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Dr. David Rosa is a Family Physician in Niagara Falls. Dr. Rosa studied at  Saba – Netherlands and was a resident at the University of Massachusetts.  He talks to Capital Wealth MD Financial Advisor David Somerville about being a Family Physician and the challenges of managing financial decisions.

WHEN DID YOU REALIZE YOU WANTED TO PRACTICE MEDICINE?I knew from the age of 4 that I wanted to become a doctor and practice medicine.  I always loved anatomy and loved to help people.

WHY DID YOU CHOOSE YOUR CURRENT SPECIALITY? I chose family medicine for the versatility of working with different patients and from various scopes of work, like pediatrics to geriatrics.

WHAT IS THE BIGGEST CHALLENGE PRACTISING MEDICINE? My biggest challenge is finding additional time.  There simply are not enough hours in the day for me considering the scope and size of my patient base.

COMING OUT OF MEDICAL SCHOOL, WERE YOU PREPARED FOR ALL OF THE FINANCIAL ISSUES COMING YOUR WAY? I was not at all prepared coming out of medical school.  There was no business training at all in my classes.

DID YOU HAVE A FINANCIAL PLAN COMING OUT OF SCHOOL? My financial plan coming out of medical school into practice was to make sure I had a solid savings program.  My parents gave me good habits as a young person and I continued as I started to build my practice.

WHAT RESEARCH DID YOU — USE IN PREPERATION OF YOUR WEALTH ACCUMULATION? My initial research when it came to money was to talk with other doctors.  The issue I soon realized is that many of them were not very disciplined about wealth management.

WHAT IS YOUR BEST FINANCIAL ADVICE TO YOUNG PHYSICIANS? My best advice to young physicians is to try and avoid credit.  Pay down debt as soon as possible and to incorporate yourself immediately.  Another great idea is to try and save 20% of your income.

DID YOU MAKE ANY FINANCIAL MISTAKES EARLY IN YOUR CAREER? The biggest mistake I initially made was to not incorporate.  This was a financially painful lesson.

WERE YOU PREPARED TO EFFECTIVELY MANAGE THE CASH FLOW RESPONSIBILITY? I was well schooled by my hard working parents about managing money. This was a major help when I started working.

WHAT WOULD YOU SAY WAS YOUR BEST FINANCIAL DECISION / INVESTMENT? One of my best investments to date has been my home.  It gives me and my family enjoyment and it’s nice to see it appreciate years later as it has.

IF YOU COULD GO BACK, WHAT WOULD YOU DO DIFFERENTLY REGARDING YOUR MONEY? Looking back, I really wouldn’t change anything.

DO YOU FEEL A PRESSURE TO “KEEP UP WITH THE JONESES”? I don’t feel any pressure to keep up with the Joneses.

WHAT DOES A GREAT RETIREMENT LOOK LIKE TO YOU? A great retirement to me is having a solid investment portfolio that produces income that will allow my wife and me to enjoy our golden years without worry.  I may choose to work when I retire but that will be because I want to…not because I need to.

SO…WHAT DOES YOUR LEGACY LOOK LIKE? I want to be remembered as a doctor who loved his work, worked hard to help his patients, was a wonderful husband and a great father.

Dr. Andrei Arvinte Vascular Interventional Radiologist at the St. Catharines General Hospital talks to Capital Wealth MD Financial Advisor David Somerville about being a doctor and the challenges of managing his financial decisions throughout a changing career, from medical student to a specialist as a Vascular Interventional Radiologist.

WHEN DID YOU REALIZE YOU WANTED TO PRACTICE MEDICINE?  In grade 11 being a doctor sounded like a cool thing to do.  Being able to cure and heal people interested me.

WHY DID YOU CHOOSE YOUR CURRENT SPECIALITY?  I initially wanted to become a Family Doctor.  It was years later that Radiology became available to me and I decided to change.  I loved the fact that it was at the cutting edge of technology.

WHAT IS THE BIGGEST CHALLENGE PRACTICING MEDICINE?  The biggest challenge is living up to my patients expectations and providing good quality of care.  Another challenge is the provincial government’s lack of respect to physicians and our work.

COMING OUT OF MEDICAL SCHOOL, WERE YOU PREPARED FOR ALL OF THE FINANCIAL ISSUES COMING YOUR WAY?  I had a good understanding of what issues I would face financially and I was prepared to handle them.

DID YOU HAVE A FINANCIAL PLAN COMING OUT OF SCHOOL?  Initially I had no financial plan because it was not my first priority. As years went by I realized the need for financial planning.

WHAT RESEARCH DID YOU — USE IN PREPERATION OF YOUR WEALTH ACCUMULATION?
I researched financial information myself.  I spent a fair bit of time reading on-line and of course I would talk to my colleagues and friends.

WHAT IS YOUR BEST FINANCIAL ADVICE TO YOUNG PHYSICIANS?  My best advice is to diversify your investments and have a really good l financial advisor you can work with and trust.

DID YOU MAKE ANY FINANCIAL MISTAKES EARLY IN YOUR CAREER?
I made a number of mistakes selling stocks when markets were selling off.  I did so because of the fear of losing money, my inexperience and lack of knowledge.

WERE YOU PREPARED TO EFFECTIVELY MANAGE THE CASH FLOW RESPONSIBILITY?
Yes, I was eager to manage my income and cash flow.  I felt I had good knowledge on how to save and invest.  The key for me was to always be diversified.

WHAT WOULD YOU SAY WAS YOUR BEST FINANCIAL DECISION / INVESTMENT?
One of my best investments was buying my cash value life insurance. This policy has been a great asset for my family’s security and for the internal low risk growth.

IF YOU COULD GO BACK, WHAT WOULD YOU DO DIFFERENTLY REGARDING YOUR MONEY?  If I could do things differently, I would save more money early on and spend less.  Early in my career I was frivolous with spending money.

DO YOU FEEL A PRESSURE TO “KEEP UP WITH THE JONESES”?  Fortunately I have never felt any pressure to keep up with the Joneses.  That need was never a need for me.   It may be that my upbringing centered me.

WHAT DOES A GREAT RETIREMENT LOOK LIKE TO YOU?  A great retirement to me would be being able to work just a few days a week.  I love my work, but I really love spending time with my family and travelling with my wife.

SO…WHAT DOES YOUR LEGACY LOOK LIKE? My legacy is the fact that I was fortunate to be able to come to Canada, start my family and build a rewarding career.  I want to be remembered as a great family man to my wife and daughter as well as a compassionate doctor to my patients.