Podcast Episode 41 – How to Gain Financial Freedom Through Passive Income – Dr. Christopher Loo
Episode 41 – The COVID pandemic and the resultant global economic shutdown in 2020 proved to us that there is no such things as financial security. Even physicians are not immune to global pandemics, it seems. So, how do you become financially independent as a physician? What does it take to gain financial freedom? My guest this week is Dr. Christopher Loo, and he has some ideas about how to do that.
He became financially independent while he was still in his final year in medical school, which is nothing short of amazing. He comes on the podcast today to share some of his secrets. If you want to learn how passive income can help you become financially independent, listen to this episode! Make sure to take advantage of all the free resources as well!
Free Resource: How to Crush Your Student Loans
Check out the additional free resources available at The Scope of Practice!
- Business management resources
- Personal finance resources
- Podcasting resources
- Recommended online courses
- Recommended books
Meet Dr. Christopher Loo
Dr. Loo is an entrepreneur, investor, TEDx speaker, and digital health consultant. He received his MD-PhD from the medical scientist training program from the joint Baylor College of Medicine and Department of Bioengineering at Rice University.
During his second year of medical school, he started two companies investing in real estate, equities, and options trading, achieving financial freedom-independence during his final year of medical school.
In 2007, he matched into Orthopedic Surgery at Rutgers University before embarking on a full-time career as a real-estate entrepreneur in 2008. After achieving FIRE status by his mid-thirties, Dr. Loo then started his digital health consulting company. He directs digital health strategy as a member of the advisory board for Valhalla Healthcare, an early-stage digital health technology AI startup.
In addition, he is a regular guest contributor to KevinMD, has authored four books on Amazon, is the creator of the online course Multiple Streams of Passive Income For Physicians, and founder of the growing private Facebook group, Financial Freedom for Physicians.
Connect with Dr. Christopher Loo: https://linktr.ee/drchrisloomdphd
Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice. This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.
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- How to build and implement a successful long-term finance strategy
- How to budget effectively without going crazy
- What to do in order to get you and your spouse on the same page with your finances
- Writing a resume
- How to find the right practice to join
- Or anything else related to business or personal finance
I’d love to help you so you can have the successful career and financial freedom you deserve. Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you.
I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.
- 00:00 – Introduction to the episode
- 01:25 – Subscribe to the podcast, and please share it with someone!
- 01:51 – Email me if you’re interested in one-on-one coaching for personal finances or your career.
- 02:59 – This week’s sponsor is MedEvolve.
- 03:05 – Introduction to Dr. Christopher Loo.
- 05:22 – Introduction to Dr. Christopher Loo
- 06:07 – Dr. Christopher Loo had the rare goal of achieving financial independence early, so he learned about investing and real estate during medical school.
- 06:43 – Dr. Loo kept his financial interest to himself during medical school.
- 07:43 – While still in school, Dr. Christopher Loo actually started two companies!
- 09:37 – 9/11 was a wake-up call for Dr. Christopher Loo. It spurred him on to become financially independent because he saw how one single event could derail your financial plan.
- 10:21 – Once he realized he needed to become financially independent, he studies the super-wealthy and tried to emulate what they did.
- 11:51 – Being more financially independent, he has felt more secure when it comes to dealing with financial crises.
- 13:17 – Dr. Christopher Loo says that becoming financially independent should be an early goal for all physicians.
- 14:17 – Financial security is an illusion! Diversify through different passive income streams!
- 15:36 – If you’re willing to learn, the content is available!
- 16:52 – Giving up a career in clinical medicine was hard, but Dr. Loo made a great career out of teaching financial independence.
- 18:31 – Having a community of supportive people is a two-edged sword. Find people who will encourage you pursue a dream but will help you course-correct when you get way off track.
- 20:47 – Confidence is born from an outgrowth of knowledge and experience.
- 21:51 – Don’t feel like you have to take a huge leap off the bat. Do what Dr. Christopher Loo did and take incremental steps towards your big goal.
- 23:24 – Dr. Loo argues that we are losing money by focusing only on our clinical career and not diversifying our income streams.
- 25:43 – What’s the best passive income stream to pursue?
- 28:41 – What is “dollar cost averaging”?
- 29:34 – Once you’re in a stable financial position, it’s time to start looking into investing. Dr. Christopher Loo recommends starting with single family homes to bring in rental income as an initial investing strategy.
- 33:21 – Should you use a property management company?
- 34:32 – Dr. Loo shares strategies for finding the “right property” to invest in.
- 36:56 – How do you screen your tenants?
- 40:13 – Another idea for diversifying your income is through consulting work. Dr. Christopher Loo shares his ideas.
- 41:32 – How do you find your consulting clients?
- 44:21 – Dr. Christopher Loo shares his secrets to getting speaking gigs.
- 48:01 – Never give up! You just never know when a lead is going to give you your big break.
- 49:01 – Connect with Dr. Christopher Loo.
- 50:04 – Summary of the episode
- 50:59 – This week’s free resource is a guide called “Crush Your Student Loans.”
- 52:33 – Signing off!
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