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Mark Soth

ICU physician and Associate Professor at McMaster University who writes The Loonie Doctor blog on physician finance and co-hosts The Money Scope Podcast.

Oct 2, 2026

7:07
So maybe I'll phrase this question as for you, what is your definition of time freedom and why is this so important to you?
7:16
I think that's actually the core reason why money and paying attention to our finances is important.
7:22
Understanding how money works and some basic management allows you to make use of it optimally for your career and your life to make those things better.
7:31
Basically, money is just a convenient way for us to exchange time and effort.
7:35
We give up some of our time and effort to make money, and we use money to buy that from others in the form of goods and services.
7:43
So the idea behind financial independence is really to have progressively more freedom to choose how you spend your time.
7:49
If your financial needs are provided by your portfolio rather than work, you can choose what to do.

22 MINS LATER

30:22
So, Mark, I know you've been thinking the same thoughts and living a similar journey even longer than I have, but I just love to know how you think about all this.
32:38
Do you think it's, in general it's worthwhile, or what are the important caveats to think about in terms of incorporation?
32:44
Yeah.
32:44
I think it's important for you to understand when it's useful and when it's not, because we often rely on accountants to help us with this decision.
32:52
And when like f- this is an example of how things were definitely easier when I entered, went to practice.
32:59
Incorporation then had a lot more benefits than it does now, and those have been really kind of ratcheted back, uh, with various legislative changes against corporations.
33:10
So I don't think it's a slam dunk anymore.
33:12
There are some accountants who may think it's a slam dunk based on old information.

13 MINS LATER

46:15
Um, what are your thoughts?

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