Passive income md1/31/2024 In fact, I believe anyone reading this site has already taken more steps than the average person to make it happen. You don’t need to be born a financial savant to reach these goals. It’s amazing what people are doing, and what I’ve realized is that it can truly be anyone. However, I’ve since come across physicians at all points of the spectrum. I thought that people were born with an innate ability to make savvy decisions, almost like a sixth sense. I used to wholeheartedly believe that it takes a certain kind of personality to achieve these financial goals. Instead, use others’ experience as a springboard to launch your own ideas and make the journey your own. The bottom line is this: don’t limit yourself by following someone else’s blueprint. In fact, we have a great time discussing them in our community Facebook group, Passive Income Docs. It is amazing how many different physician side hustles there are. People are doing it with social media, with podcasts/blogs/YouTube, real estate investing, and through other businesses. When I look at all of these successful people, however, the one unifying factor is the desire and belief that you can make it happen. The ways to achieve financial independence are as diverse as the people who undertake the journey. In interviewing other physicians, I’ve learned that there’s definitely no one set path. What I didn’t realize is just how many different ways there are to develop and achieve passive income. There are so many different ways to develop passive incomeĪlthough I wrote a post titled “ 10 Perfect Passive Income Ideas for Physicians” fairly early on in this blog’s life, I really thought that for most people, passive income would come from two main sources: real estate investment property ownership and online businesses. Because the first few steps aren’t easy and have a higher risk of failure, most people don’t persist–or worse, never even try. It reminds me of the cartoon where the miner gives up, mere inches away from hitting the motherlode. In fact, most people quit before they get to where they need to be. You can never truly learn without failure, and you can never fail if you never try. When you look at wildly successful people, most will tell you that it is their failures that allowed them to be successful today. I feel that people often put too much pressure on themselves to hit the perfect home run on the first shot. What I think most don’t realize is that the goal of your first couple steps is really all about getting an education in business/finance/investments. Most will get stuck in an analysis paralysis and never take that all important first step. Many people talk about desiring passive income, but very few people actually take action. When it comes to passive income, “hustle” is the most important word of all (channeling my inner Gary Vaynerchuk). Still, financial independence has given me the ability to make that choice and has allowed me to do what I enjoy without the stress of relying on my full-time job for all of my income. However, you’ll see them both actively online sharing their mission because that’s what they’re passionate about.įortunately, I have the option to stop working in medicine if I wanted, but I choose not to because I truly enjoy what I do. Look at bloggers like the White Coat Investor and Physician on Fire. Both have achieved financial independence, and PoF will soon retire full-time from medicine. They may go part-time or retire gradually, but they still continue to practice on their own terms. Many continue to stay at their jobs as physicians because they enjoy what they’re doing. But in reality, I’ve found that people who have achieved financial freedom through passive income end up pursuing their passions rather than just laying around.
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