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Notes of the Episode
Dr. Tom Burns is passionate about teaching people, especially those in the healthcare space, how to gather wealth through passive income. In this episode, he discusses the solutions to the common challenges doctors, pharmacists, and other healthcare professionals have when starting businesses or creating passive income through real estate.
One of the challenges is shifting from the healthcare professional mindset of avoiding mistakes to the investor mindset of being willing to take risks. Listen now and learn how Dr. Burns overcame this and the lessons he learned along his investing journey that have helped him succeed.
Key Points from This Episode
- Why Dr. Burns became an Orthopedic surgeon.
- Why he looked for other income streams despite being a doctor and what led him to real estate.
- What is Dr. Burns’ advice to physicians and other professionals who are busy with work but would also want to start a business or invest in real estate?
- What are the lessons in real estate that Dr. Burns has learned from mistakes he has made in the past?
- How to balance the healthcare professional mindset that says you can’t make a mistake and the entrepreneur or investor mindset that fosters creativity, risk-taking, and problem-solving.
- Developing the delegation mindset is vital because delegation is a key that will buy you back your time.
- Be ready to learn from everyone you come across with.
- Why Dr. Burns spends around $250,000 a year on mentors, masterminds and coaches.
- How to find ways to make your money grow while you’re spending 70 hours in practice.
- Invest in things you understand or with people you know you can trust.
- Start getting in groups that are doing the same thing.
- Learn about Dr. Burns’ book, “Why Doctors Don’t Get Rich.”
- Dr. Burns shares how he started his real estate investing journey.
- How to find the perfect investing partner – what characteristics does Dr. Burns look for?
- Structure the divorce before you become partners.
“One of the best successes in real estate hacks in the world is time and persistence.” [00:08:45]
“If you try to derive the perfect strategy and wait until you have the perfect strategy, nothing will happen. Action is the first thing. So, just do something.” [00:08:57]
“A decision now is better than delayed decision.” [00:17:43]
Why Doctors Don’t Get Rich: How YOU Can Create Freedom with Passive Income Investing by Tom Burns
The ABCs of Real Estate Investing
About Dr. Tom Burns
Dr. Tom Burns is an entrepreneur, retired orthopedic surgeon, and a United States Ski Team physician. He is the co-founder and principal of Presario Ventures, a private real estate company focused on apartment development and private equity in Texas and the Sunbelt. He has over 25 years of real estate experience and has acquired or developed over $500 million of real estate locally and internationally.
Dr. Burns is the author of Why Doctors Don’t Get Rich, a best-selling personal finance book for those who want to live life to the fullest. He is a sought-after speaker and mentor and has been financially independent for over a decade. His mission is to help people create financial independence so they can control their future and pursue their passion.
Transcript of Episode