6 $ Insights from My Kid’s Flying Lesson

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Mini Wise Money’s dad gave her a flight lesson (and more to come) as her return from China trip present. I was honorably chosen to be her passenger while her dad, her grandpa, and our dog Lola observed from the ground.
While up in the air, watching my 8 year old flying a plane with the instructor by her side (yes she did the whole flying from takeoff to landing), I realized several things about money, about life in general.

IMG_39951.       It is never enough.
Up in the sky, the mansions with acreage of land look puny. Part of me feel the huger, the greed bubbling, the desire to possess more and to label more things as mine. How great would it be to buy Mini a $350k plane of her own?
2.       It is always enough.
As her plane took us close to the mountains, I marveled at its grandeur and beauty, unrivaled by the most luxurious man-made structure on earth I’ve ever seen. I realized that if I am aware of the beauty surrounding me, the feeling of abundance is always present, whether I own more or less.

 

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3.       Sky is the limit.
The human mind is an incredible processing machine. Her very first flight lesson, Mini went from timid to adventurous, testing the boundaries of her skills and knowledge. It was beautiful to watch her mind open and blossom in front of me. Sky is the limit, the lesson we wanted to impart and instill in Mini with all that we’ve provided her seems to sink in literally and figuratively for her today.

4.       Experience matters so much more than stuff.
To me, this experience of being the passenger to my 8-year-old flight captain was priceless. I can see, to her as well. Her joy, excitement, and intrigue lasted much longer than all the stuff/presents she has gotten which frequently are more expensive than this first 2-hour flight lesson.

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5.       Pick our battle; victory is ours.
Sure, we have turned down Mini’s request to buy and keep a pony. She gets weekly horse-back riding lessons. We did not throw her a carnivore theme $1000 birthday party. We picked our battle, maxed out 23.5k of Roth investment, 14k of her 529, and this year adding her 5.5k of Roth IRA while supporting Mini to dabble in activities and experiences to expand her mind and her horizon.
6.       In spite of how expensive children are, they truly are the greatest joy one could experience.
Mini herself said to me, “Mommy, you would have been a millionaire already if it weren’t for me. I’m going to have dogs instead of children. Kids are too expensive and they talk back.” As I responded to her, “I would not trade the whole world’s treasure for not being her mom one day.”
Kids are more than someone who could potentially live our dreams, it’s even more marvelous to watch them develop and fulfill their own dreams.

If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.

5 Reasons to Stroll Down Wall Street in Our White Coats

“When wealth is lost, nothing is lost. When health is lost, something is lost. When character is lost, everything is lost.” –Billy Graham

If any of us invest 1% of our intelligence and diligence we pursue and practice medicine with to money, the next Wall Street tycoon will emerge from us white-coats.

 

Traditionally, the white coat wearers show up on (virtual) Wall Street and instantly become the red hot target sign, and the marbleized juicy meats financiers droll over and fight to predate on.

 

I want to make a few suggestions today on to change the picture of Wall Street from predators (financial folks) and preys (little white lamb in white coats, how befitting.)

 

In fact, we can use the brain that got us into the white coats and win big on Wall Streets, as so inspiringly embodied by Dr. Jim Dahle (the first White Coat Investor in the blogging world.)

 

  • Opposite ends of spectrum.
    • The motivation to pursue medicine and money are opposite ends of the spectrum. Yet the problem solving natural inclination and gift are the same.
    • There’s an incredible mind expanding benefit to be straddling 2 ends of the spectrum. Like House M.D. solving medical mystery via conscious or subconscious connections to totally non-medically related activities, I’ve learned things about medicine from money and vice versa.
  • Lots of transferable skills.

The most vita of which are the interpersonal skills required of a good doctor who knows how to maximize patient compliance (sales) are the same required of a financial advisors (who sell financial products all day.)

  • It’s so easy.
    • The most successful, high yield financial tricks to build net worth, make a good deal (win-win), carry trade are but a few.
    • Since you mastered the myriad of pathophysiology principles in medical school and today, you need but read 1 investment book and pretty much get it all…
    • Finance is made to seem complex so that the financiers can have job security. (Unlike doctors, average financiers attend professional training for 2 weeks and continued lifelong training in sales. We attended professional training/schooling for 26 years-not to mention the Md.Phd-er’s and life-long recertification and CMEs on medicine, not sales.)
  • Save yourself 13 million dollars.
    • While I don’t expect all of us doctors to have the mathematical talent and mastery of Excel of Physician on Fire (an anesthesiology-money blogger), we can see and trust his math of how an average doctor can fork over 13 million dollars over 3 decades working & 3 decades in retirement to a financial adviser.
    • Now a lifesaving piece of medical advice may be worth 13 million dollars. Or rather in fact priceless.
    • I don’t believe any financial advice worth 13 million. Especially considering how many doctors an adviser can advise in his life time.
    • No, thank you. I’d rather buy and take care of third world country with my like-minded doctor friends.
  • Get wealthy. Have the ability to donate a lot to charity.
    • “Nothing is wrong when men possess riches. Everything is wrong when riches possess us.”– Billy Graham
    • Money is not evil. But there’s nothing wrong to allow money follow us as we follow our heart to serve with medicine.
    • Ever thought about how your financial success can help your colleagues to do the same? Have you ever imagined doctors, untethered by the financial burdens of suffocating student debt, rather enjoying financial independence, practicing medicine for their love of it (as they’ve always dreamed of since their deer-eyed teenager years.)

 If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.

5 Ways to Combat FOMO (Fear of Missing Out) & Pad Your Wallet

I recently stumbled upon Overcome FOMO (Fear of Missing Out) in 7 Steps by finance superhero. I was enlightened by this article and decided to write about the ways I personally combat FOMO.

FOMO is likely the most prevalent psycho-social disorder plaguing our society, a nation with the great abundance in choices and options.

1.    Create rather than consume: financially, intellectually, physically, and spiritually.

Before I took off walking our dog Lola, I put Mini’s phone and iPad away, and left a note, “please don’t turn on/use anything electronics with a screen. Honey, you can read, write, paint, or create anything with your mind. But don’t being your day with consuming passively. I’ll be back in an hour.”

When I return from my peaceful, refreshing walk in our neighborhood, I was surprised by the beautiful song Mini composed, melody and lyrics, while I was gone.

She then proceeded to record this song multiple times on my phone so that we could choose the best version to set the melody which we can write down into notes for her accompanist to play on the piano (mom or dad.)

Both Mini and I are so pleasantly surprised what we find within ourselves when we choose creation over consumption.

2.    Multi-tasking is over-rated.

As good as I was at working 7 odd jobs while double-majoring and sleeping 4 hours/daily for extended period of time, I do better when I focus and harness my energy with a sense of direction.

While many people pride themselves in their ability to multi-task. I’ve learned the hard way that I’m not as good a multi-tasker as I’d imagined. I’d rather give my all to what’s at hand than to be non-committal and half-hearted about multiple things.

3.    Variety is the spice of life. But if there’s no commitment/substance in life, there’s nothing to spice up.

If there’s no turkey or tofu, what is there to spice up?

I venture to say that we are so over-fed and under-nourished physically and fiscally, is because we have too many options in flavors and spices, but not enough focus on nutritious whole-foods raw materials supplied by nature.

Instead of eating Cheetos of innumerable artificial, lab-engineered flavors, why not for once bite into an apple filled with nutrients, naturally nourishing our bodies the way we have evolved to be for hundreds of years.

4.    What I most fear missing is really right in front of me.

Being in the moment and giving my 100% here and now is how I will truly maximize my limited time on earth. Remember, you chose to pursue this career, you chose to start a family, you chose to be a life-long learner.

To our surprise, our young, idealistic, naive, less-distracted, less-baggage-laden self may know what’s worth our time more than we do today. Learning, loving, serving requires being here and now, and being here and now will naturally maximize our time.

Instead of pining over the greener grass on the other side; water your lawn for once!

5.    100% commitment frequently translates into 100% satisfaction.

This is true per human nature. This trick work on kids and adults alike. While parenting book encourage us to include our children in food preparation, vouching that kids are more likely to enjoy the nutritious foods they help prepared than otherwise. Research has also shown that we tend to like people to whom we’ve devoted more energy, time, and resources of ours. It’s a positive feedback the loop, the more we serve someone, the more we love him/her, and the more we are inclined to serve them.

The more committed we are, the happier we are with our choices. The more on the fence we are, the less we feel happy with either side of the fence.

 If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.

5 Tips for Back to School Shopping  

Mini Wise Money requests to switch to Basis Tucson Primary. I was surprised because her friends at Sunrise Drive told Mini how much work and how little fun Basis is all about. I asked Mini, “are you sure, don’t you want to have more time to play or do artsy stuff? There’s more homework and fewer choices for after-school activities at Basis.”
With certainty, Mini replied, “kids at my school are not serious about learning; the teacher had to slow down to keep them in control. I want more challenges in math.”
So here we are, getting ready for a big transition. New school. Here are some things Mini and I learned about getting most for your money back to school.

1.       Make a list first. Don’t shop year round. Don’t shop for fun. Shop with a purpose.

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2.       De-clutter first. What are your chances in getting your kid to clean his/her room after coming home with all the new goodies? Mini happily cleaned up all of her drawers, closet, and dressers; we got bags and bags of wonderful clothes and shoes to share with our friends’ kids. She was cheerful when she cleaned her room, filled with the anticipation to acquire new clothes she likes for those thinned closet and drawers.IMG_4149

3.       There is a semi-annual sales at GAP and other clothing retail stores right before school starts. This year, Mini and I caught the tail end and got incredible deals (July 24th 2016 was the last day.) Our loot included 8 tops, and 4 bottoms all for the incredible price of $50.

4.       Great sales at shoe stores such as Aldo, 50% off nearly ½ of the shoes on display. The steep discounts as are as good as those given out on Black Fridays and after yearend holidays. Mini got 2 pairs of gorgeous shoes for 50-56% off. She realized how much more she could get if she buys at the right time. For $60, she got 2 incredible pair shoes, one dress shoes, one sandals, compared to her full price $72 Ann Taylor silver flip flops. Mini’s determined from now on to never purchase anything full price.IMG_4148

5.       School supply goes on sale before school starts, but the prices get even better right after school starts. So if you can hold off, don’t buy it at the end of summer vacation. Buy it a week or 2 after school starts. Mini was so happy with clothing/shoe trophies totaling $130 that she could care less about not having boxes of pencils/pens/paper on the 1st day of school. We have plenty of supply at home anyways. We will check with her teacher and find out exactly what she prefers, frequently teachers have specific request on school supplies quite different from the general school supply list sent out per grade.IMG_4150

 If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.

5 Ways Bedside Manners are Key to Physician Wealth

 

  • Greater patient compliance.

It takes us 23 years of minimum training to be a doctor (shortest residency is 3 years.) However, we quickly realized that we could do our best as docs, but don’t get good results if patients don’t comply with our recommendations.

Good bedside manners increases patient compliance. As we partner with our patients, and work towards the common goal of their health and quality of life, patients fare much better.

  • Greater patient satisfaction.

As US healthcare move towards publicizing patient satisfaction and adjusting reimbursement for medical services based on patient scoring their doctors, bedside manners are a must to keep the door of hospitals and clinics open.

  • Better quality and quantifiable results of health outcome.

When physicians demonstrate confidence, integrity, and compassion, patients are more likely to bestow the sacred trust of their lives and health in the doctor’s hands.

Lifestyles changes are frequently the best intervention, medical treatment, yet the hardest, it behooves as doctors to become personal life coaches to our patients, to guide them and cheer them on as they work hard to maximize their health and quality of life.

  • Fewer lawsuits.

If everyone practice medicine the way Dr. Gregory House on popular TV series “House M.D.”, we would be sued out of our houses and homes.

While I have worked with bankers, brokers, salesman with zero beside manners, doctors are held with a nearly unattainable level of high professional expectations in terms our ability to empathize with the most difficult patients in spite of we ourselves are stressed and pressed in all fronts: physical, financial, to emotional.

But hey, we choose this, we could have easily become CEO’s of fortune 500 companies (given our work ethics and smarts), we choose to serve instead.

  • Happier and more effective physician.

While it takes energy to ward off negativity, it takes even more energy to project emotional toxicity. When a patient is difficult, rude, or unkind, the best thing do is to respond with amiability, politeness, and kindness. Stop the negative cycle with your wonderful bedside manners to all, to patients, colleagues, nurses, and everyone on the health care delivery team.

Reflecting negativity with positivity, darkness with light, hatred with love will ultimately make us happier ourselves.

As challenging or nearly inhumane it is to practice bedside manners when perhaps the world does not reciprocate, we have chosen this path to serve, so why not serve with love, rather than fear or hate?

Remember, most people who are not doctors or healthcare providers will never understand what’s demanded of us on a day to day, moment to moment basis, but we can support one another along this path of great resistance, this path that’s less traveled but so rewarding.

 If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.