#326: Tactical Tuesday: Create Financial Freedom through Pseudo-Passive Income

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OVERVIEW:

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.   

EPISODE HIGHLIGHTS:

  • 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 for 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, 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.
  • 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 and get the balling rolling! 

TWEETABLE QUOTES:

“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

 

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

 

#HealthcareEntrepreneurAcademy #healthcare #HealthcareBoss #entrepreneur #entrepreneurship #podcast #passiveincome #businessowner #practiceowner #financialfreedom

Check out this episode!

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