A Clean Bill of Wealth with Galen Nuttall

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.

The Budget! You've likely heard about the proposed tax changes in the 2024 federal budget and how they could impact your financial future, especially regarding capital gains within your corporation. Since I was fielding so many questions and clarifying misconceptions about the change, I decided to make this podcast episode and a whiteboard video where I delve deeper into these changes and offer insights on how physicians can adapt their financial strategies. In this episode, I explain the impact these changes could have on physicians and their corporations and what it means for using a corporation as part of a retirement plan. I also share some steps physicians can take to navigate this shifting landscape. To watch the YouTube video, click here.  Are you concerned about how these changes could impact you? I specialize in providing fee-based financial planning services tailored to physicians' unique needs, if you’d like to figure out if a fee-based plan could help you achieve your goals and also analyze what steps you can take to be proactive about these changes - ​book a free discovery call​ to get started. Till next time!

Are you collecting products or do you have a plan?  A lot of physicians I meet have picked up different financial things along the way: investment accounts, insurance products, corporate investment accounts, maybe income properties, and more. There's nothing wrong with this approach, but the two questions I commonly get from physicians after they have gathered a number of these components is:" "does this all fit together?" and "is this all going to get me where I want to go?" It's kind of like someone dropping a bunch of puzzle pieces on a table but not providing the box to know what the puzzle is supposed to look like.  When doctors at this stage reach out to me, they are concerned that they have either done the wrong thing, not enough of the right thing, or they are unsure as to where they are headed. These are all valid concerns.  What I help them figure out is if a fee-based financial plan would answer these questions. A plan not attached to a product. A plan using data specific to their situation, not based on opinion or hearsay, but hard numbers.  Often times, an unexpected result from this approach is the elimination of FOMO (Fear Of Missing Out). There is no shortage of options when it comes to financial planning in general and there are even more options when someone has a corporation. A solid financial plan not only outlines your goals and what you can be doing to reach them, but also helps let you know what things not to do.  After listening to this episode, if you are left wondering if a fee-based plan would answer your biggest questions, be sure to book a discovery call at this link: https://www.galenhelpsdocs.com/call.  You pick a time that works for you and I'll ask you some questions to help you figure out what your next steps are and if a plan is right for you.

I've recently had some lengthy conversations with physicians about whole life insurance. It dawned on me that for all the information out there about this sometimes polarizing product, many people are poised to make what I consider the most expensive mistake... buying something they don't need. Now, I'm not saying that no one needs whole life insurance, nor am I saying everyone needs it. What I cover in this episode is how nuanced the decision can be and why it's so polarizing out in the financial education space.  Then I walk through two case studies of people who came to me interested in whole life insurance with two very different results. With one, it totally made sense, with the other it did not.  Listen in to hear me walk through the decision making process I took them through to determine if whole life made sense for them. I also touch on the second most expensive mistake when it comes to this product: not structuring it properly. A lot of the information out there around this product is about what I call the 'old school' way of designing it. Where it often times has slower growth and minimal flexibility. If it does end up making sense for you to buy this product, please ask whomever you are working with about the options to enhance the growth and flexibility of this product, which may be better for you. If you're wondering if whole life insurance makes sense for you and you like the idea of going through a data-driven process that uses evidence to support the best path for you, a fee-based financial plan might be right for you. To book a free introductory call at a time of your choosing, click here. During this call, I'll help you figure out if a plan is right for you. Thanks for listening in and see you on one of my upcoming episodes about money mindset, practice management, DIY investing, and much more!

This episode is different. It's only my second solo episode, with many more to come. It's a topic close to my heart: helping people who are confused about their finances. Have you ever felt like everyone else has it all figured out when it comes to money? Do you feel like there must be something wrong with you if you haven't been able to make sense of your options? Do you struggle to find the time to compare all the different accounts and products available and don't have a clear path forward? Well... then this episode is for you. In this episode, I pull back the curtain about financial planning for physicians, tackling the misconception that everyone else has their financial life all figured out. As part of this, I share the results of a survey of Canadian Physicians. Guess what percent agreed with the statement "I'm not confident I'm using my corporation to the fullest" And when it comes to finances, guess what percent agreed with the statements: "I want someone to do it for me, but don't know who to trust""I find it all very confusing and I don't know where to start" Spoiler alert, over 50% agreed with those last two statements I get why that is. Physicians have limited, if any, formal training around financial literacy and likely struggle to find time to try to figure it all out. Even when someone does take the time to figure it all out through research, there's plenty of differing opinions. Sometimes people say the opposite thing about the same concept. There is more information available than ever, then why are so many people still confused? Because more information might not make a difference. One of my favourite concepts from my teaching days is "Bloom's Taxonomy" where the lower levels of comprehension are information based and the higher levels tackle implementation. Before I became an advisor I was definitely stuck in an information gathering loop when it came to my finances, where I always felt like I needed to know more before I could take action. If that sounds like you, it could make sense to work with a Financial Planner. Even if working with a planner doesn't work for you, I believe it's crucial to decide when enough information is enough and when it's time to take action. Give this episode a listen. My goal is if you are feeling like the only person who is confused about finances, that you no longer feel so alone. If you've got a lot of unanswered questions about your finances, like if you're making the most of your corporation, if you're putting enough away in the right places to retire, and more, you might be a good fit for a fee-based plan. ​ Book a free discovery call where I'll help you figure out if a fee-based plan could help you. Click here to book your call.

Dr. Vollrath saw a problem. No cohesive system for doctors to find or post jobs. He saw scattered conversations across forums, Facebook, and WhatsApp and figured he could do something about it.  So he co-founded Cherry Health, Canada's Medical Network where more than 2,000 monthly job seekers and over 1,300 employers post and look for their next job or locum opportunity.  Join me and listen in to this episode about the founding of Cherry Health, how it's helping physicians across Canada and how to get started.  Jordan, who is a practicing physician and co-founder of Cherry Health, also shares his own journey using the platform and the entrepreneurial journey that led him into the tech space with a mission to make a difference for overwhelmed doctors across Canada.  To get started, be sure to go to cherry.health (yes, that's the site). There you can create your profile and download the app on your phone and get started.  Whether you're new in practice looking for places to work to get a feel for where you'd like to settle down, or an established physician looking for someone to take over your practice for a few weeks so you can take a vacation, be sure to check out Cherry Health.  If you've got a lot of unanswered questions about your finances, like if you're making the most of your corporation, if you're putting enough away in the right places to retire, and more, you might be a good fit for a fee-based plan.  Click here to book a free discovery call where I'll help you figure out if a fee-based plan could help you: https://www.galenhelpsdocs.com/call.  As of posting this, I've opened the doors for "New Year, New Plan" for five physicians who want to hit the ground running in the new year with a plan. If you think you might be one of those five, click the link.

"She's some sort of superhero." That's the first thing that popped into my head when I started following Dr. Pandya on social media.  She's an aquanaut, scientist-astronaut candidate, skydiver, and practices medicine in rural Alberta.  The cool thing is Shawna is eager to share what she's learned by pursuing her passions and the approach to resilience and building support structures that has allowed her to accomplish so much.  If you're a busy doctor looking to pursue your passion and creativity, this is a must-listen episode.  Tune into this episode to hear her 5 pillars for resilience, real-life examples of support structures to stay grounded and maintain work-life balance.  She'll even share advice she got from the one and only Chris Hadfield.  If concerns around your financial plan are weighing you down, you might be a good fit for a fee-based financial plan. If you'd like to know more, be sure to click here.  Enjoy the show!

It's top of mind for anyone with a mortgage or anyone about to get one: "What can I do about interest rates?" For a long time we saw rates dropping then staying fairly stable. Now rates have gone up quickly and don't show any sign of dropping.  Until I spoke with Carlin I figured there's nothing anyone can do about it, but I was wrong.  Carlin is a mortgage broker with access to over 50 lenders and has a knack for monitoring mortgages for opportunities.  In this episode Carlin shares with you examples of how she has uncovered opportunities for recent clients and the value of joining her Mortgage Monitoring Program where she does the work for you of running the numbers to see if you're in the best mortgage for your situation.  We also talk about specialized lenders that work best with physicians and how the way you pay yourself from your corporation may impact your ability to qualify for a mortgage, if you don't know the right questions to ask.  To get access to Carlin's Mortgage Monitoring Program, be sure to click here. Once you do, she will check for opportunities for your mortgage or help you get your first one.  If you have questions about your finances and have big questions that have you worried like: "Am I making the most of my corporation?" or "Am I on track for retirement?", you might be a good fit for a fee-based plan. To schedule a no-obligation call to find out if a fee-based plan would answer those questions, click here.

I read a lot of books about finance and hands down, Dr. Akintade has written a must-read book, especially for female physicians.  Done with Broke: The Woman Physician's Guide to More Money and Less Hustle.  It's filled with anecdotes as well as research around successful paths to building wealth.  My copy is covered in highlighter because there are so many gems about topics that are top of mind for physicians like:  - Where should I start when it comes to investing?  - Can I budget my way to wealth?  - What should I do about my debt? Latifat went into medicine because she knew she wanted to help others, then she realized it was a broken system that caused lots of burnout and not a lot of financial security. She now helps women physicians take control of their finances and tackle the root causes that keep them from having the financial life they crave.  If that sounds like you listen in.  To learn more and buy a copy of the book, go to: https://www.moneyfitmd.com/ To follow on Instagram, go to: https://www.instagram.com/moneyfitmd/

Eve Rodsky wrote a book called 'Fair Play' that completely changed my life. After I read it, I realized I was not pulling my fair share of work around the house. It led me to make some serious changes to bring a balance to the workload in our household. As much as I hate to admit it, I also realized I didn't value my wife's time as much as mine. In this episode, I go into why I was unconsciously holding onto this belief and how Eve's book helped me.  In 'Fair Play' Eve introduced a concept called Unicorn Space, which is time dedicated to a creative pursuit that lights you up. It was an idea that caught on, so she wrote a whole book dedicated to it: "Find Your Unicorn Space: Reclaim Your Life in a Too-Busy World."  In this episode we go in depth on the challenges busy professionals face in reclaiming time in their jam-packed schedules so they can be freed up to be creative. If you struggle to find time for yourself and claim your Unicorn Space, give this episode a listen.  To learn more about Eve and Fair Play head on over to www.fairplaylife.com Be sure to follow her on Instagram.  www.instagram.com/fairplaylife www.instagram.com/everodsky

Dr. Matt Poyner is a physician who empowered himself around his finances and is now doing the same for other physicians. He also took a year off with his wife and four children, travelled the world, and blogged about it, which is really amazing.  Part of how Dr. Poyner helps physicians is to help them clarify their financial path forward, one of the big questions he gets is "Should I become a DIY investor?" To help answer that, he's come up with the three signs you might be a candidate for doing your own investing. Tune in to hear what they are.  Matt goes deeper than just the numbers and looks at the intersection of money and happiness. We talk about a cool concept Dr. Poyner refers to as the 'four f's of evidence-based happiness'. Listen in to see how you rate yourself on those four f's. Also, listen in to see how to avoid the ‘one more year’ trap that sometimes keeps physicians working longer than they need to. To learn more about Dr. Poyner's course head on over to www.moneysmartmd.com If you have any questions for Matt, you can email him directly at: moneysmartmd@gmail.com To learn more about the investing side of what Matt has discovered, check out www.dividendstrategy.ca

What relationship do you have with the longest ‘four letter word’ in financial planning? Of course, I’m talking about ‘budgeting’. I had never done an episode about cash flow, and when I met Sunny, I realized she is the perfect person for this episode, because she makes it fun. Sunny is a zero-judgement financial planner who rolls up her sleeves and digs deep into real money talk. In this episode Sunny and I talk about how to look at cash flow and budgeting without getting bogged down by shame and judgement. We also talked about a common catch-22 in planning, where many people feel like they can’t start a plan until they have a budget they can stick to. Sunny and I talked about how to overcome that and keep it from being a limitation from creating a plan that will work for you. We found amazing common ground on a concept many of my own clients follow, which is called ‘reverse budgeting’. We also talk about why cash flow is a cornerstone of every good plan. Tune in to see what approach works best for you. To learn more about Sunny, check out her work at: https://www.alacartefinancial.ca/ If you have any questions for Sunny directly, you can reach her at: sunny@alacartefinancial.ca

When I first came across Dr. Mark Soth's website: https://www.looniedoctor.ca/ I was blown away by the amount of content created by just one guy.  In case you haven't heard of The Loonie Doctor, Dr. Soth is a mid-career academic ICU doctor. He has been helping Canadian physicians and other high-income professionals to not get hosed (nor be hosers, eh) with their time and money since 2017.  He's got insight into insurance, investing, incorporation, taxation, and much more. He also has some cool calculators to help put some numbers behind his insight. He also goes into some of the more personal topics like wealth and happiness and earning versus spending. Be sure to go to his website to check it all out.  In this episode I learn from Mark what inspired him to learn so much about finance and then share it with his colleagues. We also talk about why he himself uses a financial advisor and the important difference between delegating and abdicating when it comes to working with a financial professional.  Join me in this episode to gain insights from a doctor who is very knowledgeable about all things finance and physicians.

Welcome to my first solo episode! I talk about why traditional financial planning does not work for Canadian physicians.  I have a private Facebook group specifically for Canadian Physicians and I opened up a poll in there asking which concepts people wanted me to cover.  The ones that rose to the top were - Paying off debt or investing - How to make the most of my corporation - Whole life versus term life insurance - How to create my own pension I will cover those, but realized before I do, it's very important to understand why so much of the advice out there does not apply to the reality of the Canadian physician.  The main reason is because of the corporate structure. Most physicians I meet are incorporated or should be incorporated. This adds a layer of complexity that makes simple questions now more complex. Once a physician is incorporated, a whole new slew of questions arises. How much should I pay myself and how? Should I retain earnings in my corporation? How can I invest inside of my corporation in a way that is tax efficient? I will cover these topics in future episodes, but first this episode is all about framing financial advice in a way that works for physicians.  If you have any questions about the work I do, or would like to schedule a no-obligation call to see if you are a good fit for my services, go to: www.galenhelpsdocs.com

I'll admit that often times get stuck in a trap around time. That I don't have enough for the things that matter most to me. But... I also wonder... "Well isn't that the way it has to be?" Thankfully Dr. Gallie is a masterful life coach and in this episode she'll help you start to crack the code on how to shift the story around time.  Annie is a practicing physician with a passion to help high achievers stop feeling overwhelmed so they can go after what they truly desire (and have fun doing it).  One of the main obstacles that she sees her clients struggle with is lack of TIME.  She helps her clients reframe how they think about time by showing them how to create time instead of trying to “find” time amidst their busy schedules. She's also holding a workshop Sunday August 14th around how to create time during which you will learn how to: Create more time, now. Not when you buy that new calendar, but now Understand where and how you can create more time Help to manage expectations with yourself and your partner in regards to time Annie is a practicing family physician in Calgary, Alberta and a trained life coach through The Life Coach School.  She is married with two small kids and a quirky dog.  When she is not exploring with her family in the forest, you may find her making muffins (very popular in her house) or cooking with her family.  Be sure to listen to this episode and register for the event at www.galenhelpsdocs.com/marriage

Exactly one year ago a good friend of mine said "Galen it's great that you're creating all these resources for physicians, but what about the spouses and partners of physicians, how do you support us?" That conversation planted the seed in my brain that led to this podcast episode and the upcoming event on August 14th for physicians and their significant others.  Let me introduce Sara, who is a master certified life coach, mother of 4, and wife to Ryan, a foot and ankle surgeon. Sara coaches physician spouses and intimate partners to create rock solid marriages. Sara helps intimate partners of physicians drop the scorecard in their marriage, come out of the shadow of their partner's career, and pursue what lights them up. To learn more about Sara, be sure to check her out at: www.sarapayne.com/ To register for the event Strengthening Medical Marriages on Sunday the 14th that will be featuring Sara and another physician life coach, be sure to go to:  https://www.galenhelpsdocs.com/marriage

The Tyrant, the Artist, the Warrior, the Wizard... Which money archetype best describes you? Brenda St. Louis believes that every person has a money archetype that shapes the way they relate to money. She helps people discover theirs and then use that knowledge to empower them to make better money decisions. Brenda St. Louis is an Accredited Financial Counselor, Financial Therapist, Certified Money Coach, Trauma of Money Facilitator, and a Certified Financial Planner Candidate. In this episode we talk all about how people's underlying beliefs about money can either empower them or sabotage them. She helps me see the value in knowing our own money archetypes and taking on practices to transform the way we relate to wealth and money.  To discover your money archetype by taking the quiz, head on over to www.brendastlouis.com To download my service guide and get access to my guide on how advisors get paid and how to pick an advisor that is a good fit for you, head over to www.galenhelpsdocs.com

One day Dr. Tran had a brutal wake up call around his finances. He took a look at his portfolio and saw it had been languishing for a decade, not even keeping up with inflation.  Done with the hands-off approach, he decided to educate himself around all things finance and dive deep into the reality of physician financial planning and corporations.  Out of this self-discovery he created the podcast "How's My Financial Health, Doc?" where no financial topic is too taboo AND he is the President of the Canadian Physician's Pension Plan.  Join me and Vu as we tackle subjects like:  - Can physicians create their own pension? - How much should you outsource and how much should you figure out on your own? - Is there black-and-white financial advice for physicians, or is it more complex than that?  To learn from one of the top physicians in Canada when it comes to financial literacy, be sure to give this episode a listen. To check out Vu's podcast and programs go to: www.financialhealthdoc.com/

I had a flat-out amazing conversation with Dr. Wing Lim about practice transformation, finances, and peer support all for physicians.  Dr. Wing Lim is a family physician based out of Western Canada and co-founder of Physician Empowerment, a group of physicians out to enhance the lives of doctors across Canada with their financial literacy, practice transformation, and coaching programs.  In this interview, Dr. Lim shares with me the rough road that led him to take control of his finances and the struggles he sees physicians face behind closed doors.  We also talk about the upcoming Physician Empowerment conference to be held in Toronto June 3-5th, which also has a streaming option.  To check out the amazing lineup of speakers and secure your spot, be sure to go to https://www.physempowerment.ca/live and use promo code 'GALEN' to get your discount.

The doctor so nice, I had to interview him twice.  Dr. Mailo is an emergency physician based out of Edmonton, Alberta, the founder of Physician Empowerment, and an all-around great guy.  In this episode we talk about key things Dr. Mailo has learned from working with physicians and providing them with a financial education for the past many years.  We talk about examples of 'million dollar conversations', conversations that are worth a million dollars of impact.  We also talk about the key takeaways from the upcoming Physician Empowerment conference coming up June 3-5th in Toronto (with a virtual option of course).  To register for the conference be sure to visit https://www.physempowerment.ca/  Don't forget your promo code! Type in GALEN into the promo code box when you register to get your discount.  I hope you enjoy listening to this episode as much as I enjoyed making it.