281: Why Income Diversification Is Essential For Doctors: How To Work Smarter, Not Harder
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
Release Date: 02/18/2025
EP298: Financial Blind Spots Doctors Overlook (and How to Fix Them)
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit:...
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EP297 – How to Systemize Your Business and Survive AI Disruption with David Jenyns
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit: to meet your...
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Ep296 – How Doctors Are Monetizing Their Expertise in the Creator Economy
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: My Financial Coach You trained to save lives—who’s helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it’s crushing student loans, optimizing investments, or planning for retirement, you’ll get a personalized strategy built around your goals. Save for a vacation home, fund your child’s education, or prepare for life’s surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity. Visit:...
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EP295 - How Letting Go Can Help You Grow: A Doctor's Guide to Freedom
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: Set For Life Insurance Set For Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at . ____________ Dr. Mike Woo-Ming shares the "Let Them Theory" from Mel Robbins’ book Let Them on the Bootstrap MD podcast. This mindset helps physicians release the need to control others’ opinions, freeing...
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Ep294 - Book, Course, or Coaching? Choosing the Right Path for Physician Entrepreneurs
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: Set For Life Insurance Set For Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at . ____________ In this episode, Dr. Mike Woo-Ming guides physician entrepreneurs on choosing between writing a book, creating a course, or starting a coaching program. He breaks down each option’s time, tech, marketing, and...
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EP293 - Reflections from the Momentum MD Spring Retreat
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: Set For Life Insurance Set For Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at . ___________ In this episode, Dr. Mike Woo-Ming reflects on the Momentum MD Spring Retreat, a powerful gathering of physician entrepreneurs, CEOs, clinic owners, and coaches in Las Vegas. The retreat went beyond business...
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EP292 - 9 Productivity Pitfalls Every Physician Entrepreneur Must Avoid
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
Starting a side gig as a physician entrepreneur is exciting but challenging, especially when productivity pitfalls get in the way. In this episode, Dr. Mike Woo-Ming breaks down nine productivity killers that can derail your progress, including lack of motivation, unclear goals, and technology distractions. Drawing from his own experience as a physician and business owner, he offers actionable solutions like time blocking, setting SMART goals, and prioritizing high-impact tasks to help you stay on track. Whether you’re launching a coaching practice, online course, or other venture, these...
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EP291 - The Fast Track to Becoming a Physician Author
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
Sponsored by: Set For Life Set For Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at ______________ In this episode, Dr. Mike Woo-Ming dives into the power of physician authorship and how writing a book can elevate your career as a healthcare entrepreneur. From building content-based trust to commanding higher fees for speaking and...
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EP290 - From Side Gig to Full-Time: Mastering Telemedicine with Air Academy
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: Set For Life Set for Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at . __________ Telemedicine is transforming healthcare, and physicians are at the forefront of this revolution. In this episode, Dr. Mike Woo-Ming welcomes back Dr. Suneer Chander and Dr. Takashi Nakamura, founders of Air Physician...
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EP289: How to Attract Clients and Scale Your Coaching Practice for Free
BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming
This episode is sponsored by: Set For Life Set for Life Insurance helps doctors safeguard their future with True Own Occupational Disability Insurance. A single injury or illness can change everything, but the best physicians plan ahead. Protect your income and secure your future before life makes the choice for you. Your career deserves protection—act now at . ______ Building a physician coaching or consulting business is rewarding, but without clients, it’s tough to succeed. In this episode, Dr. Mike Woo-Ming dives into seven free strategies to help you attract clients and scale...
info_outlineDr. Anne Truong and Dr. Mike Woo-Ming discuss the importance of income diversification for physicians, highlighting how traditional medical careers often lead to burnout due to high workloads and limited fulfillment.
They emphasize the need for doctors to work smarter, not harder. They both share their rigour and transitioning from conventional medicine practice to entrepreneurship. Dr. Anne Troung shares her realization of the value of working on her business rather than in it, by leveraging systems to create sustainable and scalable income streams.
They also stress the importance of investing in oneself, whether through personal development by acquiring new skills like negotiation and marketing, or building revenue-generating assets. Dr. Truong reveals she has 18 income streams, purely derived from her medical expertise, and not stocks nor real estate. They encourage physicians to think beyond clinical work, and leverage their knowledge to create passive income through consulting, speaking or online ventures.
Ultimately, the message is one of empowerment, that doctors don’t have to stay stuck in a cycle of burnout or "golden handcuffs", but to invest in themselves, explore new opportunities and build systems that work for them.
Three Actionable Takeaways
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Work on your business, and NOT in your business. Build systems and processes that allow it to run without your constant involvement. Systems make for sustainability and enhanced efficiency. DON'T trade time for money
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Work smarter, not harder! Think of other ways to leverage your medical expertise and generate income outside the consulting room.
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Self-investment is the highest form of investing. Build yourself to be more valuable by learning skills like marketing, leadership, the art of negotiation, building networks etc.
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