S3, Episode 10- Craig Cody- 3 Awesome Tax Deductions I Didn’t Know

March 3, 2017

Have you been wondering- how the heck can I pay less in taxes?

If you have been grappling with this question or if you are simply curious about taxes, you are going to love our next guest.

Our next guest’s expertise lies in the area of tax planning. His goal is to make sure doctors like you across the United States are paying the least amount of income tax they can legally pay.

He is a Certified Tax Coach, CPA, Business Owner and Former New York City Police Officer with 17 years experience on the Force

As a Certified Tax Coach, he belongs to a select group of tax practitioners throughout the country who undergo extensive training and continued education on various tax planning techniques and strategies to become, as well as remain, certified. With this organization, he has co-authored an Amazon best seller book, Secrets of a Tax-Free Life.

As a matter of fact, I ran across him because he was recommended by a listener of the podcast.

I know we’re going to learn a ton today.

Please help me welcome Craig Cody.

In this podcast, you will...

  • Learn what the difference is between a tax planner and tax preparer
  • Discover what to expect with proactive tax planning
  • How hiring your spouse can avoid 1099 & W-2 income (Hint: This is NOT a HSA & is not available to some companies)
  • Learn what qualifies for this incredible tax deduction and what is 'reasonable'
  • How Craig hired his kids to get a tax deduction for their tuition & what you shouldn't do (but you can still avoid FICA taxes)
  • Discover a very creative tax deduction that involves a pool (Yes, the one you swim in!)
  • Learn where to draw a red line on a 'hobby' business
  • Discover why electing late may be a good idea. Find out how.
  • How gifting & leasing can be an amazing tax deduction

Resources Mentioned In This Podcast:

 

Craig's Profile On LinkedIn

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S3, Episode 9- Jake Conway- Top 3 Business Mistakes Doctors & Dentists Make In Their Practice [Dentalpreneur Podcast]

February 24, 2017

For all the show notes and tons of resources, make sure to visit the podcast website at www.doctorfreedompodcast.com 

If you own a private practice or hope to own one day, I’m guessing you’ve heard about the equity that you can build.

After all, it’s another asset. And it can be worth a TON of money with all the sweat, blood, and tears that you put into it. But how can you gain the most out of this asset?

If you have been grappling with these kinds of questions or if you are simply curious about them, you are going to love our next guest.

Our next guest’s expertise lies in the area of valuation. I first heard him on the Dental Preneuer podcast. He was talking about some of the common mistakes that dentists make and I was nodding my head and saying YES outloud. It was such good stuff, I wanted to make sure to invite him onto this podcast.

I know we’re going to learn a ton today.

Please help me welcome Jake Conway

In this podcast, you will...

  • Discover the Top 3 Financial Mistakes Dentists Make In Their Practices (and maybe you are too!)
  • Learn where you might want to negotitate & snag low hanging fruit
  • Discover the numbers & formulas that lead to success (Hint: It involves a 30/30/30/10 rule)
  • Learn the hack around costly supplies that they use to negotiate
  • How the trade-off between being an employee and employer can be a huge opportunity cost worth considering
  • and much more!

Resources Mentioned In This Podcast:

The Dentalpreneur Podcast on Itunes

Connect with Jake Conway on LinkedIn

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S3, Episode 7- [Physician Fireside Chat with Dr. John McBurney]- Part 2- How He Is Starting His Ideal Medical Practice

February 10, 2017

This episode continues the journey of Dr. John McBurney. Make sure to check out part one from last week or check out the entire podcast by clicking here!

In this fireside chat, we uncover his financial choices and decisions. His vices and his greatest decisions and the advice he would give to a younger John.

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In this podcast you will..

- Discover his guilty pleasure of cars and what that meant to their retirement (Hint: He wasn't a popular guy at home for a time)
 
- How he simplified his finances to set himself up for retire
 
- What kind of corporation he is using for locums
 
- Learn what he promised his kids financially
 
- What kind of practice he will be establishing and the model he is following (Hint: It involves a past podcast guest)
 
- Discover how he is going to work with chiropractors, energy healers, and how a wellness center factors into that
 
- Learn how he is using locums as a bridge between his last job and his ideal clinic
 
- Why john's situation is significantly different than the normal ideal medical practice that others are setting up and what he is doing to set it up for success
 
- Discover john's advice to his younger self (Hint: it involves a curve) and what he would avoid 
 
- Learn the stupid mistake that he thinks many practice owners make for the sake of reducing taxes
 
- How the combination of charting and locums leads to more money
 
For all the resources, show notes, and tons of free stuff visit the podcast website at www.doctorfreedompodcast.com
 
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S3, Episode 6- [Physician Fireside Chat] John McBurney- Part 1- Lure of Too Good To Be True

February 3, 2017

In another fireside chat, I connected with Dr. John McBurney on LinkedIn. He and I spent over 1.5 hours talking about his journey and the wisdom he would impart to other doctors. 

For all the show notes, free resources, and to connect personally with me, visit the podcast website at www.doctorfreedompodcast.com

This podcast is dedicated to helping doctors like you slash your debt, slash your taxes, and live a liberated lifestyle.

Dr. McBurney is a neurologist who started with the military, moved to private practice working under other physician owners, and now today is doing locums full time while he is establishing his own private practice.

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In part one of this interview, you will:

- Discover how a small town boy came to see physicians as the role models he wanted to emulate

- Learn how he came out with almost no student debt and how he feels student debt today is a trap
 
- Why money wasn't something he developed a significant relationship with when he grew up
 
- How being in the army helped him to keep his finances under control
 
- Why he decided on the military option
 
- Discover how he made great money as an intern
 
- How buying and selling real estate hurt his financial future
 
- Learn how the decision of '20' played into his decision of going into private practice eventually
 
- Why he prefers being a military doc to 'abusive' private practice medicine
 
- Hear the story of how he witnessed medicare fraud and why he had to testify against a former colleague
 
- Who the person who gave him the best financial advice (Hint: It was someone really close to him that wasn't his parents)
 
- How a hairdresser had an estate over $1 million

 

 

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S3, Episode- 5- Alan Pitt- Part 2- How To Create Opportunities Outside of Clinical Medicine (Healthcare Pittstop Podcast)

January 28, 2017

Welcome back to part two of the physician fireside chat with Dr. Alan Pitt.

In the second half of this podcast, you will...

- Learn from a physician with the mission to transform healthcare from something both patients and physicians are dissatisfied with
 
- Discover the advice he would give his young self
 
- How he sees the unique opportunity once one is in the healthcare field (entry can be difficult)
 
- Learn about his Health care pit stop podcast
 
- Why he listens to advice from experts about his money

Resources Mentioned In This Podcast:

The Healthcare Pittstop Podcast

The Healthcare Pittstop Podcast On Itunes

Sr. Margaret McBride Views on End Of Life

Alan's E-Mail

 

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S3, Episode- 5- Alan Pitt- Part 1- His Family Business of Medicine (Healthcare Pittstop Podcast)

January 27, 2017

My name is Dave Denniston, your host. Welcome back to the latest episode of The Freedom Formula for Physicians Podcast. I split this conversation into two parts- this is part one.

Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances.

Our next guest is a physician and a fellow podcaster and a blogger. He said that, “I’ve lived my life in healthcare. I grew up in a medical household, and later got an M.D. Now, in mid-life, I am saddened and dismayed. America is the wealthiest country in the world, yet we often bankrupt our citizens when they become ill. We cure what seems incurable, but then abandon the many others. Care is often replaced by technology.”

He is now on a mission from his content to bring together the places, the people, and the systems that define this care and to have heart-to-heart conversations that can make changes in the system.

He is a Professor of Neuroradiology at the Barrow Neurological institute, a Chief Medical Officer at Avizia, a husband, and a father.

Please help me welcome Dr. Alan Pitt.

In this podcast, you will...

- Learn from a "family business" physician the change with digital economy healthcare.
 
- Discover why he feels medicine was a secure profession, but isn't now
 
- How he advises young physicians who have six figures in student debt
 
- Learn his one suggestion to keep low costs up front 
 
- Why he suggested to his daughter not to go to medical school (Hint: She didn't listen. Find out why
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S3 Episode 2- Part Two- Peter Kim- Financial Prosperity Through Mentorship

January 7, 2017

In part two of this interview with Dr. Peter Kim, you will discover:

- How his frustration with real estate led to a side hustle

- How he is monetizing the side hustle without physicians paying out of pocket for his services

- The non profit that is close to his heart & why he is donating to this cause

- How he found the time & passion outside of medicine & why he found more focus

- Why he thinks entreprenuership isn't a special characteristic trait & why he thinks any physicians can do it

- Learn how he is reducing his clinical hours & his plan for the future

- Discover the role of real estate in his portfolio & his goals

Click here to discover all the resources, show notes, and mentions from this podcast episode.

 

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S3 Episode 2- Part One- Peter Kim- Financial Prosperity Through Mentorship

January 6, 2017

Some of us have to learn the hard way... through the school of hard knocks and through our own mistakes.

Others of us embrace our mentors. Sometimes it may take a kick in the rear end or sometimes a moment of epiphany.

Our next guest has experienced all of this and has some incredible words of wisdom for us.

Click here to discover all the resources, show notes, and mentions from this podcast episode.

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Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances.

Our next guest has not only been a physician, but also has created a side-hustle focused on concierge real estate for physicians called Curbside Real Estate.

A little bio on him… he is practicing, full-time, anesthesiologist. He lives in beautiful Sunny Southern California, my birth home. Go Lakers!

I mentioned that he has this passion from real estate that stemmed from his own frustrations and failures.

I know he has a ton of wisdom to share with us and with no further adieu…

Please help me welcome Dr. Peter Kim!

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In part one of this episode, you will discover:

- How his relationship with his dad led to a passion of medicine

- The moment his engagement changed his perspective on finances and his management of money (Hint: It had to do with his father-in-law)

- The lessons he learned growing up & how debt impacted his future life

- The number of credit cards he had & why he fell into that trap

- How he hustled and got it all paid off within 1 year

- How my wife and I differ on how we grew up with money

Click here to discover all the resources, show notes, and mentions from this podcast episode.

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When I Was Fat & Unhappy

October 14, 2016

For the whole podcast, resources, and tons of free stuff, make sure to visit www.doctorfreedompodcast.com

 

May I have your permission to share a struggle that I’ve had?

 

May I have your permission to share something incredibly personal,something private that not many folks know about? 

It was nearly 4 years ago when my wife and I were going through someincredibly hard times. Evangeline was in the hospital and my oldest daughterwas starving for attention.

 

 

On top of all of that, I was fat & unhappy.

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I was grinding through life, taking one moment at a time juggling whatseemed to be a pretty impossible act.

 

At nearly 6’2, I’ve considered myself fairly athletic all my life. Icould pretty much eat and drink whatever the heck I’ve wanted to.

 

I’ve never been the all-star athlete, but I’ve worked pretty darn hardto keep in shape. 180 to 190 pounds is my happy spot. I swore I would never ge tover 200 pounds.

 

 

With all the stress we were going through pre and post-delivery ofEvangeline, I still worked out, but I was getting older and my metabolism slowing down.

 

Frankly, I let myself go a little bit. I was drinking a couple of sodas aday and consuming all kinds of yummy fatty foods like pizza and fast food with our crazy hectic schedule.

 

I’m about to tell all of you something that I’ve never revealed to anyone except my wife and my oldest daughter. I don’t think I even told my own parents (but I guess they know now)!

In this podcast, you will discover....

  • The health scare that freaked out my wife
  • What I did to turn around my circumstances and how I'm still working through it
  • My challenge to you

 

For all the show notes, transcription and more, check out the podcast website at http://doctorfreedompodcast.com/

 

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The Revolution of The White Coat Investor- A Physician Fireside Chat with Dr. Jim Dahle

October 7, 2016

There's a revolution happening for physicians.

Have you ever felt like you've been lied to? Like a supposed financial professional has taken advantage of you?

Maybe they've sold you some crazy expensive life insurance policy.

Or instead, maybe you know that your spending has been a bit out of control. You don't have a budget and instead you have a mountain of credit card debt.

Or maybe instead... you have a mountain range of student debt. It's 100k, 200k, 300k, or more...

Or, let's say your debts are paid off and you are sick and tired of the taxes that you are paying. Yet, you don't know who to turn to for advice.

There's a financial education revolution happening. It's led by a man who has empowered dozens of physicians.

It's the revolution of the White Coat Investor.

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My name is Dave Denniston, your host and welcome back to the latest episode of The Freedom Formula for Physicians Podcast.

Welcome back to our monthly fireside chat with a physician to get to know their journey, their joys, and their struggles with finances and outside of finances.

This show is not always about actionable content. It is however a chance for you to see behind the curtains, to walk in another person’s shoes and experience their lives.

Our next guest has not only been a physician, but is also a financial blogger and thought leader.

As a matter of fact, he has inspired over a dozen physicians to start their own blogs so that they could model his success.

A little bio on him… he is practicing, full-time, board-certified emergency physician just a few years out of residency.  Although he’s always been interested in personal finance and investing, he really started diving into the field as a resident when he finally got sick of financial professionals ripping him off.  In fact, most of his first few encounters with financial professionals ended badly for him.

So, that really sucks and I know many of us can relate to that. Unfortunately, doctors are a target. We’ll dive into that later.

I know he has a ton of wisdom to share with us and with no further adieu…

Please help me welcome Dr. Jim Dahle (pronunciation- DOLL-EE), THE White Coat Investor….

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In this podcast, you will discover...

  • Why Jim had virtually no exposure to financial education growing up
  • The moment when he was growing up that provided motivation to be financially successful
  • The financial lessons he is teaching his kids
  • Why debt hasn't played a role in his financial journey and the sacrifice of time he made instead
  • How he built his empire and inspired dozens of physicians to be like him
  • The 3 actions he is taking to drastically lower his income taxes
  • His future plans for more books
For the whole podcast, the show notes, resources, and tons of free stuff, make sure to visit the podcast website at www.DoctorFreedomPodcast.com 
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