Converting active income into passive income is the key to accumulating wealth. In essence, your purpose as doctors pursuing financial freedom is to generate passive income.
In general, physicians should consider the following
- Work to generate a living
- Put that active income to use as seed money to increase passive income.
- When your passive income covers all of your expenses, you are at last free.
The majority of doctors believe that the only way they can make money is outside of the professional setting, however that isn't true! Clinicians can also generate passive income. There are numerous ways for doctors to use their practice to produce passive income, but far too many do not.
By taking online medical surveys
- As many of the work-from-home medical jobs are increasing. Physicians can make use of their experience to find jobs teaching online, reviewing or writing medical content, or even practicing online through telehealth services, taking online medical surveys.
- One of the ways where we can earn extra money is through paid online medical surveys where we earn more than 200$ through online medical surveys, which hardly takes less than 2min to register.
- They even pay a joining bonus for signing up. Highly suggest few legit websites from which you can earn money online.
- MDforLives
- Swagbucks
- LifePoints
- InboxDollars
- Survey Junkie
- Opinion Outpost
- i-Say
Increase the number of doctors or physician assistants in your practice without decreasing your own involvement.
- By utilizing your practice and the time of other providers, you can generate passive revenue even if you don't want to reduce your hours. There is a limit to how many operations or patient visits you can make.
- However, you can also hire a worker to do procedures or see patients. As a business owner, you get the full reimbursement and benefits, and they get paid. Win-win.
Develop side ventures within your practice, such as a med spa, cosmetic care line, physical therapy facility, etc.
- Your patients are probably quite devoted to you and will turn to you for guidance on health issues even if you don't prescribe them medicines or perform treatments or surgeries.
- They very likely would be open to using your advice on peri-medical therapy, skin care, nutrition, supplements, and weight loss. They would pay you for these services as well.
- Build out these services and engage people to manage this portion of your practice after determining whether there is a need for them, all the while continuing to treat patients in your regular medical or surgical capacity.
- Through your practice, this might be a significant source of passive income for you.
Negotiate your contract so that you can spend more time doing the things you value and less time doing the things you don't
- This is to say that too frequently, employment contracts place restrictions on the time that paid physicians can spend on activities they do not find important.
- Negotiating your time is one approach to increase passive income from your practice through a back door. In this case, perhaps accepting a lower salary as part of your contract might allow you to spend much more time with your family.
- And perhaps you can take use of this time to more quickly turn your active income into passive revenue through real estate investing, capitalizing on your medical knowledge, or any of the myriad side hustles that allow doctors to earn passive income.
- In this situation, the money you lose out on in your contract is more than made up for by the passive income you generate by working overtime.
- But it's also acceptable to agree to more time and then simply do nothing but concentrate on your own well-being.
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