Obviously, I’m a big proponent of physicians supporting other physician-owned businesses, especially when it comes to education-based companies.
Usually because they often develop the business simply for the love of teaching others, rather than just another profit vehicle.
I once had the opportunity to witness my guest, Dr. David Yeh, speak for nearly 2 hours at a breakout session patiently answering questions from young physicians, on issues of financial literacy and investments. Dr. Yeh did so, completely unpaid, enjoying teaching others who were hungry for information, all while doing so with a smile on his face, seeming to have the time of his life!
Outside of his work as a nuclear physician and radiologist, Dr. Yeh was able to develop a financial system using his diagnostic skills he learned as a medical doctor that allowed him to semi-retire at age 45. On this episode, you’ll learned his trial and tribulations of investing in the stock market as a medical resident, why he became a financial investment advisor, and his thoughts on the stock market today (and yes, we do discuss Gamestop!). Learn more about this journey of this extraordinary doctor on this must-listen episode!
Wealthy Doctor Institute – specializing in providing education and portfolio management services to individuals, families and small businesses.
https://wealthydoctorinstitute.com
The Busy Doctor’s Investment Guide: How One Adjustment Per Month Can Save and Maintain Your Portfolio’s Health
https://www.amazon.com/Busy-Doctors-Investment-Guide-Adjustment/dp/1599325527/
Transcript:
Dr. Mike Woo-Ming 0:10
Hey guys it’s Dr. Mike Woo-Ming. Welcome to another episode of BootstrapMD. I’m really excited about this interview. This is someone that I’ve been wanting to get in touch with for quite a while. I first learned about him through Peter Kim’s Leverage and Growth Summit, and he was kind enough to give us an interview. I’m always curious about meeting other doctors who retire or semi retire before our typical retirement age. And on the call today, we have Dr. David Yeh. He’s a nuclear medicine specialist in Chicago, who got his degree from NYU School of Medicine and he actually became someone who retired at 45 when he started a financial investment system that allowed him to retire at 45 years old. And it’s great to hear someone who actually practice what he preaches. And he is now the founder of The Wealthy Doctor Institute, and he’s also the author of a book that you guys need to pick up called The Busy Doctors Investment Guide: How One Adjustment Per Month Can Save and Maintain Your Portfolio’s Health . David, welcome to the BootstrapMD podcast.
Dr. David Yeh 1:30
Thank you, that’s an amazing intro. The respect is mutual. I was looking at your talk last year, and I was amazed by this whole community of physician entrepreneurs. I wish I had that years ago.
Dr. Mike Woo-Ming 1:43
I know, you’re introverted, you’ve mentioned the past, I’m introverted as well. So I’m glad that we were finally able to come together and have this interview. I’m curious how someone who is a nuclear medicine doctor, and I also believe you’re a radiologist, how the heck do you get involved in investing, in an intern year?
Dr. David Yeh 2:08
The short answer is for radiology, it’s all pattern recognition, quantitative analysis, I just applied similar skills to the markets. But the long answer is, you’re right. I started in intern year, for good reason. And that’s because right off med school, I had my first paycheck and I was financially naive. So I quickly learned that real life could be really rough. And I got to that point where I had credit card debt, sleepless nights, knots in my stomach, and finally hit this proverbial rock bottom where I said, never again I have to get this part of my life handled its ridiculous. So that’s when I really started to just push aside my fears around money and just start studying. I started with the Dummies books course, Personal Finance for Dummies, Investing for Dummies, and all these other beginning books. But then, as I started reading, and digging myself out of my hole, when it finally came to getting my financial life in order, I came across a options investing course. And at that time, I was sold. I thought oh my god, you make so much money, so quickly. I didn’t realize at the time, there was a difference between investing and trading. But that was okay, because there were concepts in that course that I just applied to my investing. And eventually, I developed systems that I only had to watch once a month. Because let’s face it residency was really tough, you don’t really have time to watch the mortgage all day. So eventually, I developed systems that I didn’t have to watch so often. And I just continued on, even in private practice.
Dr. Mike Woo-Ming 3:45
Just to have an idea, and again, I don’t want to date you but I have to figure it out in my head, because you do look young. So what timeline are we talking about just so I can get an idea of where the stock market was at the time
Dr. David Yeh 3:59
Sure, my intern year I started 1994, rock bottom was 1995. And, by the time I dug myself out and started really investing, besides just dollar cost averaging, actually doing options trading was 1996. And remember, the 1990s was a big bull market, right? And the worst thing that could happen to any beginning investor, and this could be for gambling as well, isn’t that you lose money. The worst thing that could happen is that you could you are wildly successful. And that’s exactly what happened to me. Within two trades I doubled my money and I thought I was king or God or something. And of course, you get cocky and then within five trades, I blew up my account. So I learned something valuable because even within a raging bull market, the dot com bubble, I could still lose money. So, again you get this rock bottom point in life when you learn something valuable and one thing I learned was money management, risk management is so important in investing.
Dr. Mike Woo-Ming 5:02
Now, that’s interesting. So I went to residency probably a few years after you. And that’s actually is when I got involved in the stock market. And when I say involved, it was basically a resident saying, hey, there’s this new biotech company, we you need to invest in it. And being a dumb resident, I did and nothing really came about. And then of course, later on with dot com boom, that certainly got crazy. But were you buying stocks? Or were you buying calls or puts? What was the extent of your options trading or your portfolio at the time?
Dr. David Yeh 5:38
At the time, I was trying out various different systems. I was trying covered calls, Benson’s, but I always had some kind of exit strategy. So even with a covered call, I would have a stop where I said, it’s lost too much already, let me get out. I was doing spreads, straddles, eventually I was doing condors. But yeah, just sculpting this risk graph was key to options trading.
Dr. Mike Woo-Ming 6:01
You talk about it in your book, and we all got to have to get your book, but how did your investment strategy evolve over time? I think we all lose money, that’s our first education. We all we all get very confident, we all think it’s always gonna be a bull market, and then things happen. So how did it evolve over time, was it just a gradual process? Or just learning from your mistakes, and just seeing what works and what didn’t?
Dr. David Yeh 6:29
In the beginning, it was just straight dollar cost averaging. Just through a certain amount each month, at first, I could only afford $50 per month. So that’s what I started with. I eventually opened up an account, which was like $500, to start trading options. I was following along this course, where at that time, they had something new called the web, where we can log in and see the live trades that we’re doing. And I would look at those trades, and I would wonder, okay, how do they figure out how to get in? And what I’ve done the same thing? And many times, I thought I probably wouldn’t have taken that trade, but then I follow along anyway, and it turns out many of those trades, I wouldn’t have gone in, blow up anyway. So at least at that time, even though the class wasn’t great, I thought I still learned something. So I figured, okay, I think I learned enough to actually construct my own trades and place them. Let me see if I can track them now. So for instance, if I had one or two covered calls, I would trace a copy of that. And I would track it, maybe paper trade and track it as if I placed a trade live. Maybe some momentum trades, maybe some stochastic trades, something like that. And every week, I would update all by live and paper trades and just follow along in Excel and see which ones had which ones had strengths and weaknesses. And whether or not the weaknesses were because the system was wrong or because I just couldn’t do it. Because sometimes you can have the best system by just doesn’t fit you as a personality. So for a while, I was tracking up to 20 different strategies. And I found out when there were big market upsets, like in 2000, the crash of 2000, crash of 2007, I found out that the most robust strategies happened to be the ones that I didn’t have to watch that often. The ones that didn’t involve options at all. Ones that all I had to do was, once a month rotate, just use the same criteria, calculate out the numbers and if numbers say buy, I buy. If the numbers say sell, I sell.
Dr. Mike Woo-Ming 8:36
I was listening to another interview you were on, and you said that you being a physician and radiologist had an impact in creating your investment system. Can you elaborate?
Dr. David Yeh 8:47
Yeah for, radiology anytime we look at scanners, scanner data, CT scan, ultrasound, MRI, nuclear medicine, the raw data that comes out of the scanners is an interpretable to the human eye. We’re used to using our own filters to sculpt the data into something that’s interpretable. So we know how to modify these filters to optimize these images. And I just use the same form of technology on the stock market data. The most people when they try to invest, if they don’t just blindly follow some guru, they would at least analyze some markets. But what most people do is they will analyze fundamentals. For instance, they might analyze interest rates or news or Trump tweets or something or wars. But these are indirect data that have very little correlation with the actual market direction. I look at the actual markets because every single trade every single buy and sell is recorded in the stock market chart. The stock market chart does not lie. The CEO can lie. Their pundits can lie. Talking Heads can lie. Even the financial statements can lie, because there are ways to hide certain numbers so that it looks like you’re doing well when you’re not. But every single buying trade has a truth in the market. So if we can just take that raw data of the markets and analyze that, then it’s easy to at least tell whether or not we’re relatively safe or dangerous.
Dr. Mike Woo-Ming 10:14
So it sounds like you’re not watching Fox Business or CNBC all day with your system?
Dr. David Yeh 10:20
I watch it for entertainment. I watch how other people react to the news. I used to be very triggered by many of the news items, because I used to think, oh my God, this news item made the stock rise or something. But in actually that didn’t happen. So once I had my own systems, I could just rest easy and just be entertained.
Dr. Mike Woo-Ming 10:46
So also during that time, and again, my stock knowledge was probably influenced by a lot of senior residents at the time. And I remember this one doctor, and he was always on his, I guess, laptop at the time, and I was asking what he was doing and he said, hold on, I gotta buy this. He was day trading. And so what is your feeling on day trading, and physicians? I think I have an idea, but I’d like to hear from you.
Dr. David Yeh 11:12
I actually know a physician that was actually good at day trading, he happened to be a cardiologist. Which makes sense, if you’re in the ICU watching these EKG monitors all the time, you probably can react like a day trader. But other than that, day trading is difficult. And that’s because when you make a decision, you have to have the information that you need to make a decision and make that trade in a timely manner. And then, more often than not, the trade would go against you. And you have to decide on when to decide when you’re wrong and get out. Most traders, when they start out, they don’t realize that most of the trades are probably going to go against you. And if you don’t have a systematic exit strategy, you’ll get crushed. Because the markets are pure emotion. So it’s been said that, if you want enlightment you can either sit on a mountain top and meditate for seven years, or trade for seven days. And that’s because when you trade, all your emotions just bubble up to the surface. All that fear and greed and anxiety just come up. All your limiting stories about money and your self worth and your self identity, just all comes up. And unless you can control your emotions, you’re not going to be good at trading, especially day trading.
Dr. Mike Woo-Ming 12:35
Yeah, although I can tell you I’m a real prognosticator with day trading, because I can tell you in hindsight, that usually when I get in on a trade, is usually when it goes down. So I think it’s a good indicator that that’s when it’s going to go down. So let’s first actually talk about your system because from what I understand, you don’t work with individual stocks, you worked with ETFs and funds. Can you talk more about that?
Dr. David Yeh 13:08
Exactly. I don’t work with individual stocks, at least not much right now, just because individual stocks carry idiosyncratic risk. In other words, news really does influence individual stocks. If there’s a BP oil spill, for instance, that one stock may tank even though the rest may still be doing well. If scandals come out, if something negative about a single stock comes out, it’s very hard to protect against that type of risk. Whereas with ETFs, sectors generally have momentum that is not as volatile and carries usually through a whole month. So when I make a calculation, the likelihood that’s going to change mid month, beginning month, and ruin my system is decreased. So that’s another take on diversification, but not quite.
Dr. Mike Woo-Ming 13:59
So what I was getting at, I got involved in the stock markets, probably during the pandemic. And I got involved in options trading and I’m not a millennial, but like many of us, we certainly have seen a phenomenon for the Robin Hood traders. My son wants to do it. And I’m talking on the forum groups, so we’re talking about Tesla, and we’re talking about Neo and all of these other stocks. And then of course earlier this year GameStop, everybody knows about it. What is your take on all of this? I’m sure you’ve heard about this Reddit group, the WallStreetbets, the idea that there can be a group of traders that can somehow influence the direction of a stock. Which as we know, the GameStop company is not growing, it’s pure speculation and drive. I’m curious, as someone who’s involved in this industry, what is your take on all of this?
Dr. David Yeh 14:55
Remember that markets are pure emotion. Warren Buffett says in the short term, the market is a voting machine, the long term is a waiting machine. And that’s because long and short term there will be ups and downs. Now, having said that GameStop is a very specific situation, because somehow they were short shares. You know what shorting is? Let me just explain it for the audience. When a stock or a company is unlikely to survive in the near future, and there are people who have bet that this stock is gonna go down, how do we make money? Well, they can’t buy because the stock price will go down. So what they do is, they borrow money, or they borrow shares rather, then they sell the shares, keep the money, when the share price goes down, they buy back at a lower price. So sell high buy low. That’s what shorting means. A lot of people don’t understand that. So when you have a company that has a number of shares outstanding, that’s all you can trade. So if someone said buy stock, and there’s nine of shares, the stock price has to keep going up and until it entices someone to finally sell their stock. When you have something like GameStop, where most people agree is probably gonna go bankrupt, just a matter of when, then a lot of these hedge funds start to bet that the price will go down. So the short the stock. And when they short, someone else buys that borrowed stock, and then they short that. So that’s why for GameStop it’s very unusual, because the total number of short shares was larger than the float, the actual number of shares that’s available to trade. That wasn’t so much that the internet could rally an army that could buy enough stock to raise the price. It was just that it was this perfect storm, that this particular group of companies had a situation where there weren’t enough shares to support the trade. It’s a relatively small company, relatively small amount of shares. So that’s why they were able to at least short term, boost the price up sky high. Now here’s the problem, it wasn’t just because the traders were at war with each other. Traders have been at war for centuries, institution versus individual traders. It’s the fact that, when you have shorts, there’s something called a short squeeze. For instance, when you buy a stock, and it goes down, people tend to sell. So when more people sell, stock prices fall even faster. For a short squeeze, when you’ve sold a stock, and you must buy to cover, and the stock price keeps going up to a point where you’re losing money, then you’re forced to buy, then thevforced buying pushes the stock even higher up. That’s called a short squeeze. This is a hypothetical problem called an infinity squeeze. Which has been talked about but never really experienced yet. And here’s the danger of an infinity squeeze, when the stock price goes up too high, then it’s not just the fact that the individual hedge fund accounts don’t have enough money to cover, it’s not just a margin call. It’s the fact that the clearing houses that back the brokerages, they don’t have capital to cover those. It’s not just the shares of stock that they have to cover too. It’s the fact that you have all these call options, that are now with tremendous amounts that they cannot cover. It’s the fact that you have these short put options, that now it just becomes a real mess, trying to sort it all out. Because now you have the very existence of the clearing houses in trouble. So had the stock price gone up to $1000. The very survival of the markets would have been severely in danger. People don’t realize this. But that’s why the trading was harder to buy only, and people were thinking they just colluding with the hedge funds. No, actually, they were in survival mode. Trying to survive for their very existence.
Dr. Mike Woo-Ming 19:24
Have you seen a change in what you do with these apps now, like Robin Hood and not having fees? Used to be just Etrade and Ameritrade and now they’ve all gone to no fees and then more and more people are getting into the stock market. And again, I don’t want to age myself for these millennials, they’re putting in their money and we’ll see what happens kind of thing. Have you seen an effect on this? What could be the ramifications of this?
Dr. David Yeh 19:57
Actually remember, stock market is pure emotion. So no matter what kind of technological advances we have, it still underlies emotion. So for instance, if you look backwards in stock market history, back in the 1980s, when we had a crash of 1987 people going, Oh my god, it was crashing because of program trading. Because one program was selling the other program detected that it sold, and then they said, back in the 1990s, we had the high frequency trading, and that was affecting markets. But actually, if you take a look in 1929, the same patterns were happening. If you take a look at the patterns, they just erased the timeline. And look at the actual patterns, they don’t change much over time. And that’s because human psychology underlies all of the market. The market actually is all just same animal, just different technology advances. And we just use it, but it’s still the same pattern.
Dr. Mike Woo-Ming 20:55
In your company, The Wealthy Doctor Institute, do you work primarily with physicians?
Dr. David Yeh 21:03
Because I’m a physician, because my books full of all these analogies to physicians, because I have so much rapport with other physicians, most of my clients are physicians. In the beginning, when I was building my business from scratch, I was going to these business classes and seminars and things like that. So I have non physician clients as well.
Dr. Mike Woo-Ming 21:26
Now I have a friend who’s a financial advisor, she’s not a physician. And she can’t stand her physician investors because she says she tries to recommend something that’s conservative, and they want to buy the next alternative Bitcoin. What is your opinion of the physician investor, and I don’t want to get you in trouble with any of your clients, But what has been your experience?
Dr. David Yeh 21:54
Alright, my experience, again, I’ve only had like maybe five years of really talking to physicians about their investments. And there are some, even private practice, there are some cowboys who want to buy the next hot stock. And I gave a couple of these examples in my book. Where colleagues wanted to buy this hot stock. But when I bought in, I had a set exit strategy. I told my colleagues, I have this exit strategy. They told me, okay, tell us when you exit. When I exit, I told them, and they said, well, I think it’s just a small dip, right? Now it’s gonna come back, I’m just gonna hold on. And lo and behold, they lose 80% of the money. And they don’t position size. So we actually lose a whole account instead of just a small percentage. So a lot of these rookie mistakes based on emotion exists in even us relatively well educated physicians. Because, again, markets are emotional. That’s why I use algorithms, to plan out everything from position sizing to signals to get anything out. So that’s one group, the Cowboys. Then you have the other group, and this is the group I started helping out the most. Because originally, I was trying to teach the Cowboys how to invest, here’s a systematic way of looking at things so that you don’t get burned in the markets. But then we had, the really fearful physicians who got out during the crash in 2008 and didn’t dare get back into markets. I showed them the system that I use, and instead of learning how to trade or how to invest, he asked me what can you invest for me? And that was a group of physicians that I my heart really reached out to, because they were so scared of something that was unfamiliar to them. And they really needed this help. And I used to really look down on financial advisors because when I was a cowboy, I tried to learn this myself, I got burned by financial advisors before charging high fees. But now I realized I can be the financial advisor that I wish I had when I was a poor broke intern. And so now, I have physician colleagues who are just afraid of investing, who trust me and this is why I went to med school to begin with. I envisioned myself just helping people, helping patients. But I went to radiology because I liked the tech, I liked the you know, toys. And I didn’t really get that physician patient interaction unless I was doing barium or something. So now, as an investment advisor, I get to talk to clients one on one again, and it’s beautiful. I just feel like I’ve come full circle this way.
Dr. Mike Woo-Ming 24:39
So when you talk with your client or your prospective client, what do you what information do you get from them? And do you structure your system based upon, let’s say, the resident who just graduated who may have 200 or 300k in medical student loans? Versus the the new parents and they just their first house? Versus the soon to be retired doctor?
Dr. David Yeh 25:05
Yeah, so there are so many stages of life. And once I semi retired, I actually started part time work at the local university hospital. So I was actually teaching residents. So, at first, because I was in private practice, I never gathered interesting cases to show during residency conference. So I decided to just give my give a little lecture on investing and personal finance and it went over well. The residents really loved that. So now I have a series of lectures that I give to residents. Their situation is very unique, because nowadays, they have mortgage size, student debt, which was unheard of when I was a resident. Back when I was a resident, if you have $100,000 worth of debt, that was huge. Now $300,000 is normal. So that to me, it’s just incredible. So trying to help them deal with the debt, trying to help them deal with what all these other investment advisors are trying to sell them. And what do you actually have to look for in terms of insurance, disability, whole life or whatever, and how to invest. What to look for. That, at least is an educational tool that I can add value to the residents. When there are younger physicians who are establishing themselves and gaining the income to at least start attacking that debt, and they want guidance in terms of investing. I have a whole different system of helping that particular group of physicians. And then there are people my age who tried to invest, maybe got scared, maybe got burned, maybe got something but they know that they’re not where they need to be. And then I can really help with my investment system with what they have so far.
Dr. Mike Woo-Ming 26:52
And what do you say to some of those colleagues, your physician colleagues who say, doctors shouldn’t even be involved in the stock market? What is your take on that?
Dr. David Yeh 26:59
We shouldn’t be involved, why? Because we don’t understand the markets? Because oftentimes, by the time we get information, it’s too late. By the time we get a stock tip, it’s too late. So that’s why we shouldn’t even trade or anything, we should just invest blindly in index mutual funds, and just let go. My take is, if you have a system, and there are many systems out there, systems are a dime a dozen. But if you learn a system, and then the key is to apply the system with discipline, that’s the key. And us physicians, we have discipline. We round on our patients religiously, we go through charts systematically, we can definitely do something like stock market investing. If we have a system, most people don’t realize systems are extremely important. The fact that we can take our emotions out of investing, that’s key. So when people say we have no business investing, if we don’t overcome our emotions, and then have a system, that’s true, we shouldn’t be investing. But we need education.
Dr. Mike Woo-Ming 28:12
Yeah, that is so true. And almost every book that I read, books on stock trading and and then I really enjoyed the ones on the psychology of it. Everyone says it’s all about the emotion. But that FOMO is also very strong, too. So it’s always good to have a system that you can always fall back on. And that’s what we do as doctors. We follow checklists in the emergency room to make sure that when we have situations that are pretty emotional, we can take a deep breath and move forward. So I want to change the pace a little bit, recently I’ve been introducing something here on the podcast called Five Unexpected Questions With My Guest. So I did warn you a little bit, but Dr. David Yeh, are you up for the challenge for these five unexpected questions? Okay. All right. Okay, so number one is you went to NYU, and now you live in Chicago, or close to Chicago, right? Which has the best pizza?
Dr. David Yeh 29:19
I grew up around New York. Obviously, I’m very biased towards New York pizza. When I came to Chicago, and I see pizza that’s slice into graph paper, into squares. To me, that’s insane. Because pizza, you’re supposed to eat as a sector, you hold the crust and you eat it. But with squares, you get your fingers all messy and things like that. And then they have these deep distributions, okay, that’s fine, but still cut it in sectors. So… my bias is still in New York. I lived maybe 21 years in Chicago, but I lived the rest of my life New York and and I still feel like a New Yorker. Over here in Chicago, I still walk faster than most people, talk faster than most people I’m still an east coaster.
Dr. Mike Woo-Ming 30:08
You’re right. New York pizza is better. Number two, what was the last TV show you binge watched?
Dr. David Yeh 30:16
Oh my god…
Dr. Mike Woo-Ming 30:17
These are tough questions.
Dr. David Yeh 30:19
Yeah, it’s been a while since I watched TV. It’s like, ever since I started my business, I’ve just been more concentrated on it. I remember for a time I was watching Doctor Who when I was on a treadmill, just because I wanted to watch something on the treadmill. I used to watch it as a kid and now we have this new series. So that’s probably the last one I binge watched. But that was five years ago.
Dr. Mike Woo-Ming 30:45
All right. So speaking about science fiction, there’s an interview with you with William Shatner. So I want to know, there’s been a number of captains, but the most famous four are Shatner, Picard, Janeway and Cisco. Which one was the best captain?
Dr. David Yeh 31:01
They all embody different aspects of strength and leadership. And frankly, sometimes when I think about leadership, I think about those qualities of each. Having said that, Patrick Stewart, Captain Picard, he embodies the more straightforward diplomatic yet purposeful leader, that a starship captian or any leader an emulate, so he’s the one I look up to most.
Dr. Mike Woo-Ming 31:36
Okay, so you’re gonna have to get an interview with John Luke, on your website then.
Dr. David Yeh 31:41
Yes.
Dr. Mike Woo-Ming 31:43
I’ve learned you’re a ballroom dancer, very good ballroom dancer. And he’s gonna, kill me, so I’ve got a son who’s about 23-24. He’s at the age where he’s trying out dating and he wants to become a better dancer. What’s the best type of dance that he should learn if he wants to woo the ladies so to speak.
Dr. David Yeh 32:06
One of the most useful ones right now, if you go to any parties or clubs or whatever, they play mostly blue music. So what I call blue music, are music that you can dance, swing, cha-cha or hustle to. So if he learns any one of those. Or nowadays, latin dancing like salsa. That’s very useful that can be applied to many different types of music. In terms of versatility, those are most useful. In terms of personality, if he ever learns other dances, he’ll naturally gravitate towards one dance versus another. Just because we’re all a little bit different personally.
Dr. Mike Woo-Ming 32:43
I had a friend who actually met I think it was his fiance. But he started to go to salsa dancing, because they were more girls than guys. And so that’s what he learned and it helped him out. And then number five, three books that you would recommend, actually three books that that that changed your life?
Dr. David Yeh 33:06
Well, so many holy cow. Now, many of these books after a while, they repeat similar concepts. So depending on which order you read these books, they may affect you differently. So one book that definitely changed me was Seven Habits of Highly Effective People. Now, back when I was a poor intern and felt powerless, just knowing that choices were within my control, and I could actually structure the effectiveness of my own life towards myself, as well as whatever else I can control, that was huge. The second book that hugely impacted me, was hate to say, Rich Dad, Poor Dad. The only reason I say, I hate to say, because it has a lot of great information in it, a lot of mindset, changing information in it. I also happen to have taken courses with the real life Rich Dad, Keith Cunningham. Cunningham and Kiyosaki. They both used to give seminars together. And I won’t go into the story, but I got the information from the hay before it goes to the horse. So even though I know what the hay is before going to the horse, the book itself was mind changing to anyone who’s not familiar with the material.
Dr. Mike Woo-Ming 34:35
Yeah, Cashflow Quadrant is the one I like. But yeah, there is some controversy between whether whatever was involved in terms of who was involved. Yeah, that’s another part of the story.
Dr. David Yeh 34:47
The third book would be, Getting Things Done by David Allen.
Dr. Mike Woo-Ming 34:51
All right.
Dr. David Yeh 34:53
Just because it just takes time and hard work and tries to order in a way that just eliminates the old way and that was huge.
Dr. Mike Woo-Ming 35:01
Those are classic books and I love that you read your first book in medical school or residency?
Dr. David Yeh 35:11
No, it was in internship. That’s a book I discovered audiobooks with. Because I had that book sitting on my shelf for years. I was a poor broke intern, I got this ad to get the audiobook version for $59. I was going, holy heck, how am I gonna afford that? But I did it anyway. And because I had so much skin in the game, I just listened to it, and listen to it, and listened to it, and just changed my life.
Dr. Mike Woo-Ming 35:33
Yeah, I hear you. And I’m sure you agree we need some type of financial literacy, or some financial education if not in residence, something in medical school, because I think it can impact a lot of our future doctors. I know we only have a few more minutes left, let’s talk about your company, The Wealthy Doctor Institute. For a doctor who’s interested in this, how do they find out more information? They go to your website, and then what happens next?
Dr. David Yeh 36:00
They can go to my website, wealthydoctorinstitute.com, and there’s a contact me button or schedule me button. And what they can do is they can either send me a question, or they can just schedule themselves. And there’s a calendly link where if you want to just talk to me, you don’t have to play phone tag with an assistant or anything, just pick a time that works for you and we just hop on a zoom call, ask any questions you want. Trust me, no matter how stupid you think that question is, I used to ask even more stupid questions, because I know but it feels like to be a beginner.
Dr. Mike Woo-Ming 36:39
That’s awesome. So guys, if you want to get involved investing in the stock market, and you want to hear from a physician, and I really think more physicians need to be hearing it from physicians, check out his website The Wealthy Doctor Institute at wealthydoctorinstitute.com. Set up a call and just check it out. Also check out his book, The Busy Doctors Investment Guide, also available on Amazon. David, it was a pleasure to finally get to talk to you and having you share your advice with us. Thank you, and thanks, guys. As you learned with David, he was a poor broke intern, as he mentioned. But he took the information and just used the knowledge. With knowledge is power and then implemented this power to create his system. And it can work for all of us. Some people think that money is bad or evil, but if you know it and know how to leverage it, it can be used for a lot of good things and investing in yourself, I think is the best investment of all. So with that is Dr. Mike Woo-Ming and as always, keep moving forward.
