Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast talks about creating a roadmap to becoming financially free through pseudo passive income. He weighs in on three methods to do this. He also presents the advantages of owning a business – especially a medical practice – as one of the most effective methods for achieving financial gains using pseudo passive income.
- There's no such thing as passive income because you always need to do initial legwork and research.
- Jason prefers to call it pseudo passive income and has identified three methods to this type of income to become financially free.
- One method is to decrease expenses. There are several experts on YouTube talking about how best to do this, many in the homestead space.
- This method also includes penny-pinching and clipping coupons or searching for the best deals. This can be referred to as living a scarcity lifestyle.
- The second method is to increase your income by starting new businesses and building new revenue-generating streams. This is often referred to as choosing an abundant lifestyle.
- The third method is a hybrid model. It includes getting rid of bad debt and keeping your expenses reasonable while also increasing income.
- If you're a budding entrepreneur, it's better to build a new business from scratch rather than buy one and leverage its debt.
- When you build a business, you develop the necessary skills required to be an owner and generate cash flow.
- Once you have steady cash flow, keep reinvesting into the business.
- The ultra-rich invest and reinvest their cash flow into assets that don't require a lot of work. They build businesses they can eventually extract themselves from so the business can run on its own and/or by a team.
- This provides a compound effect that has the potential to massively change your life.
- Jason encourages healthcare professionals to consider creating a business by owning a practice. Leverage the skills and the healthcare knowledge you have to further develop business skills. Then, hire an RN, NP, practice manager, and/or physician.
- Have a plan in place for 2022 and get the balling rolling!
3 KEY POINTS:
- There are three pseudo passive income options to become financially free: the scarcity lifestyle, the abundant lifestyle, and the hybrid model.
- Buy or create an asset to pay for your expenses. You can invest in cryptocurrency, dividend-producing stocks, or real estate; but the fastest way to acquire an asset is to start a business.
- As a licensed healthcare professional, you can start your own medical practice or offer a service and leverage the skills you already have.
“Bad debt is anything that doesn't put money into your bank account on a daily basis.” – Jason Duprat
“Building a business from scratch requires a lot of work but, in my opinion, it's 100% worth it.” – Jason Duprat
“As a practice owner, you can attract, acquire, and treat the patients you want to treat by providing the services you want to provide.” – Jason Duprat
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