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Losing our self-identity in medicine is an often overlooked consequence of human nature. The expectation is that being a physician means everything outside of our work is to be sacrificed.

Why is that?

In this post by The Physician Philosopher, he talks about the difficulties of choosing between work and life, but also the reward you will feel when you adopt a “Hell Yes!” policy.

Today’s Classic is republished from The Physician Philosopher. You can see the original here. Enjoy!

It seems like natural human tendency to explain ourselves.  When we are late to a meeting, we come up with an excuse in case anyone asks.  When our kid starts throwing a temper tantrum at the store, people stare at us expecting an apology.  In the same way, when we decide that there are things outside of medicine that are more important to us than the job – an explanation seems required.  That’s until you adopt a “Hell Yes” policy.

I am here to say I am done playing this game.

And, as you’ll see, I don’t think you should keep playing either.

Losing Our Self-Identity

I’ve been on several podcasts recently. One of the themes that keeps presenting itself is how we define our self-identity when we earn a paycheck as physicians.

How do you define who you are?  If you aren’t sure, a great way to figure this out is to see what you say when someone asks you to “tell me a little bit about yourself. Who are you?

Self Identity in Medicine

One of the most meaningful posts on this site remains my post on losing our self-identity.

For those that don’t feel like clicking the link, here is my typical answer when I am asked to “tell me a little bit about yourself”.

“Well, I am a God-fearing husband and father of three. I am an author, inventor, teacher, blogger, and golf-playing craft beer lover.  I also happen to be a physician who practices anesthesia.”

This might seem trite, but answering questions about my identity in this way serves two purposes.

First, I am speaking truth into my own life. It is a reminder of who I am and why I am here on this earth.  As life gets busy, sometimes we forget what’s truly important.  I am a physician, but that is not what defines me. Reminding myself of that is important.

Second, it is imperative to me that my readers, which include medical students and residents, see that you can be good at your job as a physician and have other priorities in this life.  Being a physician does not have to be an all-consuming act despite what other generations would have you believe.

Competing Priorities Leads to Burnout

Unfortunately, our priorities that define our identity can often be at odds with each other.  We can’t always be the greatest doctor, spouse, and parent.

When my wife started full-time in July – for the first time – I was forced to choose between my priorities.  My job as a dad tripled while my work requirements at the hospital remained at 1.3 FTE (130% of a full-time schedule).  This doesn’t even include my research and education efforts.

All of a sudden, there simply weren’t enough hours in the days or weeks to accomplish everything that I had planned.  Apparently, having a voracious appetite for setting and achieving goals has its limits.

With a realization that my time was limited, I couldn’t waste another second on things that didn’t matter to me.  It really brought everything into perspective.

Honestly, it also completely burned me out.  Given that I’ve been writing about physician burnout for a year, the irony was not lost on me, but it was happening whether I wanted it to or not.

This led my wife and I to have a lot of conversations about what mattered most to us, which can be easily accomplished using the Three Kinder Questions.

If we were suddenly living the ideal life, what would that look like?  If we knew our days on this earth were numbered, what would that change?

There were a lot of common threads throughout these talks.   For example, we wanted to be at all of our kids’ extracurricular and school events.  We also wanted to travel, spend time with family and friends, and pursue our passions.

As these talks progressed, I started to notice that none of my goals involved increasing my number of publications to get more notoriety, staying later at work, or whether I’ll ever make full professor in academics.

Does that make me a bad doctor or academician?  No. I still hold to some of these goals, but they are just lower on the priority list than they used to be. And, that’s okay.

The Generational Gap

When I started saying “no” to new committee opportunities and commitments, I often felt like people were staring at me.  The squeaky wheel might get the grease, but it also seems to get a lot of attention from a certain crowd.

You know what I am talking about. The people who say things like “being a doctor is a noble calling that requires sacrifice!” Or maybe you’ve heard people say something like “suck it up, you’re a doctor.”  This is the same group that says doctors shouldn’t retire early.

The expectation here is that being a physician is who we are, and that it is an all-consuming calling that requires everything else to be sacrificed at the altar of being a dedicated (i.e. non-complaining) physician.

These conversations remind me that there continues to be a generational gapbetween those who identify with a Generation X mentality and the millennial physicians who are coming into the fold.

The Generation X thought process demands that we put our hands to the plow, put our head down, and push until someone tells us to stop or the job is done.  If we do stop before the job is done, and our hands aren’t bloody, we are clearly not dedicated to the cause.

The millennial mindset asks why the plow is shaped the way that it is, if we can get the job done more efficiently using a different method, and if we can make the process better for everyone involved.

These questions lead to a uniform response: Don’t you dare ask questions, young millennial!  You haven’t had enough trips around the sun. There is a reason we are the way that we are!

Take Home: The “Hell Yes” Policy

My point is this.  Many doctors (young and old) are tired of having to choose between work and life.  If they can’t have both work and life, many of them are choosing the latter.

It is not my job to explain to others that being a husband and father matters more to me than my job.  It is also not my job to care what others think about that.

I simply don’t have enough time in my life to accomplish everything. This has resulted in a “Hell yes” policy where I only say yes to things that I can’t refuse.

Otherwise, I risk burning out completely or missing out on the people and things that matter most to me in this life.

We should all refuse to lose our identity in our jobs. And when others call us on it, remember that it is not our responsibility to explain ourselves.  It’s okay to care more about things outside of medicine.

And, if something doesn’t make you say, “Hell Yes!” then you should probably just say, “no.”

Have you ever had to choose between work and life?  How did your colleagues handle that? What advice would you give to others who are struggling with this balance? Leave a comment.

You can find the original post here or hop on over to Passive Income Docs on Facebook to share your thoughts!

The post Why I Adopted The “Hell Yes!” Policy appeared first on Passive Income M.D..

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Every other week, I hold a JOURNAL CLUB. After manually filtering through the millions of articles out there on the web, I present a few that impacted my life this month.

Here’s our Journal Club for the week, enjoy!

  • You’ve got kids. Why not give them a job? Semi-Retired MD has grand advice on what the best jobs are for your little tikes. They also answer questions that usually, as parents, we often wonder about when it comes to employing them from birth to adults! Yes, you read that right.

A little bit of motivation below. Enjoy and have a great weekend!

The post Journal Club 7-11-19 appeared first on Passive Income M.D..

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To rent or to buy? This is the age-old question.

Renting might have a cheaper price tag on it initially, but buying a home is an investment. If you have read any of my other blogs, you know how passionate I am about investing time and money into profitable ventures. Find out how your home buying adventure could end up being a great investment in this post by The White Coat Investor.

Today’s Classic is republished from The White Coat Investor. You can see the original here. Enjoy!

I hear a lot of people casually throw out the phrase “a home isn’t an investment” or “a home is a terrible investment,” usually citing the fact that the value of a home only increases at a very low rate over the long term, anywhere from 1% nominal to 1% real (after-inflation).  In actuality, homes generally depreciate and the land the home sits on generally appreciates. Don’t believe me? What happens to 80 or 100-year-old homes? They get bulldozed and the value of the home instantly goes to zero. That’s called depreciation.

Others argue that a home is more a consumption item than an investment.  That argument holds a little more water, although a home has one fundamental difference from the boat in the driveway – you actually need a roof over your head.  Once you have decided to consume a certain amount of home, it is best to think of it as an investment.  Buying a home isn’t always a wise move (residency comes to mind), but you should definitely evaluate the decision from an investment perspective.

A House is Like Any Other Investment

Like any other investment, it has expenses (transaction costs, repairs, maintenance, property taxes, insurance, HOA fees etc), it has capital gains (appreciation), and dividends (free rent).  If it has an accompanying mortgage, leverage can multiply returns and amortization of the loan adds to your investment return. A good rent vs buy calculator takes all this into account when helping you decide what to do.

I’ve had people argue with me that “free rent” doesn’t count toward your return. That’s silly. A simple example demonstrates why: move out of the house and rent it out.  What’s changed? You still have the same expenses, the same amortization, and the same appreciation.  Now someone pays you rent. Saved rent is your dividend. From an investment perspective, the only difference between living in your house and renting it out to a tenant is that once you move out you get to claim depreciation on your taxes and you lose the principal residence capital gain exemption.

Over the long run, renting generally costs more than buying.  If it didn’t, landlords would all be hemorrhaging money. This is easily demonstrated by looking at how things change over the years.

An Example of Renting vs Buying

You have $125K and want to live in a $500K house that rents for $3000 a month.  You have to decide whether to rent or buy.

Year 1

The buyer pays $100K as a downpayment on his 15 year 3% mortgage.  He pays $25K in transactional costs. He pays $1K in insurance. $3K in taxes, and $5K in maintenance and repairs.  He pays $12K in interest. He saves $36K in rent. The property appreciates $15K (3%). He pays down the mortgage $21K.  He gets a deduction on his taxes of $5K for the interest and taxes.

The renter invests his $125K and makes 5% after taxes on it ($6250).  He pays $36K in rent.

At the end of the year, the buyer has $79K.  ($100K downpayment + $21K in amortization + $5K in tax breaks + $15K in appreciation – $21K in principal payments – $12K in interest payments – $1K in insurance payments – $3K in taxes – $25K in transaction costs.)  The renter has $95,250 ($125K not spent on buying +$6250 in investment gains – $36K in rent.) The buyer is way behind, especially if he wants to sell that year. That would run him about $51K, in which case he comes even further behind the renter.  Obviously, it rarely makes sense to buy for a one year period. What happens the next year?

Year 2+

The buyer pays $1K in insurance, $3K in taxes, $5K in maintenance, $12K in interest and $21K in principal.  He gets $21K in amortization, $15K in appreciation, $5K in tax breaks. His total for the year is -1K. The renter pays $37K in rent and his $131,250 gains another $6563.  His total for the year is -30K.

The buyer has already made up his shortfall from year one, unless of course, he wants to sell, in which case he’d still be way behind.  Within a couple more years, the buyer’s appreciation, amortization, tax benefits, and saved rent has outpaced the round-trip transaction costs as well as the investment returns of the renter.

The deal becomes even better over the years as the home is gradually paid off (dropping interest costs) while comparable rent increases (although to be fair some of the buyer’s expenses also increase, but this is a much smaller sum than comparable rent).

Pitfalls for Homebuyers

So what can go wrong to hose the buyer?  There are a few things.

  1. Expenses could become much higher than planned.  New roofs and landscaping don’t come cheap and property taxes can go up.
  2. The home might not appreciate.  In fact, it could even depreciate.  Buying instead of renting can still work out even without significant appreciation, but it takes much, much longer.
  3. The buyer may not be able to completely deduct the interest and tax payments.
  4. Saved rent might not be worth much if comparable rent is very inexpensive.  Consider a “rent control” city like San Francisco.  A home worth $2 Million might rent for only $2-3K.  Without significant appreciation, that isn’t going to work out well for a buyer, pretty much ever.

So is buying a home an investment?  It has expenses, capital gains, dividends, and a positive expected return over the long run if bought at a reasonable price in relation to comparable rent.  That qualifies in my book.

What do you think?  In what ways is your home an investment, and in what ways is it a consumption item?  

You can find the original post here or hop on over to Passive Income Docs on Facebook to share your thoughts!

The post A Home Is An Investment appeared first on Passive Income M.D..

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It’s early July, and this time each year, we have some time to think about our independence and freedom. We also celebrate and spend time to be grateful for those that helped us achieve that.

Everyone reading this certainly has a lot to be grateful for. But I also know that there are those that might feel a bit trapped in their current life situation.

Some might hear the term “financial freedom” and think it’s a pipe dream; unachievable, or something to think about in the far distant future.

Well, I’ve spent the last five or six years pursuing this seemingly whimsical dream, and I’ve been fortunate enough to see it to reality. Through my experience, I’ve also learned some hard-to-shake misconceptions–myths, if you will–about financial freedom.

See if you relate to any of these myths when it comes to financial freedom:

Myth #1: You Need to Be Debt-Free to Achieve Financial Freedom

Physicians are no strangers to debt. I talk to residents all the time who tell me that they have over $300,000 in debt. The highest I’ve ever heard someone mention is $450,000. It’s crazy…

Add in a home mortgage and a few cars and you’re talking debt well into the millions. Buy a rental property and your debt could easily cross the $2 million mark.

But if your goal is financial freedom, then the only way to achieve that is to get rid of all that debt. Right?

Well, not really.

Remember, financial freedom is not necessarily a number. It’s the idea that you can do whatever you want, whenever you want, with whomever you want.

If you have $10,000 in debt payments each month but you have other sources of income that bring in $20,000 each month, you’re still making $10,000 per month. And if you can live your current lifestyle on that amount, then guess what? You’re financially free.

There are those who teach that all debt is bad. Personally, I believe there is good debt and bad debt. I think of good debt as an investment; it helps increase your cash flow or net worth. Bad debt is typically used to buy a depreciating asset–meaning that its value goes down with time.

What falls into each category? Well, the debt that you took on for your education or for your rental property is most  likely good debt. Bad debt is the debt used for cars or luxury goods.

I’m not saying you shouldn’t try to be debt free. There’s definitely a huge mental benefit of not having debt, and I completely get that.  

However, I’m trying to go the more balanced route. I use debt as a tool to achieve my ideal life. If it helps me get closer to that goal, then I’m comfortable keeping the debt. If it doesn’t, then I get rid of it as soon as possible.

Myth #2: I’m Too Young To Be Thinking of Financial Freedom

The path to your specialty wasn’t done overnight. You spent years preparing and pursuing it. It took setting goals, celebrating small wins, and a lot of hard work and persistence to get there.

The same can be said for financial freedom. It is in no way an overnight success. Anyone who tells you otherwise is selling you something.

That process starts with figuring out your outcome, why you want it, and then taking actionable steps in order to get there.

The sooner you start thinking about it, the sooner you’ll reach that goal.

Do you really want to wait until financial independence becomes a necessity? Don’t wait until your job becomes less stable, or life changes, or you’re burnt out.

Do you want to have a long, sustainable career? If so, it’s worth thinking about from the very beginning. That way, you have a clear path to follow.

My new course! Myth #3: You Have to Fully Retire to Reap the Benefits of Financial Freedom

As you may know, I am a big proponent of a gradual retirement. That means that as you create other income streams and supplement your income, you can decrease your time at your day job until you find a happy, sustainable balance. 

It’s really replacing one income for another. The thing you gain is time and the choice to do whatever you want with it.

I believe that life should be about more than working yourself to death for 30+ years, retire, and only then learn to enjoy yourself.  

By planning for financial freedom earlier on, you can start to take less hours at your day job, and slowly transition into retirement.

Actually, my hope is that you never feel the need to retire; that you enjoy what you’re doing and do it because it fulfills you and helps you continue to grow and contribute.

Those seem to be the happiest physicians in the hospital – the ones that don’t need to work, but do so because they have a passion for it.

If you’re financially free, then medicine becomes a well-paid hobby.

Ultimately, as we celebrate our freedoms this year, it’s a perfect time to assess where you are in your journey. If you haven’t started yet, then there’s no time like the present. You don’t have to have everything in perfect order to take that first step.

And even if you’ve already reach financial freedom, take some time to celebrate independence day–in more ways than one.

What are some misconceptions you had about financial freedom? Are you wondering if something you are doing is recommended or advised against? Leave us a comment below to share your story!

The post 3 Major Myths About Financial Freedom appeared first on Passive Income M.D..

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If you’re reading this, I have news for you. You are a high achiever. 

Yes, I mean you. 

You’ve set lofty goals in your life and you’ve achieved a level of success others only dream of.

This might be in the area of academics, business, or relationships–and for some of you, all of the above. You’ve accomplished big things. 

But I have a question for you. When was the last time you celebrated something small?

Really, it’s something you may have never thought about. You see, I’ve found that, over time, highly successful people almost grow numb to small achievements.

For example, when a sports team has won multiple championships, it becomes harder to celebrate winning a regular season game.

The thing is, most of us have forgotten that goals are achieved through a series of small wins.

I’m a huge fan of goal setting. I love setting a lofty goal and then reverse engineering that goal to figure out how to achieve it. I think this is the best way to reach a goal that seemed almost too high–at first.

We should be setting goals that are uncomfortably high. It pushes us to be better. That’s something that I’ve been working on these last few months. So many of us are content to stay in the “safe zone” so we don’t have to risk failure.

Staying Motivated

To reach large goals, we need to find ways to stay motivated. But just how do we do that?

One way to accomplish this is to remind ourselves of these goals daily. Another is to add some emotion to these goals; make sure that they’re a “must” and not a “should.” Keep your focus on why you’re doing it.

And really, we need to celebrate wins along the way. Encouragement goes a long way to helping you stay on your journey.

In fact, many will say that while the goal is important, the journey and process is even more important. That’s where the growth and learning happen, and that’s what makes us feel fulfilled.

For example, look at all the people that have achieved massive fame or accolades. Does that guarantee happiness? Absolutely not. However, I’m sure they felt a purpose in the midst of their journey. Something that helped them push on to their goals. 

In practical terms, we should set large goals, but then start breaking them down into smaller chunks.

For example, if you have a ten-year goal, you should also decide where you want to be in five years, then in two years, one year, and six months. Can you reach a place in three months that will put you on pace for that goal? 

Once you’ve put some goals in place, it’s also important to celebrate those milestones as you reach them. The three-month goal is just as important as the then year goal because it’s a step taken to where you want to be.

How Do You Celebrate Small Wins?

So how do we celebrate small wins? Here are some ways I’ve found to be effective.

Take time daily to recognize those small wins

Some do it in the form of journaling. Others might meditate. Others just take a few moments before they sleep to remember the good things that they did that day.

Either way, it’s important to take inventory of each daily achievement. That little feeling of pride even gives a little shot of dopamine. Who wouldn’t want that each day? 

My new course! Share your successes with others

If you have a partner, communicate the small successes to them. They’ll want to share in your wins, and it encourages others as well. If you have a mastermind group or a community of like-minded folks, they’ll also want to celebrate with you.

In our Facebook group, Passive Income Docs, we celebrate “High-Five Fridays,” where we celebrate wins both big and small. Some people highlight things they did well for their families this week. Others involve their businesses, and still, others celebrate the things we take for granted, like just being able to breathe for another day.

Reward Yourself

Figure out a way to celebrate those small wins, whether it’s rewarding yourself at that moment, or simply keeping on track to a bigger celebration. You know what keeps you motivated best. For me, it might be a round of golf, but for some, it might be your favorite ice cream.

Change Your Mindset

It’s a natural human instinct to spend a disproportionate amount of our focus and mental energy on things that went poorly or on things that we can’t control. That’s part of our survival instinct. It helps us avoid future pain.

But realize that failures happen and with continued effort, the overall progress is in a positive direction.

I’m always reminded of that quote by Thomas Edison:

“I have not failed. I’ve just found 10,000 ways that won’t work.” 

It sounds like he had the right perspective. He seems to have found ways to celebrate even the failures in life. 

It takes real intentionality to break out of the negative thoughts and focus on the good things in life.

Focusing on the small wins helps with that. When you cultivate that positivity, you’ll be better able to make progress toward your goals. And, dare I say it, that just might be one of the keys to true happiness.

The post Celebrate the Small Wins! appeared first on Passive Income M.D..

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Do you feel chained down by your bills, financial obligations, and time clock? Don’t worry, we did too. Everyone who has ever done anything has started out where you are today: the beginning. Maybe you have no plan just yet, or maybe you are floating around the idea of changing your life. All it takes is one great idea to throw you on a whole new track.

As with any revolutionary thought, it all starts with drawing out a battle plan. Once you have your plans laid out, it is time to put them into action and declare your financial freedom! Not quite convinced? Let’s see why Physician on FIRE thinks today’s the day to change your life.

In this post by Physician on FIRE, we discuss why you should take the first step towards your financial freedom today. You won’t regret it!

Today’s Classic is republished from Physician on FIRE. You can see the original here. Enjoy!

In 1776, our nation’s founders made a bold choice. They made a statement with the Declaration of Independence, and the rest, as they say, is history.

Why did John Hancock, Benjamin Franklin, and company declare the original Brexit?

  • They had grown weary of increasing taxes.
  • They wanted to create their own rules.
  • They didn’t feel their master had their best interests in mind.
  • They were prepared for freedom.

I’m paraphrasing, but these gentlemen felt that life, liberty, and the pursuit of happiness were unalienable rights, and they were prepared to fight for them.

What are you Prepared to fight for?

Make Your Declaration of Financial Independence

This 243-year American experiment has had its ups and downs, but for the most part, I would say it’s been a resounding success. I haven’t taken a formal poll, but I would guess most of us are happy to no longer be under British rule.

When we broke free from the tyranny in the 18th century, we denounced a King. Is there a King ruling over you in the 21st century?

Cash is King, right? I’ve heard that somewhere. We spend the better part of our days working to earn cash, and much of our free time away from that job finding ways to spend our cash.

It’s time to break the mold. Or at least eat around it.

It’s time to declare you’re ready to pursue financial independence.

Why?

You’ve grown weary of paying taxes.

Like our predecessors with the funny hats, you’ve been paying more than your share of taxes over the years. If you’re a high-income professional, you may have grown accustomed to six-figure annual tax bills, or at least a solid five-figure number.

When you can declare financial independence, you’re able to enjoy your freedom without earned income. When earned income ceases, tax bills can, too. An early retiree that has seen the taxman cometh with every paycheck can smile as she watches the taxman leaveth.

Financial independence doesn’t have to be associated with early retirement, but it’s there for the taking if you like. Pull that trigger, and you can escape the burden of heavy taxation. And you don’t have to throw a single bag of tea into the harbor.

You want to create your own rules.

The founding fathers were not happy with the King’s rules. From the Declaration of Independence:

“He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them. He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.”

The signers of this document wanted to make the rules and not be subject to untenable laws created by an unfit governing body across the sea.

When you declare financial independence, you have the power to make the rules that govern your life. Not interested in attending those committee meetings? Don’t.

Want to work less (like me)? Find a way to make that transition.

Care to cut out the least desirable aspects of your job? Engineer the job that suits you.

Want to sleep in, have a seared sirloin for breakfast, and wear pajamas all day? Have at it.

Travel the world? Why not? The world is your oyster.

You make the rules now.

Your master doesn’t have your best interests in mind.

Did Great Britain want what was best for the new world? Of course not. Great Britain wanted what was best for Great Britain.

It’s no different with our modern day masters, and if you’re working for a living, you’ve probably got masters. Your employer is a master. MOC, CMS, JCAHO, and various governmental entities serve as masters. Your mortgage and student loans are masters. These things dictate how we live our lives.

Declare a desire for financial independence, and you can start to free yourself of those masters, one by one. The fewer masters you have, the freer you become.

You are prepared for freedom.

The fellas in Philly had their ducks in a row before declaring independence. They were prepared to fight and prepared to govern under a new and improved set of laws. They knew the consequences of their declaration and willingly forged a new path.

Like them, you are preparing your defenses. You’re working on your offense (income) and defense (spending). You’ll amass 25 or 30 years worth of retirement expenses, perhaps by living on half of your take home pay.

When you’ve crossed the finish line, you can have the freedom you’ve been working for. You’ve developed interests outside of work. You have something to retire to. You’ve got more time for family, friends, your dog or goldfish, and all those things that matter most in life.

This Independence Day, make a declaration of your own.

If you haven’t put yourself on a path to Financial Independence, today is a great today to realize the many benefits of FI and declare your pursuit of FI.

It won’t happen overnight, and you don’t have to change your life around all at once. But you’ve got to start somewhere if you want to be financially free. For example, you could:

It all starts with a simple declaration. Make yours today.

Can you declare financial independence? Or make a declaration of your desire to achieve it? What is one thing can you do today to make it a reality?

You can find the original post here or hop on over to Passive Income Docs on Facebook to share your thoughts!

The post Make Your Declaration of Financial Independence appeared first on Passive Income M.D..

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Over the three years I’ve been running this blog, I’ve been asked this one question consistently more than any other:

“What is the best resource to learn about passive real estate investing?”

I would respond by recommending certain blogs, forums, books, and podcast. I would also point them to the many articles I’ve written on the subject.

However, most of those same people would come back to me 6 months later and tell me that they still didn’t understand how to properly vet a passive real estate deal like a syndication or a fund.

Many of us are looking to create passive income streams through investing in real estate. However, without having a good foundation of knowledge, how can we accomplish our goal of financial freedom?

In fact, my very own father lost a significant amount of money as a passive investor because he didn’t know the basic questions to ask.

The Solution

I realized that there needed to be a high-yield resource created with the busy professional in mind. We don’t need a book that teaches us how to be a professional syndicator.

We just need a resource that will quickly help us to vet whether a deal is promising or one that we need to toss aside.

Unfortunately that resource doesn’t exist, or at least I couldn’t find it, so I’m excited to announce that I created the online course and community…

Passive Income By Investing in Syndications

Confidently Invest in Passive Real Estate Deals in 4 Weeks

By the end of it you will:

  • Understand why passive real estate investing is so powerful in helping you to achieve financial freedom
  • Know the right questions to ask a sponsor to determine whether you should trust them
  • Understand how to look at a pro forma and understand the various assumptions made
  • Know all the major metrics and math involved in evaluating an investment property
  • Feel confident about making a yes/no decision when it comes to a deal
  • Be part of an awesome community of fellow course takers who will help support each other on this journey

Once you join the course, you will have access to it for life, even future updates.

JOIN THE COURSE HERE

The Details

The course is set up to help you actually finish it. It’s been said that most courses out there never get completed. That’s not our goal and we want you to achieve your desired outcomes.

So we’ve split this course into 4 modules which will be released to you one by one over 4 weeks in digestible chunks. Along with the course learning videos, there will be additional worksheets as well as bonus videos.

The opportunity to purchase the course and join the community (enrollment period) will start now and end on July 9th at 11:59pm PST. No additional people will then be allowed to join until we launch the course again sometime in the future. The modules will then begin on Wednesday, July 10th.

But again, we created this with the busy professional in mind so you can take it at your own pace if you’d like.

We also have an exclusive Facebook community for students running side by side with the course. We will have weekly live Q/As as well as some action steps and case studies all in the group.

Want to FIND OUT MORE?

TAKE ACTION BONUS!!!

For those who join the community in the first 48 hours (expires Friday, June 28th 11:59pm PST), I’ll invite you to join me on a private group coaching video call where we can talk about goals and get questions answered.

If that sounds appealing to you, you can join the community now!

Testimonials

This is what some people who have taken the course have said,

“I had invested in some syndications prior but had no systematic way to evaluate them. This course has given me more confidence to recognize a good deal as well as reject poor deals. In fact, within a few weeks of taking this course, I’ve rejected a few deals and invested in some others.” – Alvin Dandan, MD

“When I started this course, I knew next to nothing about real estate syndications. In four weeks, I learned what I needed to know in order to confidently diversify my investment portfolio through real estate syndications. This course helped me understand the reason behind real estate investing, the language involved in evaluating a deal, and how to vet the sponsors and opportunities that are out there. It is well worth the price of admission.” James D. Turner, MD

There was not a resource I could turn to to learn everything about syndications in one cohesive, easy to digest space until this course. Now after taking it, the terms and nomenclature no longer intimidate me. I know how to recognize when an assumption seems off. I have the confidence to ask informed, educated questions when vetting a sponsor. I can go in on a deal knowing it’s right for me, and I’m comfortable with the terms having understood the proposal. – Yume Nguyen, MD 

Take Action

If you want to do it the same way I originally did, which is to spend months and years reading, searching online, and going to real estate meetings in your spare time, then I encourage you to start that journey.

If you want to massively shorten that learning curve and you place a high value on your time, I know this course and community can help you achieve the same goal on your terms.

ENROLL IN THE COURSE NOW

Thank you for being a part of this community. I hope to provide massive value for you and I’m excited to help you along the way. 

I’ve set up a FAQ on this page but if you have any additional questions, feel free to reach out.

The post Passive Income By Investing In Syndications (The Online Course) appeared first on Passive Income M.D..

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Over the three years I’ve been running this blog, I’ve been asked this one question consistently more than any other:

“What is the best resource to learn about passive real estate investing?”

I would respond by recommending certain blogs, forums, books, and podcast. I would also point them to the many articles I’ve written on the subject.

However, most of those same people would come back to me 6 months later and tell me that they still didn’t understand how to properly vet a passive real estate deal like a syndication or a fund.

Many of us are looking to create passive income streams through investing in real estate. However, without having a good foundation of knowledge, how can we accomplish our goal of financial freedom?

In fact, my very own father lost a significant amount of money as a passive investor because he didn’t know the basic questions to ask.

The Solution

I realized that there needed to be a high-yield resource created with the busy professional in mind. We don’t need a book that teaches us how to be a professional syndicator.

We just need a resource that will quickly help us to vet whether a deal is promising or one that we need to toss aside.

Unfortunately that resource didn’t exist, or at least I couldn’t find it, so I’m excited to announce that I created the online course and community…

Passive Income By Investing in Syndications

Confidently Invest in Passive Real Estate Deals in 4 Weeks

By the end of it you will:

  • Understand why passive real estate investing is so powerful in helping you to achieve financial freedom
  • Know the right questions to ask a sponsor to determine whether you should trust them
  • Understand how to look at a pro forma and understand the various assumptions made
  • Know all the major metrics and math involved in evaluating an investment property
  • Feel confident about making a yes/no decision when it comes to a deal
  • Be part of an awesome community of fellow course takers who will help support each other on this journey

Once you join the course, you will have access to it for life, even future updates.

JOIN THE COURSE HERE

The Details

The course is set up to help you actually finish it. It’s been said that most courses out there never get completed. That’s not our goal and we want you to achieve your desired outcomes.

So we’ve split this course into 4 modules which will be released to you one by one over 4 weeks in digestible chunks. Along with the course learning videos, there will be additional worksheets as well as bonus videos.

The opportunity to purchase the course and join the community (Cart Open) will start now and end on July 9th at 11:59pm PST. No additional people will then be allowed to join until we launch the course again sometime in the future. The modules will then begin on Wednesday, July 10th.

But again, we created this with the busy professional in mind so you can take it at your own pace if you’d like.

We also have an exclusive Facebook community for students running side by side with the course. We will have weekly live Q/As as well as some action steps and case studies all in the group.

Want to FIND OUT MORE?

TAKE ACTION BONUS!!!

For those who join the community in the first 48 hours (expires Friday, June 28th 11:59pm PST), I’ll invite you to join me on a private group coaching video call where we can talk about goals and get questions answered.

If that sounds appealing to you, you can join the community now!

Testimonials

This is what some people who have taken the course have said,

“I had invested in some syndications prior but had no systematic way to evaluate them. This course has given me more confidence to recognize a good deal as well as reject poor deals. In fact, within a few weeks of taking this course, I’ve rejected a few deals and invested in some others.” – Alvin Dandan, MD

“When I started this course, I knew next to nothing about real estate syndications. In four weeks, I learned what I needed to know in order to confidently diversify my investment portfolio through real estate syndications. This course helped me understand the reason behind real estate investing, the language involved in evaluating a deal, and how to vet the sponsors and opportunities that are out there. It is well worth the price of admission.” James D. Turner, MD

There was not a resource I could turn to to learn everything about syndications in one cohesive, easy to digest space until this course. Now after taking it, the terms and nomenclature no longer intimidate me. I know how to recognize when an assumption seems off. I have the confidence to ask informed, educated questions when vetting a sponsor. I can go in on a deal knowing it’s right for me, and I’m comfortable with the terms having understood the proposal. – Yume Nguyen, MD 

Take Action

If you want to do it the same way I originally did, which is to spend months and years reading, searching online, and going to real estate meetings in your spare time, then I encourage you to start that journey.

If you want to massively shorten that learning curve and you place a high value on your time, I know this course and community can help you achieve the same goal on your terms.

ENROLL IN THE COURSE NOW

Thank you for being a part of this community. I hope to provide massive value for you and I’m excited to help you along the way. 

I’ve set up a FAQ on this page but if you have any additional questions, feel free to reach out.

The post Passive Income By Investing In Syndications (The Online Course) appeared first on Passive Income M.D..

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Every other week, I hold a JOURNAL CLUB. After manually filtering through the millions of articles out there on the web, I present a few that impacted my life this month.

Here’s our Journal Club for the week, enjoy!

  • Credit freezes for your little ones? It’s a thing and it’s more important to pay attention to more now than ever. In fact, Wealthy Mom MD says it’s a smart money move. Shedding light on the importance of safeguarding our kids’ financial future, adding a credit freeze to their credit report just might need to be a priority this week.
  • We get it. Financial independence is where you want to go and be. While there are many avenues to help you get there, several, non-evasive, ways waver closer than you think. Choose FI lays out what you should be paying attention to… but aren’t, maybe.
  • Wealthy Doc says we should think outside of our boxes and pursue life on our terms. Rather than falling prey to societal standards, we choose to rationalize fun and learning differently. How right is he? Let’s see. 

A little bit of motivation below. Enjoy and have a great weekend!

The post Journal Club 6-25-19 appeared first on Passive Income M.D..

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Do you have one of those “this is life changing” ideas floating around your head? Are you ready to start your journey to making your dream a reality?

In this post by The Physician Philosopher, we take a closer look at what exactly it takes to develop a medical invention and what could be standing in your way. You might be surprised.

Today’s Classic is republished from The Physician Philosopher. You can see the original here. Enjoy!

“Dude, they liked it!  They want to enter into a non-disclosure agreement and buy it!” Eighteen months after my partner and I came up with an invention in my specialty (and after speaking with only one company), we found someone who wanted to buy it. It was pretty sweet.

Given that The Physician Philosopher website is geared towards helping young medical professionals and trainees, I think it’s useful to talk about ways to supplement our incomes. After all, this really helps us build wealth more quickly.  This is often done through side hustles such as locum tenens work, medical malpractice reviews, incentives, and even making an invention!

Today, let’s discuss five things I’ve learned while going through the process of making a medical invention. All of this is something you should know before you ever start making an invention of any kind.  Let’s dig in.

Number 1.  You may not own your own idea even if you think you do

It came as a surprise to me when my colleague (the one I happened to make this invention with who also happened to be married to a patent lawyer) told me that the hospital owned my idea, too.  After looking into it, I was less surprised to find out he was right.

The truth is that if you come up with an idea that is related to your work while you are at work, or if you have worked on the idea at all while being paid by your hospital….then it is unlikely that you can claim complete ownership.

Not two years ago, my hospital owned 70 or 80% of the money made by an invention from someone that worked here.  They “wised up” and realized this really didn’t incentivize people to create novel ideas. So, now they get 50% of the first $500,000 and 60% of all money after that. It’s a much better deal.

The percentage split over the money made from an invention can vary by institution.  If you have an idea, you should find the policy for your hospital before you start the process. Otherwise, you might be stuck with whatever they offer if you start on the idea while working on at your workplace.

Number 2. “The only ship that won’t sail is a partnership”

I think the above quote comes from Dave Ramsey. I definitely don’t agree with everything he says, but I do agree that you need to be careful entering into a partnership with friends, family, and colleagues.

Anyone you discuss your idea with can then go and pitch the same (or similar) ideas to someone else.

Additionally, expectations should be extremely clear between you and anyone you partner with. Simple as that. When expectations and reality aren’t similar, someone is going to be mad.

Confidentiality is also key when it comes to inventions, which is why you haven’t ever heard me describe exactly what it is that my invention does.  It’s pretty cool, though. You’ll just have to take my word for it. Maybe someday I’ll be able to show it on here.

Number 3. First to file

Up until March 16th, 2013 the United States was a “first to invent” country.  What this idea meant is that when a person first invented something, that is when it became their idea.  At that point, if they can prove when they invented it, then they own the idea at that point.

Well after March 16th, 2013 we are now a “First to File” country. Therefore, the above ideology no longer matters.  The date you file the patent is the date you first truly own your idea. You read that right, and that is why number 2 above (who you tell and who you partner with) is essential.

Still, it is recommended that if you make drawings of anything that you sign and date it on the date that you created that drawing.  It is best to document everything you can along the way; even if we are a First to File country.

Number 4. Making a Product-in-Hand versus an Idea in the air

Many medical companies have cut down their research and development divisions in lieu of finding ideas that have a physical presence.  This isn’t always necessary, but if you can make an idea that has a prototype actually created; then that will probably have a higher chance of being purchased.

Think about it, telling someone about an idea is one thing.  Putting a physical object that they can touch, and feel, and see…that’s another.  They’ll understand the concept better.

This leads into the following point that I learned…

Number 5. You will need some help

There are many people involved in the process of making an invention.  Let me list some of them.

First, there was my partner.  He helped me smooth out some of the edges on the design and helped pitch it on the day it was sold.  Additionally, as an added benefit, his wife is a patent lawyer, which proved helpful.

Second, there were the people we needed to convince to spend money on developing our idea.  This includes leadership in our innovations section at the hospital. This was where we had to explain the problem that needed to be solved, and draw out on a napkin how we were going to solve it.

Third, we had to meet with the engineers who produced the first prototype.  And the second. And third. They had the Ph.D. engineering knowledge to perform 3-D injection molding but needed the medical knowledge to know what was helpful and what was not. This was, by far, the most enjoyable aspect of the experience. Thinking outside the box has always been fun to me.

Fourth, there were the salespeople who were responsible for finding a possible buyer. They did the grunt work to see if any of their contacts were interested and arranged the meetings. Glad I didn’t have to do this.

Fifth, the patent lawyers.  They filed our provisional patent.  This work required them to write down in words what our invention does in real life.  And make the description specific (and broad) enough to capture all of its parts in case someone thought of something similar.

As you can probably tell from this list… there were a lot of people. This goes to show that point number 1 is pretty valid.  There were a lot of people paid for or employed by my hospital that allowed this all to happen. Without them, I would have had to front the capital for all of these individuals myself, including finding them all.  I am glad to give up a large chunk of my profits to have had these resources available to me.

Take Home

There is a lot more to discuss here.  If a few of you think the topic is interesting, I’ll continue to write about it.  Let me know.

In the end, I found the process a long, but worthwhile endeavor.  I really enjoyed creating something that fixed a specific problem.  If I stand to make a profit from it, that’s all the better.

Have any of you gone through the innovative process?  How did it go? Did you get shut down? Did opportunities arise?  What difficulties and accomplishments have you had? Leave a comment below.

You can find the original post here or hop on over to Passive Income Docs on Facebook to share your thoughts!

The post 5 Things You Need To Know Before Making an Invention appeared first on Passive Income M.D..

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