Let's Talk About Money

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Hi, docs. Welcome to the Entre MD podcast where it is all about helping amazing physicians just like you. Embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms. I'm your host, Dr. Una.

Well, hello. Hello and welcome to another episode of the Entre MD podcast. Today, we are going to be talking about money. Now, money is one of those things, like, it's kind of weird. It's almost like a cuss word. People don't want to talk about it. It's like, worse than selling. And selling is really a cuss word, you know, for doctors, our community. But I want to challenge you, okay? I want to challenge you to listen with an open mind. I want to challenge you to not set your defense. And then listen to this podcast. I want you to just go like, you know what? I've been listening to Dr. Una for a while. She's pretty cool. She's a real deal. Let me hear what she has to say. I'm not going to argue. I'm just going to hear it all. I'm going to hear it all. And then I'm going to challenge what I've thought and see. Should I still. Does this thought serve me? Should I still be thinking it or should I adopt something new? The things I thought were wrong. Are they really wrong? I just want you to listen with an open mind. Okay? Now I am going to be sharing something from a course that I had offered. And it's all about money hangups, okay? The whole thing, the whole module was about money hangups. I'm going to be sharing that with you, but before I let you listen to it, I want to tell you a few things about my relationship with money, and I want you to listen to it from that standpoint. Okay? So the first thing is, money is not the most important thing, but it's important, okay? So I don't want you to think like, I'm someone who just thinks about only money and I can destroy everything else, and as long as the money's working.

That's not true.

Okay? Money is not the most important thing. If you guys have listened to many of the episodes, you'd have heard me talk about my priorities, right? My relationship with God is the most important thing to me. My relationship with my family is more important than money, my health. Like, there are things that are important. But I also do not subscribe to the philosophy that money is not important, because it is. We live in an economic world. We do. Like, for instance, think if you didn't have any financial pressures at all, Imagine if you didn't have to work for six months and still you'd have no financial pressures. I mean, money's important, okay? It is. It's not the most important thing, but it's important. Someone says money's not the most important thing, but it's right up there next to oxygen. I don't know about that, but, you.

Know, that's what someone said.

So that's the first thing. The second thing is, I want you to understand that I do not treat people based on their bank account or based on their net worth. I don't. People are priceless. People are more valuable than money. Okay? So when you're listening to the module, I want you to listen understanding that this is a person who values people over money. I don't have a concept for rich people and concept for poor people. People are people, and people are priceless and people are more valuable than money. And so don't say, this is just for, you know, people who don't treat poor people well. And don't think that. I don't think that. Okay? And then the third thing is, I have seen physicians have money problems. I have seen physicians get furloughed and there's so much financial pressure because they earned a lot, but they spent a lot, and they were not building wealth. They were not building money working for them. I've seen that.

I've seen.

Physicians find themselves in a short term bind and they had to refinance their houses, they had to borrow money, they had to max out credit cards, they had to pull out their 401k. Even though there's all these massive penalties, they had to do all that. I've seen that, and I'm not going to pretend that that doesn't exist. Part of the mission of Entre MD is to help doctors create financial freedom. That's part of my job. And, and that's why we're having this money conversation. That is part of my job. Part of my job is to say, listen, you have figured out this clinical thing, you have figured out this doctoring thing, but there's a very important thing that we were not taught to figure out, and it is money. And I need you to let me work with you to figure that out. Okay? So I want you to understand where I am coming from, okay? I'm coming from a point where we have a handicap. We are really great at what we do, but we were not trained in one of the most important things, something that has such a huge impact on our lives, which is money. All right? So I want you to enjoy this recording. It's lots of fun. I got to listen to it again. I was like, oh my gosh, that was really good.

I want you to listen to it.

I want you to have an open mind. I want you to be open to, to changing. So here is my teaching on money hangups.

I'm going to start off with something that is a big, big, big killer of businesses, of dreams, and that is our money hang ups. Okay? Because if you feel money is bad or you feel you're greedy, if you want more money or any of those kind of things, or if you see people selling stuff and you're irritated by it, those are all things that are going to cripple what you're planning to do. So today I'm, I have like tweezers and we're going to go into our minds and get all those money hang ups out of there so that I set you up to be the person who can attract money. Okay? So why is this important? It is important because of the law of attraction, right? You cannot attract what you're disgusted by. You cannot attract what you secretly don't like. You cannot attract things you're afraid of having. Okay? So this may seem like, wow, is it a mindset thing? Yes. But if we don't fix this, nothing else works. No tactic works if your insight doesn't work, okay? What you have on the outside is a reflection of what is going on in the inside. So we're going to fix that this morning and this is going to be great. Okay?

All right.

So I've done a number of polls and physician groups and so stuff like that. And a lot of people have talked about how maybe it's because of my upbringing, but I don't like talking about money. I don't feel like I should be making more money that I'm already making when there's so many poor people out there in the world and things like that. So we're going to take care of those.

Okay?

So I hope you're ready. So we're going to talk about seven, the top seven money hang ups that I found and we're going to completely debunk them.

Okay?

So we can go ahead and make this money. So the first one is money is the root of all evil. Okay? Money is the root of all evil. Now that is supposedly taken out of the Bible, but what it even says in the Bible is the love of money is the root of all evil. So money is not evil. Money is mercury paper with dead men's faces on it.

Okay?

It can't possibly be bad. It's not good, it's not bad. It just takes the shape of the person who owns it. Okay? So if a drug dealer has a lot of money, he's going to build his, you know, drug empire and hurt and damage and kill a lot of people and harm their families. But how about you? What if you had more money? What kind of legacy could you be leaving? What lives could you be touching? What charities could you donate to? What could you be leaving for your children? Okay? So I believe you're a perfectly good person. So I think the money should be in your hands.

Okay?

So money's not good, money's not bad. Money is just a tool. Okay? If you think about it, you, you don't. What are you going to do with money, right? You can't eat it. You can't. You know, it's. You give it in exchange. Money is, is a tool of exchange. So you exchange it for your freedom. You exchange it for a great legacy. You exchange it. You see what I'm saying? So don't look at money and say money is bad. It's not, okay? Okay? It just takes the shape of whoever has it. So I want you to think critically. Is this something I've thought, like if I have a lot of money, it will make me bad? It can't make you bad. It will only Amplify who you already are, okay? If you're the kind of person that always wanted to do drugs, when you put money in your hands, then that's what's going to happen. If you're the person who always wanted to be at Neiman Marcus by Louis Vuitton, once money comes into your hands, that's what you're going to do. If you're the person who secretly always wanted to pay, you know, pay somebody's way through college and stuff like that, when money comes through your hands, that's what you're going to do. So it's not going to change you. It's going to amplify who you already are, okay? So money is not bad, okay? And if you've been thinking that, that this, this is your time to open up your mouth and go, like, money's not bad. Money's just a tool. Money is not moral or immoral, is amoral. It just takes the shape of whoever owns, owns it, okay? So that's number one. Number two is the thought that I can either do what I really love or I can make a lot of money, right? Like it's two mutually exclusive things, and they're not okay? So I want you to think of it this way, all right? The things you love doing, a lot of times you love doing them because you're wired that way. So let's take the medical space, for instance. When I think about medicine and the healthcare industry and what's going on, I think, oh, my gosh, we have to protect the doctors. We have to empower the doctors to own their own businesses, to own their own careers, even if they work for somebody, but they realize they work for themselves, take charge, to control, so, you know, they don't get hurt in the process. You know, doctors are getting fired and all that stuff. They need to be in control. Somebody else is looking and it's like, oh, my goodness, there's no gender. There's no gender equality. There are doctors making their female doctors making 44 cents on the dollar compared to their male counterparts. And they're all, gender equality, gender equality. There's some other people like, oh, my gosh, the regulations have changed and we have different kinds of people providing care, and some of this care is not up to par for our patients. We. We have to protect the patients. Do you see what I mean? Like, everybody has a different perspective. Everybody has a different drive, and that's because we're wired that way. I want you to think of it this way. You were sent to the earth to solve a problem, you are not just a nobody or just an accident or anything like that. You were sent to solve a problem, and you come with the wiring to solve those problems. Now, money is the reward for solving the problem you were sent to solve. So the truth of the matter is you can do what you love and serve the kind of people you want to serve and make the kind of change you want to make in this world, and at the same time, make a lot of money doing it. It's a reward. People don't just hand money. People exchange money for the solution for their problems. You are a problem solver. The higher caliber of problems you solve and the more the number of people you solve it for, the more money you make. Okay? So I want you to think about it, and I want you to squash that notion that I can either really do what I love or I can make money, because you can do both.

Okay?

Number three. More money equals more problems. Okay? So, for instance, there are people who own their own practices who do not want to hire employees because they're like, oh, my gosh, employees. There's so much trouble. I'll just rather do it myself. Okay, well, yes, employees have their challenges. But, you know, like I like to say, people are like antibiotics, right? So they will work. They will fix your ear infection, but they'll also give you diarrhea. They could also give you diarrhea, and that's fine because the benefit outweighs the risk. We know this intuitively as physicians. Now it's time to apply it to money. Okay, so if you're going to get more money, right, it could lead to more problems, but that's not what you're going to focus on because it could lead to more choices or it would lead to more choices. So, for instance, if you look at someone like Jeff Bezos. Bezos, he has 566,000 employees, right? And he gets, you know, he gets sued by them. They try to unionize all the whole nine yards. And you might go like, oh, my gosh, 566. My two are trying to kill me, or the thought of getting one virtual assistant on board is trying to kill me. And, you know, more money is just a lot of problems. But I want you to think about it. Amazon is a $1 trillion company. So, yes, he may have a lot of problems from his 566,000 employees, but think about the choices that he now has access to because he has a lot of money and because he has a lot of those problems. Okay? So, yes, more money May mean more challenges, but that is like the risk and the benefit is the choices you get to make, and the benefit outweighs the risk. So like every good physician, when the. When the benefit outweighs the risk, we go for whatever medication that is or whatever procedure that is. So this is the same thing. So stop thinking more money equals more problems and start thinking more money equals more choices. Okay? So what if you did the more money and you get to work two days a week or you get to work two days a month? Is it worth the challenge? Yes. Okay, so more money, more choices. Number four, I can't control if I become wealthy or not. Okay? I can't control it. One of the power thoughts that we have to start thinking, okay, for those of us in this group is if it will be, it is up to me. We need to take complete responsibility for our careers. We need to take complete responsibility for our account balances. Yes, there are things that are out of our control, but there are so many things that are within our control. If it is to be, it is up to me. I want you to think about it again. As physicians, you are a very successful person. You have done something that only 0.3% of the US population has done. So I want you to think about this. When you went to medical school, you didn't say, I don't have control over whether I graduate or not.

Right?

You didn't say, I don't have control over whether I get into a residency program or not. You did the absolute best you could to make it work for you. You said, if it will be, it is up to me, okay? You didn't leave it to chance. Yes, there were things that are out of your control, but you did that didn't make you give up control. Okay? So when it comes to your money, whether you can retire early or whether you can, you know, make a comfortable living, whether you can build a career where you go on vacations four times a year, it is your responsibility. If it will be, it is up to you. It is within your control. So don't say, oh, I don't have any con. I'll just try. But we don't have control over these things. You do, okay? And there are skills around it and the things we're going to learn around it, and this is going to be good, but we need to change the mindset. You can control it, okay? You've controlled your career up to you. We're done with residency. You can control it. Number five, when money is a limited resource, there's you know, you know, and how you would know. One of the ways you would know that this happens to you is when if you're looking for a job and somebody gets a job, you're like, oh my gosh, now there's no job for me. Or you hear, you know, somebody who's in the same field, maybe you're a coach and you, you know, you hear somebody signed up for somebody else's coaching package and you're like, oh my gosh, now there's not enough money for me, right? Okay? So money is not an endangered species species. It's not like a dinosaur, okay? There is money everywhere. Everywhere, Everywhere, everywhere. I want you to think about nature. It's all abundance. Think about if an egg needs to be fertilized, how many sperm are released. Think about, you know, when it rains, how wasteful it is because it's, you know, falling everywhere, okay? Think about all the leaves that fall every fall. I mean, there is abundance, okay? And it's the same thing with money. So I want you to think about Jeff Bezos, again, $1 trillion company, okay? If he can have a $1 trillion company, can you not build a business that will bring you 100,000 with. That will bring you multiple six figures? That will build, bring you seven figures. Multiple seven figures. You can. Cuz one man has one trillion, okay? So you can. And you might go like, well, I don't do what, you know, I don't do what Jeff Bezos does. So medical professionals, we don't really own those kind of businesses, which again is not true. If you've heard me tell my stories, you know about my psychic friend who makes $280,000 a year coaching. Coaching.

Only 10 clients.

She only works with 10 clients. You would have heard of. There is a guy, I follow his business. They clean carpets. They clean carpets, okay? They clean carpets. And it's a multiple seven figure business. It's been for years, over a decade, okay? So the point I'm trying to make is there's money everywhere. If a psychic can make multiple six figures and a carpet cleaner can make multiple seven figures, the valuable products you have to offer can make multiple six and seven figures as well. So I don't want you to think, oh, money, you know, like is scarcity. You, it's not. Money's everywhere, okay? Money's everywhere. And until you accept that fact, you can't attract it. I want to give you an example with say a pen, right? We don't think about pens as scarce, especially physicians, right? Because we're always taking people's pens, but we don't think about it as scarce. So we don't hoard pens because they're everywhere. Hey, can I have your pen? I just want to write this. Hey, let's use your pen. Oh, get us a pack of pens. Pens, pens, pens. That's the way money is. It's everywhere. But again, the law of attraction. If you think it's something that's scarce, you know, you really have to look for it, then it's never coming to you. So you need to think. Money is in a bun. There's an abundance of money. It is not in limited supply. Okay? So that's the way you need to. To think about that. Think about when it was time. Time to get into medical school, right? Yes. There were not, you know, 300 million spots. But at the same time, it didn't stop you because you're like, oh, there's a spot for me. I'm getting in. Right? Same thing with residency. Oh, yeah, there's a spot for me. I'm getting in. In the same way, don't look at people who are not doing well. And you're like, that's proof that money is scarce. It's not. There's enough for you. Okay, so same way you did it. Same way you have to do it again. All right, so number six, it is not right for me to make more money when there are so many poor people out there. I have heard people go like, oh, yeah, I did this business, and I really love for you guys to support me. I'm not making any money for myself. I'm going to give it all to charity. Now, understand, I give a lot to charity. So when I say this, I'm not saying don't give to charity, please give to charity. But your reason for giving to charity should be, you know, this year I decided that I'm going to give $250,000 away. Is your decision not because you feel guilty, because you're making more money than your physician's salary? Right. So don't feel bad now. Let's play with the law. Okay, so you may have heard about the Pareto principle, which is the 8020 rule. Some other people call it that. Where it would say 80% of your results will come from 20% of your action. Right. 80% of your output will come from 20% of your input. Is. Is really the premise of the law. So if you think about it, the wealth. 80% of the wealth is going to be in 20% of the hands. It's A law. It is what it is. Okay? So what that means is if you learn to be in that 20% that's making the 80%, you can make so many changes in the world. The fact that you refuse to make more money because there are poor people out there doesn't help the poor people. It doesn't help them at all, okay? If you can be in that 20%, why not be the person who builds libraries? Why not be the person who pays tuitions off? Why not be the person who invests in the education of the upcoming generation so they understand how to manage money? Why don't you be that person? Okay, so not wanting to make more doesn't help the poor people, okay? Wanting to make more does. Or there's a 80, 20. It's a lot. It's like gravity. If I throw something up, it comes down. If I throw something up, it comes down. So in the same way, there's going to be a 20% that controls the 80%. Be there. Okay? So, so stop, stop thinking like, oh my gosh, it's, it's so bad. Okay? And I hope you're finding yourself here because we all have these hang ups. We, we have most of them actually, but. Okay, all right, number seven, we're almost there. Number seven is a business does not have to make money to be successful, okay? If you did not hear any other hang up, I need you to focus 100% and hear me, okay? A business has to make money to be successful, okay? The reason for a business is to serve and keep a customer. And the consequence of that is that they make money, okay? Now even not for profits, have to make money to run how much more a for profit business, okay? Now you may say, oh, but I did a business and you know, I had to close it down. I made a, did a business and I gave all the money away. For you to do that, you had to have made money. And the truth of the matter is that no business is helpful to anybody if it doesn't make money. So let me use a medical practice, for instance, but this applies to whatever business you're in. If I offer a great service, I take really great care of my patients. I've done really great service in the community, done outreaches, done sport physicals, awareness for obesity, all those things, right? But I didn't work the money angle, so we didn't make money and we had to shut down. Guess what happens? Number one, I can no longer offer my great service. Number two, the tens of people who work for me would have Lost their jobs. Number three, the people who I served have to go look for other practices which may not be as great as the practice that I ran. Number four, the community no longer gets the benefit. Number five, even the IRS is mad because they don't get my taxes. But so who lost when I didn't make money? Everybody. Okay? And if you don't think that your business needs to make money to be successful, guess what? You're not gonna aspire to make money. It's not going to be a goal, it's not going to be a traction point for you, and you're not gonna do it and you're not gonna make money. So one of the most detrimental ways of thinking. Thinking is thinking my business doesn't have to make money to be successful. Yes, it does. Is money everything? No. If you don't offer, if you don't help people, if you don't offer a great service, nobody's using your service anyway, so you're not going to make money. So money is not everything. Okay? But money is a metric that will always be measured in business. Always. Okay? So your business needs to make money. Your business needs to pay for your freedom. If you are in business and you are struggling and it's not making money, you're in the right place. We're gonna fix that. We're gonna show you how to make the money and all that. But I don't want you to start lying to yourself and saying that you do not need to make money to be successful. You do, okay? You can make it and you can.

Give it all away.

You can make it and you have the most generous benefit package for your employee. But for your business to be successful, it needs to make money. You can make that money and reinvest all of it in real estate and not take a single dime for yourself. That's okay. But it needs to make money. Your business needs to make money.

Well, thank you so, so much for listening. I'm sure you got a lot out of that. I'm sure you're able to go like, oh my goodness, and these are the hang ups that I have been dealing with. And you're able to identify these may be things that you didn't even realize that were there. Okay? So the first step is identifying them. The second step is finding out so what is true. And for a lot of them, I mentioned them, what is true. So maybe you used to think money was bad. Money is not bad, money's immoral. And then you want to replace your thought of money is bad. With the thought of money is immoral. And you, you maybe you thought that I can't do what I love and make money, but now you're like, wow, I can do what I love and I can make money. So in the entremd business school, we say this. I am building a business that serves a lot and earns a lot. Right. That's one of the things that we say. So what I want you to do today is I want you to own your money, hang ups and say, okay, these are the hang ups that I've had and I want you to write down the phrases that you're now going to believe and start working on believing. Okay? So thank you so much for listening. Of course. As always, if this was helpful, I want you to share it. And if you haven't already written me a review, I'm working hard to give you value. Okay? So be nice, pay forward, go write us a review on itunes and I will see you on the very next episode I of the Entre MD podcast.

If you love this podcast, please take a moment to subscribe, share and review it on itunes. As you go about your week, remember, you're not just an md, you're an entre md. Don't forget to tune in next week for another great episode.

Until next time.

Sa.