Anesthesiologist Turns Tables on Lending Industry

The LOUNGE - A Newsletter for Savvy Physicians

Here’s our round-up of the most engaging stories from this week…

• 3 Important financial moves when starting your side hustle

• The Nomad - A new era in how doctors practice medicine

• AI is changing the surgery center…forever

• Is Turnkey Real Estate the secret sauce for passive income?

• Can you still make money with your own book?

• The power of the 80/20 rule in personal growth

ENTREPRENEUR SPOTLIGHT

Turning the tables on the banking industry, an anesthesiologist co-founds a lending company that recognizes the unique financial credibility of doctors.

Dr. Kenton Allen, a practicing anesthesiologist, saw firsthand the financial hurdles faced by physicians in their personal and professional lives. Spotting a gap in the market, he co-founded Doc2Doc Lending to specifically cater to the financial needs of doctors. Doc2Doc Lending offers tailored loans, such as personal loans and bridge loans, recognizing the unique financial situation doctors find themselves in due to student loans, delayed income, and high debt-to-income ratio. With a different lens on underwriting risk, Doc2Doc is proving that physicians are uniquely credit worthy, leading to a significant boost for doctors seeking financial assistance.

LOUNGE TALK

Transitioning from your day job to starting a side hustle? Make sure to follow these 3 crucial money moves. Bringing your entrepreneurial dreams to life requires more than just a solid business plan; financial stability is key. This article reveals the importance of three money moves before leaving a secure day job for an uncertain side hustle. First, maintaining a flexible monthly budget for a year helps build crucial financial management skills, prepares for inconsistent income, and encourages spending discipline. Second, saving six months' worth of expenses mitigates the risk of an unpredictable business environment. Each of these steps enables the potential entrepreneur to transition smoothly into their new roles, making the risk of business ownership more manageable and less financially stressful.

Are doctors the new nomads? Welcome to the new era of location-independent, multiple-job physicians. In the medical profession, a revolutionary shift from traditional, single-location employment to diversified, location-independent work is underway. Increasingly, physicians are embracing this progressive model, coupling full-time or part-time roles with side jobs to create a lifestyle they desire. This development is driven by several factors: disillusionment with the current system, Gen Z and millennials' evolved perspectives on work, rapid adoption of virtual medicine, and a physician shortage that highlights the need for flexible job offerings. As such, physicians are transitioning towards the concept of "professional micro-corporations", viewing themselves as independent contractors and embracing their roles in the gig economy. By leveraging the benefits of these micro-corporations, doctors can regain autonomy, enjoy tax advantages, and facilitate their chosen lifestyle. All this contributes to a new normal of medicine, making way for a more autonomous, diversified, and mobile physician workforce.

AI and digital technology may be on the brink of revolutionizing surgery and addressing health inequality worldwide. Artificial Intelligence (AI) and digital technologies are shifting the tides in the surgical field, opening up possibilities for training and mentoring that exceed geographical limitations. Surgeons are now able to 'virtually scrub-in' to operating rooms around the globe, creating a thriving ecosystem of knowledge and skills sharing. This surge of innovation stands to significantly drive up surgical standards, enhance patient safety, and tackle global health inequality. The future holds a vision where every operating room is borderless, interconnected, and continuously learning from every surgical procedure conducted worldwide.

Imagine investing in real estate with most of the work already done for you. Welcome to the world of turnkey real estate. Turnkey real estate is an increasingly popular investment option offering an alternative to traditional stock market investments. This model lets you "turn the key" and generate rental income faster, with a property ready to rent and a team assembled to manage it. Turnkey properties come with several advantages including complete control over the property, a mostly hands-off investment approach, the ability to invest from anywhere, and access to economies of scale with experienced turnkey companies. However, it's not without downsides; owning an entire property means a considerable upfront investment, reliance on a single company, potential challenges in monitoring non-local properties, and potential additional costs. The article suggests that turnkey real estate may be a good fit for those comfortable with a long-term, buy-and-hold strategy, and emphasizes the importance of selecting a reputable turnkey company.

How physician entrepreneurs can build their personal brand with their own book. It's no secret that the realm of non-fiction writing has become a potent tool for entrepreneurs seeking to bolster their brands. Savvy business minds are leveraging books as an avenue to connect with their audience in a more intimate manner, and in turn, are reaping impressive benefits. This trend, facilitated by the rise of self-publishing, is driven by the understanding that individuals are more likely to buy from people they like and know. However, the journey of authorship is not without costs and challenges. It involves multiple stages and roles, from book coaches and cover designers to public relations experts. And while book royalties are not the primary revenue source, books serve as an effective sales funnel to offer a plethora of products and services, thus unlocking an entrepreneur's income potential.

Unleash your potential by leveraging the 80/20 rule for personal development. This rule posits that focusing on the 20% of activities that have the most significant impact will supercharge your progress. Start by prioritizing habits that contribute most to your growth and cutting back on those that hinder it. Make the most of your strengths, identifying the top 20% and seeking opportunities to utilize them. Moreover, align your goals with the 80/20 principle, crafting Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals. By focusing on high-impact activities, strengths, and goals, you'll make strides in your personal development journey.

QUICK BITES

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• 8 steps how this company grew their YouTube following from zero to 1 million subscribers..and counting

We hope you find our newsletter informative and engaging. If you have any feedback or suggestions for future issues, please don’t hesitate to reach out!