There is a common misconception that I’d like to talk about today. Let’s start off by seeing where you stand with this statement…
“Doctors are rich and are in complete control of their lives.” True or false?
If you answered “true” then you share this belief with the general public or you at least understand why it’s believed. The numbers back it up and show that doctors are among the highest-earning jobs in the US.
Rich, smart, powerful, and in complete control of their lives. That’s the public perception of a doctor. But if you answered “false” to that statement then well… you’re probably a doctor yourself.
As a profession, being a doctor is not all riches and roses. So why is that the case?
The truth is that while most doctors do make a high income – generally their net worth or their cash flow per month is not very good. Again we ask, why?
That’s because most doctors don’t have financial freedom. Their income often relies on the business they generate within the medical industry.
In other words: You must practice to get paid.
I always say that I’m very similar to a tradesperson, like a plumber or electrician. I do work, I provide a service, then I get paid. But if I don’t provide that service… if I don’t do surgery… if I don’t see patients in the office… I don’t get paid.
The key to financial freedom in any industry is passive income.
Yes, there are ways to create passive income in medicine such as investing in imaging centers and surgery centers. However, the expectation still is that you practice medicine and bring in patients to support those entities in which you are invested.
So at the end of the day, if you’re not working and practicing medicine, you can’t really successfully invest in these opportunities. It’s still dependent on active work.
True financial freedom can’t happen if you don’t start developing passive income.
In fact, it was Warren Buffett who said: If you don’t find a way to make money while you sleep, you will work until you die.
Remember the public perception of a doctor that we discussed? “Rich, smart, powerful, and in complete control of their lives”. That sounds more like someone who’s generating passive income. So where can you start?
Investments are one of the most effective ways to generate passive income. But as we saw in our previous example, not all investments are made equal and are truly passive.
One form of passive income would be investing in the stock market. But these days, that’s completely beyond your control. Not what we’re aiming for!
Those are controlled by mutual fund managers who are in turn controlled by reports provided by companies that may or may not be accurate. There’s also a lot of talk of a correction in the market which has already started to happen.
So how do you create a passive income stream that’s within your control?
One of the best ways I know is real estate investing. It’s passive income because you make an investment and based on the performance of the real estate asset, you’ll be getting a return on money.
“That checks the passive income box, but how’s that within my control?”
First, you have control over what asset class you invest in. You also have control over which company you partner with and which real estate investment you decide to go with.
There’s a lot of control and choices to exercise within real estate investing… With that also comes the responsibility to do your due diligence and education.
You have control over what you’re investing in, where your money goes.
I’ve chosen to put the hard-earned dollars from my medical profession into multi-family real estate. When that proved to be successful, I founded Fortis Equity Group to help other doctors, family, and friends find safe, passive-income generating investments and achieve true financial freedom.
Are you ready to be free?
If you’d like to know more about your opportunities, feel free to schedule a call. If you have any questions, don’t hesitate to reach out.