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Would it surprise you to learn that successful doctors share many characteristics with successful entrepreneurs and investors?
Too often, doctors I speak with believe that their ideal life (and the income needed to support it) is unattainable. You want to earn extra income but are afraid of failing in the investment and business world. Unfortunately, their limiting beliefs prevent them from taking action. If you've ever felt something similar, it's time for a change in your mindset.
You may not know it yet, but you can transfer your skills and strengths as a doctor to investing, entrepreneurship, and various passive income sources. I've seen it over and over again. And based on this experience, I believe that all physicians can become financially free to live their dream life through passive income streams.
With that in mind, let's look at six ways to prepare physicians to be successful entrepreneurs and investors.
Table of contents
You are intelligent
Becoming a doctor is not easy. You already know this, but a quick reminder will make it clear. Remember the MCAT? USMLE steps one, two and three? What about your board exams, the CME, and your accreditations? The countless courses and the night owls? In addition, we continue our professional development.
We truly are lifelong learners.
If you can memorize the KREB cycle, you can understand the variables, patterns, and predictions needed to make smart investment and business decisions. Compared to the complexity of medicine, investment and business decisions become uncomplicated.
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#196 How to Balance Your Medical Practice and Business Ventures, ft. Dr. Peter Kim
You are a problem solver
As doctors, you know that there is never one treatment or answer that will work for everyone. We treat individuals. This means that we are faced with complicated problems every day and it is our job to make a diagnosis, determine the best course of action and improve or resolve the situation for the patient.
In other words, you are a natural problem solver.
It's just that you need to rely on these problem-solving skills whether you're investing or running your own business. The business world loves to throw us curve balls and puzzle us. The good news is that, just like our work in medicine, we can easily gather the information to maximize the benefits of our investments and mitigate the downsides. This means making investment decisions proactively rather than reactively.
They are resourceful
Doctors have to be resourceful. Think about it: For each patient, we need to work out and implement the sequence and combination of treatment options. This means having access to a variety of resources and knowledge on a daily basis.
We also had to be resourceful in our training and make big decisions without much guidance. We've all heard the war stories of colleagues in training who were unable to insert the IV because of a patient's difficult-to-find veins. After a brief assessment, an alternative access point will be selected. Moments like these are tense and fast, where we use everything at our disposal to get the job done.
Doctors who have put their skills to work as entrepreneurs and investors know that their ingenuity pays off, literally and figuratively. When something unexpected happens, your ingenuity kicks into high gear.
They are innovative
Doctors are at the forefront of innovation.
New operations, medications, therapies and devices are constantly coming into the healthcare system. We are even trained to see where medicine will go in the future. Foresight is part of the job.
Innovation and forecasting also play an important role in the business and investment world. Based on your experience, you can identify which companies will offer something that will innovate or revolutionize a market, be it a new technology, a new delivery system, or a new product. Smart investors see who is innovative; Successful entrepreneurs see an opportunity to innovate. They are perfectly capable of both.
You're great under pressure
It almost goes without saying that doctors are great under pressure. We are trained to respond to critical situations that require immediate intervention.
And when it comes to pressure and stress, there is nothing greater than having someone's health in your hands. Over time, working well under pressure becomes an automatic response.
These skills reflect the best investors and entrepreneurs who face an environment of constant pressure. You can make excellent, thoughtful and spontaneous decisions that promote financial growth. Your ability to work well under pressure will prove invaluable in implementing a business or financial plan that will give you financial freedom.
You are ambitious
Our chances of becoming a doctor were slim, but we passed all the exams. Along the way, we also competed with our cohorts to be best in class. Without strong ambition, we would never have made it as doctors.
When it comes to investing or starting your own business, ambition is crucial. When you fail, you will use your skills to push through to the next step while making a concerted effort to strive for excellence.
You have the drive to be a successful doctor. There's no reason you can't use that same drive to create successful passive income streams.
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Our Passive Income for Doctors course meets you where you are. Whether you're new to your journey to financial freedom or are already building your passive income streams, you'll find value in our course that will accelerate the process of becoming an expert.
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Change your mindset and transfer your skills
You have the potential to be a great investor and entrepreneur. If you didn't believe this before reading, now is the time to change your mindset and take action.
I can't stress this enough: the most important part of your journey to financial freedom is taking actionable steps. And knowing you have the skills necessary to succeed is the key to taking action.
With a shift in mindset and a new belief that you are already set up for success, your next steps should be to continue your financial education. How? Here at Passive Income MD, learn how to make the right investments or green light the launch of your business by participating in one of our many communities, events, conferences or courses. Accessing and using such resources can help you set your goals, navigate the nuances of the financial world, gain the confidence to make decisions, and build your passive income portfolio.
Then, once the passive income ball gets rolling, it might not stop, and you might find yourself gaining enough momentum to create and sustain the life of your dreams. As Wayne Gretsky famously said, “You miss 100 percent of the shots you don't take.” It's time to take your shot.
Until next time, we here at Passive Income MD look forward to helping you on your journey to financial freedom!
Peter Kim, MD, is the founder of Passive Income MD, creator of the Passive Real Estate Academy, and offers weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook Group.
further reading
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
