When it comes to money, most physicians focus on the numbers: income, debt, investments, retirement savings. But what if the real driver of financial success is not the math at all? In this week’s episode of Clean Bill of Wealth, I sat down with Dr. Bonnie Koo, physician, certified life coach, and founder of Wealthy Mom MD, to talk about how mindset shapes your financial life, especially for women in medicine. Bonnie helps women physicians break free from outdated beliefs about money and redefine what wealth and success actually mean. During our conversation, we explored:

• Why so many physicians feel stuck or guilty around money, even with high incomes
• How to look at debt through a neutral lens and stop treating it like a moral failing
• The “arrival fallacy” that keeps many doctors from ever feeling content
• Practical ways to build wealth and joy without waiting for “someday”

This episode is packed with insights that challenge the traditional way physicians think about financial planning and success. Whether you are early in your career or already well established, it will help you see your money and your mindset in a whole new way. If you have ever felt like you should be further ahead financially, or that you will finally feel secure once a certain milestone is reached, this conversation is worth your time. To get Bonnie's book and learn more about her self-guided programs and group coaching, click here: https://wealthymommd.com/

Ready to take the next step? If you are realizing that your current mindset and money habits might be holding you back from building the financial future you want, a fee-based financial plan could be the right next move. A financial plan offers:

• A clear roadmap tailored to your goals
• Transparent pricing with no hidden commissions
• Peace of mind about your retirement strategy

Book a free discovery call today to see if this is the right time for you to develop a personalized financial plan that supports your goals and your life. https://www.galenhelpsdocs.com/call

HOOPP here it is! Attention Ontario* Physicians!

You can now join HOOPP (Healthcare of Ontario Pension Plan)! That may sound exciting, but you might have lots of questions like...

• What makes HOOPP different from other retirement plans?
• How does HOOPP’s defined benefit pension work?
• How do HOOPP benefits impact your overall retirement planning?

In this episode, we dive into the Healthcare of Ontario Pension Plan (HOOPP), a valuable retirement option for incorporated physicians in Ontario. We’ll break down how the plan works, from eligibility and contributions to its key features. Whether you're early in your career or planning for retirement, understanding HOOPP is essential.

Tune in for insights on:

• HOOPP’s structure and benefits
• How the HOOPP pension plan is structured and how it differs from other retirement plans
• Advantages like stable income and less market risk

If you’re a physician looking to secure your future, this episode is for you!

To learn more about joining HOOPP, talk to your financial planner or take a look here: https://hoopp.com/join-hoopp/physicians-joining-hoopp

Want to understand how this new option impacts you?

If you’re wondering how this change might affect your financial plan and ability to retire, a fee-based plan might make sense for you.

If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan.

https://www.galenhelpsdocs.com/call

The clock is ticking for the changes to capital gains to take effect. The window is also closing to do anything proactively about it before the changes occur.

I sat down with Hemal Balsara, Head of Tax, Retirement, and Estate Planning, Individual Insurance, Manulife for this episode to get to the bottom of the changes.

Hemal was part of a group invited to a closed-door meeting for the first viewing of the proposed changes and (you’ll hear in the episode) as the document was handed out, he heard a wave of people muttering “capital gains”… “capital gains” and, in his own words:

“I can’t believe they finally did it”

Hemal and I dive into the changes to help you answer specific questions I’ve been getting from clients like:

• Should I sell anything before the deadline?
• How will the changes affect what’s outside of my corporation?
• What about my investments inside?
• What can I do about these changes?
• What existing tax strategies will still work?
• What existing tax strategies might work better?

Even if you’re listening to this episode after the changes have taken effect, we talk about what long-term adjustments to your existing plan might make sense considering these changes. It’s not all about what you can do before the 25th.

As always, consult someone who knows your specific situation before making any changes to your finances.

If you’re wondering how these changes might affect your financial plan and ability to retire, a fee-based plan might make sense for you.

If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan: https://www.galenhelpsdocs.com/call

To follow Hemal and read his up-to-date articles analyzing the changes, you can find him on LinkedIn here.