The 7 Lies That Keep Doctors Poor

Hey everybody, it is Matt and welcome to another edition of the Practice Profit System podcast. And today we're going to talk to you about the lies doctors believe about money that keep you poor and in debt. Yep. We're going to talk about money. Ah, yeah. We're going to talk about money. The taboo subject in medicine. We should never talk about money. Yeah, we're going to talk about money today, and we're going to talk about you, and we're going to talk about debt, and we're going to talk about true financial freedom. Join us. All right, everybody, let's dive into this. I love working with doctors. As you know, our mission here at Maverick's Profit System is to free 100,000 doctors worldwide from the tyranny of insurance-based care. By the end of 2033, and in order to do that, it's more than just the technical stuff. The reality is, is that you got to change the way that you think about money. Okay, now I'm going to touch some real taboo topics around here, but it's all designed to shake you up and get you free. Okay, so let's talk about these lies, right? And you know the biggest, and I've got I have. I have 7 lies. I might create a bonus one, but right now I got 7. And we're gonna go over these 7 lies. I'm gonna dig into them, okay? And I'm gonna tell you right now, some of this is gonna upset you, and that's okay, because that's what we do here at Mavericks. I mean, look, Jack Nicholson behind my shoulder over here, he pissed a lot of people off. Look at him. All right, so let's dive into this. Let's talk about these things that keep you poor. First lie. Number one is, I'm just a dumb old doctor. Now, I know not all of you have a Southern accent, but the reality is, is that I hear this all the time. And by the way, I hear everything I'm going to be sharing with you. I hear from my doctors on a regular basis. And so what I hear is, I'm just a dumb old doctor. Really? Dumb old doctor? You're like the smartest people on the planet. Okay? You're brilliant. Less than, what, 2% or 3% of you make it through all the way to the end to be practicing medicine from those that started even pre-med or med school. I mean, the numbers are staggering. I couldn't make it through organic chemistry if you gave me the answers to the test and 3 weeks to answer them. Okay? So this is the first big lie, is that I'm just a dumb old doctor. And, you know, there's a bunch of lies that are told to you, and a lot of them are told to you via medical school, and they're designed, in my view, to keep you in hock. They're designed to keep you working on the Viking slave ship of insurance-based care. Okay? So they start with going, you're just a doctor. You're not very smart in a lot of other areas, but you're just a doctor. You're very smart in medicine, but you know, you're not very smart at anything else. Really? Because last time I checked, if you're smart, you have the ability to go do research and you have the ability to go figure things out and to understand the science of things. Okay? So don't believe that you're just a doctor, just a dumb old doctor. Here's line number 2 that they tell you. I'm not any good with money. Really? Because, well, I'm always in debt and I had to take, you know, a quarter million dollars worth of debt to go to med school and all of this stuff. Well, the reality is, is you can choose to be good with money. Look, I ask my docs all the time, do you think I could learn medicine? Most of them go, well, yeah, you're a pretty smart guy, Matt. You know, you clearly have dedication. You clearly know what it takes to be successful. If you set your mind to it, you could learn it. And you know what? They're probably right. I mean, if I really did set my mind to it and sacrificed, I could probably make it through med school. Maybe. I don't know. 56, who knows? But you get the point. Okay? But to sit there and say that you're not any good with money, you know what? I got a newsflash for you. Most people aren't very good with money. Most people have to learn the skill because our school system doesn't teach us the science, the concept of how money works. Okay, so if you think that you're not any good with money, you can go buy a book. You can go to a seminar. You can go get Ratit Semi's book. You can go get Dave Ramsey's book. There's tons of stuff about how to make money, and I'm not talking about hacks to go invest in crypto. That's not making money. I'm talking about the science of creating wealth. One of the best books that I've ever read about this is *The Richest Man Out of Babylon*, and it was a transformational book. And One of the things I have all my clients do is I make them go out and get the book Profits First and install the system. It's been life-changing for us in our company. Okay, these next 2 I'm going to combine together, and this is 3 and 4. You ready? 3 and 4. Docs shouldn't talk to— with patients about money. Okay, and I'm going to also— number 4— well, let's just start with number 3. Docs shouldn't talk money With patience, okay? Now, why? Who told you that? I'm gonna tell you a story. I was in Miami, Aventura actually, doing an event with my good friend Atiba. And the event was put on by Eric, and we wound up doing an afternoon session, and we were back like in a small area, in a small conference room. And they gave us like 2 and a half hours, and Atiba and I go through and we do our dog and pony show. And at the end, I was talking about using scripts and how you charge premium prices and Signature solution, and one of the doctors goes, "Well, should we have a salesperson on staff to make the sale?" He said, because doctors shouldn't discuss money with patients. And man, he triggered me, right? And I looked at him, and I spun on a laser, and I said, "Who told you that?" Told me what? That doctors shouldn't discuss money. Well, you know, it's just kind of common. You know, everybody knows that doctors shouldn't discuss money with. patients. I go, really? Says who? Well, you know, they told us that in medical school. I go, really? From who? What do you mean? And I go, who created the rule? Where is it codified? In the United States Constitution or in the AMA or whatever? Where is it written as a law that if there is felony penalties that doctors shouldn't discuss money with their patients. He goes, well, you know, I just don't think doctors should discuss money with patients. And I said, then you will never create the money that you want. And he got really upset with me, and I'm glad he did because I wanted to shock him. And I could tell everybody else in the room, like a couple of people were leaning in. Who the bleep told you that you are not to discuss money with your patients? Who? What, what dead broke doctor, med school professor, what doctor, what administrator, what college professor told you the lie that doctors should not discuss money with their patients? Because I'm going to tell you right now, as a patient, if I want to discuss the cost of my health with anybody, it would be my doctor. That's who I want to have the conversation with. I don't want to have a conversation with anybody else about the cost of my healthcare besides my doctor, because I believe that my doctor has my best interests at heart. Okay? So I want my doctors to discuss money with me and the cost of my care and weigh the pros and the cons with me. There is a belief that doctors shouldn't discuss money with their patients, and it's false. It's wrong. It's a false belief. And I would ask you to examine who told you that and where does that belief come from? Well, this is the next lie. Well, Matt, I'm not a very good salesperson. So what? But the reality is, is you sell every single day. Now, the definition of selling is to get somebody to take an action, right? It's not always related to money, right? Politicians sell you all the time on going to vote for them. Your sports team sells you on the belief that this is the year. You know, to all my Detroit Lions fans out there, they've been sold on the belief that this is the year, right? Or next year is going to be the year. We're going to win the Super Bowl someday, right? I'm a Bears fan, so we got our own set of issues, okay? But who— somebody's selling you every single day. Every single day, somebody is selling you something. Your wife is selling you on the power of putting up the Christmas decorations, or, you Your your husband is selling you on why he needs to buy himself eighty-five thousand dollar Mercedes, whatever, right? Okay, so we're being sold something every single day. So here's the rule that we have: doctors don't sell; they advise, they guide, and they recommend. Advise, they guide, and they recommend. You're advising them in their condition. You guide them in the direction that you think is going to be best for them, and you. Recommend a course of action and the cost associated with that. That's it. That's all you're doing when you're asking, when you're walking them through the process. Don't even call it selling. I don't even tell my doctors, don't call it. I tell them, I'm sorry, don't talk about selling. Don't even use that language. We just want to be able to advise, guide, and recommend. That's it. Okay. So here's another lie. Ready? This is lie number 5. I don't want to be viewed as too greedy. What do you mean greedy? What has that got to do— Well, you know, if I charge too much, I might be viewed as greedy. Okay, is Mercedes viewed as greedy? Is Tesla viewed as greedy? Is the Ritz-Carlton viewed as greedy? Is, you know, when you go buy furniture at our house or when you put a pool in your backyard, is that viewed as greedy? When you buy a top-end BMW, is that viewed as greedy? When you put a lot of money into debt for you to go to med school, and you went to the top med school, or you went to the top fellowship, and you had to pay for it. Was that viewed as greedy? No, none of those are viewed as greedy. So who defines what greedy is, right? And I think we always think of like greedy as like Ebenezer Scrooge or Scrooge McDuck, right? You know, diving in the big pile of coins and everything like that. But who defines that? Who defines that? Which leads me to the next one, which is always the next one that I hear on this, is number 6, is, well, on my pricing, I just want to be fair. Well, who gets to decide on what is fair? Who gets to decide on what is fair? Is there like a fairness police out there? There was a period in our country not so long ago that they wanted to create a fairness police or a fairness doctrine. But who's the judge and jury of what is fair? See, what we view as greedy or what we view as fair is based on our own upbringing and our own belief system. Okay? I had a— my mom, bless her heart, since passed away, but my mom and I used to have this ongoing conversation. And she was very much into her kids like any mother was. And she was very much of a little guy versus the big guy, right? Right? Always looking out for the little guy. And she would applaud when her kids obviously got a promotion or got a big pay raise or anything like that. And she would be just unbelievably pissed off when she would read about CEO compensation. Well, they shouldn't be making that much. That CEO, they don't need to make that $150 million. They need to be giving some of that to the little guy. And I said to her one day around my brothers and my sisters, and I went, hey, Mom, I'm just curious, if one of us was a CEO of a company and we gotta pay out for $150 million, wouldn't you be happy for us? And she went, well, oh, well, that's different. Really? How is that different? Well, you know, I would know that, you know, I— who wants another piece of apple pie or something like that, right? She would actually— she would never offer me a piece of apple pie. Okay. But who decides what is fair? You know, I get this all the time as a business owner. Well, you know, you know, you should pay us more. You should give us more. You know, that would be fair. I go, well, based on who? You know, do you know that, you know, I've been paying myself below market value while we expanded? Do you know that my line— my name is personally on all of the debt with regards to the business? Right? There's all these things, right? And so we don't really have an understanding when somebody says, well, I just want to be fair or I want to be reasonable. We don't— there is no worldwide benchmark on what is fair and what is reasonable. Fairness, reasonableness, what's enough money— those are all personal decisions. I have some friends of mine that are worth $500 million, $600 million, couple billion dollars, and And they are some of the most generous people I've ever met in my life. I can't pay for anything when I'm with them, and I get kind of upset. I'm like, let me buy. Remember one time one of my friends, multi-billionaire, reached over and he goes, come on. He just kind of looked at me and he goes, really? Come on. Like, this is my gift to you. I do very well, right? He never would tell me he's a billionaire, but you could look him up in Fortune and find that he is. Okay, so this whole concept of Well, I just want to be fair. I don't want to be viewed as greedy. Those, by the way, all of those definitions are self-imposed definitions. There are no worldwide definitions on what is fair and what is greedy. Okay? So if you're feeling that, that you want to be fair, you want to be reasonable, or you don't want to feel too greedy, what I would ask you to do is go through a limiting beliefs process. Examine the limiting beliefs. Where do those limiting beliefs come from? For me, the longest time they came from my family. That's where most limiting beliefs come from. And it's not like they were intentional that they were trying to instill this. Just, you know, they learned 'em from somebody else in the family and they learned 'em on and they get passed down like, you know, like a settee or something like that. You know, you can't get rid of it. Okay? But you can. You actually can go through a process and break down those limiting beliefs. Okay? So here's the last one. This is the other lie that keep doctors poor and in debt. I just need to work a little harder. I need to work longer hours. I need to work a little harder. I need to get a little bit better. I need to learn how to do this. I need to learn how to do that. Okay? There's this lie that you say, I've got to work harder and I got to work longer. The reality is, is my most successful clients work less. You know, for years, for a long time, I should say, I struggled in business. I would have some really good success and the business would get to a certain level, and then the business would come crashing down. And I would get it back up and it would get to a certain level, and then the business would come crashing down. And one day I was very upset. I'd had another business come crashing down, done very, very well. And then, you know, I could start to see it happen and, you know, It was starting to contract again, and I was talking over the very good friend of mine, and I'm like, you know, my team's just not doing their job, and blah blah blah blah blah blah blah. And he looked at me, and he goes, actually, the problem is you. The reason why is your your company hits a ceiling and then contracts back is your leadership and your ability to grow the company. And I went, oh well, you know, I just can't afford to hire an operations person because I have. I try to get to that next level, and he goes, well, I would suggest. That in order to get to the next level, you hire the operations person first, because I'm not a very good operator. I'm very good at this, right? Put me on front of a stage, give me training, get me to write a book, all of that fun stuff. I'm great at that. Okay. But I'm not a very good operator. And so once he said that to me— actually, it was a she— once she said that to me, I should say, the light bulb went off in my head. And so I bit the bullet and I hired an operator who was skilled at operations, who has all the things that I wasn't good at. And guess what? Company grew and it grew and it grew and it grew and it grew and it grew and it grew. Okay? And I had to stop thinking that I had to be the answer, that I had to have all the answers, that I had to work harder. That's what was keeping me poor and in debt. And to this day, I'm very clear about what I'm good at. I'm also very clear to what I'm not good at, but more importantly, I'm very good at what I think I'm good at and I'm not very good at. That's called the Dunning-Kruger effect, which we'll talk about in another podcast. Okay, so that's it. Those are the 7. Which one's holding you back? Take a look at it. Identify the one that's holding you back. Start to fix it. If it's your belief around money, dive into it. I highly recommend that you go into do some Tony Robbins stuff. Tony Robbins is fantastic. I would also recommend Jim Rohn and Psycho-Cybernetics. Okay, Psycho-Cybernetics by Dr. Maxwell Maltz. It's the original book written on it, and I highly recommend it. So that's what we have today. Hope you enjoy. By the way, don't forget to check out all of our free resources for you at Mavericks, M-A-V-R-I-X, profitsystem.com. That's Maverick profitsystem.com. Enjoy the podcast. Give us a thumbs up, subscribe, like, share with your friends. Let's get you free. Have a great day, everybody. Take care.