Podcast Episode 06 – “Using Passive Income and Real Estate Investing to Secure Your Financial Future” with Passive Income, M.D.
Episode 06 – It’s not hard to get started in real estate investing but it can feel overwhelming at first. Financial security is an illusion, if your only income is from your main job. Creating passive income, like through real estate investing, is all about gaining autonomy over our lives. Creating a passive income stream is like creating a big lever. You create a machine that allows you to make a small change on one end and see a big change on the other end. But, it takes a lot of work to build the machine first.
The tax code is massively skewed towards favoring real estate investing. Other forms of income and investing tend to be taxed at higher rates. So, real estate is especially important for high income earners like physicians to consider.
But, what if you don’t have a lot of money? Or any experience? Fortunately, there are still great ways that you start your real estate investing portfolio.
Once you remove the financial security component of their career, physicians start making decisions based on what’s best for themselves, their patients, and their families.
– Dr. Peter Kim (Passive Income, M.D.)
Free Resource: 37 Ways to Save $1,000 Per Year
Take the #YellowTuxChallenge!!
For this episode’s giveaway, I want to encourage you to think outside the box, so I’m issuing the Yellow Tux Challenge.
Come up with something fun, unique, or quirky that you can implement in your practice. The more interesting, the crazier, the better. Brainstorm with your staff. Maybe even have an “Ideapalooza.”
What’s one thing you can implement in the next two weeks to make a statement in your business?
It can be small or it can be big, but think differently!
Once you have your idea, take a picture or video and email it to me at podcast@thescopeofpractice.com. My team and I will pick our favorite and announce the winner on the podcast on June 8th. The winner will receive a bundle of leadership and business growth books, including Jesse’s book, Find Your Yellow Tux.
So, if you want to raise your business to a new level, take the Yellow Tux Challenge.
- Step 1: Take a picture or video of your new standout cool idea for your practice,
- Step 2: email it to podcast@thescopeofpractice.com,
- Step 3: Listen in on June 8th to hear me announce the winner. You’ll get some free promotion for your business plus an amazing bundle of books for building your business.
3 Options for Investing in Real Estate if You Don’t Have a Lot of Money: click here.
Connect with Passive Income, M.D.:
Featured online community: Society of Physician Entrepreneurs
Back to Busy Summit (use the code “SCOPE” to get 20% off!!)
Are you ready to grow your business as we climb out of the quarantine? What’s your plan? Do you have your team ready? If you’re feeling stressed and don’t know exactly how to begin, you’re not alone!
I know a lot of you have asked about marketing your practice….especially those in private practice. I wanted to let you know that my friend & fellow physician content creator is putting on a summit for private practice physicians (or those interested in it!) called the Back to Busy Summit.
It’s an online, 3 day summit designed to give physicians the tools they need to succeed & thrive in the changed healthcare landscape. Coding, time management, local practice marketing best practices, patient scheduling, personal and practice financial considerations, practice management strategies, mindset issues – and so much more.
I’ll be speaking about leadership and casting vision for your company.
It’s $89 (online venues are pricey for this size audience!) but you can get a 20% discount by using this link (or you can get the discount by entering SCOPE at checkout!)
This is a conference you don’t want to miss (especially because you can tune in with your glass of wine, bowl of popcorn, and stay in your PJs!)
Other resources mentioned in the episode
Show times
- 00:00 – Introduction to episode 6
- 01:10 – A special thanks from the podcast host!
- 04:17 – Introduction to Dr. Peter Kim
- 04:40 – The Leverage and Growth Summit has been a crash course in entrepreneurship and “failing forward.”
- 05:27 – Focus on the negative, and you’ll just bring yourself down.
- 07:13 – Dr. Kim shares his early experiences with starting Passive Income, M.D.: the ups, the downs, and “failing forward.”
- 09:00 – An early success led to his website crashing and nearly cost him a huge amount of growth.
- 10:02 – Creating passive income is all about gaining autonomy over our lives.
- 12:14 – Financial security is an illusion, if your only income is from your main job.
- 14:19 – Passive income isn’t truly passive early on. You have to build the runway before you can takeoff.
- 16:05 – Creating a passive income stream is like creating a big lever. You create a machine that allows you to make a small change on one end and see a big change on the other end. But, it takes a lot of work to build the machine first.
- 18:00 – Dr. Kim argues that creating passive income through real estate investing is the best avenue.
- 18:54 – Dr. Kim discusses other sources of passive income for physicians to consider.
- 21:41 – Having an online business or other side hustle can be a great way to diversify your income, but it needs to be a passion.
- 24:53 – Dr. Lacey shares his “origin story.”
- 26:31 – When you see someone’s fantastic success, you’re just seeing the tip of the iceberg. No one sees your failures, embarrassment, and lack of success.
- 27:52 – What is the secret to being able to balance all of the work, side hustle, and family?
- 30:54 – Are you working “in” your business, or working “on” your business?
- 31:45 – If you want to grow, you need to devote your time to it. Prioritize your business and make time for what’s important.
- 33:37 – You can actually start real estate investing with very little money!
- 37:48 – Buying a share of a multifamily unit (like an apartment complex) is a way to invest in a large property but in a low-cost manner.
- 40:03 – Investing in a single family dwelling isn’t as stressful as it could be.
- 41:57 – Diversification is important for a balanced portfolio.
- 42:14 – Consider investing in a real estate investment trust (REIT) if you want a simpler way to invest in real estate.
- 43:32 – How do you go about finding a good deal on buying a single family home?
- 44:47 – A “turnkey” company can find you properties ready to go, including with tenants, to invest in. Profit margins are lower, but this is a great way to get your feet wet in the market.
- 47:31 – Connect with Passive Income, M.D.
- 50:20 – Episode summary
- 51:16 – Dr Lacey announces this episode’s free resources.
- 53:12 – This week’s featured online community: Society of Physician Entrepreneurs.
- 56:17 – Signing off!
Full Disclosure: Some of the links to the resources listed above may be affiliate links, which means that I will receive a small commission if you click through and make a purchase. But it doesn’t cost you anything extra—it’s just a way to show you appreciate what we do here. Thanks for this.
