If you feel guilty about making money

If your business isn't working the way you expected, it's not because you're bad at business. It's because no one ever taught you.

How it actually works.

We were trained to master algorithms in medicine, but when it comes to revenue teams and growth, we were never taught anything. We weren't even told to figure it out. We just assumed somehow we'd know. Like it would magically make sense. But it doesn't. The era of the seven Figure Physician CEO is here. And it's not about working harder. It's about learning entrepreneurship as a system. The same way you mastered ACLs and pals, you can master the algorithm of building a profitable scalable business. That's why I recorded the seven Figure Physician CEO audiobook. Whether you're building a medical or non medical business, and whether your goal is your first million, first 2 million, first 5 million, first 10 million. This is where the journey starts. There is no Calvary coming to save us.

We are the Calvary.

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Hi docs. Welcome to the Entre MD podcast where it's all about helping amazing physicians just like you. Embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms.

I'm your host, Dr. Umna. Well, hello.

Hello my friends.

Welcome back to another episode of the On Trendy podcast. As always, I am super pumped to be in your ears. Thank you so much for being a listener, for sharing, for reviewing. If you're listening, you're like, oh, I didn't review yet. Please write us a review on itunes. It really, really, really helps us get the word out there. And you know, in the On Trendy world, our mission is to help 100,000 phys figure out how to build profitable businesses so they can live life and practice medicine on their terms. Speaking of reviews, we have this wonderful review lift by Gosapian and it says, inspirational, those beautiful five stars that I love. And it says so good and practical and efficient. So thank you so much. Big shout out to you, gosapien, for leaving us that review. I truly appreciate it, appreciate your support of the podcast and for helping us spread the word. All right, today I want to talk about something that comes up a lot in the physician community. Sometimes it's spoken, sometimes it's unspoken, but it's there. And that is this thing of feeling guilty about making money. Feeling guilty about making money. There is this underlying thing. Sometimes we Feel like then where it means we're manipulating people and taking their money. It means that you. We're not staying in true service because we should really want to serve people but not bring up money. It feels like we're taking advantage of people. It feels like we already have all this money already. We're earning six figures, multiple six figures, seven figures, and we're still trying to take money away from people. And the real problem with this is that as long as we think that we can't build wildly successful businesses because it's not in congruence with who we are, what we believe. So if we believe money is bad, then we don't want to attract it, we don't want to make it. And we would know the things to do to make our businesses successful. We would know the strategies, but we would sabotage ourselves time after time after time after time. Because at our core, we, we have this thing about money is bad, money is dirty, going after money is bad, going after money is dirty, right? And no matter what level you're at, you may say, no, that's not the thing for me. After all, I make offers, I talk about money, I do all of that. But you have to ask your question. You have to ask yourself this question that's at the level you're at. So let's say you have a multiple six figure business. Have you ever found yourself saying all these millionaires, you know, like they're the bad guys? Or have you thought about building a $5 million, $10 million business? And you're like, what would somebody need that kind of money for? That's just obscene. If you're thinking that, then there is an element of the guilt, the shame around money about money being dirty. And it doesn't mean you have to make that much. But the guilt thing is the thing that we need to address, okay? That's the bigger problem. And so I just want to throw out a few concepts, right? And the thing is, there's a lot of emotion around this, a lot of feeling around this. But let's put the feeling aside for a minute and let's put this whole money thing on trial and see what is it like? Is it bad to serve and earn? Is it bad to want to make more? Is it wrong that I'm not, you know, know I'm okay where I am, But I want to do more. I want to create more. I want to create more for my family. I want to create more so that I can, you know, buy back my time for the things that matter to Me like, is this wrong? So let's put this thing on trial. Let's put it on trial. Now, first of all, what kind of world do we live in? We live in an economic world, world. We did not create this. This is the way things are. Pain and suffering comes from resisting the way things are. Okay, so how are things? This world is an economic world. We met it this way, and when we leave, it will still be this way. Okay, and what does that mean? It means money is something that is given in exchange for solving a problem. Money is something given in exchange for delivering value, right? And so what that means is I solve a problem, I get paid. The bigger the problem I solve, the more I get paid, the fewer people are able to solve that problem. The more I get paid, the better I get at solving the problem, the more I get paid. That's the way things are, okay? It's an economic world, and money is given in exchange for solving a problem. And so what that means is it is ethical for you to receive money when you deliver services, right? So somebody comes to mow your lawn. It's ethical for the person to be paid. The end. Somebody comes and trains your kids on how to swim. The person deserves to be paid. Somebody comes and solves your health problems, which is what we do as physicians. The person deserves to be paid. It is unethical for you not to be paid when you offer services, it's unethical. In the economic world that we live in, it's unethical, okay? So first of all, we live in an economic world. And so what that means is, as physicians, one of the things that drives us is helping people. And we want to help more people, and we want to help people on a larger scale. And so if you're going to do that, it's only ethical. This is ethics, okay? This is world ethics based on the world economy. It's only ethical that you should be paid for it. And people try to take you on a guilt trip, and you might try to take you on a guilt trip, but the bottom line is the more value you provide, the more you'll be paid. You can intercept that process. You can try to violate the process. You can try, but that is the process, okay? So that's the first thing. We live in an economic world. The second thing is think about in the medical space, there's a lot of, well, you should just care about the patients. That's why they would ask you to join 17 committees that will cost you 10 extra hours a week and tell you no no, no, we're not going to compensate you. This is just to help the patient, right? And there's a lot of burnout that comes from that. You know what I mean? There's so much burnout that comes from that. And so there's this whole thing of you should want. The doctor is already being paid this salary. And so because of that, you should just want to help people. And there. You should not talk about money. You should not talk about being compensated for that. Okay, so let's look at that. I like to look at this way. There is a whole ecosystem, right? There's this health care space, okay? Now let's look at our interactions with the health care space. Our first interaction probably was getting into medical school. They were comfortable asking you to pay multiple six figures for your medical education. When you told them that you did not have multiple six figures to pay for said medical education, they had you get along. They had you as a teenager or a young adult, get along from multiple six figures to become a doctor, okay? So the people training you to become a doctor have no problem with you paying. And it is ethical, okay? It is ethical, okay? Now think about the hospital, okay? The hospital sees tons of patients. The hospital charges the patients, okay? And gets paid. The hospital has a collections department. So if you don't pay, they go after you, they send you to collections, they send it to the credit bureaus. They're fine with their credit being destroyed because you did not pay, right? And so the medical schools get paid, the hospitals get paid. Talk about the administrators. The administrators get paid. Some administrators get paid so well that they were collecting multimillion dollar bonuses in the middle of a pandemic. The same pandemic where doctors were laid off and were collecting unemployment checks. And I'm not saying this to say we should be mad at anybody. I am just showing you the way economics works in the healthcare space, okay? Think about the insurance companies. Do we need to go there? Okay? They collect and collect and collect and collect, and they make millions. Millions. Millions, probably billions of dollars. Now, in this ecosystem, it is an economic ecosystem, and everybody gets paid. Why are you the only one who is taken on a guilt trip when you want to get paid for what you do? It's an economic ecosystem. And so if the medical schools get paid, the hospitals get paid, the administrators get paid, the insurance companies get paid, the pharmacies get paid, guess who should also get paid? You should get paid, right? Because I want you to think about this. I want you to think about this. The relationship a patient has with the healthcare ecosystem is called a doctor patient relationship. And everybody else is there to support said relationships. And so you are a vital piece in it. And you should not feel guilty for making money. You should not. You run a private practice, you should not. You work a job and you want to ask for a raise, you should not. Okay, all right. Now, when is it unethical to want to make more money? It is unethical to make more money when your strategy is to collect more than you're delivering in value. That's when it's unethical. Okay, so let me use the onto business school as an example. Okay? The OntraMD business school is, at the time of this recording is $20,000 per year. And in the ontremd business school, what we do is we help doctors build six and seven figure businesses. And some of the things we do is, is we provide coaching to them. So they have weekly live sessions where it's either we're training on strategy or we're doing workshops, or we're doing small group masterminds and things like that. Right? And so they have access to coaching, they have access to accountability. And we do a lot of the accountability for action momentum in their business through monthly challenges. And with the monthly challenges, they are designed for all of us to engage in certain activities that create massive growth in our businesses. Massive. Right. And so they do that. And these are happening every month. And then they have this community. I want you to think about it. You have over 100 physician entrepreneurs in one space. One space. And these are people who have said yes to their goals. These are people who are fighting to make their goals their reality and all of that stuff. Right now everybody's at different phases and different phases of growth. But. And we do other things. We do live events and you know, in person events and all of that. We have a lot of stuff that happens within the school. We even have, you know, specialty projects. And so the project for 2021 was writing a book, a collaboration book. So 47 of the doctors said yes to the project. And we have a book that is at the time of this recording is still yet to be released called Made for More. And they're all gonna walk away as best selling authors, you know what I mean? And so these. So it's a lot of stuff that goes in there. Okay? So the question becomes not how much is the investment to the business school, but what is the value that is delivered. Right? So what is unethical is for me to charge and I'm not delivering Value. But if I'm delivering value, as long as the value is more than what I'm charging, then it's ethical. Okay? So I've had people who've come in who have. Their goal coming in was like, I want my business across the seven figure mark. So they were already at multiple six figures at this time, at that time. And they did. I've had people come in and they're like, my practice is already. My business is already successful, but I need to build a team so I can buy my time back. And they did. We've had people who are like, so I'm now a coach, but I'm not really making money. I want to work the business side of things. And we had a doc who went from 2k in revenue to 130k in revenue. And we've had people who are like, I want to start a private practice, I don't think I can. And we have multiple people who have built wildly, like high multiple, six figure, almost at seven figures in their first year. Again, some will go slower, some will go higher depending on circumstances and all of that. So this is not, you know, this is not everybody's result. But I want you to understand that if your goal is to cross a million and you invested in coaching and you crossed a million and it was 20 grand, the value is so much higher. And if you're in your early stages, where it's these big mindset shifts, which is where it starts from, right? The foundation when you start a business is the mindset shifts, is the identity shifts and all of those things, right? And then you start building the real tactical foundation of a business, which is, you know, putting yourself out there and making offers, getting comfortable, talking about money, all of those things. And so the value of it is so much higher than the investment, right? And so you're here, you're listening, you're an entrepreneur and you know you've been guilted into, oh, your prices are too high, or, oh, you shouldn't be charging anything for that, or, oh, it only took you two minutes to do that. Why should you charge all of those kind of things? Right? I want you to remember this. This is an economic world. If you're a private practice or you're an intrapreneur, remember, the healthcare space is an economic ecosystem. And then, number three, it is only unethical to make more money if you are not providing more value, Right? Because you're violating the law of an economic world. Okay? And so I just wanted to throw this out to you so you can start thinking, thinking about it differently. Money is mercury paper with dead men's faces on it. And it is given as a thank you note every time you help somebody. Okay, so you're in a business, you serve and you get a thank you note called money. So let's not make it what it's not. Let's take tweezers and go and pick through the thoughts that we think about money and put them on trial. You know, put them on trial. I'm greedy if I want more. How, how is that? How is that? You're providing value. You're making more. You want to make more so you can buy your time back and you can have your time for the things that really matter to you. How, how, how is that a greedy thing? And more money gives you opportunity to make more of a change for yourself, for the world you live in. Because you have to be empowered to empower others. You have to be empowered to bring change. No margin, no mission. Even with your business, you can't help people if you can't bring in money. The number one reason why businesses close is cash flow problems. It is your responsibility as an entrepreneur to make sure you are bringing in money so that that way you can continue to serve. That way you can continue to keep the jobs for your team. This is a response. It's part of your responsibility as an entrepreneur. So for instance, if you run a private practice, you have the job of casting the vision for the practice. You have the job of hiring the team for the practice. You have the job of building company culture. You have the job of actually seeing the patients. You have the, you have the job of making sure your practice is profitable. It is part of your job. It's not a greedy thing. It's part of your job. No margin, no mission. You have to shut your doors and then you serve no one. Okay, so what I want you to do with all of this is I want you to identify your thoughts around money and I want you to put those thoughts on trial. And I want you to own that you're in an economic world and flow with the, the rules that work in an economic world. Okay? So it's kind of like not realizing that there's gravity and then you want to, you want to jump from a place that's high, not smart. You might say, well, I don't believe in gravity. I believe when people jump, they should go up. That's a really great belief. But that has nothing to do with reality. The reality is things that go up come down, right? And so when you find yourself in a world where there's gravity, you play by the laws of gravity. And when you find yourself in the economic world, you play by the loss of the economic world. Okay. All right. So I just thought I'd put that there, and then maybe we can start shattering this guilt thing and leave it alone and, you know, please share this with another doctor in your world, and I will see you on the next episode of the Ontramity podcast.

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