Physician Empowerment Resource Blog

Episode 03 - Investing and Delegating

Uncategorized Sep 30, 2022

 

Episode Notes

Kevin Mailo, co-founder of Physician Empowerment, talks with another fellow co-founder, Dr. Dimitre Ranev, about finance and investing. Dimitre is also co-host on the Primary Medicine podcast and along with being a practicing physician, gives talks on stocks, tax planning, and the like.

Dr. Ranev acknowledges that he wasn’t always knowledgeable about financial health. He credits Kevin with spurring him into the initial research which is when he discovered he had an affinity for it. He invests in equities, crypto, and is looking at moving into real estate as well. While he manages his portfolio himself, he stresses that not everyone is equipped to do so or will enjoy it.

In this episode, Kevin Mailo and Dimitre Ranev discuss the journey towards financial savvy and how wealth is about more than simply money. While Dimitre enjoys managing his own finances, Kevin does not, and they encourage anyone who would rather not stress about their investing to delegate...

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Episode 04 - Banking and Portfolio Management

Uncategorized Sep 30, 2022

Episode Notes

Dr. Dimitre Ranev, one of the co-founders of Physician Empowerment, hosts the show this episode to talk with guest Rod Burylo about financial advice, banking, and fiduciary duty. Rod Burylo is an expert in the industry, Chief Financial Officer of the Empowerment Office, and the author of “The Wealthy Buddhist”, and shares a wealth of insight with listeners.

Rod Burylo defines some of the roles that exist within the financial industry, helping to clear up confusion surrounding the types and quality of advice available to consumers. He breaks down exactly what it is that differentiates a personal banker from an investment advisor from a portfolio manager.

In this episode, Dr. Dimitre Ranev and guest Rod Burylo explore the advisor options that exist in the financial industry for professionals like physicians. Rod defines and explains what fiduciary duty means and who in the industry actually has it. He demystifies the role of portfolio managers and explains...

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Episode 01 - The Three Dynamic T’s of Success

Uncategorized Sep 30, 2022

  

Episode Notes

Kevin Mailo, one of the co-founders of Physician Empowerment, talks with fellow co-founder Dr. Wing Lim about wealth mindsets. They explore not just financial health, but personal and practice-oriented wealth habits that lead to greater well-being and sustainable growth. 

Dr. Wing Lim, founder of Synergy Wellness, references a wakeup call he received from his mentor, Dr. George, in the form of the question “How would you like to make 100% of one person versus 1% of 100 people?”. This led Dr. Lim to what he calls a “brain decompression” that has informed the wealth mindset journey he’s been on ever since. 

In this episode, Kevin Mailo and Wing Lim discuss a 100 year old concept called The Three Dynamic T's of Success, which they currently host a masterclass on. The three T’s are time, talent, and treasure, and Wing Lim breaks down how each T is key to success. If you can learn to manage time, talent - people,...

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Episode 02 - Growth Mindset

Uncategorized Sep 30, 2022

 

Episode Notes

Kevin Mailo, co-founder of Physician Empowerment, talks with fellow co-founder Dr. Wing Lim about having a growth mindset and allowing yourself to not be an expert in everything. Dr. Lim shares how CBE - Continuous Business Education - is a cornerstone to his success and to what Physician Empowerment seeks to share with others. 

Dr. Lim discusses how a conference he attended was the first place where he was challenged to step outside the need to know it all. At that conference, attendees were challenged to tell themselves “I’m an idiot outside of my own field” as a way to open themselves to learning from others who are experts in different fields. That ability to access humility is necessary for a growth mindset and personal empowerment. 

In this episode, Kevin Mailo and Wing Lim explore how Continuous Business Education includes surrounding yourself with professionals in other areas who can build on expertise in fields that are not...

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Using fear to fuel decision making

Fear is a deeply ingrained part of the human condition and a survival tool for our evolution.

In today’s world, we don’t need to rely on fear as much as our ancestors did to avoid injury, disease, and predation; yet fear-based decision-making often seeps into many of life’s mundane choices.

This fear can present itself in the form of worrying about embarrassment, failure, or lost time and money. It can also prevent us from taking on new opportunities that could lead to increased happiness, wealth, or career advancement.

Whenever I am confronted with a new project or considering a new opportunity that scares me, I like to pause to prioritize my higher goals.

  • I reflect on my fears and acknowledge what I’m feeling, but I try my best to not let worry overshadow my logic.
  • I challenge myself to forge ahead and overcome my fear.

This isn’t innate courage, and I am not always successful. It’s a practice that I continue to develop through intentional...

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A balanced approach to investing

Uncategorized Jun 23, 2022

There is a saying that can help you tell the difference between pessimist and optimist investors, it goes: “A pessimist is an optimist with experience.”

Investing can be a powerful generator of wealth but it also carries with it great risk.

For example, in real estate investing, you need to consider cost overruns, vacancies, interest rates, and the broader forces influencing the economy.

Equities hold even more uncertainty when you are one retail investor amongst millions, and while a meticulous proforma can improve decision-making, there will never be a line on the spreadsheet saying jump!

An optimistic investor is usually quick to act and doesn’t let setbacks hold them back.

A pessimistic investor will be overly cautious and will expect downward swings from doing the research.

An optimist is energized by positivity, and open to fresh opportunities.

A pessimist is better prepared to deal with risks.

Successful investors rely on a blend of both traits, also known...

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Tips for physicians struggling with investment anxiety

Uncategorized Jun 16, 2022

Earlier this year, I enjoyed a great meal with a colleague who was seeking guidance on how to incorporate his practice and on how to find time with his busy career to begin investing in real estate.

High-earning incorporated professionals like us have “good problems” (as I call them).

We are frequently bombarded with investment opportunities and the often time-sensitive process of weeding out the lucrative offers can trigger anxiety in the most knowledgeable investors.

Seasoned investors often rely on a series of questions to help them mitigate the risk-aversion and feelings of anxiety that often go hand-in-hand when making important investment decisions.

Tips for managing investment anxiety:

The trick is to ask yourself a series of questions.

  • Begin with quantitative questions. What is the expected return? What is the risk? How can I execute this in the most tax-efficient manner?
  • Then dig a little deeper. Can I afford it right now? Do I trust these people? How does my...
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Empower your staff by trusting their expertise

Uncategorized Jun 09, 2022

Last month, I wrote about effective leadership and how it relies less on how well you dictate and more on how well you radiate the energy you want to see in your work environments.

If you wish to see kindness reflected, be kind.

If you want your busy practice to feel calm, slow down.

In clinical settings, physicians tend to micromanage the details and execution of a plan. And rightly so! You rely on our medical training and leadership competencies to accurately diagnose and treat medical problems. As a patient, you don’t want your surgeon shrugging and saying: “Meh... good enough.”

While the efficient control of dictatorship can help save lives in critical clinical settings, micromanagement can take a toll on our personal well-being.

It consumes mental and emotional energy. And when it comes to handling our administrative teams, this can be especially exhausting.

Clinical education does not typically include executive management or administrative management...

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Mindful consumption

Uncategorized Jun 02, 2022

I grew up spending summers with my family in the beautiful Columbia Valley in British Columbia and it’s now my favourite place to take my children for vacations.

I often seek the pleasure and nostalgia of my summers in BC and play with the idea of making an impromptu trip. Every couple of years, I go so far as to consider buying a second home there, but I don’t want to add another fixed monthly expense such as a mortgage, taxes, and utilities.

Many of us make impulse purchases to experience a high or to feel better, and this doesn’t have to be a bad thing, but if we rely on it too much we feel buyer's remorse.

At this point in my life, I would rather have more money to grow our household’s net worth. I would rather work and stress less by investing in my freedom to visit B.C. more often in the future.

How busy physicians can use mindful consumption to handle their next major purchase:

Before making your next major purchase, take some time to consider whether...

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What is your medical “value proposition”?

Uncategorized May 26, 2022

The business side of medicine is rapidly evolving, and along with it, the role of the physician.

Now, more than ever, physicians need to understand the concept of value-based care.

In business lingo, a value proposition is a statement that intentionally and methodically establishes why a product or service is desirable to customers. A customer perceives value if the commodity or service matches or exceeds the cost paid.

How is this applicable to medicine?

Think about what comes to mind when you read “free health care.”

Like most people, you probably envision long wait times, doctor shortages, rude service, and challenges with health literacy.

We might also recall complaints, opinions, and feelings about the public health system that have been expressed publicly (often in real-time) through media channels.

In everyday medical settings—like in chronic disease management—it’s imperative that the patient accepts the assertion that the positive health...

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