Have you ever reflected on your life and realized you don’t have a strong grasp of finances? Has the idea of being wealth alluded you? In this conversation, you are going to learn from a physician and financial expert about wealth and cultivating the wealthy mindset. If you want to start to get your financial game to the next level, this is the right episode for you. Bonnie Koo is a Dermatologist, Mother, and Financial coach with a mission to empower female physicians to build wealth and create the life they want. What I love about Bonnie is her focus on time and not just accumulating money. Time is our most precious commodity and she wants us to learn how to handle money so we can use our time in the way we see fit. "Time is our most precious commodity, and handling money enables you to truly have it all.” -Bonnie Koo MD Links/resources: www.wealthymommd.com https://wealthymommd.com/resources/ Book Mention: Rich Dad Poor Dad Join The Happy Doc Lounge to get live interviews! https://www.facebook.com/groups/110759443069293/ This episode is brought to you by: www.medflashgo.com Show Notes: Dr. Bonnie Koo -Can watch the live stream on Facebook: The Happy Doc lounge -Can see our apartment building Interest in medicine? -No major origin story, enjoyed science, was a biochem major. Decided she wanted to be around people more than lab or test tubes. Not medical school till 27, non-traditional applicant. -Worked at Morgan Stanley, was in NYC during 9-11. -Lived in London as a 22 y.o., -Went to Colombia University for medical school, didn't get into Dermatology till applying the 3rd time. The path isn’t always linear -Dermatology is really hard to get into. Couldn't imagine doing anything else. I am going to be 40 anyways. I was dermatology or bust. -Graduating a great medical school and not matching sucked at the time -UC irvine research -Derm residency are great -> regular hours -loved the program, VA, kaiser in southern california -Plenty of practice in that realm. -Went to East coast, not sure she would meet the type of guy she wanted in the west coast so she moved The financial story happened by accident -total mess when it came to money -racked up $20,000 -Read the book called the white coat investor -So much free information, need to learn what other financial advice is out there that applies from a physician -Started reading a lot including facebook groups/finances. -Started to answer lots of questions and then started a blog realizing she had a lot of more information. Started a blog www.wealthymommd.com -Patients who mention blog or Carrie's show - Hippocratic hustle Having a website presence improves trust -As a podcaster/credibility, consistent blog content they get to know you and develops likeability and trust. Financial Situation $210,000 in loans at end of residency + $20,000 credit card debt -> $230,000 What do you wish you would have known sooner -Money is a very charged subject -> money is not real when you really think about it. -Mindset is huge - think there is plenty of money in the world, not limited money. -You either live super frugally to pay off loans, or find a new way to accumulate wealth Psychology of wealth -If you don't think you have enough it's hard to build wealth. -It's like going to the gym, if you don't work, your muscle doesn't stay strong... it's the same with mindset, money, outlook. Working out your mind and working out your thoughts is a practice -Used to move around a lot, lived in a tiny apartment, "we didn't have enough." -"Money is the root of all evil" Your Money History is important -How do you feel when you look at your money? -The goal is money should be neutral, it should just be data. The why -Why develop wealth? That drives everything -When I first learned about financial independence, for me it became a lifestyle and mindset. -F.I.R.E -> Financial independence Retire Early -Life is short mentality, I had a series of events of people pass and get sick... oh my god, life is short. There is so much more I'd like to get, more time and attention, give back to world to make a difference, more time and attention to my child. I want to work on stuff that I’m passionate about. Time wealth -Rich people have money and wealthy people have time -Rich dad poor dad book helped her -"A job is a short term solution to a long term problem" -Millenials get a lot of crap, but one thing they have done is espouse not trade time for money, improve lifestyle, etc. -To generate wealth the best thing is to build assets. -Invest in stockmarket, money will compound What do I actually do? -I'm a coach, I'm a financial coach. -Running a business is building an asset. -Real estate building is another asset -tax laws are written for businesses and real estate -If this was easy, everyone would do it. Physicians vs Lawyers -It's almost cool to be an ex-lawyer, the goal is to get out of it. -I feel weird to try to do something else when supposedly I have a good gig. -I love dermatology, I don't love being an employee. -I also want location independence What do you envision yourself in life goals/financial -I am taking a chance and going all in my business -I have a short gig doing locums I'm All-in My Business -Doctors are very conservative -If you want business advice, don't ask doctors, go to the entrepreneurs. -Went to https://impact.kajabi.com/ - online platform/course -Brendan Bouchard, Rachel Hollis (people making 5-10 million dollars/year +) Entrepreneurship -You get to develop your own schedule -Entrepreneurship impacts the macro/social media. Still helps a lot of people What makes you happy and improves your energy? -cup of coffee in the morning -Being around energetic ;ike-minded people Network -Inner circle, top 5-6 people you spend your time with impacts your net worth. -Bonnie has her own high level life/business coach to help her in her network Someone in high school what would you tell him/her to do -Build assets -Learn the difference between assets vs liabilites. -Learn by example of other wealthy individuals www.Wealthymommd.com -Women physicians/physician moms -Being a physician is hard enough, being a mom is hard, honestly, I think we are heroes and have our own little people to raise. -We are juggling multiple things, I feel honored to create a life that can serve them. -If women can have money work for them, they can truly create a life that works for them. MedFlashGo An interactive board studying tool for medical students. Students can learn on the go using just their voice! Visit www.medflashgo.com to learn more! Thanks We hope you enjoyed this Happy Doc Episode for today! Check us out on iTunes: http://bit.ly/happydocpodcast. Contact us at [email protected] or reach out on our social media channels @happydocpodcast (Facebook, Twitter, Instagram). If you want to join our group, check out The Happy Doc Lounge! If you want to really support us we ask that you don't forget to leave a 5 star review on iTunes this is something that helps us tremendously! We Appreciate your support and don’t forget to keep smiling!
