Doctors hate talking about money. They also want time freedom. But they hate talking about that too. And they all want the holy grail that is financial freedom. But they do not know where to start with that.
At least that’s my experience.
But this makes total logical sense. Most medical professionals are dedicated to their cause of making an impact to the communities they serve. Very few joined the professional because of the money. Or because they thought they would be time free. Or the potential wealth it could bring.
But after a few years in the medical chair consulting, undertaking surgeries and clinics many feel a bit disillusioned. And a bit scared. And they are not as satisfied as they thought they would be.
But here is what I have found dealing with medical professionals. If a medical professional knows they are on the right path about money, and financial freedom they tend to be time free too.
Because if you are on the right path you will have built up some assets that generate passive or sleep income. And that means you are free to practice the medicine you WANT to, not the medicine you Must.
A while back I was away from my business due to illness. I am fortunate that I have set my business up in such a way that it does not rely on me and my wonderful team ran the business and we did not miss a heartbeat. At the same time, I had a dentist client who runs a dental practice and he was also unable to work due to illness. In his case, his business income stopped. There was no one else to take over and it caused some stress, emotionally and financially.
It is one of the biggest problems many medical professionals have. If they stop working for whatever reason the income stops.
The other problem? Most medical professionals do not know how to start the process of building real wealth and creating income.
But the reality is that with a bit of understanding, a bit of knowledge with good financial advisors the path is not hard. You need to start with what is important for you and your family. Once you work that out and your advisors know a plan of action can be put in place.
