The '3' Secrets of Financial Freedom for Doctors & Healthcare Professionals. Part 3/3
Dr.irineu antao pereira
MBBS, DNB(Gen.Surg), MCh(CVTS-JIPMER), DNB(CVTS), MBA(Healthcare Management)
www.the-AOM-academy.com
It’s true – at least in India, that a normal child’s journey from the ‘womb to the tomb’, is something like the one that follows the pattern of playschool, primary school, secondary school, higher secondary school ( with NEET and CET preparations running in parallel ), a pursuit of being a doctor, engineer, lawyer), and then on the medical side a pursuit of MD/MS/ Diploma and or an USMLE or similar road. DM/MCh/Board certification journey follow. And so it continues - often regretfully with a ‘blinkered vision’.
Any guesses as to what gets missed or lost on the way ? What gets often lost on the journey is what your “Dil Chahta Hai” (heart’s desires) and your childhood passions. The result is thar we end up in the rat-race of impressing family, friends, society and in the race to fame and fortune.
We compromise and silence our heart, mind, body and soul in the bargain.
We tend to compromise and silence our heart, mind, body and soul in the pursuit of professional excellence, fame and fortune.
Have you had the opportunity of seeing the block-buster hindi movie “Munnabhai MBBS” ? Then you are familiar with the character, ‘Circuit’ played by Mr. Arshad Warsi – Munnabhai’s side-kick.
The Key.
It’s possible for you to develop a “Side-Kick” of an additional income - some of your childhood hobbies, to achieve early financial freedom. But without doing "Gundagardi" in Munnabhai style.
Earning your money from your practice alone isn’t enough for exceptional financial success. Active Income from your profession is good, but it’s the ‘passive income’ that’s great and allows you to live a wholesome life.
As Warren Buffet put it so simply, “If you don't find a way to make money while you sleep, you will work until you die.”
A Word of Caution : The "Referral Fee".
But here is a clarification- with due ‘riders’ :
Passive income doesn’t mean a ‘Referral Fee’ on blood or radiology investigations, pharmacy prescriptions or hospital referrals.
“Referral Fee” is an insult not just to the medical profession, but to the intelligence and networking skill of all concerned. I personally feel, as the so-called brightest in the society ; we - as medicos, need to do better.
Practicing in ‘niche’ and ‘micro-niche’ areas of practice, offering ‘empathetic, cost-effective and state of the art treatments, efficient pricing and packaging of treatments and procedures, effective net-working, …; are destined to increase your per capita earnings while ensuring you are top of the charts in your field of practice.
However, what you do with the money and how you develop passive income streams , will ensure that you retire when your heart and mind chooses to let go, and not when your body gives up on you.
The manner in which you manage your active income, and the manner in which you develop passive income streams : will ensure that you retire when your heart and mind chooses to let go -and not when your body gives up on you.
Lesson Number : THREE
“If you don’t find a way to make money while you sleep, you will work until you die.”
We will discuss these in greater detail in the mentoring programs and walk alongside you in the journey to your financial freedom.
The best time to start your journey to financial freedom is NOW.
All the very best.
Originally published October 23, 2021