A main goal of The Elite Nurse Practitioner Model is to help provide redundancy in your life. What is redundancy in the context of your financial health? It means a system design that duplicates resources to provide alternatives in case one resource fails. Yes, I agree, that sounds like some BS definition you heard in one of your nursing theory or management classes but hear me out on this one.
Redundancy essentially means that you have a back up to cover your ass (CYA) for every aspect possible within your life. If you have backups, then the anxiety and stress in your life will decrease SIGNIFICANTLY. Having backups also allows you to take more risks, which is CRITICALLY important for an entrepreneur. Why do you think having a part-time job is a foundational principle to The Elite NP Model?
When you have 2, 3, or even 4 backups, you become massively secure in life. Many people in this country have been hit hard by the COVID pandemic, but the ones who had other streams of income because they practice the concept of redundancy did not sweat bullets like many others. If the pandemic affected their job or business, but they also had another job or business that was not hit, then it did not affect them much. Therefore, being redundant in your life is so important if you want long term financial security and freedom.
Did COVID affect my business? Yes, it did. My part-time job at the urgent care was hit hard. We went from 50 patient days down to 5 patient days. I work on 100% commission… It sucked! I was basically working for free.
But you know what? My telemedicine practice EXPLODED in growth, my men’s health practice continued its slow and steady growth, and my medical cannabis clinic remained the same.
The other nurse practitioner I work with at the urgent care was stressed to the max! This guy relies on the production of our pay structure to pay his bills, pay off debt, etc… I felt bad for the guy. I was thriving, he was suffering. This is why it is CRUCIALLY important that you have 2-3 income streams at all times.
Financial security should be one of the top priorities in your life if you want to be in the top 10% of people in this country. Most people live paycheck to paycheck, you do not want to be this way if you value a stress-free life. Every single one of you should have at least ONE part-time business. It will increase your security tremendously, not to mention decrease your tax burden! Aim for having multiple side businesses though!
Having financial redundancy in your life also allows you to take more risk. I am getting ready to open my 2nd men’s health practice in August. This is a risky endeavor. It will not be easy. I have multiple hurdles both physically, financially, logistically, and mentally to overcome as I open a 2nd location. Would I be able to do this if I only relied on the income coming in from my men’s health practice? Sure, but with great difficulty and anxiety. But because I have about 6 income streams, it decreases the overall risk of investing in another business. If it fails, oh well… It will not be the end of the world and I am not filing for bankruptcy like many other entrepreneurs who take out a business loans. Do not go into business debt, it is the exact opposite of living a redundant life.
You should have multiple retirement accounts and investments. Do not rely just on your 401k, or god forbid our government, to take care you when you retire. That is foolish. You need to diversify your investments. You should have money in the stock market, real estate, bonds, gold, cash, and your businesses. If one tanks, the others are there to sustain you during the hard times.
Outside of finances, you should also be as redundant as possible. You should have multiple LLCs. You should have food and water stores. You should have 2 vehicles. You should have extra of everything that helps sustain your life and maintain your standard of living. Hell, after the peak of COVID, I hope everyone has stored extra toilet paper. I am not resorting to coffee filters ever again. I will have backup toilet paper!
The redundant nurse practitioner is one that can live a free life. They are not stressed out and anxious all the time about their finances. They have the courage to give the middle finger to their employer if they get fed up with the nonsense associated with being employed. They can take risks! They can do this because they set a life up where if one thing fails, they have another system in place as back up. The Elite Nurse Practitioner Model was designed to give you the steps necessary to create redundancy in every one of your lives. Go over this and implement it into your life.
Having a part-time job and multiple side businesses provides you IMMENSE financial security. Think about the principle of redundancy. Step back and look at your life. Where do gaps exist? Most providers have a malpractice policy, so you are already being redundant, now its time to carry over that principle to other aspects of your life!
Great to hear words of motivation and the push for financial independence. Keep it up!
Yes, more NPs and those in nursing need to strive for this. Most just live paycheck to paycheck.