Explore 7 ways to build wealth with passive income in 2024

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

• Want to earn extra money from the comfort of your own home? Here are seven ways you can do it.

• Women's health startups face funding challenges due to limited venture capital allocation.

• The decision of a Harvard medical school student to pursue a career outside of medicine has sparked mixed reactions from readers.

• Want to start the new year with a new job? Here's how to get a head start.

• Bidding wars are expected to make a comeback in the housing market in 2024 and beyond, according to a real estate expert with 20 years of experience.

• In the midst of chaotic world events and the pressure to be productive, finding balance and staying motivated can seem impossible.

ENTREPRENEUR SPOTLIGHT

Dear Loungers,

As we wrap up a dynamic year, I want to wish my reader community of physician entrepreneurs and healthcare investors a joyful, healthy, and prosperous holiday season. Whether you are celebrating festivities with family or spending time strategizing about the future, my hope is that you find warmth, happiness and meaning this season.

This has been a year of innovative strides for us- though not without its obstacles. We hope our little newsletter inspires you to expand your business growth and build something bigger than yourself. My deepest thanks for your readership and engagement this past year. Connecting with you motivates me to provide content that catalyzes ideas and progress. As we head into 2024, I look forward to continuing to support your important work through shared learning.

Here’s to brighter days ahead as we build, innovate, and connect to create meaningful change. Happy holidays to you and your loved ones!

Sincerely,

Mike Woo-Ming MD

LOUNGE TALK

If you're struggling to make ends meet during tough economic times, there are several ways you can earn extra money from the comfort of your own home. With just a laptop, webcam, strong internet connection, and some effort, you can start your own internet home business with minimal overhead. Here are seven lucrative ideas: Build a sales funnel website and landing page to capture customer information and pitch it to business owners. Monetize your social media accounts by creating video content on platforms like YouTube, Instagram, and TikTok. Monetize a podcast by interviewing popular guests and repurposing the content for various platforms. Engage in retail and online arbitrage by selling products on Amazon FBA and eBay. Create and monetize a popular local news Instagram page by sharing unbiased local news and charging businesses for posts. Offer video editing services to influencers and content creators who don't have the time or skill for editing. Create online courses on various subjects and sell them to interested learners.

Women's health has been overlooked and underfunded for years, resulting in a lack of quality treatment options for common conditions. Many women's health issues, such as birth control being used to treat various conditions, endometriosis diagnosis challenges, and the stigma surrounding women's sexual health, continue to persist. While the market for women's health solutions is growing, these startups face significant funding challenges. To bridge the gap between the medical community and innovators, collaboration is crucial. Women's health startups need to involve qualified medical professionals from the beginning and focus on generating data to support their interventions. Physicians, on the other hand, need to embrace innovation and understand the startup ecosystem to improve healthcare for women. By working together, we can create a more personalized and comprehensive approach to women's health.

A Harvard medical school student, who had lost their passion for becoming a doctor, decided to complete their fourth year and obtain an MD degree. Now, the student is exploring career options in the pharmaceutical industry or comedy. Reactions from readers were divided, with some criticizing the student's choice as selfish, while others commended their decision. The comments did not provide a consensus on whether it is selfish or noble to never practice medicine after medical school. Dropping out of medical school is not uncommon, with common reasons including academic struggles, financial pressures, personal health or family issues, lack of interest, or a desire to pursue a different career path. Former medical students often pursue alternate career paths, ranging from further education in related fields to jobs in healthcare, education, or research. Ultimately, it remains to be seen where this student's career will take them.

With the new year fast approaching, it's the perfect time to start planning for your next career move. Whether you're looking for a new job, hoping for a promotion, or seeking more fulfillment in your work, taking proactive steps now can set you up for success in the coming year. This article outlines five crucial steps to help you prepare for your next career move. By being clear on your goals, aligning your resume and network to your desired path, and focusing on personal growth, you can kickstart your job search and put yourself in a strong position come January. Don't wait until the new year to make a change - take action now and set yourself up for a successful career move.

Bidding wars in the housing market are set to make a comeback in 2024 and beyond, according to a real estate expert with 20 years of experience. Several factors contribute to this anticipated resurgence, including pent-up demand that has been building since the Federal Reserve began raising interest rates in mid-2022. As life resumes post-pandemic, homebuyers are ready to make moves and upgrade their living situations. Additionally, mortgage rates are expected to drop below 6%, making homeownership more affordable. The supply of homes remains lower than average due to historically low interest rates in 2020-2021, and the demand for real estate is increasing as millennials enter their homebuying years. The strong performance of the stock market is also contributing to a wealthier investor class, potentially leading to increased competition in the housing market.

In a world filled with chaos and pressure to be constantly productive, finding balance and staying motivated can be a challenge. Many of us experience the effects of these unprecedented times, feeling overwhelmed and discouraged. Aileen Xu, creator of the Artist of Life Workbook, suggests a reset routine as a way to overcome roadblocks and maintain productivity. This routine involves simple actions such as organizing, self-care, and life admin tasks, which help us "press reset" on our lives and find a sense of balance. Xu emphasizes the importance of restorative activities alongside productive ones, as both are necessary for maintaining a balanced life. By choosing activities that feel restful to us individually, we can effectively recharge and increase our overall output.

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QUICK BITES

• The best REITs to buy.

• How to thrive in medicine during festive seasons.

• Biggest celebrity real estate profits 2023.

• How to handle holiday burnout.

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