Note: This post is part one of a two-part series.
You’re a smart person on paper – you got into medical school. You may have done well during your four year stay too, but now comes the ultimate test. Let’s turn away from focusing solely on medicine for a bit and think about maximizing your income no matter what specialty you choose.
Work Smarter Not Harder
Most people don’t like to “work more for less.” Could this be a reason for the decline in interest of the primary care specialties? Without a doubt it is.
Imagine that you’re standing in between two trees. On the lowest branch of one tree is a $100 bill hanging within arms reach. On the highest branch of the other tree is another $100 bill, which is only reachable after an exhaustive climb. Which one would you choose if you could only choose one? Most people would just walk right over to the low-hanging branch, pluck the $100 bill and be on their way. This is not being lazy. This is a very basic example of working smart.
You need to start thinking like this no matter what specialty you choose. Do you want to put in more time and effort for the same monetary gains?
Your Time Has Value
Every minute of your day has value. Most people exchange their time for money in the form of work, and this time is on sale.
How much is your time worth? Would you rather spend 80 hours per week to make $5000 or 40 hours per week for the same amount of money? Those that correctly choose working 40 hours per week for $5000 value their time more than those who don’t care. Above all, you should ultimately do what you love. Just try to make sure that your time is never on sale.
Easier said than done? Not really. Let’s take a look at passive income and how you can turn your sale-priced time into a premium commodity.
Start Thinking Passively
I’ve always been amazed at the number of people who think you can only get paid while at work. This misconception has been passed down from generation to generation, and it’s almost a sin to think otherwise.
The people who think this way (and thus spread the false message) are the same people who only get paid while at work. They don’t know any other way. Don’t let the mind conditioning take you over.
There’s a reason why the world’s top earners are consistently business owners. They have developed passive income streams. Passive income simply means that you are getting paid whether you actually work or not. With my business I get paid while I sleep, at the movies with my wife, while playing video games, or at a week-long vacation on the beach (and I’m not talking about paid leave here). This is the best income to have.
Let’s take a look at an example. Assume that your passion is family medicine. Family medicine is one of the lowest income specialties of medicine. I’ve already mentioned that primary care specialties are seeing massive reductions in the number of students entering those specialties. I believe this is due to decreases in reimbursements which ultimately leads to decreases in compensation, among other things.
For the average family doc, their time is on sale. This is because they are not working smarter. In fact, they are working harder for lower reimbursements. How can we turn their time, which is currently on sale, into a premium commodity?
Stay tuned for part two in this series, and I’ll explain how.