Financial Freedom via Passive Income Streams | Dr. Christopher Loo

Transcript

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Welcome to The Happy Doc, the voice of fulfilled physicians. Sharing life stories from physicians, health professionals and entrepreneurs, so that you can live your happy life.

[00:00:49] Dr. Taylor Brana:  Alright. Hello everyone. Welcome to another episode of The Happy Doc. I’m super excited. Every episode, I’m always excited. But today we have Dr. Christopher Loo. Chris, thank you so much for being on. 

[00:01:03] Dr. Chris Loo: Hey Taylor. Thanks for having me on the show. I’m really happy to be here and share my time and experience with everybody.

[00:01:08] Dr. Taylor Brana: Awesome. Awesome. So, Chris, tell us a little bit about yourself. What’s your background in medicine? 

[00:01:13] Dr. Chris Loo: Yeah, I trained in Orthopedic surgery and after that I transitioned into a full time entrepreneurship. I can tell you my story later on. It’s quite inspirational and it’s quite unique and it’s very entrepreneurial.

[00:01:28] Dr. Taylor Brana: Awesome. Awesome. So this is a little bit different than some of my other episodes. So for those who are watching, and this is – we’re going to live right now. So if anyone’s listening to this episode, while we’re doing it, feel free to ask questions. and I’ll definitely also look at those comments as well.

[00:01:46] but Chris, tell me more. So you went into ortho why, why medicine in the first place? 

[00:01:51] Dr. Chris Loo: Yeah, so I grew up really. Humble situations. You know, my parents were first generation immigrants and basically my brother and I were encouraged to become medical doctors for economic success and prosperity.

[00:02:06] At an early age, I was always the outsider. So I developed very entrepreneurial skills as a means of survival. So there was a point in time when growing up, I experienced a lot of discrimination and bullying and there was a point when I decided that I would never be dependent upon a job.

[00:02:28] I would never work for anybody. I wasn’t going to work for a corporation. I wasn’t gonna depend on the government social security. So in order to accomplish that, I had to become an entrepreneur. And so therefore my entire economic success and freedom lie solely on me. And that would be 100% responsible.

[00:02:46] So that led me to pursue a career in medicine at first. And it really wasn’t my passion, but it taught me a lot of skill sets that helped me survive and thrive as an entrepreneur. Post 9/11, post-financial crisis, and post-COVID. So I went to Baylor for medical school as part of the MD/Ph.D. program.

[00:03:10] And that’s where my real entrepreneur startups started. So I started investing in real estate. I bought my first investment property when I was a first year medical student, rented that out. and by my final year of medical school. I had another investment property and I was actively investing in stocks and trading in options.

[00:03:28] So my final year of medical school, I had already attained financial freedom and I would never work for anybody or anyone if I didn’t want to. So, but yeah, it was a, it was a great story because I was really encouraged by all my mentors and deans to pursue the conventional route. So I remember going through the list of specialties and I wasn’t really particularly enthusiastic about any of them.

[00:03:57] So I settled on the highest paying specialties, so ortho was one of them I matched into Rutgers. And I moved up to New Jersey and you know, day one, my intuition told me that I had made the wrong choice. so I toughed it out for two years. And then there was this point where my intuition told me to take a leap of faith or otherwise I would.

[00:04:18] otherwise I would know, live the rest of my life with regret. So the day that Lehman Brothers filed for bankruptcy, I listened to my intuition. I walked into my chairman’s office, turned in my keys, badge and pager. And I’ve never looked back since that day. And as they say, the rest is history.

[00:04:39] Dr. Taylor Brana: Amazing. Wow. So there’s a, there’s a lot of interesting things you said there, and I really want to kinda tune in and tune into that for a second. So. A lot of students now were not taught about financial freedom. Were not taught about real estate. We’re not taught about entrepreneurship. Were not taught about business and you, in the meantime, not only thought about it, studied it, but practiced it.

And I think that’s incredibly powerful for many reasons. And I’m so first off, I just have to applaud you because financial freedom first off is something that a lot of us are dreaming about, especially now with the immense amount of loans that people take. How did you start to even begin this discovery of this other world?

[00:05:29] Dr. Chris Loo: Yeah. like I alluded to, a lot of it was means of survival. So I went into medicine because that was back then it was the way to achieve financial freedom. My wake up call started on 9/11 because that’s when I was a second year medical student.

[00:05:48] but a lot of my friends, they took jobs right out of college. So they work in the tech sectors on wall street. So a lot of them got let go after that. So I saw them really struggling. So that was my wake up call. Luckily I was in school, so I had time to prepare and study. And I also saw that healthcare was going down the drain and I saw that the next 20, 30 years wasn’t going to be as fruitful as the prior 20 to 30 years.

[00:06:15] I also saw physicians. Let’s get commoditized. Now we’re seeing that very, very prevalent in the area of COVID-19. So I just started to study, I formally incorporated in 2002, and I just started reading, studying the markets, studying trends. And for me, it was just a means of survival because I knew one day I wasn’t gonna practice medicine because I saw the quality of life and it just, it was actually a dying profession. So I just started to seriously just prepare for my financial future. 

[00:06:53] Dr. Taylor Brana: Yeah. And it’s interesting when you, when you talk about this too. You know, some people go into medicine for passion.

[00:07:01] Some people go into it for, in a variety of reasons, but for you, it really was a means to an end in a, in a sense that you wanted to build out a strong financial future. And I’m sure that kind of motivated you also to maybe look at some other routes, right? Like you chose ortho, not mainly because it was your passion per se, but it was the highest paying one now.

[00:07:22] you know, with all that being said, You reach financial freedom and financial freedom means something different for maybe some other people. So what’s our working definition for financial freedom as, as you, as you attain that. 

[00:07:37] Dr. Chris Loo: So financial freedom can be a lot of things for a lot of people. There’s one for me, for financial freedom means just having the means of creating passive income streams without needing to work for somebody or without needing to rely on the job or boss.

[00:07:55] So that can either be through real estate. It could be through a company, it could be stocks, it could be through savings as well. So it’s all a personal decision it’s based on personal finances. So you know, people that spend a lot. Will require a lot more income to support that lifestyle. So like I said, but essentially it’s the ability to, to pursue what you want, do what you want without meaning to depend on an external source of income that is out of your control.

[00:08:29] Dr. Taylor Brana: Right. And, and again, this is something that is not in part of formal education, probably because if you were to learn about it, you might not want to work within the system anymore. Right. So, let’s kind of dig into it. Obviously I know this is an area that you’re very passionate about, but let’s start digging into some of those pathways.

[00:08:49] Towards financial freedom. Like what was, what was your path and what are some pathways that you like to talk to people about? 

[00:08:56] Dr. Chris Loo: Yeah. so I got my financial freedom through real estate. And then, then through stocks and options right now my financial freedom is through my consulting company and through my digital content creation business.

[00:09:11] So doing these sort of podcasts. so I got it. My education is through real estate and stocks. It’s not really what I would want to be doing 40 to 50 years years from now. It just taught me basic skills and how to survive as an entrepreneur, how to become a better investor, how to learn to spot value.

[00:09:32] And opportunities to create those. So there’s a lot of different ways in the information age. So a lot of times stocks and options and real estate, those take a little bit more experience and education and training. But with the internet with podcasts and books and just social media, there’s so many low cost, low entryways in high margin in low overhead ways of creating passive income.

[00:10:01] Dr. Taylor Brana: Absolutely. And I’m seeing that for myself as well. Like just with this one cast I went from yeah, no doing this for something for fun. And now like after a while and gaining an audience, right. You can get advertisements and those types of things. So this podcast actually has some ads on it as well.

[00:10:20] And so I started to develop a little bit of an income stream through that. So when you’re teaching people from the beginning, how they might start to think about this or what resources to look at, what sort of things do you like to tell people who are just getting started? 

[00:10:36] Dr. Chris Loo: Just so the first thing is to start getting educated.

[00:10:40] I recommend the number one book that you can buy a book for 10 bucks and it can change your life. So I, that book came to me through the rich dad, poor dad. Less than 10 bucks and it changed the entire course of my life. So just start reading and educating another great book Multiple Streams of Income. So that’s what teaches you in today’s age, the way it means of protecting your job security is to be able to create your own streams of income. other books for example really getting started and options just really amplified my success in the stock market. But like I said, these days, everything is going towards digital.

[00:11:27] So you know, there’s hundreds, thousands of podcasts, there’s YouTube. a lot of it is just free. So start educating yourself after that. It’s sort of like you can invest in online courses. So those are fairly inexpensive. They take those, those are a little bit above the level of free podcasts and books.

[00:11:51] Above that is go networking with conferences seeking mentors. The number one thing is to really accelerate your success is mentorship because you have to have, it’s like a guide. It’s like if you’re going to hike to the summit of Mount Everest, you’re not going to do it alone. You have to have somebody there.

[00:12:12] and especially with the information age where knowledge and information is just free and abundant. It does it. It’s not going to help you just to have so much knowledge. You have to have somebody that can help you dissect that knowledge, how to apply it, how to effectively guide you in how to use that knowledge.

[00:12:29] Dr. Taylor Brana: yeah. Yeah, absolutely. And, and you, you provided a really good step pathwise there. I’m curious you said that you, you made a powerful statement. You said rich dad, poor dad. That was 

[00:12:40] Dr. Chris Loo: yes. 

[00:12:42] Dr. Taylor Brana: Was it in that book that you’re like, Oh my gosh. Because I have a book of my own that happened to me as well.

[00:12:47] Yeah. What for you? Rich dad, poor dad was a very powerful book. What was it in that story or what was the moment that you’re like? Oh my gosh. I have to do this.

[00:12:57] Dr. Chris Loo: Well he talks about the four quadrants, the employee, the self. Employed. So those are the two where you’re trading your time for your money. And then he talks about the two quadrants where you become a business owner and an investor.

[00:13:12] So that’s the fast track. So that’s when you had enough passive income where you free up your time, you’re not dependent upon a job or a boss, and that’s when you can really accelerate your progress. But one of the stories was, where I realized we all go into these high price, high paying professions and we’re getting paid 500 per hour, but really it’s not financial freedom because you can get terminated by your boss.

[00:13:42] You can get terminated by the insurance company, et cetera. So you’re still trading your time for your money. So in order to get away from that paradigm, you have to start being thorough to start thinking in terms of assets and creating assets. So that’s whether that’s through books or whether it’s through digital assets, whether it’s real estate, whether it’s through paper assets, partnerships.

[00:14:05] So that was the one key idea that I got from him and really it’s learning to leverage your time and your skillset and work smarter versus working harder. 

[00:14:17] Dr. Taylor Brana: Right. The trading time for money concept. I feel like people don’t think about that a lot. You know, I actually I’m aware of the four quadrants and a lot of people I think mix up owning a business that is actually making you money versus being your own employee, like being an employee.

[00:14:35] So right. You can own your own business, but you’re still an employee of that business. And so you’re not, I mean, again, I’m preaching to the choir here. I know, you know this, but you know, a lot of people, I think that’s a difficult sort of concept if they’ve never owned a business.

[00:14:53] Right. Because what you’re saying, and I think is a very valuable point is when you make assets like a book, like a course, like a podcast whatever it is that you’re doing, you’re able to sort of have recurring revenue. Over time. Right? So, tell me more about you, once you read this book, once you started educating yourself, what were those assets that you started to build for yourself?

[00:15:21] And now in 2020 what, what do you see as like some of those high value assets that you’re trying to create for yourself? 

[00:15:28] Dr. Chris Loo: Yeah. so when I read that book, it was back in 2002. And back then, this was before the age of social media, you know and before the advent of Google and Facebook, so I started to just really look at the traditional forms of generating wealth.

[00:15:46] How, how did the, how did the super wealthy get that way? So I read hundreds of autobiographies. Yeah. It came down to two things. One was real estate. So every wealthy person had a component of real estate in their portfolio. that was just. Whether for tax advantages, whether it was for wealth creation, whether it’s for asset protection, real estate was there.

[00:16:13] So that’s what, that’s why I started looking at that. And I started to look at real estate in terms of how to generate additional cash flow so that I could have that regularly occurring income. The other site, the flip side to that coin was a lot of. Extremely wealthy individuals became wealthy through the stock market.

[00:16:36] So whether that was through Wall Street or through investments such as Warren Buffet. So I started to really dissect their psychology and how they started to analyze the markets. Was there a psychology of investing psychology of what was the difference between investing and trading?

[00:16:54] And that’s why I really developed my own personal preferences, how I like to invest in, in paper assets. And that led me to learning how to trade options. But, and the thing about options was not only could you trade it for gains, but you could also use. Options as an in your face portfolio as a means of protection.

[00:17:15] So in case any sort of significant downturn there’s, there’s the existence of put options. So you can buy, put options in, it’s almost like an insurance policy against your portfolio. So that’s how I did it first. And then. and then from 2008 to 2016, all I did was I implemented my success back from medical school, but single family condos.

[00:17:37] And I just did the, I did the burn method. I did the house hacking method. And then when Airbnb came on the scene, I used Airbnb. so, and then, and that was up to 2016. That’s when I achieved fire status. After 2016 I started to see a shift in the dynamics. So things were changing in every single sense of the word because of globalization technology and a lot of different market forces.

[00:18:06] So that’s when I started to shift towards the internet. online courses. I wrote my first four books in 2017, 2018, a lot of coaching. and then podcasts are now on the scene, YouTube. So that’s why I started to focus on those because those were the you can, those are the high margin assets.

[00:18:27] But they don’t, they don’t take a lot of capital, like for example, real estate you have to have at least a hundred, $200,000 to get in and be competitive with a stock portfolio, you have to have, you know, a significant amount. But the internet has really low barriers of entry.

[00:18:44] anybody could be successful. And so that’s that’s so right now I’m just focused more on the high margin, online channels of monetization. 

[00:19:00] Dr. Taylor Brana: Yeah. It’s, it’s funny you say that. Cause I mean, I sort of did it intuitively I guess, but look, I’m a poor resident and I have.

[00:19:07] Hundreds of thousands of dollars of debt. Right? So for me, it’s specifically as you were saying that I had to look at the lowest hanging fruit, right. And one of the things that I could do personally, was start to create that digital presence. I’m curious if you were to start today, let’s say you destroyed all your assets.

[00:19:26] Let’s say you lost everything. What, what would you, what would you focus your time and energy on. 

[00:19:31] Dr. Chris Loo: I would focus on the stock market. So that’s one thing. The other thing is so just developing your social media presence. So through Instagram, YouTube, Twitter, I’ve had a lot of success through Facebook groups.

[00:19:46] Then the other thing is right now that I’ve divested, I started divesting since 2010 and that’s in digital currencies. But again, it’s a, it’s a very speculative and it’s a very hyped up play, but I got in early, so but like I said exercise caution, but I think that was one of the areas to be looking into is just like digital currencies because interest rates are at an all time low, the fed can print trillions at just the hit of a button.

[00:20:21] So really I think the dollar Is really under attack within, and also with China. So I think in terms of the dollar status as the reserve currency, it’s going to be threatened. And I think digital currencies have a lot of advantages. So. I’d look into that.

[00:20:38] Dr. Taylor Brana: Yeah. So basically the fact that everything’s kind of in flux right now, the digital currency is more stabilizing.

[00:20:45] It’s more stabilized in terms of the fact that the way that crypto works as they can’t print more. Right. So it’s, it’s stabilized in that way. That makes, yeah, that makes sense. I think now one of the, one of the things you mentioned earlier is. With your story. Real estate was huge, right?

[00:21:05] And real estate has been something that’s been a part of what you did. And you even mentioned buying the condominium and getting the rental properties and all those things. And then Airbnb as well. Are you for 2020? Like, do you think. For me. And again, I’m, I’m asking this to you in a, in a selfish way almost.

[00:21:23] Do you think that it’s worth still having investments or putting, putting money towards physical assets, like real estate or are you more cautious, right now?

[00:21:36] Dr. Chris Loo: I’m glad you asked that question. So I think as physicians, as high income earners, I think real estate has a really fantastic component.

[00:21:47] One for asset protection and two for tax advantages. Cause you know, for high income professionals, you know that the tax rate is extremely high. So having real estate as an investment is actually a hedge against your tax liability. That being said. The other thing is that interest rates are at all time low, so it’s easy to refinance a place. It’s easy for you to know, if you qualify for a mortgage or a loan, you can get great rates.

[00:22:14] and then but the, the thing is the, the flip side to that is asset prices in some areas are overvalued sometimes a lot of it’s a lot of it’s in a bubble with the COVID issue and a lot of tenants not being able to pay their rent because they can’t they don’t have a job.

[00:22:36] And then with, with the state laws protecting tenants, there’s a lot of risk and liability for landlords. So that in that case, in that sense, it’s very unstable. So, I mean, if you’re going to buy a house for your own personal use, or if you within reason or if you’re going to buy it like a small investment, Property because interest rates are low and you have some extra money to invest in you know, do that, but again, you have to hedge it.

[00:23:05] So, like I said in 2016, I started to see all of these different changes. So that’s why my last property I bought in 2018, but now I’m just looking and studying the market. And also with like, for example With all of this digitalization and virtualization where companies may not need commercial real estate anymore.

[00:23:25] So that’s going to be another issue that I’m looking into. So yeah, that’s a great question. 

[00:23:32] Dr. Taylor Brana: Well, the way that you started before, right. Is not like, as the market’s always changing and what’s, what’s valuable and you know, you were mentioning in 2002 and stuff.

[00:23:46] Like what’s valuable 20 years ago is not necessarily what’s valuable now. And so I think that’s one of the tricky things that’s hard for people to understand who are getting started with finances is that the patterns that worked before, aren’t the, aren’t the patterns that work today. And so it’s, you really do have to consistently study.

[00:24:08] And watch where things are going. And that’s why I also appreciate it, you’re giving very good answers here. I appreciate the fact that you gave a reasonable answer, which is you can go into real estate, but you have to also understand the current market, which is, there’s tenants that can’t pay, there’s instability there.

[00:24:27] There’s a lot of things that are kind of happening in the background. One thing you mentioned earlier that I don’t know a lot about that I did want to ask you is I’m familiar with stocks. I’m familiar with investing in index funds and those types of things, but you mentioned options and I, I don’t know, I don’t know much about options and I know they’re a little bit more of a riskier bet. So to speak. Can you, can you tell us a little bit more about what options are? 

[00:24:52] Dr. Chris Loo: Yeah, sure. So options is sort of another means, it’s sort of like it’s a way of controlling the paper assets. So, so for example, I’ll give you the two types of options. So you have a call option and a put option.

[00:25:08] So you have a call option. Basically gives you a contract, so it’s good. It gives you the right to buy X number of shares at a certain date in the future at a certain price. And so what that means basically is that, for example, if you think a stock is going to appreciate a month now, two months from now.

but you’re not sure. So instead of buying the stock outright, let’s say the stock is like a hundred dollars. Right. And I’m in this and let each, each put the, each call contract is a hundred shares. So yeah, if you were to own that stock out, right. And today at a hundred dollars that would be, that’d be 10,000, right?

[00:25:55] Yeah. On the flip side, what you could do is you could let’s say you think that the stock is going to appreciate a month or two from now. So what you could do is you could buy one call contract and that call contract gives you the right to buy those hundred shares at the end of that two months.

[00:26:13] So. In that case one call contract is usually let’s say, could be like 10 bucks, a hundred bucks. It depends on the particular stock. So, you’re controlling a hundred shares of stock for really significantly less price. So, and let’s say at the end of that period, the stock appreciates, you can either exercise that contract, that own stock, or you can just sell the whole contract and reap your profits.

[00:26:41] So you can do it that way. The other, the other thing is, for example with a call option, let’s say you have a, a hundred shares of Microsoft right now. You can rent out that stuff each month based on a, by selling a call contract. So that basically gives you the right to sell those. Those particular shares at a certain date at a certain price.

[00:27:05] So there’s a, it gives you a lot of options and variability. So I’ll give you another example. So for example, like a put contract, if you think the market is saying, for example you started to see the investors become wary back in January, February this year when with Covid or something.

[00:27:27] So what they would usually do was they would know,  you could buy put contracts on either the Dow or your stock portfolio and you know, because the market dropped 30%, 40% in some cases you could reap that you basically, the losses on your portfolio could be offset by the gains in that book contract.

[00:27:50] So there’s a lot of different ways of doing things. 

[00:27:53] Dr. Taylor Brana: it might be over simplifying it, but is a call option when you believe it’s going to appreciate and a put option is more when you’re trying to short? 

[00:28:01] Dr. Chris Loo: Yes. Yeah, exactly. 

[00:28:02] Dr. Taylor Brana: Okay. Okay. Gotcha. So, so, OK. And, and from my understanding though, these are, this is, this is you’re, you’re predicting like short periods of time.

[00:28:11] Like you’re, you’re imagining it’s going to improve in two months versus it’s going to short or, or reduce in two months. Right? Like these are, these are, the options are riskier in the fact that you’re, you’re trying to, you’re predicting within a short period of time. 

[00:28:25] Dr. Chris Loo: Correct. Yeah, exactly. So that’s that’s why so you have like you have weekly contracts, you also have monthly contracts, you have quarterly contracts, contracts.

[00:28:37] So and again, they’re, they’re a lot more volatile. So like like for example, like a single drop in the like one. Point in a drop in a stock price. you know, you may lose a hundred on a stock, but for a, for an option, you may lose like a thousand. So it’s a lot more riskier and a lot more volatile.

[00:28:57] That’s why it’s you know, you have to really learn what you’re, what you’re looking for and how to use options in your to, to, to accomplish your goals. 

[00:29:07] Dr. Taylor Brana: So for someone who is casually investing and who isn’t doing the research and who doesn’t know the company options are probably not a good idea.

[00:29:19] Dr. Chris Loo: Well, I know for that, for that sort of person, what I would recommend is just you know, a hundred bucks, 200 bucks every month into a low cost index fund and just set it there over. 10 year, 20 period, 10 year, 20 year, period. I’ll appreciate that. But if you, if you don’t, if you like, if you don’t know what the company or anything, I would not recommend options, you really have to know the market.

[00:29:47] Good what’s going on because things change almost now. I’ve seen it once in a while. I was doing options back in 2006. you know, I could. You know, the options would be good for like a month, sometimes more these year, these times I’m only looking at weekly options because things change so quickly.

[00:30:08] Dr. Taylor Brana: Yeah, they, they, they certainly do. And you don’t know what’s going to hit next. so I know there’s a lot of people, again, that are listening to this that are nowhere near financial independence and they, they just want to get started. You mentioned one of the ways to do that is with books. And you mentioned a few books, so I have a few questions.

[00:30:30] One is. What books would you recommend someone read today, even if it’s just broad topics? Like what are a couple books that you love that you like to go to? 

[00:30:39] Dr. Chris Loo: for finance? You mean? Or like I said, any of the Robert Kiyosaki books those are, those are my go to multiple streams of income. I’ve written four books as well.

[00:30:52] You can check them out, but anything with personal development. So I’m always reading about the really super Super high earners, but also the ones that have the happiest and the most fulfilled, I’ll give you examples like you know, Oprah Winfrey or Tony Robbins Steve jobs. A Warren buffet, Richard Branson.

[00:31:15] These are the people that I read any of those books. and just but it’s really, I think and if you read rich dad, poor dad, all of his books if you read multiple streams of income, that’s that’s enough. That’ll change the course of your life. but you know, if you’re looking at others, there’s Secrets of the Millionaire Mind by T. Harv Eker, which talks about people with a regular nine to five, like that become millionaires, become financially free, financially successful. So any of those as well

[00:31:53] Dr. Taylor Brana: Awesome. And then, those are some books. What are some courses that either you would recommend or be you wish you’d known about sooner? 

[00:32:03] Dr. Chris Loo: Well, I’ve taken a lot of courses. and I’ve always invested in my own personal education. I’ve taken Tony Robbins his date with destiny, cause that really helps solidify my values and beliefs and really aligns my core values and beliefs accordingly and living life, according to how I wanted to live it and not really what the society was telling me or my parents. Those are really expensive.

[00:32:34] So yeah. the others are any sort of for all, I took Kenji Asakura and Letizia Alto’s real estate course. And that one I took last year. And that was more just to study more successful investors and see what different tactics and strategies that they were using.

[00:32:57] and more to network anybody, any physician that’s looking to. Go into real estate should go into that, that course, because it’s really talking about really cashflow and really fundamentals. And it’s not really talking about gambling on appreciation or flipping . It’s a little bit when you, it’s not really, it’s a little bit dry, but the concepts are very powerful and valuable.

[00:33:22] So if you, if you take those concepts you can do very well. Yeah, I’ve done those. I actually have done so many courses, but really, really the life changing ones were the live events.

[00:33:38] Dr. Taylor Brana: Well, I mean, yeah, a live event. I mean like the date with destiny one, I actually really wanted to do that, that one.

[00:33:43] Cause I think a Tony Robbins is just so inspirational and I think that’s a great foundational sort of thing too, because I think a lot of people want to make more money, but as you know, and we can, I’ve had a whole conversation about this mindset is a hundred percent so important before you even enter these kind of conversations because.

[00:34:04] If your belief system isn’t right. If your mindset is not ready for it, it can definitely impact you as well. But look. Money can be, it doesn’t matter if money’s dry or money is entertaining at the end of the day, you have to learn this stuff. So I appreciate that. And one thing I want to let the listeners know is for the podcast is we’re going to have all the links for the courses and the books and all that stuff.

[00:34:25] I want people to check it out and also I’m going to offer, Christopher, in all of your books as well as in our notes, because I want people to have those resources, because again, you’re not going to learn about any, I’m pretty sure the choir here, you’re not gonna learn everything about finances and what did you do within 30 minute, 40 minute podcast episodes?

[00:34:43] It’s just not possible. so, I appreciate you offering those resources.

Now I’ve asked you a lot of questions, but one question I ask everyone is, or one of the questions I’d love to ask is, is there anything you wish someone would have just told you sooner? Or was there anything that you wish that if you’re a teenager, 20 years old, you’re gonna think you’re thinking about going into medicine.

[00:35:10] Is there something you just wish that someone had knocked your hat and said, this is what you need to do? Like what would that be? 

[00:35:15] Dr. Chris Loo: Well, I really wished that, I think Being pushed into medicine at an early age kept me just focused and on track. It kinda made me lose sight of the big picture, though.

[00:35:27] So I think looking back 20, 30 years later is actually a good thing for me, because it kept me out of trouble. and then it allowed me like you know, being a physician and. It actually gives you a lot of credibility and a lot of influence. Whereas if I didn’t go to medical school you know, I probably wouldn’t be as effective, but really I think back then, I wish somebody would just have said, and you know, you don’t have to really.

[00:35:56] You know, like all of the industrial age ideas where you go to school, get good grades, listen to authority you know, do what people say you know, stick to the weld, well, beaten path. it really, I wish somebody would have just said it’s like, okay, to be different than just go out.

[00:36:15] Yeah. And your own and just pursue your passions. And life is not a, like a, like a straight. You know, a path where you just it’s like, it’s not a linear path. You know, it goes through ups and downs and that’s life so, but I think the medical profession really doesn’t really exemplify real life in terms of just career advancement, because everything is just an orderly stepping stone, but that doesn’t really happen in real life.

[00:36:41] Dr. Taylor Brana: It’s, it’s very, it’s very true. Yeah. so I’ve asked you a lot of questions. During this conversation. Is there anything that you wanted to say that maybe I haven’t asked you yet?

[00:36:52] Dr. Chris Loo: So do what you want to do and don’t live life with regret. Don’t leave everything on the table.

[00:37:04] So don’t go into something where you just feel like you have to, because you know, it pays the bills or because you know, if it brings in a million dollars a year and you think that’s going to make you happy, Really do things that are really aligned with your values, interests and passions, because in this day and age, the way things change so quickly, industries are wiped out in a matter of sometimes months, so really do things that really excite you and interest you. And you know, that you can excel at. 

[00:37:39] Dr. Taylor Brana: absolutely. Absolutely. I mean, that’s definitely been something that’s been very true in my life. And what you said there with the volatility of everything going on right now is exactly the reason we need to be listening to you because having all these different streams of income that diversifying yourself helps protect you.

[00:37:57] Right from all of that volatility. now I’m gonna open this up. Just I see that we have a question here from the, from the live stream here. So I’m just gonna throw this up here. and if anyone has any questions at this point, please, please let us know. Otherwise we’ll be closing out for today. I don’t want to waste too much of Dr. Chris’s time here, but we have a comment here from Francis Yu and he says, and I think you can put that you can see it on the screen here.

He asks:Thoughts on naked calls and puts?

[00:38:34] Dr. Chris Loo: so like to just give the listeners an idea of basically naked, naked calls and puts basically means that you’re able to sell a call or a put option without having the underlying with guarantees. So in other words, it’s basically going it’s basically in layman’s terms, if you were to short Tesla and it’s gonna pop through the roof, so your loss is potentially unlimited.

[00:39:02] So that’s sort of what the idea of naked means. It basically means you don’t have the funds to cover that call and put option. But when you sell a call and a put option, you collect that premium. And so hopefully at a later date you’re able, things work out in your favor, but that sort of an investment.

[00:39:21] Is very, is very risky. So for anybody that hasn’t done options, I don’t recommend that. I recommend that you just stick with just regular index fund investing, start reading about calls and options, inputs. You know, you, you can buy, you can buy one call option, put option just to see, it’s not gonna break the bank, but if you’re going to do like naked calls and puts those can really seriously jeopardize your.

[00:39:48] You know, your financial security. So I don’t recommend that that’s really for advanced investors and traders.

[00:39:56] Dr. Taylor Brana: So, not something for, for someone like me who is just learning what options are?

[00:40:04] Dr. Chris Loo: That’s my caveat is just I’m trying to protect the listeners don’t do anything like crazy or wild or speculative. 

[00:40:12] Dr. Taylor Brana: So, I’m not going to do a naked call on Tesla with my entire paycheck tomorrow. 

[00:40:18] Dr. Chris Loo: Yeah, I would not [laughs] 

[00:40:22] Dr. Taylor Brana: Gotcha. Okay. So I think that’s the only question we have. if there’s any other questions or comments, feel free to put them up right now.

[00:40:29] Otherwise I want to, Dr. Christopher Loo. I want to appreciate your time today. Finance is a very interesting topic and maybe at some other point, if people have more questions, I’d love to welcome you back on, but I really appreciate your time. Again, finances is just such an important topic.

[00:40:47] And if you have any additional thoughts or you want to talk about anything else on the Happy Doc Podcast, I’d love to have you on again. So thank you so much for your time. And I appreciate it. 

[00:40:56] Dr. Chris Loo: Awesome. Thanks Taylor. I really appreciate our time together. 

[00:41:00] Dr. Taylor Brana:  Alright. And take care. 

And that’s the episode for today. I want to thank you so much for listening to the Happy Doc Podcast. Again, this is a podcast that is going to inspire you as a physician, as a health professional, as an individual to be fulfilled in your life, so please look out for the other episodes in The Happy Doc. If you enjoyed today’s episode, please leave a five star review on the podcasting application of your choice. You can also reach out to us by emailing the happydoc1@gmail.com. I’ll see you on the next episode.