Doctors in Property – a path to Financial Freedom?
By Dr Jas Gill GP | Property Investor | Mentor | Host
Our workload as Doctors continues to increase year on year, and the risk of burnout gets higher.
2020 has been no exception. The pandemic has seen many GP surgeries and hospital departments functioning to their maximum capacity. However, at the same time we have also seen some locum agencies and providers cutting doctors shifts and pay. Add this to the stress of home- schooling and juggling families; many colleagues have been stretched and stressed.
Medicine has always been a vocation. And for many, there is an underlying desire to put others before ourselves. Many of us are prepared to put up with great hardship for the benefit of the profession, the healthcare institutions and our patients. But as times are getting tougher, with rising demands and worsening working conditions, it can be difficult to maintain the original passion for our vocation.
Achieving financial freedom is a way to reduce that stress and revive that passion.
Sadly, doctors aren’t taught about financial matters at medical school – in fact talking about money as a doctor in the NHS seems to be taboo. Doctors don’t talk about their payslips, their tax or their financial burdens. So, we continue to work ourselves into a bottomless pit!
It is time to fill this void and become educated about financial freedom.
Read on to learn about financial freedom and how you can get out of the pit and start truly earning.
What is Financial Freedom?
Financial Freedom is not about being rich or having loads of money. The definition of Financial Freedom is ‘having enough residual income to cover your living expenses’. This means that you have enough money to cover your costs or expenses, ideally via passive income, so that you can spend your time on other things rather than on earning money.
Generally, every day we exchange our time for money. This is referred to as ‘active’ income, because we are providing a service with our time in exchange for money. Some doctors work extra locum shifts to supplement their income, so they become ‘richer’ – yet they also become time ‘poorer’.
And, what if one day, for whatever reason, you can’t provide that service or can’t go to work or you’re unavailable through personal sickness or any other reason, then your income may stop.
Having ‘passive’ income allows you the freedom of not having to rely on the income from your job.
Passive income is money that’s earned from an investment or work which was completed in the past and it continues to earn money with little or no additional effort. This passive income can come from different sources.
One source of passive income is Property, and creating passive income from property is a popular strategy for people to reach their financial goals.
It’s important to remember that you won’t achieve financial freedom overnight. But by educating yourself and having a plan, you will get closer to achieving financial freedom.
Medics Money have partnered with the People’s Property Plaza to deliver an informative talk about Financial Freedom and Property Investing.
Book now to join us the webinar
You can’t afford to miss it!