It's Never Too Late To Find Financial Literacy w/ Dr. Michele Cho-Dorado (Ep. #20)
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EPISODE 20
Michele and Nate sit down to discuss her journey from Attending Physician to Medical Director after having kids, how the isolation of COVID allowed her to find financial literacy and boost her family's balance sheet, and the decision to become an author to teach the youth of today about several facets of finance and investing.
Instilling Financial LITERACY in Young Minds: Dr. Michele Cho-Dorado's Mission to Educate Through Storytelling
Dr. Michele Cho-Dorado, a pediatric gastroenterologist, real estate investor, children's book author, and founder of Bright Future EDG, has taken on an ambitious mission: to introduce financial literacy to young children. In a recent podcast episode with host Nate Crannell, Dr. Cho-Dorado discussed her multifaceted career and her latest endeavor—authoring the book "Reach for the Stars," designed to teach children essential financial concepts.
From Pediatric Gastroenterology to Financial Education
Dr. Cho-Dorado’s journey began in Chicago, where she completed her undergraduate and medical school education before moving to Los Angeles for her residency and fellowship in Pediatric Gastroenterology. Her love for working with children guided her towards this specialty, where she frequently treated cases of reflux in babies and abdominal pain in kids. A personal connection to her work arose when her daughter was diagnosed with celiac disease, necessitating a gluten-free diet and providing her firsthand experience with the challenges of managing a chronic condition.
Becoming a mother profoundly influenced Dr. Cho-Dorado's approach to her medical career. Her experiences with her children enhanced her compassion and empathy towards her patients. This shift in perspective also led her to consider new career paths. Transitioning from direct medical practice to a role as a medical director allowed her to balance her professional life with her family responsibilities.
Discovering Financial Literacy
Despite her medical expertise, Dr. Cho-Dorado found herself lacking in financial literacy. This realization prompted a personal journey to educate herself about investing and money management. She joined a community of physicians who shared knowledge on financial matters, which was instrumental in her learning process. Motivated by her new understanding, Dr. Cho-Dorado decided to write a children's book to help young minds grasp financial concepts early on.
"Reach for the Stars" is Dr. Cho-Dorado's literary effort to make financial literacy accessible and engaging for children. The book covers fundamental concepts such as earning, saving, giving, and investing, emphasizing the importance of delayed gratification and thinking big. Her passion for financial education stems from a desire to equip children with the knowledge and skills necessary to navigate the complex financial world confidently. Dr. Cho-Dorado believes that financial education should start in primary school. Her book aims to fill the gap left by traditional education systems that often overlook essential money management skills. By teaching children about financial literacy early, Dr. Cho-Dorado hopes to instill values such as responsibility, smart spending, and long-term planning.
The podcast also delved into Dr. Cho-Dorado’s interest in real estate investing, a field she finds particularly beneficial for high-income earners like physicians. She highlighted the importance of tax strategies in real estate investing as a way to preserve earnings and reduce tax burdens. The COVID-19 pandemic underscored the need for alternative sources of passive income, prompting many physicians to explore real estate investments.
Bright Futures EDG: A Resource for Parents and Children
To complement her book, Dr. Cho-Dorado founded Bright Futures EDG, an educational platform providing resources and downloadable worksheets for parents to help increase their children's financial literacy. The platform aims to support parents in guiding their children towards a sound understanding of money management.
Dr. Michele Cho-Dorado's journey from pediatric gastroenterology to financial education is a testament to her commitment to lifelong learning and her dedication to empowering future generations. Through her book "Reach for the Stars" and the Bright Futures EDG platform, she is making significant strides in ensuring that children grow up with the financial knowledge they need to succeed.
About Dr. Michele Cho-Dorado
Dr. Michele E. Cho-Dorado, MD, is a compassionate pediatric gastroenterologist dedicated to providing comprehensive medical care to children of all ages in Park Ridge, IL. With a focus on preventive medicine and early intervention, she offers personalized treatment plans to address a wide range of pediatric health concerns and promote healthy development. Dr. Cho-dorado completed extensive training in pediatrics and is committed to delivering patient-centered care with empathy and compassion. At Advocate Lutheran General Hospital’s Center for Children’s Digestive Health, she provides a range of services, including well-child exams, immunizations, acute illness care, and chronic disease management. Through her holistic approach and family-centered care, she helps children thrive and reach their full potential.
Through her book, Reach for the Stars, Dr. Cho-Dorado skillfully combines medical expertise with finance, providing practical tools and invaluable insights to foster financial literacy among young readers. She emphasizes the importance of financial education for children, the impact it can have on their future, and the steps parents can take to instill these vital skills. Along with the book, she also shares great financial content for kids on https://brightfuturesedg.com.
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