Wealth Building for White Coats in the Trading Trenches

Unlock the secrets to financial independence as a medical professional by joining me, Dr. Sapna Shah-Haque, alongside investment guru Philip Chan on The Worthy Physician. Together, we'll illuminate the path to wealth creation through smart investing, especially in futures trading, an area ripe with potential for those in the white coats. Get ready to embrace the entrepreneurial spirit and discover how to make the markets work for you, whether they're soaring high or plunging low.

This episode isn't just a discussion—it's an educational journey for healthcare providers who are ready to take control of their financial destiny. We'll guide you through the maze of investment options, from the high-stakes world of futures to the solid ground of real estate, and equip you with the strategies you need to succeed. With Philip's expertise, we lay out the framework for making informed choices that align with your lifestyle and goals, ensuring your investment decisions are more science than speculation. Tune in and take the first step towards building a financial foundation as robust as your medical knowledge.

Book a call with Philip!
https://calendly.com/lightspeedinvesting
https://www.linkedin.com/in/philipchan333

Though I am a physician, this is not medical advice. This is only a tool that physicians can use to get ideas on how to deal with burnout and/or know they are not alone. If you are in need of medical assistance talk to your physician.


Learn more about female physicians' journey through burnout to thriving!
https://www.theworthyphysician.com/books

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https://www.theworthyphysician.com/dr-shahhaque-md-as-a-speaker

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https://www.theworthyphysician.com/freebie-downloads

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Transcript

Dr. Shah-Haque: 0:01

Welcome to another episode of the Worthy Physician. I'm your host, dr Sapna Shah-Haque, reigniting your humanity and passion for medicine. Today I have Philip Chan . He is going to dive into more of what it means to be an entrepreneur and he's going to dive into his three pillars of what has made him successful.

Philip Chan: 0:26

As Dr Sapna. For us medical professionals, we are not indoctrinated in anything related to business acumen or investments. For me, I had the opportunity to really find my dreams not just becoming a reality, but a pathway for it to solidify and manifest itself, when I met my current business partner, who is a formal internal medicine doc that has figured out the futures financial markets. There are different types of asset classes out there. Not all investments are bad investments, but they are bad fits, and so one of the biggest things, as I embrace entrepreneurship, that really took my wealth to the next level. Of course, you've got to position yourself in the right rooms or the right people. It's the vehicle of business that you are immersed in. To be quite frank with you, there are just some that are more advantageous than others, and that is when I'm excited to go into detail with you today in regards to what makes the futures financial markets such a strong asset class for someone to pay attention to.

Dr. Shah-Haque: 1:39

Thank you for that, because we don't get any training on this as far as in medical school how to invest as far as retirement, or how to even try to make up for the 10 years that we spend in grad school or for future training, and so we start behind the eight ball. So I know one thing that I'm always looking for is how to make up for that.

Philip Chan: 2:04

Yeah.

Dr. Shah-Haque: 2:05

So can you tell me more about this, tell me more about futures trading and what that means to the listener?

Philip Chan: 2:15

Yeah, first and foremost, let me just kind of preface. As medical professionals, I think we can all agree when you venture around the different hospital areas, like, for example, in your, in the emergency rooms, you're going to see ER docs on their dam time trying to figure out the stock markets. As I'm surgically trained myself, I spend a lot of time in the OR rooms. Our fellow anesthesiologists, neurosurgeons, right when they have dam times in the docker's lounge, in areas you're going to see them trying to figure out the market specifically, most of them are always dabbling with the stocks markets. And again, each investment has its own purpose. Not all investments are bad fits, but it's our bad products, but it's the fit that could be bad. And so if you are not educated which again, we are normally are not you would not recognize that there's crucial elements that make each asset class different, like, for example, with stocks. It's actually meant for more long term wealth creation Once you have established wealth. So the four main ones that I want to talk about today is you have stocks, you have stock options, you have forex currencies and then, of course, you have the futures and commodity financial markets, and that's the one that I'm super excited to speak about in depth. But what you have to recognize, dr Sapna, is that while stocks are great in their own right, like I said, they're really more meant for long term wealth creation.

Philip Chan: 3:48

Forex currencies are great for generating income and wealth. They have a pretty good leverage. I would say it's a one to 50 in terms of leverage. In terms of the futures financial markets, it's about a one to 30. And then, with stock options, it's about a one to 20. But what you have to recognize is stock options is great for straddling where you have the ability to create income and wealth, because with options you don't have to be so focused in front of your screens. You can set up trades and go about your day, and that can be very appealing to most people. You're getting returns on a weekly and monthly basis, but with futures you get way more leverage and it's a great asset class to generate daily income.

Philip Chan: 4:35

And so that's what I want to, first and foremost, preface this conversation with this you have to know your asset classes. You have to know how to evaluate and assess pros and cons of each asset class and how does it fit into your life. Again, I'm going to say this over and over and over again. Not all investments are bad investments. It's the fit of the investments that really matter. So, for example, if the asset class that you're looking at is a square, but your life circumstance right now is more like a circle or triangle, that asset class is actually not going to do you any good because of the fit itself, and so that's really why I want to, first and foremost, hammer that point home right as an investment fundamentals and go into why futures is so great for anyone looking to really get a boost in their income.

Dr. Shah-Haque: 5:31

No, thank you for being candid about that, because you're right, we have to look at what's going to fit our lifestyle and what our intentions are. So yeah, I think in what I've been taught is that pushing life insurance, pushing stock options, but can take us down that road of futures because really that return on investment pretty immediately is appealing but it's also mysterious.

Philip Chan: 6:05

What you have to recognize is, with futures right, you have the ability to separate yourself from asset classes where you can actually make money when the markets go up, down or sideways. Now you can do the same with stock options as well as for its currencies, but it's the volume and the amount of profits, it's the volume and amount of profits that you get that really make it different. So, for example, when you have the 08 market collapse right, let's say, dr Savna, if you had a million dollars tied to the stock markets, right, and the markets collapse, what happens is most people are going to freak out because your million dollars essentially vanishes when the markets collapse, because your valuation of those shares immediately collapses as well, right, according to those market trends. And who knows how long it's going to take for those shares to go back up. That's why most people freak out, because they're like I just lost all my money that I have in these stocks. Who knows the amount of time it will take for that to re-trupe?

Philip Chan: 7:19

See, the difference number one in futures is that it's a game based on pattern recognition and, again, not only can you make money when markets go up, down or sideways, but, as a matter of fact, when the markets go down, it actually goes down 67% faster than when it goes up. So what I mean by that is, if you've been to any amusement park with Roblox Roasters, there's that platform where they sit you up at the very top and you're just sitting up there and you have no clue what's going to happen next, and then all of a sudden, bam, it hits you and then the whole thing just falls without you knowing right. That's what I mean in terms of the speed of the market collapse 67% faster than when it goes up. So for us, futures and commodity traders, the whole thing is you want to time your trades so that you're entering in on momentum. You're entering in at strategic trading locations where you are not just guessing, because when you guess and trading, it basically becomes gambling, right.

Philip Chan: 8:28

So the point is, if you are entering trades the right location on momentum right before the draw, what happens is you're going to see a lot of work being done and so, like Back in 08 with the stocks collapse, where most people would freak out, uts, futures and commodity traders are actually celebrating because we would actually be taking profits. So this is called shorting the markets, right, and it's one of the strategies that you want to take advantage of, where most people are very apprehensive about the risks, volatility and fluctuation in the markets. Us commodity and futures traders essentially write them like a way, like a seasoned California surfer right, and that's how we take advantage accordingly and generate income within the day. We call these intraday profits high frequency, where you generate daily returns, weekly returns and, on the long-term basis, monthly returns. We don't talk annual basis here because there's no need, because of the nature of the game itself.

Dr. Shah-Haque: 9:45

How would an individual looking to invest in something like this, how would they start and how would they learn? So can you give us your three pillars of how they would move across the board?

Philip Chan: 9:59

Yeah, that's a great question. So, number one, I would say pillar one do your due diligence and assess what asset class makes the most sense for you. Right To break it down on the traditional assets, you have your typical real estates, as well as stocks stocks like company shares, etfs and et cetera, but under alternative investments, specifically in the derivatives realm. That's where you have the futures financial markets, which obviously we're very fond of, but this is where we're subject matter experts in your stock options as well as forex currencies.

Philip Chan: 10:36

Now, what I just shared in regards to how most people think you can only make money when the markets go up, that also applies to forex currencies as well as stock options. There are things known as calls and puts, but it's the leverage that get in futures in regards to the speed of the returns that you would get because of those movements. When compared to forex currencies and stock options, futures is great for generating daily income because of the natural fluctuations and the volume of movements that you actually get in that asset class. And so I would urge the listeners to, first and foremost, start by assessing, evaluating and contrasting the asset class that makes the most sense for them.

Dr. Shah-Haque: 11:23

And you would tie that back to what fits their lifestyle and what fits their goals.

Philip Chan: 11:30

Yep absolutely.

Dr. Shah-Haque: 11:32

What's the second pillar?

Philip Chan: 11:34

So once you know the asset class that you are going to immerse yourself with. The second one is the brokerage of choice. A lot of people they don't recognize that. That is the huge reason why we have so much upside in generating wealth, because for us we have a proprietary brokerage that we use and recommend our clients to use, where we completely lower the barrier to entry. So, for example, in real estate, if you want to get in the game of a traditional property investing, to buy a house unless they use it as an investment house, the standard industry ask is 20% down. Would you agree?

Dr. Shah-Haque: 12:16

Right.

Philip Chan: 12:17

So what do you think? That number is $50,000?.

Dr. Shah-Haque: 12:20

It depends on the type of property you're going to buy, but at the same time, you also have to look at what is going to be the renter that you're going to attract. There are a lot of variables there.

Philip Chan: 12:35

But would you agree that at minimum we're looking at five to six figures just for even the down payment to get started Easily? Yeah, so that's the real estate side. Now, if you don't know what you're doing like, for example, there's a really popular brokerage out there called Interactive Brokerage. If you didn't understand that it's meant for assets under management as the function and you went with it, you're looking at again five, low five figures at least for a barrier to entry to trade one contract, like, for example, if my memory serves me correct, to trade one contract of oil. It's like what? $17,000 on Interactive Brokerage to trade one contract of gold is about $27,000. To trade one contract of the Dow US 30 index or the YM, that would be between $10,000 to $15,000. But see, on our proprietary brokerage that we recommend and use ourselves, those numbers become $500 for the YM for one contract, $1,000 to $2,000 for oil and gold respectively. So it's a drastic difference, right? We're talking about three to four figures on the low end where you can enter the game, and it's a huge difference because I think you and I can agree low three to four figures compared to mid five figures, or high or low six figures is a totally different type of mindset. Right pillar number two correctly evaluating and assessing the type of brokerage you want to use before you get started is going to set you up the right way as medical professionals.

Philip Chan: 14:20

What are we always preaching in medicine? It is the core philosophy of prevention over treatment. So if an individual does not smoke, probability of lung cancer decreases drastically. And so if you have these two pillars down, pillar one is making sure that you evaluate and assess the correct asset class that will be the best fit for you and your lifestyle and then, according to that, choosing the right brokerage that will allow you to have the most leverage, because in business it's all about leverage.

Philip Chan: 14:54

In medicine, you have to realize we take so much pride in how oh, I'm a surgeon I can do three. I am basically three or five people's worth in terms of productivity, and that's cool. But you have to recognize you cannot build Rome that way. Rome was built because you have thousands of people working together to assemble a great structure. The same thing with any other I would say monument of significance, right? I don't know the Great Wall of China, the pyramid, the Egyptian pyramids. It's the same way here where, when you have the right foundation set, then you can allow yourself to have the most amount of leverage, where you can then enter the investment game at a relatively low barrier compared to your other asset classes.

Philip Chan: 15:44

Thank you for pointing that out, because if you have a decreased barrier to entry that allows you a seat at that table and that allows you to grow your wealth at an earlier point than most Yep, and I just want to really share, I would say for anyone listening, the one thing that I urge you, whether you decide to work with us or not, is to really look at this information yourself objectively. I would urge us to embrace unwiring of how we're trained if you're interested in heading into business or investments, because, for example, like what would you say, the average medical professional is working nowadays like between 60 to 80 hours minimum a week. Easily, and that's one person's work. But again, we tried and how us as one person can accomplish three to five people's worth of work.

Philip Chan: 16:40

But see, in business, if you have a team let's say, if you had 100 employees or 100 team members, even if they're working at half of their capacity, which is 30 to 40 hours a week, okay, you're actually basically multiplying your work hours by 100. Right? So as opposed to you saying, yeah, I work 60, the 80 hours a week, a business owner is like, yeah, okay, I worked at same amount times 100 because I have 100 team members. Or if you're just starting out, you can just human say, times five, right. I highly encourage all the medical professionals listening to before anything embrace unwiring of how we are trained. It's not healthy to try to take everything on, and you'll find it out in business. You really want to be able to work on your business as opposed to working in your business, and that's where the priorities of creating systems and processes are so important.

Dr. Shah-Haque: 17:39

And that's one thing that I think we forget in medicine again, because of the way it's structured Yep. But processes are so important in order to have in place and also for efficiency Yep. And so what is the third pillar?

Philip Chan: 17:53

So, after you assess the asset class that makes the most sense for you, after you have determined the proprietary brokerage that makes the most sense for you, you got to have the right strategies to navigate the markets. You got to make sure you have the right indicators that essentially assist you in your trading decisions. And so I would say, having the right indicators, which for us we use about five, and that will do wonders in regards to pointing out signs of the market, of when to enter and exit trades, and then you are the proprietary indicators that we use, I would say. Then you got to have the right trading strategies to really execute on and with the markets.

Philip Chan: 18:49

If you find yourself going I don't know what's going on, I don't understand this setup, then it becomes gambling, right? So the third pillar is making sure you have the right indicators that can help facilitate you towards success, because they're going to basically make trading easier for you, right? And then, of course, knowing the types of strategies that you have in your toolbox and applying those strategies when the indicators show that they are there for you to take advantage of. So the third one, definitely I would say, is figuring out what indicators and strategies you want to go after and then execute For the listener and even myself.

Dr. Shah-Haque: 19:31

what if I say, philip, I don't know what these indicators are, mm-hmm, how do I learn about that? Or what would be a good resource in order to look at those indicators, after I figured out what my strategy is?

Philip Chan: 19:50

Yeah, you can get a glimpse of what these indicators are if you feel like being a guest on our weekly sessions at no obligation. So for those listening. If that interests, you, feel free to book a call with us just on this link here below on my gallery, where you can get access to us one-on-one. And if you let us know that you came through Dr Satman's podcast, we'd be happy to extend you access to our weekly sessions, where on Mondays and Wednesdays, we break down the markets, explaining how things happen and why they happen, as well as the indicators that you should be really watching out for, and then in the mornings is showtime, where we prove what we teach. We make money in front of our audience and if you were set up the right way, you could actually copy our trades and take profits for yourself as well.

Dr. Shah-Haque: 20:41

So this is guided learning on Tuesdays and Thursdays in real time.

Philip Chan: 20:48

Guided learning Mondays and Wednesdays in the evenings, and then on Tuesdays and Thursdays it's showtime, where we prove what we teach in the guided learning.

Dr. Shah-Haque: 20:56

Right, philip. I really appreciate the fact that, throughout this conversation, you have mentioned that if you don't know what you're doing, it's gambling, because for me, I'm really risk adverse on something like that. It's not something that sits well with me. So Thank you for being open about that, of course, and pointing that out, because, truly, if we don't know what we're doing, it's gambling and it's very risky and can be demoralizing. Having said that, thank you also for pointing out the point of leveraging and being candid about how where you are now has been the biggest pivot. So, from your standpoint, going from medical professional to entrepreneur and investing what is the last pearl of wisdom, phillip, that you would have for our listeners?

Philip Chan: 22:01

Yeah, that's a great point. As we discussed Dr Sapna, I would never have been here if I didn't put myself in the right rooms or the right people, and it was where I got out of my comfort zone. I traveled to several different business events where I finally ran into a business partner now who is a former internal medicine doc, and now, of course, I had some things to bring to the table as well. That's why we're engaged in a joint venture and I'm blessed to have evolved from client to now president and CEO, because I was curious myself and I decided to learn, or to be a client to learn how he trades at such a high level, first and foremost.

Philip Chan: 22:42

But the last pearl of wisdom is get out of the idea that you have to do everything on your own. You will never be able to accomplish anything great by yourself. If you want to go fast, do it alone, but if you want to go for, you got to have a team with you. So my last pearl of wisdom is, whether it's business entrepreneurship or looking at identifying the right investment assets, proprietary trading platforms and strategies, you can try to do it on your own, but it's going to be way faster for you to get results if you align yourself with the right people in the right environment and take advantage of those opportunities accordingly. Because, as medical professionals, I think we take out too much pride in handling everything on our own.

Dr. Shah-Haque: 23:34

Thank you for that. So for the listeners, don't do it on your own. We're taught to delegate things in clinic and in the hospital. I mean it comes to investments. This is something that we can learn to delegate and if Philip peaks your interest and your goals online, his commonly leaning is in the show notes click, book a call and let him know that you learned about life speed investments from the worthy physician. As always, Philip, it's been great talking with you. Thank you for your pearl of wisdom and, to the listeners, thanks again for joining us for another episode on the worthy physician. We can all use a bit of camaraderie.