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

Healthcare Entrepreneur Academy Podcast

Release Date: 01/11/2022

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Healthcare Entrepreneur Academy Podcast

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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 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

RESOURCES:

BiggerPockets: https://www.biggerpockets.com/

Ketamine Academy - https://www.ketamineprofessionals.com/enroll

IV Therapy Academy - https://www.ivtherapyacademy.com/course-information

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