In this episode of The Grow Your Wealthy Mindset Podcast, we're diving into two primary strategies investors use to grow their wealth: investing for appreciation and investing for cashflow. Whether you're aiming to build long-term wealth or looking to create more immediate income from your investments, understanding the difference between these two approaches is essential to aligning your strategy with your financial goals.

You'll learn:

The difference between equity appreciation and investment cashflow

How payment structures can impact your total return and reinvestment opportunities

Why your financial phase (accumulation vs. decumulation) influences your preferred investment style

Which types of assets typically favor appreciation (e.g., stocks, Class A real estate)

Which investments are better known for cashflow (e.g., REITs, bonds, Class C real estate)

The tax implications of appreciation vs. cashflow investing

How passive income vehicles like dividend stocks, CDs, and bonds can complement your investment strategy

Resources & Mentions:

Episode 143: REITs: The Simplest Way to Invest in Real Estate – Released Feb 19, 2025

Episode 34: Understanding Certificates of Deposit (CDs) – Released Jan 18, 2023

Vanguard High Dividend Yield Index Fund – With a recent 30-day yield of 2.63%

Dividend-Paying Stocks Mentioned:

AGNC Investment (AGNC) – 17% yield

International Seaways Inc (INSW) – Up to 14% yield

AG Mortgage Investment Trust Inc (MITT) – Up to 12% yield

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

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This episode if a collaboration project with myself and Dr. Disha Spath where we talk about money and happiness. Tune in for a fun and insightful conversation.

Dr. Disha Spath is a board-certified Internal Medicine Physician and the founder and CEO of The Frugal Physician, which has been recognized as a Plutus award nominee for excellence in financial media.

In addition to leading her own initiative, Dr. Spath contributes as a personal finance columnist for Practice Link magazine and has served as a finance contributor to NBC Universal. She has also been a host on the White Coat Investor podcast. Her expertise has been featured in major media outlets such as CNBC, Business Insider, and Forbes. Dr. Spath is passionate about helping physicians manage their finances effectively, enabling them to define and pursue their ideal lives.

You can learn more about Disha's podcast Finding Financial Freedom with The Frugal Physician at http://www.thefrugalphysician.com/podcast

Website: www.thefrugalphysician.com

Handles:

Facebook Page: @thefrugalphysician

Facebook Group: @The Frugal Physicians

Instagram: @frugalphysician

X: @frugalphysician

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

In this episode of The Grow Your Wealthy Mindset, we explore the 6th activity from The How of Happiness by Sonja Lyubomirsky, Developing Strategies for Coping. Whether you're facing burnout, personal loss, or the everyday emotional weight of your work, learning to cope effectively can be life-changing. This episode reviews different types of coping strategies, from problem-solving to emotional processing, and dive into practical tools like expressive writing, thought disputation, and finding meaning in painful experiences.

What You’ll Learn in This Episode:

· The two primary types of coping: problem-focused and emotion-focused—and when each is most useful

· How expressive writing can help you process trauma and distress

· A three-step approach to finding personal growth and deeper meaning after loss

· The ABCDE thought disputation technique to challenge negative beliefs and reduce anxiety

· The thought model CTFAR by Brooke Castillo of The Life Coach School

· The Work by Byron Katie

· How working with a coach can help reframe your thoughts

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

Are you tracking your spending—or just hoping it all works out? In this episode of The Grow Your Wealthy Mindset, I share how tracking your expenses can empower you to make intentional decisions, without the restrictions of a traditional "budget." I explain the difference between a spending plan and a budget, why I prefer the former, and exactly how my household tracks spending down to the category—from groceries and entertainment to travel and household maintenance.

To kick off the 4th season of The Grow Your Wealthy Mindset Podcast, I’m embracing being open when talking about money. I also break down our real numbers from July 2023 to June 2024, so you can see how a personalized spending plan actually works in practice. I offer insights into tools, tracking systems, and the mindset shifts that can help you take control of your financial life.

If you've ever felt overwhelmed by the idea of budgeting or confused about how much you should be spending, this episode will help demystify the process—and show you how tracking your spending can give you clarity, not constraint.

What You'll Learn in This Episode:

· The difference between a budget and a spending plan

· Why awareness (not restriction) is the key to financial control

· How we track expenses using spreadsheets—and why that works for us

· A full breakdown of our actual household spending (including groceries, entertainment, utilities, travel, and more)

· What it means to "pay yourself first" and how we invest 25%+ of our gross income

· How to adjust your spending plan as life and priorities change

· Tools and apps you can consider to help track your spending

Consider checking out Episode 25: Tools to Help Track Your Net Worth and Spending (Nov 16, 2022)

Connect With Me:

If you're ready to get clarity around your money, feel confident managing your finances, and design a spending plan that supports your goals, I'm here to help. I work with physicians and high-income professionals 1:1 to build financial literacy, heal money shame, and create intentional wealth.

👉 Book a call at www.growyourwealthymindset.com to get started.

Thank you for listening!

Please subscribe, share, and leave a review if this episode resonated with you. Let’s keep the conversation around money open, honest, and empowering.

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

Last week, we explored the role of insurance in protecting your assets. This week, we’re zooming in on a type of insurance that often flies under the radar: travel insurance. Whether you're climbing Mount Kilimanjaro, cruising to Antarctica, or simply flying cross-country, travel insurance can make or break your trip financially if something goes wrong.

In this episode, I share:

• When travel insurance is actually worth buying
• The difference between credit card travel protection and comprehensive travel insurance
• Why I canceled my Chase Sapphire Preferred after a frustrating insurance claim
• How to evaluate the real value of travel coverage, especially when traveling internationally
• The pros and cons of single-trip vs. annual travel insurance
• Which companies are most reputable and what to look for in a policy

From missed connections to emergency evacuations, I’ll help you decide when it makes sense to get coverage — and how to avoid wasting money on insurance that won’t pay when you need it most.

Key Takeaways

• Credit card travel insurance can be helpful for minor issues, but often lacks the customer support or reimbursement success for larger claims.
• Comprehensive travel insurance offers coverage for emergencies, medical care, and trip cancellations — crucial for expensive or adventurous trips.
• Consider annual plans if you travel frequently.
• Always read the fine print and check what’s truly covered before buying.

Mentioned Travel Insurance Companies

• Allianz Travel Insurance
• World Nomads
• AIG Travel Guard
• IMG
• Travelex Insurance
• American Express Travel Insurance

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

When it comes to asset protection, your first line of defense is insurance against a potential financial disaster. You may purchase insurance to protect an asset, like homeowners’ insurance protects your personal residence in the case of significant damage. As you build your wealth, you may drop some types of insurance since you can self-fund if a situation occurs where you would actually use that insurance. Once you have an emergency fund that covers 3-6 months of living expenses, then you can self-fund any short-term disability. Some insurances are only necessarily depending on your personal situation. Life insurance is really to protect your loved ones since when you buy life insurance for yourself, you aren’t on this earth the benefit from the payout of life insurance.

This episode reviews the different types of insurance products and breaks down who would benefit from each insurance product.

Disclaimer: I am not an insurance broker, this is not personalized professional advice.

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

This month is going over probably my favorite happiness activity that comes out of The How of Happiness by Dr. Sonja Lynbomirsky and that’s nurturing social relationships. I personally am an extravert and love being connected with people. However, I have found this harder to do as I’ve gotten older. We all get busy with our lives and time can seem to fly by. I’ll notice it has been months since I chatted with a friend. Prepping this episode has prompted me to reach out to several people, as I mention in the episode. I hope it also prompts you to reach out to a friend or loved one you haven’t connected with in a while. It’s likely to boost your, and their, happiness.

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

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...

More people are familiar with the Backdoor Roth IRA strategy but there is also a Mega Backdoor Roth Strategy. While the Backdoor Roth Strategy is available to the majority of people, the Mega Backdoor Roth Strategy is more limited since it depends on how your employer sponsored retirement plan, whether it’s a 401(k), 403(b) or 401(a), is set up. In this episode, discuss Roth conversions, review the Backdoor Roth IRA strategy (also check-out Episode 38: The Backdoor Roth IRA Explained) and then discuss the Mega Backdoor Roth Strategy.

This week’s episode covers:

· What a Roth conversion is and how it works

· Why it’s important to know whether your IRA contributions are pre-tax or post-tax

· How to handle taxes when performing a Roth conversion

· The income limits for Roth IRA contributions in 2025 and how they affect high earners

· Why the Backdoor Roth IRA remains a valuable strategy despite no upfront deduction

· The step-by-step mechanics of the Mega Backdoor Roth strategy

· Which types of 401(k) plans support Mega Backdoor Roths

· Why business owners and self-employed physicians are uniquely positioned to take advantage of these strategies

· Tax implications and planning considerations, including why consulting with a CPA is essential

If you’ve been wondering how to maximize your retirement savings and achieve greater tax efficiency, especially as a high-income earner, this episode is packed with practical guidance.

Please subscribe and leave a review on your favorite Podcasting platform.

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

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...