#226: Tactical Tuesday: Create Financial Freedom through Pseudo Passive Income

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 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:

1. There are three pseudo passive income options to become financially free: the scarcity lifestyle, the abundant lifestyle, and the hybrid model.
2. 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.
3. As a licensed healthcare professional, you can start your own medical practice or offer a service and leverage the skills you already have.

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

“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

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

 

RESOURCES:

• Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
• Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
• Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea