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Money Meets Medicine Podcast

MMM #43: How to Build a Non-Clinical Business

Have you thought about the various routes to financial independence? Of course there’s making a lot of money with your physician income and then saving a lot of that money. But there’s another option as well. Have you thought of having a non-clinical business? Your options are unlimited and the pay is great. Keep on reading so you can know how you can set yourself up for success!

What You’ll Learn:

In today’s episode of Money Meets Medicine, “How to Build a Non-Clinical Business,” you’re going to learn:

  • The hybrid method to reach financial independence.
  • What you need to know to build your non-clinical business from scratch.
  • The magic of making money that’s not related to your physician job.
  • Keep in mind that money is not the answer to your problems!
  • Learning contentment no matter where you are in your career and business.
  • And more!

Quotes To Remember

“You can save enough money, where then you can have a safe withdrawal rate and draw down from that nest egg that you’ve saved up over the years to be able to be retired. That’s one form of financial independence. The other is to have enough non-clinical sources of income.”

“No matter what it is, the reason is that you want more freedom in your life and you think that doing this would provide that. So I’ll let you know that if you have an interest right now… let’s just go ahead and have that out there, because that is ultimately what it’s all about.”

“I’m going to tell you right now, having gone through this, having multiple six figure sources of income in my business over the last three years, that they are not the answer to your happiness, my friend.”

Listener Question of the Week:

This week’s questions comes from Dr. Patterson and Keith:

Dr. Patterson emailed…

While listening to your episode from February (“recovering from financial mistakes”) I noted that you typically get a new iPhone every year or so. First, great show! I am sincerely appreciative of the work you and Jimmy are doing with the show. Second, would you be willing to sell me your old iPhone next time you cycle through to a new one? Thanks for considering the offer and thank you even more for your educational efforts.

Keith emailed in…

Thank you for all the hard work you do to improve the financial literacy of medical professionals, your work has been incredibly valuable for our family as I’m sure it has been for many others.

I know that you cannot provide specific advice but I have a question that I hope you might be able to provide some guidance on and that may be of interest to your audience.

I am nearing the end of my fellowship training and am working on our family’s written financial plan as we prepare for this upcoming career milestone. When I was much younger and knew far less about personal finance, I opened a traditional IRA with an advisor that my parents used. For several years, I contributed money made while working summers and during college to this IRA and it has been sitting there since then (over 10 years now) invested in three different domestic and international growth funds. Now I’m trying to figure out what to do with this account as part of our overall financial plan but am not sure how to think about this. As part of our long-term financial plan, I would like to utilize the Backdoor Roth IRA option when we have enough income to do so but I understand this is not possible with a traditional IRA carrying a balance due to the pro-rata rule. What are my options here and what should I be thinking about as I try to make the best plan?

Each episode, we are going to start including listener questions as they are provided to us.  So, if you have a specific question you’d like answered on the podcast reach out to us!  Email [email protected] or [email protected]

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TPP

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