By Elisa Chiang
The podcast currently has 124 episodes available.
Dr. Nneka Unachukwu is the founder of EntreMD, a company on a mission to help 100,000 physicians build profitable 7 and 7+ figure businesses so they have the freedom to live life and practice medicine on their terms. She does this through the EntreMD Business School, the only school of its kind for physician entrepreneurs, the EntreMD podcast, a top 1% podcast, and her best-selling books. Dr. Una, as she is fondly called has also been featured in Forbes and her company hit #315 on the Inc. 5000 list of fastest-growing privately held companies in America.
She is a board-certified pediatrician and resides outside Atlanta with her husband and four children.
You can connect with Dr. Una online at:
Website Address: www.entremd.com
Facebook: https://www.facebook.com/nneka.chinemeunachukwu
Instagram: @drunachukwu
LinkedIn: @druna
The EntreMD Podcast: www.entremd.com/podcasts
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
The 4% rule is probably the most talked about method when it comes to how to plan to withdraw from your retirement portfolio. However, when it comes to actually withdrawing from your retirement portfolio, there are a lot more options, and nuances. If you're not near retirement, why learn about these different methods now? Using different methods can give you a better idea of how large of a stock/bond portfolio you'll need to last the rest of your lifetime and cover your spending in retirement. It can give you more confidence to know that you will have "enough" during retirement. There are also some people who see the 4% rule is outdated, some say it's too conservative and that you can really plan to withdraw more and others that say there is still the possibility of depleting your portfolio with the 4% rule, especially if your retirement may last longer than 30 years.
In this episode, learn about withdrawal methods including 1/N, Variable Percentage Withdrawal, Dynamic SWR, Endowment Strategy, Guyton-Klinger Guardrails and the 95% rule.
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
No one wants their retirement portfolio to run out of money before they die. Many retirement calculators use static assumptions, like a constant growth rate or inflation rate. The stock market may have average returns of around 10% per year but in any given year, it’s rarely a 10% return. Some years it can be up 18% and other years down 10% or anywhere in between.
If you really want to put your retirement portfolio (or your future retirement portfolio) to the test, there are online tools to help you do that. These tools use Monte Carlo simulations, which is a mathematical technique that predicts possible outcomes of an uncertain event.
In this episode, I specifically discuss:
https://thepoorswiss.com/fire-calculator/
https://Firecalc.com
https://ficalc.app/
https://www.portfoliovisualizer.com/monte-carlo-simulation
Two additional tools can be found at:
https://cfiresim.com/
https://engaging-data.com/will-money-last-retire-early/
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
The goal of retirement calculators is to help you answer three questions:
1. How much do I need to save and invest for retirement?
2. How much money do I need in my retirement portfolio to retire?
3. How much can I realistically expect to spend once I am retired?
In this episode, I review the following free retirement calculators available online.
https://investor.vanguard.com/tools-calculators/retirement-income-calculator
https://www.schwab.com/retirement-planning-tools/retirement-calculator
https://digital.fidelity.com/stgw/digital/planning/retirement/retirement-income-calculator
https://www.nerdwallet.com/calculator/retirement-calculator
https://www.bankrate.com/retirement/retirement-plan-calculator/
https://www.calculator.net/retirement-calculator.html
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
You may have heard that your retirement portfolio should be 25 times your spending or your income for you to retire. This is actually derived from The 4% Rule, which is the commonly held belief that you an safely withdrawal 4% from your retirement portfolio invested in stock and bonds and not run out of money before you die. In this episode, I look at the original published research where the 4% rule originated, which has been nicknamed the Trinity Study. I also talk about the paper published by William Bengen, who inspire the authors of the Trinity Study.
The key take home points are:
1. If you withdrawal 4% of your retirement portfolio in your first year of retirement, and then withdraw that amount adjusted for inflation in each subsequent year, then there is a 95% chance your portfolio will last at least 30 years. This assumes a portfolio that is invested at least 50% in an S&P 500 Index fund with the rest invested in long-term high-grade corporate bonds.
2. Have at least 50% of your stock and bond portfolio invested in stocks. A portfolio of 75% stocks and 25% bonds results in more upside with no significant downside compared to investing 50% stocks and 50% bonds. A portfolio of 100% stocks does have the possibility of significant downsides compared to a 75/25 stock/bond portfolio.
The original papers:
Cooley, Phillip L., Carl M. Hubbard, and Daniel T. Walz. (1998). "Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable." AAII Journal, 20(1), 10-14.
https://www.aaii.com/journal/199802/feature.pdf
Bengen, William P. (1994). "Determining Withdrawal Rates Using Historical Data." Journal of Financial Planning, 7(4), 17-26.
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
Summer vacation is coming to an end. While physicians don’t get summer vacation like students and teacher do, we may think that vacation will come when we retire. While the first few months, or even years, or retirement might feel somewhat like vacation, retirement is not an endless vacation.
In this episode, I talk about Ty Bernicke, a Certified Financial Planner, who believes people need less for retirement than what traditional financial planning recommend. He published a paper called “Reality Retirement Planning: A new Paradigm for an Old Science” in 2005 which discusses how people tend to spend less money as they age in everything other than healthcare. When accounting for the decreased spending that occurs later in life, it’s possible that such a big nest egg isn’t actually needed. Read his article, which can be found free online at https://robberger.com/wp-content/uploads/2024/02/RealityRetirementPlanning.pdf or listen to the podcast episode to learn more.
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
This episode is really targeting to those physicians who have recently finished training but will be helpful to anyone who is debating between deciding to pay down debt versus investing. There are multiple factors when it comes to figuring out the best place to put your money. When looking at whether to pay down debt, things to consider include the interest rate, whether or not the debt has the possibility to be forgiven, and if the debt is tax deductible. When it comes to investing, the best first investment for most people is to contribute to an employer sponsored retirement account if there is a match by the employer and that you are likely able to keep that match. In order to keep employer contributions, there is often a vesting period where you have to stay working for the employer for a certain length of time to have contributions match. There are some employers, usually non-profits, where any contributions may fully vest immediately. With other employers, a percentage of employer contributions vest over time or it takes a certain number of years for any contributions to vest. Tune in to learn more to help you make an informed decision.
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
Qualified dividends are taxed at a lower rate, similar to capital gains tax whereas non-qualified dividends are taxed at the ordinary income tax rate. This episode goes into detail what makes a dividend considered qualified to help you make choices to lower how much you ultimately pay in taxes.
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
Whenever there is money to be made, Uncle Sam wants his cut. Part of building wealth is learning the rules to legally decrease what you pay to Uncle Sam. In this episode, I talk about Capital Gains Tax, which is the tax on any profit from selling an asset. By holding on to an asset for over a year (366 days), the profit from the sale of the asset is subject to a capital gains tax rate that is lower than your marginal tax rate. There are exceptions to what is included in the long-term capital gains tax rate. Tune in to this week’s episode to learn more!
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
With climate change, there have been more heat waves. This lead me to thinking about our use of air conditioning and the cost associated with it. In this episode, I talk about how much energy and money is saved by setting the thermostat to a warmer temperature in the summer and cooler temperature in the winter. This could be done all the time, or only when no one is home. I go over the cost of air conditioning per hour and measures of efficiency for AC units. Of course, there are other ways to decrease energy used to heat and cool your home other than adjusting the thermostat.
I reference a few websites in this episode, including
https://smartenergy.com
https://www.energy.gov/energysaver/
https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit
https://www.bls.gov/regions/midwest/data/averageenergyprices_selectedareas_table.htm
Please subscribe and leave a review on your favorite Podcasting platform.
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
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 is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
The podcast currently has 124 episodes available.