Jun 2, 2019
Have you ever reflected on your life and realized you don’t
have a strong grasp of finances? Has the idea of being wealth
alluded you? In this conversation, you are going to learn from a
physician and financial expert about wealth and cultivating the
wealthy mindset. If you want to start to get your financial game to
the next level, this is the right episode for you.
Bonnie Koo is a Dermatologist, Mother, and Financial coach
with a mission to empower female physicians to build wealth and
create the life they want. What I love about Bonnie is her focus on
time and not just accumulating money. Time is our most precious
commodity and she wants us to learn how to handle money so we can
use our time in the way we see fit.
"Time is our most precious
commodity, and handling money enables you
to truly have it all.”
-Bonnie Koo MD
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-No major origin story, enjoyed science, was a biochem major.
Decided she wanted to be around people more than lab or test tubes.
Not medical school till 27, non-traditional applicant.
-Worked at Morgan Stanley, was in NYC during 9-11.
-Lived in London as a 22 y.o.,
-Went to Colombia University for medical school, didn't get
into Dermatology till applying the 3rd time.
The path isn’t
-Dermatology is really hard to get into. Couldn't imagine
doing anything else. I am going to be 40 anyways. I was dermatology
-Graduating a great medical school and not matching sucked at
-UC irvine research
-Derm residency are great -> regular hours
-loved the program, VA, kaiser in southern california
-Plenty of practice in that realm.
-Went to East coast, not sure she would meet the type of guy
she wanted in the west coast so she moved
The financial story
happened by accident
-total mess when it came to money
-racked up $20,000
-Read the book called the white coat investor
-So much free information, need to learn what other financial
advice is out there that applies from a physician
-Started reading a lot including facebook
-Started to answer lots of questions and then started a blog
realizing she had a lot of more information.
-Patients who mention blog or Carrie's show - Hippocratic
Having a website presence improves trust
-As a podcaster/credibility, consistent blog content they get
to know you and develops likeability and trust.
$210,000 in loans at end of residency + $20,000 credit card
debt -> $230,000
What do you wish you would have known sooner
-Money is a very charged subject -> money is not real when
you really think about it.
-Mindset is huge - think there is plenty of money in the
world, not limited money.
-You either live super frugally to pay off loans, or find a
new way to accumulate wealth
-If you don't think you have enough it's hard to build
-It's like going to the gym, if you don't work, your
muscle doesn't stay strong... it's the same with mindset, money,
outlook. Working out your mind and working out your thoughts is a
-Used to move around a lot, lived in a tiny apartment, "we
didn't have enough."
-"Money is the root of all evil"
Your Money History
-How do you feel when you look at your money?
-The goal is money should be neutral, it should just be
-Why develop wealth? That drives everything
-When I first learned about financial independence, for me it
became a lifestyle and mindset.
-F.I.R.E -> Financial independence Retire Early
-Life is short mentality, I had a series of events of people
pass and get sick... oh my god, life is short. There is so much
more I'd like to get, more time and attention, give back to world
to make a difference, more time and attention to my child. I want
to work on stuff that I’m passionate about.
-Rich people have money and wealthy people have time
-Rich dad poor dad book helped her
-"A job is a short term solution to a long term problem"
-Millenials get a lot of crap, but one thing they have done is
espouse not trade time for money, improve lifestyle,
-To generate wealth the best thing is to build
-Invest in stockmarket, money will compound
What do I actually
-I'm a coach, I'm a financial coach.
-Running a business is building an asset.
-Real estate building is another asset
-tax laws are written for businesses and real
-If this was easy, everyone would do it.
-It's almost cool to be an ex-lawyer, the goal is to get out
-I feel weird to try to do something else when supposedly I
have a good gig.
-I love dermatology, I don't love being an
-I also want location independence
What do you envision
yourself in life goals/financial
-I am taking a chance and going all in my business
-I have a short gig doing locums
I'm All-in My
-Doctors are very conservative
-If you want business advice, don't ask doctors, go to the
-Brendan Bouchard, Rachel Hollis (people making 5-10 million
-You get to develop your own schedule
-Entrepreneurship impacts the macro/social media. Still helps
a lot of people
What makes you happy
and improves your energy?
-cup of coffee in the morning
-Being around energetic ;ike-minded people
-Inner circle, top 5-6 people you spend your time with impacts
your net worth.
-Bonnie has her own high level life/business coach to help her
in her network
Someone in high
school what would you tell him/her to do
-Learn the difference between assets vs
-Learn by example of other wealthy individuals
-Women physicians/physician moms
-Being a physician is hard enough, being a mom is hard,
honestly, I think we are heroes and have our own little people to
-We are juggling multiple things, I feel honored to create a
life that can serve them.
-If women can have money work for them, they can truly create
a life that works for them.
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