#326: Create Financial Freedom through Pseudo-Passive Income

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 [email protected] 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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