Business Innovators Radio - Interview with Ronald Flores, Founder & CEO of Curious Finance

Episode Date: March 7, 2024

Ronald’s narrative unfolds as a testament to resilience, self-discovery, and an unyielding dedication to helping others achieve financial success. Born into a modest family, he embraced the values of hard work and resourcefulness from an early age. Ronald’s initial journey led him to the nursing field, where he dedicated eight years of his life working alongside physicians in mid-size to large hospitals.Within the bustling healthcare environment, Ronald observed the intricate interplay between healthcare professionals and the financial intricacies of running a medical practice. Inspired by the physicians he collaborated with, he developed a keen interest in the financial aspects of their work. However, he soon realized that merely being part of the healthcare system did not guarantee financial security.Motivated by a desire for financial independence, Ronald sought guidance from financial companies, hoping to leverage their expertise in planning his path to autonomy. Unfortunately, he encountered barriers in the form of fees that seemed counterproductive to his financial goals.Rather than succumbing to discouragement, these challenges fueled Ronald’s determination to take control of his financial destiny. Undeterred, he embarked on a journey of self-education, attending events and seminars to gain insights into personal finance, investment strategies, and retirement planning. Along the way, Ronald forged valuable partnerships with industry leaders, including Transamerica Corporation and Covered California, gaining a deeper understanding of financial practices across various industries.While working with large financial institutions, Ronald realized that the industry lacked a company that could seamlessly combine financial solutions, financial literacy, and collaboration among financial professionals, mirroring the collaborative nature of the medical field. In 2017, he founded Curious Finance, driven by a mission to address these gaps and provide proactive consulting services.Ronald’s transformation extended beyond personal gain; it became a mission to empower others. Recognizing the lack of financial literacy among peers and the younger generation, he became a Certified Financial Education Instructor with the National Financial Educator’s Council (NFEC), equipped to share his knowledge with those eager to navigate the complexities of personal finance.His community-oriented approach led him to engage with young entrepreneurs in the Bay Area, serving as a judge for the Network of Teaching Entrepreneurship. Collaborating with business partners, he conducted personal finance workshops for students at California State University East Bay (CSUEB) and UC Davis, contributing to the financial education of the next generation.Ronald’s commitment to financial education expanded as he joined the NFEC’s Personal Finance Speakers Association, broadening his reach and influence. His dedication to continuous learning is evident in his regular consumption of financial literature, keeping him at the forefront of industry trends.Beyond his professional endeavors, Ronald is a man of diverse interests. He finds joy in traveling, attending sports events, and actively engaging in community volunteering, including initiatives for clean communities and blood donation. He passionately supports impactful community foundations.Yet, amidst these varied pursuits, Ronald cherishes moments spent with his wife and two children, especially during family travels and shared experiences. His story is one of transformation, from navigating hospital corridors as a healthcare professional to becoming a Business Financial Consultant dedicated to empowering individuals, families, businesses, and communities. Ronald’s journey reflects not only personal growth but also a profound commitment to sharing the knowledge acquired along the way, ensuring that others can also chart their paths to financial prosperity.Learn more: https://www.curious-finance.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-ronald-flores-founder-ceo-of-curious-finance

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have with as Ronald Flores, who's the founder and CEO of Curious Finance. Ronald, welcome to the program. Hey, thank you, Mike. Thank you for your allowing me to be in the show. You're welcome. I'm excited to talk with you and I always love to learn new things with new people that I come into contact with. Before we jump into what you do and how you serve your clients, give us a little bit of your story and your background and how you got into financial services. Yeah, so basically I was in medical field that time. I was a nurse, you know, working. 60 to 70 hours a week, you know, just trying to get by. And, you know, that's the way Filipino was a

build up, you know, either you're going to be a nurse or an engineer. So I got into that industry and I thought that that's it. You know, I'm done. I'm making money and I'm doing a good, I did a good job in going to school but when i saw all the people that uh uh become become more uh nurse before me you know they're struggling to retire properly because they don't really know you know paying to my taxes or their their retirement uh is not really properly set up even though some of the hospital or even a clinic have a good benefit for employees, they still don't understand how to apply to their life. So since then, I recognize that and I try to talk to in a big financial industry companies that maybe they can teach me how to take care of my

finance, but unfortunately that they don't really want to to deal with people who just starting up with their finance. So from there, I try to learn my way to the financial industry. And after being in the industry for 10 years, you know, 2017, I build the curious finance and find the solution for the gaps of nurses and doctors. You know, what I love about that introduction is, your entire focus is on serving and helping other people from being in nursing and helping people with their health and working in that setting and the medical practice.

And then you noticed something that when you wanted to get some help financially, it really wasn't there in the way that you needed it. And so you merged into financial services. And of course, you're now serving that same industry that you came out of because you can relate to that. So it's just really powerful to be able to notice that there is a gap. Like you mentioned, there's a gap in knowledge and there's a gap in retirement planning. So let's talk a little bit about your work with private medical practices.

How do you first start working with them? What is the first place that you start in your service to them? Well, basically, you know, like I said, I've been with them, you know, when I started my my practice, I didn't really let go of my nursing. I was trying to, you know, build up my confidence, you know, build up my knowledge about finance because, as you know, doctors and nurses are very critical thinker. You know, that's the best thing that I guess I learned from nursing is in the medical field itself, we are critical thinkers. So everything that you bring up to us or tell us, you know, we need to analyze it with making sure that we're doing the right thing, you know, asking people around us.

So from there, you know, I gain some trust of my nurses and then my nurses talk to my doctors. and that's the way it is. It builds up from the momentum. And like I said, you know, 2017, I decided to build the curious finance because I see that what I'm doing is the right way of helping the medical industry. Yeah. And do you find that when you start working with someone in the medical industry that there's typically a, a common need. So for instance, if someone is the owner of a medical practice, do you start working with them on lowering their taxes or do you start working with individual doctors on planning

for their retirement? Where's the first place that you are noticing that the need is? Well, the need really is for the doctors, I see, even now, it's very prominent. It's really navigating the student loans that they had, you know, even the nurse to have that problem. And then the secondly is, like I told you in the beginning, is the retirement, you know. And then from there is the legacy. You know, it's very important for us to, even though we're working so hard, we still have a chance to take care of our family. So that's the basically the three things that I see that always going to be bringing up by the doctors and nurses is that three needs. Yes.

You know, when you work with someone in the medical industry, sometimes it would be a doctor or nurse working for a company, but then sometimes it might be the owner of the medical practice. What are some of the tax complexities that you advise your clients on, whether they are an employee or, or the owner of the practice? Well, most of my client right now is the owner. So basically, the tax strategy, you know, efficacy is. So it's not only by the number, you know, it's not only, oh, you know, the law was passed. Oh, let's do this, you know. Basically, the taxes are, is there with for, for the, for the, for the business owner or private practices.

But like I said, you know, how are you going to basically put this step by step or strategically putting it together so that it will be time lasting? You know, if something will happen or something is changed in the law or change in the policy of the state or the state or the state. we still need to adjust on that. So the capacity of the taxes is really some of the things that we try to make sure that it's not only according to what's the norm or what's is available for private practice, but is this the vision or the goal of the doctors are really, really, consider so that it's really going to be a time lasting the plan. Yeah, you know, I think financial resilience is so important to consider because here is the

owner of a medical practice they're trying to take care of their employees to help them with their retirement planning and financial package. But then also the owner of the practice needs to do exactly what you just said. What are some of those challenges that you're advising your clients on regarding financial resilience and being able to bounce back and overcome these challenges? So basically the financial resilience that I always try to tell them is comprehensive planning and proactive planning with combination of that. And this is not really me that saying this. This is what I learned researching this industry. Even though I came from that industry,

not only me was saying that even the physician foundation reveals that 42% of the doctor expressed concern of financial viability, you know, basically understanding the common mistakes of the doctors or even some of the things that change because of the COVID, you know, there's a lot of things that change during the COVID, like maybe the change in deduction and credits, you know, retirement, contribute. and even the health care related charges, you know, that's only some of the things that I look for making sure that, you know, the doctors are aware that there are some changes on this thing. That's why that proactiveness that we, a curious finance always apply on in any of our clients is making sure that they're aware of their, the changes so that we can adjust if this adjustment is this changes really will impact not only the current but the future situation of the doctors. Yeah, you know, that's a really big

piece that you need to think about is it's almost like a seesaw. When you push down on one side of the seesaw, the other end goes up. So if you are making an adjustment on your finances, whether it's for your employees or your own retirement, you need to keep in mind what it's going to do to the other side of your finances. And it kind of reminds me, too, of like you mentioned, in your career, you worked 60, 70 hours a week. That work life balance is so important because while you are striving to succeed as a medical practice owner, you need to also have that time off so that you can enjoy your family. and then when you come back to your practice after, you know, that time off, whatever it is, day a week, then you're, you're recharged. What do you see in the industry as far as work-life balance while running a high, successful medical practice?

Well, thank you for saying that, Mike, you know, because like I said, you know, I always try to be keeping up with the changes, keeping up with not only the financial side of the, of the of the industry but the wellness side because we're you know like doctors and doctors you know they're trying to help other people to get well so why not helping them too to get well because not only me seeing that but the meds cop report that 38% of positions struggle from burnout so basically that burnout is before was not really trying not it's there but it's there but It's not really trying to emphasize on it. But now, because of the COVID, it says that the brain burnt out in a practice is really there. Not only to be considered, but really take a point that we will look at the wellness of the position.

Because if you are basically not in the, you are stressed out, the mind is. not working properly because you're thinking about instead of thinking about your clients your patient situation you're thinking about your finance you know this is not only uh I was referring to I saw a news or a article about by the myoclinic that correlate with the balancing with the well well wellness, you know, said that not only the patient of the doctors or the position need to take care of that or look at that because that can cause hypertension, it can cause different kinds of heart problem, you know, different kinds of respiratory problem, but even the doctors itself, even though they're working, like you said, like I said, too, 60 to 70 hours a day.

Sometimes they don't have time to breathe in or breathe out, you know, trying to relax, right? So now they, because of that, different kinds of study, they, some of the hospital now are emphasizing, you know, doctors cannot work too much, or if you're in your private practice, you should need not only look at watch out for your your staff to being uh stress out but use you yourself you know you need to have some kind of relaxation or some kind of traveling or some kind of uh time to uh get out from the from the from the from the practice even 30 minutes a day it will help help you yeah you know that's a really big piece and i would i would venture to say that there's, like you mentioned, so many studies that are around that, and you cannot be

fully present to help your patients if you're not recharged. And you know, you're not fully present with your family if you're not recharged as well. So having that work life balance is so important. So what I would like to ask, Ronald, is when wrapping up here in this conversation, what is a piece of advice that you would give a owner of private medical practice when they might be listening to this interview saying, oh, I'm just fine in my retirement planning personally and for my practice. What are some of the things that are typically missed that when you come in and work with a practice that you're picking up on and helping them solve? Well, thank you back for that question. I was kind of smiling over here because

sometimes when I go to a position, you know, sometimes a CPA or an enroll agent or an accountant basically endorsed me or recommend me to that doctor. Because they say the doctors and positions kind of saying that, oh, I'm only a W-2 employee or I'm only, I'm not really making that much. money because I'm in the prior practice. My taxes are simple. My tax planning or my financial planning is simple. But yeah, it will might be simple. But how much are you paying in taxes? How much are you paying for to cost of your operation? You have to look at all of that things, that two things that I'm always looking for is, you know, yeah, you can, you can pay the taxes, you know,

six figure of taxes or spend a six figure of cost to operate your business. But is that making you really sleep at night well, right? Right. Is that really, instead of me, I mean, you know, I don't want to be too political here, but sometimes the taxes that you pay into the government, sometimes you're, you are not agreeing where they spend that money our tax that our tax money right so why not divert that to your own financial planning so you can control that that that that planning instead of uh doing the doing uh paying uncle sam you put it and uh establish a uh a charity to the nation or a gift tax donation you know

or some kind of legacy planning that it will have not only the foundation or organization in your community to advocate for whatever they are trying to accomplish in that community, but you yourself, you know, you can have some kind of planning to help not only yourself, but help your employee. and your community by controlling most of your money that you earn. And I think that's much more better than letting the government basically spend the money that you're not really fully agree where they put it right now. You know, I think that is really important advice.

And I really appreciate you coming on, Ronald, because it's really helpful to point out things that you see in your experience and how you serve your clients. And I really appreciate that. If someone is listening to this and wanting to learn more about you and how you serve people in your network and helping them plan for retirement for their practices, what's the best way that they can reach out and learn more and then also connect with you? So basically, the best way is to connect with me is by emailing us at info, curiousfinance.com. right so that's the way of it but you know as maybe some of you are listening not uh early or he knows me you know i'm very active in the social media you know we have link in we have uh youtube channels and uh we have facebook so we have a lot of uh i'm very active in the social media so like i said but the best

way to uh to reach out to us is to basically uh go to um um I mean to say is email us to info curious underscore finance.com. Excellent. Well, Ronald, thank you so much for coming on today. It's been a real pleasure talking with you. Thank you very much. Mike. Have a good day.

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