Episode 13 - The Finance Industry for Physicians with Dr. Yatin ChadhaFeb 15, 2023
Dr. Kevin Mailo welcomes physician and beyond MD podcast host Dr. Yatin Chadha to Physician Empowerment to talk about finance for physicians. Yatin Chada’s podcast is well-known and he has interviewed a wide and notable range of physicians and finance industry professionals since beyond MD launched in 2020.
Kevin Mailo shares the news that Yatin Chadha’s podcast reached the Top 50 of finance podcasts on the Apple Canadian Business podcast. He asks Yatin about some of his more memorable episodes and Yatin shares several, including one with Kevin himself, and other episodes featuring Jamie Golombek and Joe Bakish. He highlights what he learned from each of them.
In this episode, Kevin Mailo and guest Yatin Chadha discuss the finance industry through the lens of topics Yatin has explored with his podcast guests. They talk about how to build financial security, real estate as a great investment, diversifying portfolios, generating passive income, and dividend stocks. Kevin and Yatin break down what is important for physicians to consider when pondering their financial futures.
About Dr. Yatin Chadha
Dr. Yatin Chadha, MD is a Diagnostic Radiology Specialist in San Diego, CA and has over 13 years of experience in the medical field. He graduated from UNIVERSITY OF BRITISH COLUMBIA / FACULTY OF EDUCATION in 2010.
Dr. Chadha launched the beyond MD podcast in 2020, which focuses on financial literacy. The content is provided by subject experts, but is steered by him to ensure relevance to healthcare professionals in Canada. There is a frequent focus on professional corporations.
He believes that stress related to personal finance can lead to physician burnout. Dr. Chadha’s mission is to change this. He has learned a lot along the way and wants others to be more prepared than he was. His aim is to help other healthcare professionals navigate personal finance such that this area becomes enjoyable, rewarding, and eventually automatic such that physicians are able to dedicate more time to the things that matter most to them.
Resources Discussed in this Episode:
- Save the Date for May 6-7, 2023 in Toronto
- Dr. Yatin Chadha on LinkedIn
- “beyond MD” podcast
- “Real Estate Investing - a Physician’s perspective” beyond MD episode with Kevin Mailo
- “RRSPs for incorporated small business owners with Tim Cestnick” beyond MD episode
- “Holding Companies with Ali Spinner” beyond MD episode
- “Corporate investments - optimization and taxation with Jamie Golombek” beyond MD episode
- “Alternative Investments with Joe Bakish” beyond MD episode
Kevin Mailo: [00:00:00] Hi, I'm Dr. Kevin Mailo and you're listening to the Physician Empowerment Podcast. At Physician Empowerment, we're focused on transforming the lives of Canadian physicians through education in finance, practice transformation, wellness and leadership. After you've listened to today's episode, I encourage you to visit us at PhysEmpowerment.ca, that's PHYS empowerment.ca, to learn more about the many resources we have to help you make that change in your own life, practice and personal finances. Now on to today's episode.
Kevin Mailo: [00:00:35] Hi, everyone. It's Kevin Mailo here, one of the co-hosts of the Physician Empowerment Podcast. And today I am joined by the one and only truly amazing Dr. Yatin Chadha. And for those of you that haven't heard Yatin speak or listen to his podcast, you can find him online at the Beyond MD podcast. And it's truly amazing. And Yatin, you had a big milestone. I'm going to talk about you for a couple of minutes and then I'll let you talk about yourself. But let me do some bragging for you. But you broke the top, you broke the top 50 finance podcast. That's not medical podcasts. You broke the top 50. And was it...?
Yatin Chadha: [00:01:12] You know, yeah, it was the, I think it was the Apple Canadian Business podcast. But Kevin, I can tell you what, you're so kind to mention that, but it gave me, it gave me newfound respect, though, for the people who just continue at this and are actually able to stay there. Because I tell you what, I do rely a lot of my guests for the content. Now I am producing a few more solo episodes, but it is really hard once you get there, it's really hard to stay there.
Kevin Mailo: [00:01:42] Yeah, trust me, I've done it for years, not just this podcast, but obviously the other one as well. Yeah, there is a lot there.
Yatin Chadha: [00:01:49] Yeah. Yeah. It just takes, and I have a lot of respect for people who have been doing this for years and like with anything in life, it's a journey, not a marathon, right? Just takes a lot of time and effort.
Kevin Mailo: [00:02:00] Make sure, make sure you're doing what you love, right? I think that rule applies to all of us in our lives. Like, if we're not loving it, why are we doing it? Life's got to be more than just a trudge. It truly does, you know? So, you know, you got this incredible podcast. Do you have guests now coming to you? Like, are you still having to source guests or are you big enough now where everybody sort of says, Oh, can I be on the show?
Yatin Chadha: [00:02:25] It's definitely getting to that now. And I can tell you, I think this was around episode seven or eight - I'm trying to think, episode seven - it was Tim Cestnick who agreed to come on, and I can tell you at that point in the early days, I remember that specific episode. Kevin, I was scrambling to find a guest because I told myself, I have to put something out there every four weeks, stay consistent, and then thank goodness Tim Cestnik messaged me back the same day and he was just like, Yeah, I'd love to come on. And I was just like, Thank you. Because without him I would have been struggling. But now times have changed. I mean, now I've probably recorded episodes to, all the way out through January, February, and a lot of requests, a lot of requests now to come on. But it's a mix, right? Because for me, my goal is to find who I think are going to be the right people to come on and present information in an articulate way and hopefully less biased way. So it's a bit of a mix, but certainly a lot of demand from guests now.
Kevin Mailo: [00:03:23] And where do you see your audience now? I mean, we talk about this being Canadian physicians, but I can see you being so much bigger than that. Do you have some sense of your audience beyond Canadian physicians? I know lots of us talk about you and hold you in enormous esteem, but I have a feeling this is now expanded beyond that.
Yatin Chadha: [00:03:43] Well, thank you. That's very kind of you. Canadian physicians are certainly the top audience, other health care professionals, so dentists, pharmacists, I do get messages from time to time. But then there are a lot of people in the in the finance industry as well, because one goal that I've had is I want to be touching on topics that are not only relevant or maybe are a little bit beyond what people may be talking to from day to day, like tax free savings accounts and RRSPs. I'm trying to just take it one level further - and not, this is not to say that more complicated is sexy or better, but I think there are a lot of things that we need to be better versed in and more aware of. And so that's my goal. And I think because of that focus, it naturally gravitates to people in the financial industry as well. I think they find the content interesting. So I do have a lot of people reaching out from from that part as well.
Kevin Mailo: [00:04:38] You know, one of the central teachings that we do at Physician Empowerment is talking about the notion of your why. Right? And getting down to what motivates you to build financial security and create wealth. The other side to this is learning to ask your own questions. Like, you know, we sit there, you know, always talking about looking for the answers, but how do you know what answer you need if you don't even know the question to be asking? And these are questions of, questions of ourselves, of our lives, of our loved ones, but even within our careers. And then taking that further is, you know, sitting down with an insurance specialist, you know, a tax lawyer, sitting down with an investment advisor, looking at the markets, you don't even know what questions to be asking. Like, you know, I struggled with that with my accountant in the early years of my practice, like just not knowing enough about the Canadian tax system at a corporate or personal level in order to ask educated questions of my accountant. Do you know what I mean?
Yatin Chadha: [00:05:37] 100%.
Kevin Mailo: [00:05:38] You know, it's up to us, I think, with sophisticated tax or financial picture, to have enough base knowledge in order to step into these conversations with trained professionals, our consultants, if you want to call them that, and ask them relevant questions. Right? Because if it's poor data in, it's going to be poor data out, is been my own personal experience.
Yatin Chadha: [00:06:02] Yeah, and I think with that summary, Kevin, I think you have encapsulated the main goal of the podcast, and that is to make people feel comfortable enough on a broad range of topics so that they feel comfortable asking the right questions. And, and the truth is, I've always had in the back of my mind that maybe we should have more of this material in our medical training. But then after thinking about that again, I think with the information people have to learn now in medical school and residency, it is really hard to incorporate it. And so I do think the onus is on us as a community to continue to talk openly about these topics and hopefully motivate our colleagues to just be avid learners and really curious about this content. And I think that's the right step forward.
Kevin Mailo: [00:06:45] And the other big, big side to this is practice management, right? I mean, we started teaching practice management at Physician Empowerment because we realized like nobody was getting educated on this stuff. And again, like, you know, going back to your point, like rightly so, in a sense, like there's already so much medicine to learn in that 5 to 10 years of training that that someone goes through like to learn their craft. Do we really, honestly have time to be taking deep dives into finance and practice management and tax planning and all these sorts of things? But I think it speaks to the need for lifelong learning in these areas, and...
Yatin Chadha: [00:07:25] Absolutely.
Kevin Mailo: [00:07:26] ... realizing that our finances affect our practice, our finances affect our personal well-being. Right? And so having a handle on those, not a perfect handle, but a good approach and a solid financial base, allows us to practice our best medicine, allows us to live our best personal lives, which I think is so important for Canadian physicians. In my opinion, that's what we deserve across the profession. I see doctors constantly working extra hours to serve their patients and serve the community, but we should be able to do that knowing that our financial futures are secure.
Yatin Chadha: [00:08:01] Yeah, I totally agree.
Kevin Mailo: [00:08:02] So talk to us about some of your memorable moments along the Beyond MD podcast journey. What was it like in the early days? What is it like now and how long have you been at it now? Is it two years now, Yatin?
Yatin Chadha: [00:08:15] Yeah. So it started September 2020. So just over two years now.
Kevin Mailo: [00:08:19] Wow, it went by so quickly I felt like we talked for the first time yesterday, but it's been two years that we've been talking because I was on one of your earliest episodes, right?
Yatin Chadha: [00:08:28] Yeah. Yeah. Kevin, so you were on my season one finale. We did an introduction to real estate, and I know you wanted to pick my brain on some of the most popular episodes ever. So in fact, your episode, that was episode number 16, that that is one that did help the podcast jump to the next level. So thank you for that because that was a great--
Kevin Mailo: [00:08:50] -- Oh, lumbar puncture night --
Yatin Chadha: [00:08:51] -- talking about real estate--
Kevin Mailo: [00:08:51] -- if anybody wants to know that one, you can just listen to Yatin's podcast. Lumbar puncture night. That was a lot of fun.
Yatin Chadha: [00:08:58] Yeah. Yeah. So, your your episode is quite memorable. And I have to say, it wouldn't have been possible without my first guest, Ali Spinner, who was an accountant at Crowe Soberman. She's based in Toronto, and she helped me produce two incredible episodes, one on basics of corporations and the other one on holding companies. Her episode on holding companies, I mean, up until recently, that was the most popular episode in terms of like the one week and one month metrics. And then and then early on, just to have a name like Jamie Golombek.
Kevin Mailo: [00:09:28] Oh, wow. I know. I remember when I saw that, I was like, Wow, Jamie Golombek went on the show.
Yatin Chadha: [00:09:33] To have Jamie Golombek on the show, that was huge because I was literally, you know, I had a few downloads up until that point. And then that week when I released his episode, it was like every two days I was getting, I was hitting new milestones. Just because he was on, he was blasting it around. And so I'm very, very grateful to that, to him for doing that.
Kevin Mailo: [00:09:53] Wow. Isn't that awesome? Isn't that absolutely awesome? And then what sort of things have you learned along the way? Right? Like, what have you learned about the finance industry that Canadian physicians who are listening to today's episode should hear about? Because I certainly have found this process to be eye opening through Physician Empowerment because we engage with, we get a lot of outreach from the finance industry, and by and large keep them at arm's length. But tell us what have you learned about the finance industry?
Yatin Chadha: [00:10:23] Yeah, I think some of the notions that our community had about the finance industry in terms of maybe doctors at times due to our income and our relative lack of knowledge in this area, we become a bit of a target. I will say that there are people out there who do get very interested in seeing a product based on finance. So the podcast that's being put out by a physician. And so I will get a lot of people reaching out and, and you know what? Now that I'm becoming more comfortable with the content, I think I do know the questions to ask, and I do know when to maybe challenge somebody on a point. And so yes, I think that that notion that people have, for sure, it's correct and you have to, I think that's point one is that's all the more reason to be well versed in this material so that you know the right questions to ask and you know how to protect yourself and make sure you're getting the right product and served in the right way. So that's one thing I've learned. The other thing, though, is I've learned how much there is to learn about about finance. When I first started, the talk was really just about investing in a TFSA, investing in an RRSP, maybe buying an ETF. But when we look at what's happened, Kevin, especially since February, it's really just been kind of all downhill this year in the markets, right?
Kevin Mailo: [00:11:43] Yeah, that was eye opening.
Yatin Chadha: [00:11:45] Yeah, it's just been, it's been crazy. And you look at the history, you know, most bear markets are, are fairly long, but I think we're kind of hitting the average length of what historically most bear markets have been, and you know just to to endure something like this. It's also taught me, well if you have the right knowledge base, you can invest in different instruments and different ways such that those investments will not totally correlate and move the same direction as the stock market, right? So this is a notion that I had no idea about, but it's the concept of uncorrelated returns. And that's why--
Kevin Mailo: [00:12:21] -- I like that. Wow, goodness--
Yatin Chadha: [00:12:23] --I think I encourage everybody to read about this a little bit. And so just for people who may not be as familiar with the concept, it's if two types of investments have a correlation of one, that means they generally tend to move in the same direction at the same time and often by a similar magnitude. But you want to make sure that, I think most people would feel comfortable if their portfolios were truly diversified. And so you want to be investing in things that are not always correlated with stocks. And traditionally, that's why a mix of stocks and bonds has worked well. But this year, with inflation, the stock bond 60/40 mix has not worked well at all. It's just been brutal for bonds. So I think that's why it begs the question, do you go beyond that? And I think it's at least worth learning beyond that. And so one of my more recent episodes, I hosted a very knowledgeable, savvy financial planner. His name is Joe Bakish, and he talked about alternative assets. And so I know this is an area that some people may see. They may raise an eyebrow and be like, well, there's a lot of costs. But I always tell people, at least learn about it and then you kind of know.
Kevin Mailo: [00:13:33] Oh be aware.
Yatin Chadha: [00:13:34] Yeah. Be aware.
Kevin Mailo: [00:13:35] Be aware. You've got nothing to lose by being aware of a different opportunity or different asset class.
Yatin Chadha: [00:13:41] Yeah. And one thing I'll say is I never like to give advice because to each their own. Personal finance is personal. And, but now what I've started to do is small parts of my portfolio, now that I've been investing for 4 to 5 years, small parts, I am starting to incorporate some of these alternatives that are truly uncorrelated from the markets. And this can be more an offline discussion if people want to reach out. I never give advice. I'm not certified, I'm not a planner, but I encourage people to learn and enjoy learning.
Kevin Mailo: [00:14:11] Yeah, yeah. At Physician Empowerment, we call it CBE, continuous business education, right? Like knowing what money does in our lives and the different ways that we can use it. One thing that we always kind of harp on at our finance events - and we've got another finance conference coming up May 6 and 7, 2023 in Toronto, of course you're invited, Yatin.
Yatin Chadha: [00:14:36] I'll be there.
Kevin Mailo: [00:14:37] Yeah, I know. It means a lot when you come out.
Yatin Chadha: [00:14:40] I wouldn't miss it.
Kevin Mailo: [00:14:41] But one of the challenges that we try to encourage people to face is the notion of an income based retirement. Right? Because in my opinion, real wealth is income coming in regardless of whether you are going into work, regardless of whether you're picking up that call, that clinic, you know, doing those ORs, is money coming in through passive investments or near passive investments, right? Because nothing, you know, it's very, like unless you've got a trust fund that's churning out money, like most of the time, you're going to have to at least learn to manage your managers, whether that's a property manager or a portfolio manager. But talk to us about an income based, a truly income based existence where we are not dependent on hours worked and ideally one in which we retire and our net worth continues to climb because the income not only handles our day to day expenses, but continues to grow in value or continue to grow our asset column in value. Do you want to talk to us about what that means or what your reflections are on that?
Yatin Chadha: [00:15:47] It's such a wonderful question, Kevin, and so I'm happy to talk about my perspective on this. And first off, I think we'll hear a lot of stats out there. But I think generally speaking, most people who end up in a very good financial position in life and people have different definitions for that, whether it's a millionaire - but now when the cost of living is getting so expensive to have $1,000,000 at point X may not mean that much - but generally speaking, people who do well have multiple sources of income, and those sources of income are not necessarily tied to their day to day grind. So I was reflecting on this, and I'm a radiologist day to day. And one thing I realized was, well, wow, I have a lot of income tied to radiology. It may not all be tied to the hospital, but it's tied to extra clinic shifts that I'm doing and locums that I'm doing. And you and I have talked about this. This is a very, you know, the tendency of a lot of physicians to just start doing these extra shifts. But what I notice is that if--
Kevin Mailo: [00:16:51] -- it's easy and we know it right, and you go, Well, exactly how am I going to make that kind of money? Well, just exactly a shift. But but that's not a recipe for health and wellbeing and it's not sustainable--
Yatin Chadha: [00:17:03] -- exactly. That's my point. I realized that if I was doing this same thing all day, every day wasn't necessarily making me happy inside. And in fact, I had a few people reach out to me. These were friends who were listening to the podcast and they said, Yatin, why, some of us are asking, why are you doing this? Because you could just go and read radiology cases all day and ramp up your income. I was like, Yeah, I could do that. But deep down that would be almost stalling my personal development. That would be, that would be, in a way stalling my ability to network and and meet with people. And at the end of the day, I want, you know, and I'm not saying I'm going to monetize the podcast, but at the end of the day, you know, I want to grow and--
Kevin Mailo: [00:17:49] -- you're doing something you love--
Yatin Chadha: [00:17:50] -- exactly, but I think--
Kevin Mailo: [00:17:54] -- keep going. Keep going.
Yatin Chadha: [00:17:56] No, no, no, no, no, no, no. I keep interrupting you there. But I was going to say, I think most successful people have sources of income that are truly diversified coming from different areas. So that's one of the reasons that I started to get into real estate, for example, in the last several years. So starting in 2020, up until now, each year I have invested in one property and now, now as I'm learning more about real estate and I'm learning about the different ways you generate income in real estate, I can say that each year I think the investment that I made is probably a more sound investment. And my most recent one was in fact a triplex in my hometown of Kingston because I wanted to make sure that the next property that I acquire results in some positive cash flow each month.
Kevin Mailo: [00:18:42] I love it.
Yatin Chadha: [00:18:42] And so, and so this is my goal. So the reason I'm doing real estate and first of all, listeners don't have to invest in real estate because I can tell you - and as you know, Kevin, you know more than me about this - but when you're starting early on in real estate, it certainly is a bit more active until you have your team on the ground and you understand the processes, then it can become truly more passive. But I'm still in that kind of more active phase. But what I want is that I want, let's say, a handful of rental properties so that by the time I am, let's say, 60, you know, most of that stuff is paid off. And then it's just, it's cash flow every month, it's gravy every month. And I don't have to work for that. Right? You're providing a necessary need for society, you're providing shelter. And that's something that at the end of the day, that would make me feel good, and I won't have to be grinding to earn that money. So that's why I'm investing in real estate. I want a certain number of dollars each month that are just flowing in at a certain point in time.
Kevin Mailo: [00:19:40] I couldn't agree more. Just on the real estate point. I mean, when we talk about an income based existence, very few things beat real estate, right? I mean, if you have a big stock portfolio or a whole bunch of bonds or whatever, you're going to have to liquidate that at a certain rate in order to fund your lifestyle and hope that the market continues to grow. But, you know, this year was a nice reminder that the markets don't always grow. So how much do you want to liquidate? But again, what's powerful about real estate, there's different ways to own it, but what's powerful about real estate is I've been through one, two, I think three cycles now, three downturns in Alberta's real estate market. But the money just keeps coming in. The income just keeps coming in, it's like, as long as I'm not under pressure to sell in a down market, real estate allows me to enjoy an income, you know. And that's what's so powerful. So, you know, people ask, does real estate mean that much to you? I say, Yes, real estate transformed my life. I used to worry about my future. I used to worry about money. And now I don't. Not that real estate is perfect. Not that it's all the answers, but it's a big part of my own financial picture because it's that very powerful income based existence that is so hard to get elsewhere. I mean, I know people that have made money in crypto and then watch them lose it all this year when crypto crashed, you know, and it's something about owning a hard asset. Yeah, I know. I know somebody who who got a little bit woken up with the crypto crash. Right? And all it took was rising interest rates. Do you know what I mean? And so there's all these swings, but real estate, again, it's not perfect, but it holds on nicely.
Yatin Chadha: [00:21:19] Absolutely. And I can tell you that when I acquired this latest property, I felt almost like a small weight was being lifted off my shoulders because I knew that my future became slightly better. And I actually bought the property when my wife was out of town. I told her I was serious about it. She didn't know I was going to buy it. She kind of freaked out. But we're all good.
Kevin Mailo: [00:21:37] You know what? That's okay. Sometimes you just have to jump on things. But, you know...
Yatin Chadha: [00:21:42] 100%, 100%, you keep keep going.
Kevin Mailo: [00:21:44] You converted your hard, hard working labor. You doing call, you doing extra clinics, you're doing those locums, you converted that labor into a lifetime of income through that triplex. Do you know what I mean? And you do that a few more times over the course of your career, and then you replaced your clinical income. And I know doctors who do it all the time and don't have to own the doors directly. You can invest in private equity. There are different ways to get involved in the real estate markets without having to manage your own doors, because I think that's a big downside for a lot of people that are in this space or thinking about this space, is like, am I going to be getting calls in the middle of the night for, yeah.
Yatin Chadha: [00:22:28] Well, Kevin, I'll speak to that. Absolutely. I will speak to that quickly. And I can tell you the one thing that I've learned over the last few years, and this is also from talking to you, is that how we spend our time is critical.
Kevin Mailo: [00:22:39] Oh, yeah.
Yatin Chadha: [00:22:40] And we have to be spending our time that is in line with how we want to live our our life and in touch with our core values. And so for me, I don't want to be getting calls in the middle of the night. So for this triplex, what I've done is I have this week, in fact, Thursday I'm handing the keys over to a property manager and that's incorporated into the the expenses of the property. And so the other thing that I'll kind of just say your comment about private equity, so, and I won't mention specific companies or what I invest in, but I did do my first private equity investment this year as well. And that was--
Kevin Mailo: [00:23:11] -- so did I. And it was amazing.
Yatin Chadha: [00:23:13] Good for you. Good for you. You know what? And I know that the two reasons I did it was it's a passive way of investing in real estate development. And then the other way, the other reason is, it's often, not always, but it can be uncorrelated from the market. So I wanted to just kind of diversify things and I wanted it to be totally passive. And so I did that. And so more for an offline discussion, people can obviously reach out to me. I won't mention specifics here, but yeah, just to comment on private equity there. And the other thing is, Kevin, in terms of having different sources of income over time, I have, I have become more interested in things like dividend stocks. You know, Canada is very rich with dividend stocks. And I know that Dimitre did a wonderful presentation at the Physician Empowerment Conference, so he did a great presentation. And the thing is, like, I know emergency physicians, I'm about to interview one in a month or so who basically reached his definition of financial independence. And a core component of his strategy was investing in dividend stocks that continue to raise their dividends year after year after year. There are so many in Canada. And when you look at this last downturn, Kevin, you kind of look at what's happened to stocks, what's happened to bonds, what's happened to crypto, the asset class among these more liquid asset classes that has actually fared the best, are dividend stocks. And so I think having that as a chunk of my portfolio, personally, it gives me an added layer of confidence and to get those dividends either monthly or quarterly, it just, it feels good when you see that.
Kevin Mailo: [00:24:49] I couldn't agree more.
Yatin Chadha: [00:24:51] I'm a fan. I'm a fan, it's not for everybody, but.
Kevin Mailo: [00:24:53] A big part of this is how well are you sleeping at night? I mean, you alluded to that earlier. And I consider that to actually be an investment criteria. Wing calls it the pillow test, you put your head on the pillow at night, are you sleeping better or sleeping worse? Because if you're sleeping worse, don't invest in it. Right? You know, if it's Tesla stock or whatever, don't invest in it. You know what I mean? Like so, you know, find things that are going to bring you peace of mind because that's one of the reasons to have money is to simply be happier and less stressed out about your day to day. Right? So if you're investing in a certain dividend paying stock allows you to feel better and go to bed at night feeling a little more secure in your future, then go and do it.
Yatin Chadha: [00:25:32] Yeah, it does for me. And there's a lot of wisdom coming from Wing. I mean, he's lived, he's lived a very experienced life, one with varied experiences. And so there's a lot of wisdom there.
Kevin Mailo: [00:25:43] Yeah, I respect it a lot, you know, and it's, it's about just getting to that point where you don't have to stress about your future and then at some point you don't have to stress about your monthly bills. That's the dream. It's hard to get there, requires a lot of discipline, a lot of savings and a lot of retained corporate earnings. But I know that Canadian physicians have tons of opportunities in front of them. You know, even though I just want to send a message of hope because I think a lot of Canadians that I've talked, Canadian doctors that I've talked to coast to coast, and I don't know about you Yatin, are really struggling. Right? I mean, inflation's going through the roof, cost of living, interest rates. But then it's our overhead is going up. And yeah, codes aren't keeping up. I mean, in Alberta, we just I think we just voted to ratify our agreement. But it's not, it's not going to keep up with inflation, you know, and so physicians feel squeezed and they start saying, well, now I'm going to work more hours. But there are actually strategies so that we are not working more hours to catch up or keep up. There are ways that we can utilize advance tax planning, learn to invest and really learn to grow without feeling pressure to simply pick up more hours, because I think most of us are probably tapped out.
Yatin Chadha: [00:27:00] You know, 100%. I'm going to comment on a few things there and interrupt me at any time.
Kevin Mailo: [00:27:05] No, no. Go, go.
Yatin Chadha: [00:27:06] We talked about kind of an income based existence. So we touched on dividends. We've touched on real estate. And for me, I'll talk about my experience. But for me, it's still kind of early stages for the podcast. And right now I'm beginning to have some conversations about, well, what's kind of the next step? But what I want to relay to the listeners here is, sometimes don't think that the path you are on is going to be your only path or the final path. You have to be very open minded and open to new experiences. And so I can tell you, when I decided to start the podcast, it was April 2020, that entire month, not by choice, because our volumes really slowed down, I was only able to work four days that month and I don't do well in that kind of setting, Kevin, and so I just thought to myself, there's got to be some other way for me to bring something useful to the world. And so I told my wife, Sima, I said, Hey, I'm getting more and more interested in finance. I mean, I drive my accountant crazy with all these questions. I'm always talking to you about it at home. But I told her, I think that there's a way to create something so that I'm bringing on subject experts and that through this maybe we can kind of enhance the financial literacy of the medical community. I think it'd be really worth trying. And so I didn't even do any research, Kevin, I did a quick Google search on, financial podcasts for physicians. I saw nothing and I was like, okay, good enough for me.
Kevin Mailo: [00:28:28] There you go.
Yatin Chadha: [00:28:29] I'm going to start it. Just do it. Pull the trigger. And to be honest, even though I'm not making anything off it right now, Kevin, just because I took a chance, because I made a decision in the moment and I acted on it, the pod is one of my, I guess it's one of my proudest accomplishments today.
Kevin Mailo: [00:28:46] Well, I'll tell you, I treat my companies like children. Like my companies are like babies to me. So you can just call it a baby. I don't know how your real kids are going to feel about that, but.
Yatin Chadha: [00:28:56] Yeah, yeah. No, I honestly, it's one of my proudest accomplishments to date today for those reasons.
Kevin Mailo: [00:29:01] You should be proud, it's incredible.
Yatin Chadha: [00:29:02] Thank you, Kevin. But you know what? And the real message I want to get across to people is that sometimes in life, whether you're thinking about starting a podcast, whether you're thinking about starting a business or you have an idea, just sometimes you have to act, sometimes you have to take a little bit of risk, and sometimes you have to just kind of throw that Hail Mary and hope for the best. And if you make a mistake, you'll be better for it in the long run.
Kevin Mailo: [00:29:27] And don't be hard on yourself for mistakes. I've made many mistakes in my financial life. Don't be hard on yourself. Accept it is a cost of learning.
Yatin Chadha: [00:29:35] 100%. I mean, make sure that you're sleeping well at night, but you have to take chances sometimes. And honestly, part of the reason that I continue to do the pod, it takes up a lot of my time right now. I mean, I'm not really making much off it at all. But, you know, at the end of the day, my kids see me do this and they ask me questions about it. And there's a lot of messages and lessons I want to teach my kids. And one of those is, Boys, I want you to pursue things that you're passionate about in life. I want you to learn how to work hard in life. And I hope that the things they see in our household, I hope that those lessons will be passed on to them and that they'll be better for it. You know, it's a multi layered process, Kevin. There's so much to this, and I think it's taken me a long time to realize this, but I think the pod has shown me where one of my key interests lie, is just in online education and there's so many ways to do it. And so that's the path that I want to kind of keep pushing towards. And it may not become apparent to you right away what your path is, but if you stick with it, if you do things with full intent and with passion, you will discover that path. So that's what I want to articulate for the listeners.
Kevin Mailo: [00:30:44] I absolutely love that. And you know what? With that, I can't believe we blew through over 30 minutes. We should probably wrap up, but I loved it. As you can tell, we could probably just keep talking and talking and talking, you and I, because every time we do this, we just go and go. But it was truly incredible. And Yatin, like, you just, you're so gifted in this space, you really just got to keep going and I know you will, and I know you're going to continue to succeed. And again, for our listeners, if you haven't listened to Yatin's podcast, I really encourage you to do so. It's the Beyond MD podcast and it's all over the Internet tubes. And so with that, I'm going to start wrapping up, say a final word, and then we'll get to some questions in our webinar here.
Yatin Chadha: [00:31:22] Yeah, Kevin, thank you for that. And the one thing I will also say is that the fact that you and your team have been at these webinars have been at these conferences year and year over and over again, it speaks to your passion and I've had many conversations with you offline, and in fact I've learned so much from you. One of the topics being real estate. You really lit a fire under me when it came to real estate. So I have to thank you for that. And honestly, you've, you know how to encourage people to pursue the areas that are most tied to their skill sets.
Kevin Mailo: [00:31:55] Find their why, find their why.
Yatin Chadha: [00:31:56] I know, I know people are going to get listen to you on many podcasts, but you're a great host, you're great at what you do, and I hope you and your team keep it up.
Kevin Mailo: [00:32:03] Yeah, you know what? We're going to keep working. And like I said, we've got the conference coming up this May 6 and 7, 2023. And it is going to be wonderful. That's something, I'm not the best at everything, but I'm very confident in what we do at our conferences, in our ability to transform physician's lives. And you've been there Yatin, you know.
Yatin Chadha: [00:32:20] Yeah, I'll be there next year too, as a guest. But I look forward to it.
Kevin Mailo: [00:32:24] Very much looking forward to having you there. So we're going to wrap it up because like I said, we can keep going and going. Thank you again Yatin for being on the show.
Yatin Chadha: [00:32:30] Thank you for this, Kevin. Oh, pleasure. Anytime.
Kevin Mailo: [00:32:32] Thank you. Bye.
Kevin Mailo: [00:32:33] Thank you so much for listening to the Physician Empowerment Podcast. If you're ready to take those next steps in transforming your practice, finances or personal wellbeing, then come and join us at PhysEmpowerment.ca - P H Y S Empowerment dot ca - to learn more about how we can help. If today's episode resonated with you, I'd really appreciate it if you would share our podcast with a colleague or friend and head over to Apple Podcasts to give us a five star rating and review. If you've got feedback, questions, or suggestions for future episode topics, we'd love to hear from you. If you want to join us and be interviewed and share some of your story, we'd absolutely love that as well. Please send me an email at [email protected]. Thank you again for listening. Bye.