The Grow Your Wealthy Mindset Podcast
Grow your wealth by working on your mindset and up leveling your game. Your thoughts about money have created your current financial net worth. Sadly, there are many physicians who are have earned a good income but have not built wealth. More and more physicians are becoming burned out as our health care system continues to change. Join the movement of physicians embarking on the journey to take matters in our own hands so we can continue to thrive. Tune in each week to learn more on how to grow your wealthy mindset! Imagine your life when you have the financial knowledge to create wealth so you can practice medicine on your own terms. Please subscribe and leave a review on your favorite Podcasting platform. You can learn more about Elisa at her website or follow her on social media. Website: www.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/elizabeth-chiang-0582a432
The Grow Your Wealthy Mindset Podcast
Episode 205: The Annual Financial Deep Clean: A 5-Point Financial Audit
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Just as an annual physical catches "silent killers" like hypertension, a financial deep clean identifies "Efficiency Leaks" before they cost you hundreds of thousands in lost growth. This episode provides a 5-point audit to ensure your money and mindset are perfectly aligned while you focus on your practice.
The 5-Point Financial Audit:
- 1. Financial Goals Review: Move beyond vague ideas. Are your goals SMART (Specific, Measurable, Achievable, Relevant, and Time-bound)? Don’t forget to celebrate your wins—it builds the momentum needed to keep going.
- 2. Lifestyle Creep Calibration: Calculate your Burn Rate. Physicians are prone to "Incremental Creep" where raises disappear into convenience spending. Ensure your outflows reflect your actual values.
- 3. The "Defense" Review:
- Umbrella Policy: Aim for coverage equal to your net worth (up to $5M).
- Disability Buy-Up: Check your "increase riders" to protect your growing income.
- Estate Assets: Ensure new properties are inside your trust and beneficiaries are updated.
- 4. The Subscription Purge: Audit your recurring "SaaS" charges. Call your providers and ask, "Is this the best rate you can offer?" A five-minute call can save $500 a year.
- 5. Portfolio Rebalancing: Don't let a bull market skew your risk profile. Use new cash to buy underweighted assets or rebalance within tax-advantaged accounts (401k/IRA) to "sell high" and stay disciplined.
The 72-Hour Challenge
Don’t try to do all five at once. Pick the easiest task and complete it within the next 3 days.
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Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes
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
Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .
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
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YouTube: https://www.youtube.com/c/WealthyMindsetMD
Linked In: www.linkedin.com/in/ElisaChiang
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