Less Stressed https://youtu.be/Mo9DS6kBDyY

Why the Secret to Fulfillment is Imagination https://youtu.be/_D9zcEOheqc

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...