Everyone exchanges their time for dollars. It is how the world works for most people. You go to work, you go home, repeat the process for 2 weeks, and then get paid. You are exchanging your time for dollars. This is called active income.
Your money is an extension of your limited time on this planet. The more money you have, the more time you sacrificed to obtain it. We have been brainwashed to believe that you must work hard to obtain more money. This is mostly true, but it does not have to be the rule, you can be the exception!
I want you to replace the concept of money with time in your mind. Look at your savings account. How much time did it require to obtain that?
When you purchase $250 in groceries, how much time did you just trade for the food that sustains your life? How much for a tank of gas? Begin to think about your time.
When you loose money, you just lost a part of your life. When you invest your money (time) and make more money off it, you just saved yourself time in your life. You now have more money and invested less time to obtain it.
If you value your time, you need to find a way to create money with less time! Break the mind set of exchanging your time for dollars. You don’t need to clock in or show up to your job to make money. There are other ways!
How do you do this? By making your money work for you. Not the other way around. Your money should give you more time!
What are some ways to have your money work for you?
- Real estate.
- Precious metals like gold.
- Lowering your expenses.
- OWNING YOUR OWN BUSINESS OR PRACTICE! (The most profitable).
Stocks, bonds, real estate and gold are great long-term investment vehicles. They build wealth over a longer period of time. This is what allows your money to grow slowly so that you can enjoy retirement. Most people do this through their 401k or IRA. I think everyone should max out their 401k and IRA simply for the tax benefits.
The problem with these investments is that they are giving you time in your older years. Can you utilize your time as effectively when you are 70 vs 45? If you remain healthy yes, but if you are not in the best of health, the time you sacrificed when you were younger will be going to medical bills and sustaining life rather than truly enjoying it.
On the other hand, lowering your personal expenses and owning your own business are ways to make your money work for you today. Why do you think they are foundational principles of The Elite Nurse Practitioner Model? Life is short, don’t you want more quality time for today without worrying about money?!
Lowering your personal expenses allows your money to work much harder for you. When your personal expenses are lower, you will need less money from your investments and businesses to sustain your livelihood.
Owning your own business and/or practice will create two different types of income that give you more free time. Remember, active income is exchanging time for dollars. The only way you make money, is by giving up your time. My medical cannabis clinic is active income. I could hire other people to see patients, but that would eat into those easy profits. Therefore, I choose to keep this as an active income stream. I am investing this easy money into developing partially passive and totally passive income streams though. This will break me free.
Partially passive income is where you exchange some time for a lot of money. I make just as much money working 4-6 hours a week at my men’s health clinic as I do working three 12 hour shifts in the urgent care. I see some patients, place some orders, complete a few administrative tasks, and my medical assistant makes money for me the rest of the week collecting payments, fulfilling orders, etc.
Examples of partially passive income sources are practices that require minimal time from the nurse practitioner, active stock/bond investing, managing small part time businesses, blogs, etc.
Totally passive income is where you exchange little to no time for a lot of money. My telemedicine practice is almost totally passive. I spend maybe 1-2 hours a week on it yet it generates a few thousand dollars extra a month.
Other examples of totally passive income streams are owning businesses that other people run, passive stock/bond investing, and rental real estate.
I am trying to build as many passive income streams as possible. My second men’s health clinic I plan on opening in the next few months will be passive income. This will take 1-2 hours a week to maintain once it’s up and running. This will generate an extra $5,000-$10,000 a month passively once it takes off.
Building passive income streams provide you money with less time. What does this ultimately give you? MORE TIME! What does more time give you? MORE FREEDOM! The essence of what The Elite Nurse Practitioner was created to help you with.
You can never have a truly free life exchanging your time for dollars. Having only active income as your source of money is not wise. Remember, be as redundant as possible with your finances. Have multiple part time businesses and income streams. Have multiple investments. Have back ups for everything. This builds a secure financially independent life. Very few people within the medical field can say they have this.
It is very simple:
Lower personal expenses = less money needed to live.
The less money needed to live = the less income streams you need to sustain your life.
Want a more extravagant life? Build more part time income streams or increase the revenue in the ones you have.
Are you okay with living more frugally? Then having just 2-3 passive income streams is all you need! How does working 10 hours a week sound? This is not a pipe dream, it is totally realistic.
Doing this will give you an enormous amount of free time in your life. You are no longer exchanging time for dollars! That is true freedom my friends. You can do this. Do not let fear stop you from starting your first nurse practitioner side business. Stay positive. Most importantly, get off your ass and actually get started!