The Grow Your Wealthy Mindset Podcast

Pension plans and defined benefits plans are becoming more scarce and 401(k) and 403(b) and other types of defined contribution plans have become the norm. In this episode, I start with a brief summary of the history behind funding retirement before I dive deeper into the most common type of retirement plans currently available to W-2 employees. There’s a good chance that you may have one, or multiple, of these accounts, so it’s a good idea to learn how to make them best work for you. Tune in to learn more about the benefits of contributing to these accounts, how you can tap into these accounts if you need money earlier than retirement and what to do when you leave or change jobs.  Here are two links mentioned in the episode that may be helpful:https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributionshttps://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-hardship-distributions Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang  

Artificial Intelligence is getting better and better. What does that mean for robo-advisors, or using programing and technology instead of a human financial advisor? Wealthfront and Betterment were the first two large platforms to offer robo-advisors services. Now Vanguard, Fidelity, and Charles Schwab are offering robo-advisor services. This episode explores robo-advisors to help you decide if that’s something you would like to explore.   Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindset

I-bonds purchased between Nov 1, 2023 and April 30, 2023 have a fixed interest rate of 1.3%, the highest fixed rate in 15 years. Combined with the inflation rate, they are paying 5.27%. If you've ever been interested in buying I-bonds, now is the time. If you don't particually want more I-bonds in your portfolio but you have I-bonds previously purchased at a lower fixed interest rate, you may consider cashing those out and buying the current I-bonds. Individuals are limited to buying $10K of I-bonds annually. There is a way to get more I-bonds at the current 1.3% fixed rate by having someone else purchase gift I-bonds for you. This is perfect for married couples, who can buy gifts of I-bonds for each other. In this episode, I discuss how gifting I-bonds works and how this can be used to load up on the current I-bonds available. The IRS has a video to guide you how to purchase I-bonds as a gift on their website https://treasurydirect.gov/indiv/tools-videos/purchase-gift-bonds/Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang   

How did Mitt Romney amass $20-100 Million in his IRA? In this episode, I introduce self-directed retirement accounts, what they are and what they are used for. Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang  

This week’s episode is a really personal one where I share how recently, a lot of money scarcity has been coming up in my life and how I’ve been working through it. Its really a raw episode, me talking while I'm in the thick of it, with minimal editing. (mostly to take out long pauses) Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

There are those who believe that investing in the United States stock market is all the diversification you need for your stock portfolio. Some even limit themselves to the S&P 500 Index fund while other go with the total US stock market. This week’s episode talks about adding international stock exposure to your portfolio. Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

In this episode, I review updates with filing taxes for 2023 as well as discussing different tools and help offered by the IRS to get your taxes done. The standard deduction for 2023 is $13,850 for single or married filing separately and $27,700 for a married couple filing jointly. To create an account to pay your taxes online or set up a payment plan, go to https://www.irs.gov/payments/your-online-account To find out the status of your tax refund, head to https://www.irs.gov/wheres-my-refund You can get help filing your taxes in person or by telephone. To locate an office near you, go to https://www.irs.gov/help/contact-your-local-irs-officeFor phone numbers and other online information, head to https://www.irs.gov/help/let-us-help-youFor individual tax returns, call 1-800-829-1040.  If you need help for filing for your business the number is 1-800-829-4933.Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang  

This is a follow-up episode from last week, so if you haven't listened to Episode 91: Choosing Between Traditional or Roth Retirement Accounts, I would encourage you to do that first. Last week I centered the discussion around marginal tax rates. This week, I review factors like age and timelines as well as planning if you want to leave your retirement accounts to your heirs or charity. 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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

More employers are offering the choice between a Traditional 401K or 403B and a Roth 401K or 403B. How do you choose which one is best for you? Unlike with the choice for which IRA to use (the backdoor Roth IRA is the clear winner for physicians), deciding between for 401Ks or 403Bs involve more thought. The hardest part of making the decision is predicting your marginal tax rate when you are withdrawing from your retirement account. Tune in to this week’s episode to learn more.  If you would like to see historical tax rates at different tax brackets, you can find that information at  https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/ 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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

If you invest in real estate syndications, you may have gotten notice about a capital call. Capital calls for real estate syndications have been on the rise in the last year. This week’s episode discusses possible causes for the increase in capital calls.  Registration is now open for the Leverage and Growth Summit, which will be February 26 to March 1, 2024.  VIP All-Access pass is $97 thru February 25, 2024. it goes up to $197 during the conference and $297 after the conference ends. Please consider registering with my affiliate link, https://passiveincomemd.com/LGS2024-Elisa-Chang . If you do buy a VIP pass, I will receive a commission which supports The Grow Your Wealthy Mindset Podcast.  There is no change in the cost to you. Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

Dr. Liz Aguirre is a remarkable women. She grew up in poverty without reliable access to food or shelter and is now a mom, wife, and a physician with passion for person-centered health. We talk about how she grew her wealthy mindset and how coaching has assisted that journey. I am so lucky to have great clients like Dr. Liz.  You can find Liz Aguire at:https://www.lizaguirremd.com/https://www.facebook.com/DrLizAguirreWatch Liz’s TEDx Talks: End Professional Burnout: Become More Energized and Less Stressed https://youtu.be/Mo9DS6kBDyYWhy the Secret to Fulfillment is Imagination https://youtu.be/_D9zcEOheqcPlease subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

The Corporate Transparency Act, which was passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduced new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership. This episode details who needs to file a Beneficial Owner Information Report, what information is collected, as well as how to file. I go into detail who is considered a beneficial owner as described by FinCEN. Penalties for not filing as well as how the information will be stored and who it will be shared with is also discussed.  If you have an LLC, even a single member LLC disregarded for tax purposes, you likely still need to file a Beneficial Owner Information Report. To file your Beneficial Owner Information Report, go to https://www.fincen.gov/boi Learn more about the requirements for filing at https://www.fincen.gov/boi-faqs#B_1If you have ever thought of being an entrepreneur, then you definitely want to attend the Leverage and Growth Summit from February 26 to March 1, 2024. Registration is now open and free! The VIP All-Access pass is $97 thru February 25, 2024. it goes up to $197 during the conference and $297 after the conference ends. Please consider registering with my affiliate link, https://passiveincomemd.com/LGS2024-Elisa-Chang . If you do buy a VIP pass, I will receive a commission which supports The Grow Your Wealthy Mindset Podcast.  There is no change in the cost to you.Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

Many people set goals or New Year resolutions around this time for the year ahead, and then never look at those goals again. In this episode, I talk about my thoughts and approach to goal setting as well as some goals I set over a decade ago that I recently accomplished.   Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

Treasuries are considered one of the safest investments out there as they are backed by the full faith and credit of the US government. They can be directly purchased at TreasuryDirect.gov as well as bought and sold on the secondary market. Yet Treasuries are often overlooked by the individual investor compared to CDs (certificate of deposits). This episode discusses the three main types of Treasuries, T-bonds, T-bills, and T-notes.  Elisa will be speaking at WCICON24 in Orlando, Florida, on the subject of bonds. If you are attending the conference, please come and say hello!   Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang  

A lot of physicians, including Elisa, love to travel. Dr. Weili (pronunced "Way Lee") Gray, host of the Dare to Dream Physician Travel Podcast talks about her journey from burnout to life planning to traveling around the world while still enjoying working as a physician. A pivoting point in Weili’s life was when she  volunteered at a conference for financial advisors for a life planning session.In this episode, Weili mentions the three questions of life planning. Elisa made a YouTube video on the three questions of life planning which you can find on her YouTube channel at https://www.youtube.com/c/wealthymindsetmd (the precursor to The Grow Your Wealthy Mindset Podcast), the direct link to the Kinder questions https://www.youtube.com/watch?v=zFEqA6sU5OY&t=4s George Kinder’s Three Questions:Question 1: Design Your LifeI want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.Question 2: You Have Less TimeThis time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?Question 3: Today’s the DayThis time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?Dr. Gray founded Dare to Dream Physician, a mission-driven endeavor empowering fellow doctors to dream big and embrace life through travel. She's all about boosting physician wellness and shares her wisdom on stages and her inspirational weekly podcast called "Dare to Dream Physician Travel." You can find Dr. Weili Grey at:Dare to Dream Physicianhttps://daretodreamphysician.com@DreamPhysician on Instagramhttps://www.instagram.com/dreamphysician/LinkedInhttps://www.linkedin.com/in/weili-gray-md/Dare to Dream Physician Travel Facebook Community (for Physicians):https://www.facebook.com/groups/878895016552178/Dare to Dream Physician Travel Podcasthttps://daretodreamphysician.buzzsprout.com/

 Depending on background and circumstances, building a strong credit score may have come naturally or more be more difficult. It can certainly be more difficult to those who come to the United States, especially from countries that don’t use a lot of credit. In this episode, I discuss what goes into determining credit scores and how anyone can build up their credit score. Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang  

During this time of year, there are some people who do a lot of spending. While physicians tend to be considered good credit risks, there are some physicians who find themselves with credit card or consumer debt. While student loan debt doesn’t generally carry a feeling of shame, credit card debt can which means it may not be talked about. This episode is for anyone who has found themselves with credit card debt that they are unable to pay off.  Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang  

I tend to space out episodes with guests but this week, I’m breaking that trend. This episode was created spontaneously after Nathan and I started having a conversation that seemed like it would be relevant for the podcast. We’ve been married for 23 years, and together for 26 years so it’s a lot of time to reflect on.  I’m really curious to get your feedback on this episode. Did you enjoy it? Would you like more episodes like this one? If so, what topics would you want for us to discuss?Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

Elaine Stageberg, MD is a trained psychiatrist, who alongside her husband Nick, built a real estate empire valued at over $330M. Elaine and Nick founded Black Swan Real Estate where they started with single family homes and have since expanded to much larger projects. None of this was handed down to them by their families. Tune in to learn more about how Elaine grew her wealthy mindset, from being emancipated at age 16 to where she is today.  You can learn more about Black Swan Real Estate at http://meetblackswan.com/Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang 

You’ve probably heard about hedge funds but you probably don’t know much about them. Honestly, I don’t know a whole lot about them either, I’ve never invested in a hedge fund personally. In the recent episode on diversification, I talked about a study by JP Morgan that came out this year showing that adding alternative investments to a traditional stock and bond portfolio increased returns while decreasing volatility. The alternative investing strategies they used in the study consisted of real estate, private equity, and hedge funds. I do invest in real estate and private equity so I thought I should look a little more into hedge funds. So if you’ve been curious about what consists of a hedge fund, and how it’s different from a traditional mutual fund or exchange traded fund, this episode is for you.Please subscribe and leave a review on your favorite Podcasting platform.  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 You can learn more about Elisa at her website or follow her on social media.Website: https://ww.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/ElisaChiang