In this episode, Dr. Peter Kim discusses why it is essential to have multiple strings of income. Seeing how things have changed, Peter now believes that creating multiple strings of income is no longer optional, you have to consider it if you want to live the life you want to have.
It’s becoming more and more common to see people, regardless of their careers, lifestyles, or situations, working towards creating streams of income outside of their day job. It’s no longer a fun hobby. Now, it’s actually a necessity, even for physicians.
Why do you feel that creating multiple streams of income is necessary for physicians? We would love to hear from you! Join us on our Facebook Group Passive Income Docs
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Now, let’s look at what we discussed in this episode:
- Why having multiple strings of income is necessary for today’s physician
- More income streams = more security
- Physician shortage, education and residency
- Industry disruption is commonplace, and medicine is not immune
- Life is uncertain
- Choose to practice medicine
Here’s a breakdown of how this episode unfolds…
When Peter first started writing his blog, Passive Income MD, he talked often about the multiple strings of income. He briefly shares his own experience when work was changed and he had no control of it. It was a tough place for him. He wanted to be in control and he figured out how to create different additional strings of income.
You must control what you can control. Peter is here to tell you multiple strings of income is no longer a fun hobby, it is a necessity. Back in the days, having an MD was a guaranteed prosperity. When the pandemic hit… job positions and income is no longer secured.
Due to a projected physician shortage, medical schools across the country bumped up first-year enrollment by more than 30% between 2002 and 2019. That sounds like a fantastic way to make sure there are enough doctors in the country until you consider that residencies didn’t increase at the same rate.
Because of this, even finding a spot in a graduate medical education program is difficult, creating a new form of job insecurity in medicine.
Other changes in the medical field include blurred lines regarding who can do things and where. With tons of new autonomy, there are various specialized practices, algorithms and automations taking over different duties once performed by physicians.
The people above them have dictated the concept of the modern physicians and the ability to practice. In the past, medicine was one of the steadiest career paths, however that is no longer the case. Peter believes that creating multiple strings of income, provides financial breathing room despite of the changes that can happen with your job and income.
Change is inevitable. Multiple streams of income help insulate you from the negative consequences of changes, whether there are changes you can control and are seeking out, or changes that have been forced upon you. Having multiple strings of income help you decide what you can do and helps you become free and have the freedom to choose.
Additional income streams are a way to give you options.
I started all this, not because I didn’t want to work in medicine anymore, but because I wanted to have more control over how I spend my time. I wanted to have the luxury to choose. I want to practice on my terms, to live on my terms.
When you’re earning enough from additional income streams to keep you afloat, you get to choose to practice medicine. I got into this field because I wanted to help people, and I get to do that, but I don’t have to do it like I did once. I’m able to work less and spend more time with my family, and passive income from real estate has afforded me that opportunity.
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