Feb 18 2025 19 mins 2
Dr. 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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