May 2, 2023
OVERVIEW:
Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss 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 for 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, 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.
- 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 and get the balling rolling!
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
CONNECT WITH JASON DUPRAT:
LinkedIn | Facebook | Instagram | Youtube | Facebook Group
RESOURCES:
- BiggerPockets
- 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, or email me at podcast@healthcareboss.org 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
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