Episode 287 hosts Dr Felix Bertram, a Dermatologist and serial entrepreneur based in Switzerland.

In this podcast we do something very different and look beyond the business strategies of earning money from aesthetics. We discuss the importance of financial freedom, budgeting, and various investment options such as savings accounts, term deposits, stocks, property, gold, and cryptocurrency.

We emphasize the importance of starting early, understanding the power of compound interest, and seeking professional financial advice. Our conversation also highlights the differences between venture capital, private equity, and the importance of having a succession plan for business owners. The episode ends with practical advice and insights for professionals seeking to enhance their financial literacy and future-proof their wealth.

00:00 Introduction

00:51 Today's Special Guest: Dr. Felix Bertram

01:10 Wealth Creation for Professionals

04:51 Understanding Financial Freedom

05:56 Defining Passive Income

18:19 The Importance of Budgeting

39:21 Investment Strategies and Diversification

46:57 Investing Inherited Money in the Stock Market

47:11 The Long-Term Benefits of Stock Investments

48:34 Understanding Investment Fees

49:30 Allocating Monthly Income to Investments

50:07 Exploring Safe Investments: Government Bonds

50:42 Property Investment: Pros and Cons

51:35 Challenges of Property Ownership for Young People

57:33 Superannuation: A Secure Retirement Fund

01:01:41 The Value of Gold in Investment Portfolios

01:06:44 Cryptocurrency

01:14:16 Venture Capital and Private Equity

01:22:37 Preparing Your Business for Sale

01:27:02 Final Thoughts on Wealth Creation

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In our new 'Industry Updates' we'll bring you up to speed about news and reactions to pressing and important issues. These episodes will be published ad hoc and as soon as we can get them out. They do not replace our regular Friday podcasts and will be titled differently to help differentiate them.

Chapter 3 of our Industry Updates hosted Jason McHeyzer, National Director of AHPRA (Australian Health Practitioner Regulatory Agency).

With regulations very much in the Australian headlines yet again, we delve into the complexities of regulation within the cosmetic industry. We aim to clear up the confusion surrounding AHPRA’s role and its efforts to ensure a safe and fair practice environment - for both our patients and the practitioners.

Jason elaborates on the balance between patient safety and ethical practice. We get the regulators perspective on what sparked their clamp down on cosmetic surgery and with it, non-surgical cosmetic treatments. The discussion also covers the process of handling complaints behind the scenes, the importance of practitioner competence, and we briefly touch on future pending regulations on cosmetic injectables later this year. (Watch out for a future episode with Jason when these future guidelines are published!)

00:00 Introduction

00:28 The Role of AHPRA in the Industry

01:06 Challenges in Communication and Regulation

02:31 Acknowledgements and Industry Updates

03:15 Introducing Jason

03:54 Jason Background and Role

04:42 Regulatory Challenges and Approaches

07:15 AHPRA's Structure and Recruitment

11:29 Complaints and Regulatory Actions

27:06 Cosmetic Industry Complaints and Data

32:08 Ethical Practices and Reporting

37:41 Anonymous Complaints and Vexatious Notifications

40:30 The Role of AI in Regulation

42:30 Advertising Guidelines and Compliance

45:58 Challenges with Before and After Photos

49:14 Laws vs Guidelines: Understanding the Differences

53:03 Proactive Regulation and Complaint Handling

56:18 Safety Concerns in Non-Surgical Procedures

01:03:40 Training and Competency in Cosmetic Medicine

01:12:15 Future of Nurse Prescribing and Scope of Practice

01:17:35 Concluding Thoughts and Future Guidelines

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