#213 Building Your Financial Team ft. Peter Kim, MD - Passive Income MD
#213 Building your Financial Team ft. Peter Kim, MD
Episode #213

#213 Building Your Financial Team ft. Peter Kim, MD

In this episode, Dr. Peter Kim shares valuable insights on building your financial dream team. Discover how to assemble a trustworthy and competent team to enhance your investment strategies, finances, and life in general. Tune in to learn how to navigate the process of selecting and vetting professionals, ensuring you have the right support for your financial goals.

Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining us in our Facebook communities such as Passive Income Docs and Passive Income MD.

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12.35 Min • May 27

Episode Highlights

Now, let’s look at what we discussed in this episode:

  • You’re Only as Strong as the Team Around You
  • Having an Amazing CPA
  • Getting a Protection Lawyer
  • Keep Good Insurance Agents
  • Consider Financial Advisors
  • Prepare a Team for Real Estate Investments
  • Connect With Experts in Various Asset Classes
  • How Do You Find the Right People?

Here’s a breakdown of how this episode unfolds.

Episode Breakdown


You’re Only as Strong as the Team Around You

Peter starts by sharing that having the right team around you is crucial for success when it comes to investing and finances. 

Just like any journey, surrounding yourself with knowledgeable professionals can make a big difference. Their experience can guide you towards a smoother and more profitable path, minimizing costly mistakes and unnecessary risks. In short, the success of your financial endeavors depends heavily on the expertise and reliability of the people you choose to work with.


Having an Amazing CPA

On his first step, Peter talks about how a skilled CPA goes beyond just filing your taxes. 

They can be a key partner in keeping more of your hard-earned money. Not all CPAs are a fit for your needs, so finding one who aligns with your financial goals is important.  Regular consultations and seeking second opinions can uncover tax-saving strategies you might have missed.  If your CPA isn’t the best fit, don’t hesitate to find another one who better suits your financial journey.


Getting a Protection Lawyer

Moving to his second step, Peter emphasizes that for high earners an asset protection lawyer is definitely a valuable asset.  

These lawyers help shield your hard-earned money from lawsuits and other unforeseen events.  Since different lawyers offer different strategies and pricing, it’s wise to shop around to find the best fit for your needs.  By doing so, you can create a comprehensive plan that protects both your personal and business wealth, giving you peace of mind no matter what life throws your way.


Keep Good Insurance Agents

Onward to the next, Dr. Kim talks about why having a good insurance agent is topmost when building your team.

To protect yourself in the long run, find agents who specialize in things you need, like home, business, life, and disability.  The best ones put your needs before making a sale. They’ll create custom plans that fit your budget and goals. Ask friends or colleagues for recommendations to find agents who will look out for you. With good insurance, you’ll be covered if things go wrong.


Consider Financial Advisors

Fourth and optional since it may not work for everyone else, Peter advises considering having good financial advisors for long-term financial security,

Look for agents who specialize in areas like real estate, business, life, and disability insurance. The best ones put your needs before their commission and will create personalized policies that fit your goals and budget. Talk to people you trust, like friends in similar professions, for recommendations. This will help you find agents who can safeguard your investments and prepare you for unexpected events, like a disability.


Prepare a Team for Real Estate Investments

Peter proceeds by urging those who plan to have (or already have) real estate investments, to build a real estate dream team. Although it takes time and effort, he reasons that it’s worth it for long-term success. 

This team includes agents, lenders, property managers, and contractors. If you’d rather be less involved, consider working with real estate syndicators or sponsors. These professionals handle the legwork and allow you to invest passively in deals that match your goals. Find a few trustworthy sponsors you can rely on over time, making future investments smoother and more successful.


Connect With Experts in Various Asset Classes

For his final step, Peter shares that building wealth through different investment types (asset classes) requires guidance from experts. 

Look for a network of trusted professionals in various fields, like finance and real estate. This community can connect you with a wider range of investment options. Remember, it’s still important to research any opportunity carefully to make sure it aligns with your goals. However, being part of a trusted network can save you time and give you access to pre-vetted options.

Ideally, this community negotiates favorable terms for its members, further boosting your investment returns.


How Do You Find the Right People?

To top everything he talked about, Peter concludes by sharing some insight on his ways to find the right people for your dream team.

He recommends asking friends and colleagues for recommendations and to go looking for professionals in trusted communities. Talk to them, see if they have experience, and go with your gut feeling about who you’ll click with long-term. Do your research before hiring them, and consider a trial period to be sure.  Finally, keep checking in and make changes as needed to optimize your financial journey.

Kinds of 1031 Exchanges_Improvement Exchange_Reverse Exchange_1031 Tax Implications & Rules_Lazy Man's 1031 ExchangeWe talk in depth about all of this and more in our course–Passive Real Estate Academy. Want to learn everything about investing in real estate with confidence? You can grab your seat right here!   

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