Ep 28. Kayee Tong -- Managing medical school and cryptocurrencies

Episode 28 Doctor Money Matters. Welcome to another Doctor Money Matters episode. In this episode I talk with Kayee Tong, a medical student in TX who is a cryptocurrency expert and recently wrote a post on passiveincomemd about paying for medical school and college with profits from cryptocurrencies. I have mentioned my thoughts about bitcoin previously but let me reiterate that I don’t feel like its an investment rather a speculation. I am not an investment professional, and this represents my opinion alone. No one knows what will happen with Bitcoin or the other coins out there. Currently it is around $9k having hit near $20k in January 2018 and down to around $6500 a few weeks ago. Do I regret not buying it when I first heard about it in 2012? Absolutely but even then it was purely speculation. The mania from around the 2017 holiday season has died down but that was the closest I have seen to the mania surrounding tech stocks in the late 90s. During the 6-8 weeks of Dec 2017 and Jan 2018, the various social media finance groups were littered with people talking about buying cryptocurrencies. The volume has now died down quite a bit, but still questions and concerns remain. In this episode we talk about: The basics of the blockchain, and how he started with bitcoin. He also created a bitcoin mining operation and also ran a bitcoin exchange. The different coins that are out there His advice on speculation with coins now. What he plans on doing with his varied operations going forward His thoughts on the security of the different exchanges He mentions ICO which is an initial coin offering, similar to a stock IPO. An ASIC rig is an Application specific integrated circuit. Basically a dedicated machine for mining only. Mr. Tong is definitely an entrepreneur and once had a job offer from Google which he turned down prior to starting medical school. It’s amazing to see how he is able to balance his varied activities along with the demands of medical school. I expect we will be hearing from him in the future. Check out his Quora page in which he talks about cryptocurrencies https://cryptosignal.quora.com/ The book he recommends is Mastering Bitcoin Here is the article Kayee is mentioned on passiveincomemd.com Please let your friends know about this podcast by sharing it on text, whatsapp or whatever social media platform you are on. More episodes of this podcast are available at www.doctormoneymatters.com and Apple Podcasts, Google Play, Stitcher, etc. All episodes are also now on YouTube (Audio only) and Facebook. You can follow me on twitter @drmoneymatters Please consider joining the Doctor Money Matters Facebook group. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.  

Om Podcasten

Welcome to the Doctor Money Matters podcast. I am your host Dr. Tarang Patel, a practicing diagnostic radiologist in Phoenix, AZ. I started this podcast as a way to share knowledge about financial matters as they relate to health care professionals. We spent many years learning about the science and art of providing patient care but most of us have relatively little knowledge about reaching financial well being. I know that I had no formal training in setting up investment accounts, negotiating contracts, buying insurance, buying real estate, etc. I just learned by reading and also by making many mistakes. Health care professionals are trusted to take put their patients needs first and we in turn assume everyone in other fields work the same way. Unfortunately this is not always true. By talking about these topics, I hope we can reduce the many financial mistakes that prior generations of doctors have made. Those physicians were able to overcome these mistakes because of shorter training periods, less debt, and they were more likely to be in private practice. Today we no longer have those luxuries and many of us have significant debt burdens. The good news is that we also have access to information that the prior generation never had. A little background about me. As I said before I am a practicing radiologist in Phoenix, AZ. I went to undergrad at Indiana U. (Go Hoosiers), medical school at the Kirksville College of Osteopathic Medicine (Now AT Still Univ) in Missouri, moved east and did my radiology residency at New York Hospital-Weill Cornell Medical Center in Manhattan. I then moved west to serve my Air Force commitment at Nellis AFB in Las Vegas, NV. I then did a fellowship in Body/Musculoskeletal Imaging at Mayo Clinic Arizona. Since I finished training I have been in a hospital employed group for the last 6 years. I have always enjoyed learning about finance and have read (listened to) many of the financial books. I also spent time reading on the bogleheads.org forum which I found to be a valuable source of information. Finally I just observed that many of my colleagues and I had the same questions about relatively basic financial matters but it was difficult to find clear answers. Hopefully you find these podcasts useful. I encourage you to subscribe to them, that way you will be updated when any episodes are released automatically. Also please let your friends and colleagues know about this podcast. Please give us good feedback on iTunes, Google Play and stitcher and if you have suggestions on topics or how to improve the podcast please send your emails to comments@doctormoneymatters.com Social media links: twitter @drmoneymatters Facebook www.facebook.com/doctormoneymatters/ Please understand that this show is for entertainment and education only and you should do your own research and speak with the appropriate experts prior to making any changes in regards to material you may have heard on the show. The opinions from the guests on this show are their own and do not necessarily reflect those of the host or of Doctor Money Matters, LLC.