#56: Spend More Time on Acquiring Passive Income

Foreign. Welcome to the Passive Income MD Podcast, where we talk about creating your ideal life through multiple streams of income. I'm your host, Peter Kim. If you enjoy hearing about this stuff, make sure to hit subscribe so I can bring it to you every week. Now let's get on with the show. Hey, everyone. Hope you've had a great week. As we start moving closer to the summer, I don't know if you have any plans. Obviously, the world is still a little crazy right now. Some places are a little bit more open than others. But I don't know if you've been thinking about your time and how to spend it. I mean, I think this last year has really given us a chance to pause and reconsider what's important to us. What are our priorities, and how do we want to spend the energy and effort that we have. It's a limited resource, I'll be honest with you. Our time, energy and effort. And so how do you want to use that? And is it helping you get where you want to be? And so this week we're going to be talking about spending more time on acquiring passive income, or at least that thought of that. I mean, when people think about income and they talk about income, they're really just talking about the most basic type of income, which is, you know, the time in or the time that you put in, that's like actively earned income. Time in equals money out. Now, that's obvious because most of us also have day jobs, whether we work as physicians or whatever it might be. We are pretty much highly paid hourly workers. Without showing up or stepping foot into a clinic or a hospital, for example, Nothing happens, right, in terms of income, and you're paid for that time. And that's the way life works. And I think that's what we're mostly used to. You're used to getting paid hourly, especially at these jobs that you've taken. Before you were a physician, it was all about how much you make per hour. So for most of us, if we want to increase that income, we would have to put in more time. Either that or you try to find a job that pays you more per hour. Maybe you're able to negotiate something better for yourself. So you might spend a lot of time thinking about how to get a promotion, or maybe you want to look at other jobs. You can spend a lot of time looking at other jobs and what they pay, or maybe you want to rearrange your schedule so that you can work more or grab another shift on overtime on a weekend or a Night. And that's what we usually think about when we want to increase our incomes. However, I totally believe that that system of creating an increasing income, it's. It's just not efficient. I mean, we should be thinking about how we can work smarter, right? Not work harder. And that's almost cliche, but you probably heard about it. How can we do that to leverage our time better? I mean, after all, time is our most valuable resource. So we've talked about this before. What good is money if it can't buy us time to do the things that we love with the people we love? So it is my thinking and my belief that if there's anything that we should be focusing more time and more energy on, especially the extra time that we have, it should be on acquiring passive income. Now, I know it might sound a little counterintuitive that you put more time and effort into passively generating income. I mean, if anything, you probably heard passive income is supposed to be quote unquote passive and not require time or effort. I mean, the truth is that it does take some time and effort up front to figure out how to create that type of income initially. But like, once you get it going, once the engine is running, you'll find that ultimately that your income starts to increase and it's not proportional to the time and energy that you put into acquiring it. So when it comes to passive means of income, you're really able to work smarter and possibly, you know, hopefully produce greater output earned income over time. You know, some of this type of income that you might have heard of includes money from rental properties, passive real estate deals, dividends from investments, maybe even royalties that you get from writing a book or something like that. I do have a list of many of these things in my 10 perfect passive income ideas for physicians or side hustles for physicians. So if you're considering adding some of this passive income to your finances, it helps to get the ball rolling with some ideas. Now, I promise you, no matter how much we ask for those streams of income, they're not just going to appear out of, you know, thin air. So people ask me, how do you make that happen? What are some of the things that you could be doing to acquire more passive income? I mean, here's at basic, these are the things that I think you need to do. Number one, read and educate yourself. By listening to this podcast, you're doing exactly that. Read blogs, books. Figure out what's out there. I mean, again, I do have a list of some of these blogs and books and Even these, you know, podcasts that I recommend. You know, we all have the Internet at our fingertips. The information's out there. Get your hands on as much education as possible. Ask for recommendations from friends, mentors, colleagues, and that's the first thing you should do. Number two, think, spend some time. This is something that you and I probably don't do enough of to sit there and try to be intentional about what we want our lives to look like, how we're gonna actually get there. And it's something that, like a business mentor or business person that I look up to. His name is Keith Cunningham. He talks about quite a bit that everybody needs thinking time. In fact, he talks about how people like Warren Buffett, other well known entrepreneurs, also will take that time just to do some high level thinking. I'd say most of us just feel like we're chasing each other each day, right? We just do whatever the day brings to us. In some ways, we're victim to our schedules and what happens. But how many of us actually take some time, intentional time, block it out for us to think about what we're going to be doing next, or planning or figure out what the ideal life looks like. We need to spend that time thinking how to create financial freedom and that will ultimately impact your life in the future. Number three, you need to talk to people. There are plenty of people to talk to about this, whether it's online, whether it's actually face to face, which I hope we are able to do more of very soon. You know, who's actually doing these type of things, who has been down the road maybe a few steps ahead of you that you can learn from? What have they figured out? What are some of the mistakes that they've made? What are some of their successes like? Don't be afraid to ask successful people, like, what they've learned, what their secret is, because, I mean, I tend to find that people who have gotten, you know, had some sort of success, they want to share with others. And I think, you know, nobody gets there on their own. So I think people will be more willing to share with you than you would expect. And so don't be shy about that. And then the last one I say is, I used to call it move, meaning that you got to get out there, you got to go to, go to conferences, go to local investment meetings, just get out there with people that, you know, are moving and doing things to change up your environment a little bit. Some of these conferences and summits that you go to might be disguised as like sales pitches. So you kind of have to watch out for that. But to be honest with you, there's still a lot of good information on a lot of those. And to be honest, when you go to a lot of those, the people that you meet, you're able to talk to them, like before some of those connections sometimes or something. You know, a simple conversation at one of these meetings or conferences made the whole event and the whole time absolutely worth it. There's so much experience and wisdom that can be packed into a couple days, and it's curated for you so you don't have to go out and look for it. So I recommend everybody, at least a couple times in their lifetime, hit up one of these real estate conferences if you're interested in it. I mean, they can be well worth the investment and the time. If nothing else, they get your mind moving in the right direction and gets you open to a lot of the possibilities. So when it comes down to it, there's no denying that the old model of income works, right? Put in time, make money. I mean, it's tried and true, and it's something that's steady and it's reliable. At the same time, just know that it may not be getting you where you want to be. In fact, it may be putting you in a worse situation, especially if you think that medicine or whatever it might be might be worse than five years, or you've seen your incomes drop, your time at work, you know, increase. Then, you know, are you willing to sacrifice time and energy now to make sure that you have a better situation in the future? Are you willing to take those steps to secure that freedom, both in time and finances? Again, I think it takes taking a few small steps, just like we talked about. Get out there and educate yourself. Take some time to think about it. Talk to as many people as you can. Move and get out there in a community of people that are doing this. And if you follow these steps, I promise you, you'll see the benefits of it six months down the line, a year down the line, and definitely five and ten years down the line. So, anyways, I want to challenge you this week. What steps are you taking? Or what one step can you take in the next couple days that will help you get towards your goals? Anyways, have a great week and let's talk again soon. Enjoy the show. Let me know by dropping a review in the podcast app you're listening to us in. And if you haven't already, make sure to hit subscribe. Are you part of our community yet? Join thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. You can join us on our Facebook group Passive Income Docs, and you can always learn more at our website passiveincomemd.com thanks again for allowing me to be a part of your journey. See you next time.