#172 The 5 Freedoms Every Doctor Should Pursue

Hey, everyone. Hope you're having a great day. This week we're going to talk about one of my favorite subjects. It's the word freedom. I believe that every doctor should at least think about it and figure out how to create that in their own lives. This week, we're going to talk about five different freedoms to think about as a physician in shaping the way you spend your time, your money, all of that. It's going to be a fun episode, so stay tuned.

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Hey, everyone. Welcome to Passive Income md. Again, this is the podcast where we empower you to create the life that you've always envisioned. Live life on your own terms. I'm your host, Dr. Peter Kim. I want to thank you for tuning in. Each and every week we hear a story from our listeners, and that's you people. Email us, write us here. Let's say that they might have picked up a nugget here or there from an episode and were able to implement some of those things and got results from it. I mean, that makes me feel good knowing that we're providing value. So we want to hear from you. Leave us a review, Share us with somebody that might get a lot of value from this. And again, we really appreciate you. In today's episode, we're going to talk about the five essential freedoms that doctors should pursue. I'm not just talking about financial freedom. That's part of it. But we're going to talk about all aspects of your life. And if you don't think freedom is important, talk to many doctors today. If you're not one of them, maybe ask people in the doctor's lounge what would make your life different. And I know many of them would say having freedom. So we're going to talk about those freedoms today. And the very first one we're going to talk about is time freedom. As we all know, our most precious resource is time. As Benjamin Franklin once said, time is money. And we all know as medical professionals that time as a resource is extremely scarce. Between long clinic days, being on call, working weekends, trying to have lives outside of medicine, with our families, our hobbies, it feels like we don't have time left over for anything else. And it's that time scarcity that oftentimes makes a lot of people like you and me feel very anxious. But imagine having that time freedom where you could Decide when and where and how you practice medicine. If you want to spend more time with your family, you want to pursue some of your other passions, you want to travel more, you want to spend time with your loved ones, and it was all available for you when you want it. I don't know if any of you have ever been in this situation, but my daughter recently had an accident in the pool where she bashed her teeth against the wall. There was a concern whether she had a fracture in her tooth. That all happened on a Sunday night. So Monday morning, what do we have to do? We had to go see three different dental specialists, from the regular dentist to the orthodontist to the endodontist to make sure that everything was okay. And that took all morning to do, but everything turned out okay. And the one thing I could think of was that I was grateful that I could do that for my daughter at that moment. Things happen in life and that flexibility to own your time, that's something that's important to everybody I know out there. And I will say a lot of us, especially when it comes to work, I've been there before too. Like in medicine, you just grind and you work hard and sometimes you don't know why. It's just because that's what we've been somewhat trained to do. We're just used to putting in all of that time to try to do our very best possible. We have enough time for ourselves and all those other things that we absolutely want to do. How many of you take on administrative tasks at work? You've been part of different committees that you're not really getting compensated for or get value from, but that doesn't leave you much time at home. So what if all of us decided to try to reclaim our time that we decided that having freedom in this area meant so much that we would only spend time on certain tasks that truly required our attention, that needed us to be there, and that everything else we'd be able to delegate. I mean, remember, time is a non renewable resource, so none of us should be wasting it doing things we don't like and things we're not good at. So what if we all decided how much time we were going to spend on each thing, put it in its own little box and was super intentional about how we spent our time and delegated the rest away. I would just, even thinking about that, change your life again. Money can be lost, money can be earned again, but that time is gone forever. So make time, freedom a priority. One way to help make that happen is the second freedom, financial freedom as physicians. Oftentimes people think that we're just completely set financially. Oh, you're fine, you're a doctor. But what they don't see is all that student debt behind you, those mortgage payments, those daily expenses, living in high cost of living areas. For many of you, that creates so much financial stress. I remember writing a blog very early on a passive income MD that said, why doctors live paycheck to paycheck. It surprisingly happens more than people think. But having financial freedom is about having income coming in from other sources so you can choose what you do with your time. It'd be that you could support your family and enjoy and do the things you want to do without having to set foot in the hospital. You're able to make choices based on what's best for you, your family, and really not have it dictated by the finances. It comes with peace of mind, knowing that you have a safety net and the freedom just to invest in different things and just pursue your passions. I mean, that was the main goal for me when I started working and a few things happened at work and I realized that I wasn't in control of my time and I couldn't say anything about it or do anything about it is because I needed the money. I hated that feeling. And I decided then and there that I was going to figure out other streams of income so that I wasn't dependent on someone else financially. Now, it didn't come right away. It's not a get rich thing. To get to that place took me seven to 10 years, but every year I would get closer to my goals until I hit it. And part of this whole journey was learning that it's possible and seeing other physicians who have done it and try to figure out some of the strategies they use to make it happen.

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Let's talk about the third freedom. That's mindset freedom. Do you ever feel like you're a robot? You wake up, you do the exact same thing, you get ready, you drive to work, you don't even know how you drove there. Sometimes you just ended up there. You go in and you clock in and you clock out through your clinic and you go home and you're just exhausted and you try to survive, but meanwhile, work, you're constantly putting out fires, dealing with emergencies, and you feel like your time and energy and all of that is extremely scarce. But I've come to learn that not everyone lives that way. There's some people who take that scarcity of time, energy, but actually live and have a different types of mindset. It's that abundance mindset where you're open to exploring new possibilities every day. You're able to not only take calculated risks, but you're able to grow and try new things and expand your possibilities. I know it sounds like pie in the sky type stuff for a lot of people. And for many of us, we're so used to doing one thing, but people realize that there are so many different things possible for them. I see doctors doing amazing stuff. I mean, again, in our leverage and Growth Summit. If any of you have been part of that, you're hearing about stories of probably 200 physicians over the last couple of years doing some amazing things both inside and out and outside of medicine, stuff that they never thought was possible, but they just took one step at a time. And I believe it absolutely starts there. It starts with understanding that it's possible and shifting your mindset to look at the possibilities and the opportunities that are out there for you, honestly, makes life a lot more fun. Now, how do you get that? I bet there are times when you actually feel this. When you're on vacation or when you're out with your kids and you're just enjoying life and you're seeing them riding the bike for the first time, whatever it might be, at that moment you probably felt life was good. So is this something we can find in our daily lives? Something I've practiced and I do this with my kids too. It's every day is think about three things that I'm grateful for. The simplest things. Whether it's something small, mundane, spending time with my family, being able to go and play around at golf, or just having the house I have or the family that I have. I just spent a few moments thinking about three things that I'm grateful for. After that, I started thinking about three things that I absolutely want in my life. Three things that I want to achieve. Whether it's a certain income goal, whether it's a certain project or passion. Maybe it's something that I want to do for my family or provide for them. I do that simple exercise daily. What it does is it makes me feel like life's abundant. There are a lot of great things in life and there's so many different possibilities. Try that out and let me know how it is. The fourth freedom is location freedom. I used to watch a ton of travel documentaries. Anthony Bourdain, the late Anthony Bourdain, he said, travel changes you. As you move through this life and this world, you change things slightly, you leave marks behind, however small. And I absolutely believe that you have that financial freedom. You can choose where you want to leave your mark. Imagine the possibilities where you're able to practice medicine. You're also able to explore the world. You're able to take off a few months of the year, live in a completely different location. What would that do for your life and your family? And you do this not because it's financially lucrative, but it brings you a ton of joy. I think we've all had that situation where we've gone on a decently long vacation, maybe two months, maybe two weeks somewhere. You're like, I could live here. But what if you had the finances? So you could have you actually stress test your finances to see if you could actually do it. I think some of you would be surprised. You probably have more location freedom than you think. Maybe it's not spending a whole summer somewhere, but maybe it's one month. So how do you do that? Maybe you start small, Maybe in July you're going to decide to live abroad. For that month, you already know how much you need to sustain yourself. You put it in the books. You figure your work schedule out, you figure out what you need to delegate during that period so you don't need to be there in person. I know friends who started that way and, and now travel three, four months out of the year while still being doctors again. The goal of location freedom is not just being able to work from anywhere. It's being able to travel, enjoy, enjoy the world around you. Maybe you don't like the current situation you're in at your job and your location. You'd love to move somewhere where the weather is completely different. How would that be? And how would that impact your life and your family's life? By the way, this location freedom, I also call geographic freedom. So. Well, you might hear me say either one, but has the exact same meaning. Being able to live where you want to live. And the last, something called vitality freedom. Now, we're all in medicine. We all understand that having wealth, having all of these material things in life doesn't matter if we don't have our health and wellbeing. However, how many of us actually focus on our own vitality, meaning that we have healthy living, we manage our stress. Focusing on preventative healthcare. How many of us actually make that a priority in our lives? We give and we give to other people and we take care of other people's health. But you know that doctors are oftentimes the worst patients. I'm probably the most guilty of this. I thought I was taking care of my health, and I finally checked my cholesterol level after so many years. Turns out it's pretty high. And I realized I've been neglecting that in my own life. And I know what many of you are thinking, you just don't have the time. Maybe you're on social media, you see all these people working out, spending all day at the gym, and you're like, that could never be me. And it doesn't have to be you. Maybe it's a simple daily walk, yoga, gardening, whatever it might be. But of course, you need the time to be able to do that. And oftentimes for some of the things you want to do, it takes money to do that as well. But so many of us feel like we don't have the time, energy, or money to focus on our vitality. But what if we did? What would you do differently today? In any case, these are the five freedoms that I think every physician should focus on. Now, you're not going to get all them all at once. But what if you focus on one of them? Just try to get a little bit better. You set your goal and you try to achieve that this year and then you pick the next freedom and you try to improve incrementally there. Now, if any of these sound interesting to you, I'm going to talk about all these five freedoms over a week in our Facebook group, Passive Income Docs. I'm just going to call it the Five Days of Freedom challenge. It's happening on August 21st through 25th. Take a look in the Facebook group. All we're going to do is talk about these different freedoms, strategies, ideas, the right mindset, all of this. Because I think these are all things that sometimes as physicians we forget about. Maybe we don't even know it's possible. But there are actionable steps that you can take to figure out how to integrate these into your life. Anyways, if you want to join us for this free event, make sure you look at the link in the podcast notes. In any case, thanks for listening. Hope you have an amazing week. Let's talk again soon.

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Bye. Sam.