How Physicians Can Boost Income by Buying Online Businesses

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…

• Physicians are known for their hefty paychecks, but they also face numerous expenses, drawbacks, and burnout.

• Dr. Nisha Mehta is advocating for physicians' rights in negotiations and emphasizing the importance of sustainable terms for long-term career fulfillment.

• Are you considering refinancing your mortgage this year?

• Did you know that real estate notes offer the potential for steady cash flow and diversification in your investment portfolio?

• Are you overwhelmed by requests for mentorship? Here are some strategies to manage them effectively.

• High-achievers often forget their limits, leading to stress and burnout.

ENTREPRENEUR SPOTLIGHT

Meet the power couple behind Imaginostics, a medtech startup revolutionizing MRI technology.

Dr. Codi Gharagouzloo, driven by his passion for physics and imaging, invented an MRI technology that can detect diseases 10-20 years before symptoms appear. Alongside his wife and co-founder Dr. Valerie Gharagouzloo, they are determined to bring their breakthrough technology to the market. Despite lacking prior business experience, they have surrounded themselves with supportive mentors and entrepreneurial communities. The power couple is now preparing to launch a pioneering vascular imaging solution that could transform healthcare. Their story serves as inspiration for aspiring entrepreneurs looking to make a difference in the medical field.

LOUNGE TALK

Physicians, despite earning a healthy income, often face financial challenges and burnout. Online businesses provide an opportunity for them to diversify their income and leverage their time. Unlike consulting or expert-witness work, online businesses can generate passive income and offer a safety net during economic downturns. Purchasing an online business allows physicians to acquire valuable assets that can not only generate monthly income but also gain equity value over time. However, there are considerations to be made, including the unpredictability of Google updates, the need for strong operating procedures, and the acquisition of technical expertise. Overall, buying an online business offers physicians a way to secure a stable financial present and future.

In the world of healthcare, physicians like Dr. Nisha Mehta not only provide patient care but also navigate the complexities of contracts that often fall short of fairness. She is a leading voice in advocating for physicians' rights in negotiations and emphasizes the need for sustainable terms. Dr. Mehta sheds light on the altruistic dilemma faced by physicians and highlights the danger of solely relying on altruism, especially for female physicians. She also emphasizes the collective responsibility of ensuring career longevity in the healthcare profession. Dr. Mehta provides practical advice for navigating contract challenges, encourages open communication with employers, and emphasizes the power of leverage in negotiations. Her advocacy is not only a call to action for individual physicians but a transformation of the entire healthcare negotiation landscape.

In 2023, high inflation led to the Federal Reserve raising interest rates, making it more costly for Americans to buy homes or refinance existing mortgages. However, 2024 holds the potential for homeowners to benefit from mortgage refinancing. Experts suggest that a mortgage refinance could be beneficial in 2024 if homeowners want a lower mortgage rate, especially for those who bought their properties in the last few years. Homeowners with adjustable-rate mortgages (ARMs) reaching the end of their initial lock period may also consider refinancing to secure a fixed-rate mortgage. Refinancing can also be advantageous for those looking to cancel mortgage insurance, pay for home improvements or consolidate debt, and plan to be in their homes long-term.

Real estate note investing, also known as mortgage note investing, is a profitable and often overlooked investment strategy. By becoming the lender through purchasing real estate notes, investors can earn a steady stream of passive income while diversifying their portfolio. There are different types of real estate notes, each with its own requirements, risks, and returns. Conducting thorough due diligence on the property, borrower, and loan terms is crucial before investing. While there are risks associated with real estate note investing, such as credit risk and property risk, there are also benefits like higher yields and passive income generation. Investing in real estate notes through a self-directed IRA can offer additional advantages, but it's important to understand the legal considerations and rules. Overall, real estate note investing can be a valuable addition to an investment portfolio, providing an alternative to traditional real estate investing and other investments like stocks.

Advancing in a career can lead to an accumulation of requests for mentorship, which can become overwhelming and a source of burnout, especially for underrepresented individuals. To manage mentorship more efficiently and sustainably, there are five strategies to consider. First, divide mentees into teams, allowing for more autonomous operation and support within the group. Second, set clear expectations with mentees from the beginning, ensuring alignment and preventing mentor fatigue. Third, leverage technology to improve efficiency, such as using fixed meeting schedules and sharing pre-recorded answer videos. Fourth, brand your mentorship efforts strategically to gain recognition and attract more talent. Lastly, hold organizations accountable by advocating for dedicated time, funding, and metrics for evaluating mentorship. By enhancing the current state of mentorship, both mentors and mentees can benefit and build meaningful relationships throughout their careers.

As a leader, it's important to remember that even the most capable individuals have their limits. High-achievers often push themselves to their breaking point, leading to stress and burnout. When leaders become overwhelmed, they are seen as disconnected and uncaring towards their team. However, it is possible to achieve your goals without becoming overloaded. By focusing on what you can control, such as your self-awareness, you can stay flexible and resilient. Three key steps to manage overload include assessing the time factor, consciously being present, and finding a balance between work and personal life.

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QUICK BITES

• Rolexes, fine whisky and wine: Top alternative investment trends for 2024.

• 40 personal growth journal prompts to welcome 2024.

• Self-Made millionaires: 9 best pieces of money advice we’ve ever received.

• 20 best cities in the U.S. for physicians to retire.

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