#7: What Stops You From Creating Passive Income?

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Episode 7 on the Passive Income MD Podcast: What Stops You From Creating Passive Income?

It could be that the obstacles preventing you from starting a side hustle are all in your head!

As the voice of experience, I’m here to help you push through those roadblocks so that you can reach your financial goals. Taking that first step is hard. Once you get started figuring out your side hustle, the momentum will keep you going.

We’ll talk about some of the common roadblocks that you and other physicians or high-income professionals are facing. We can twist them around, see the positive side, and then figure out how to overcome them. 

It’s true that not everyone feels up to the challenge of taking on a side hustle–some of you are even risk-averse. However, if you're listening to my podcast, my guess is that you are at least considering the idea of creating a side hustle.

Let’s see if we can help you create the life that you want!

Now, let’s look at five things we’ll address about overcoming obstacles so that you can start working on your side hustle!

  • There are obstacles (often your own habits or fears) that keep you from starting a side hustle.
  • You may feel like there are not enough hours in a day to get everything done (sleep, work, gym, family obligations)–much less a side hustle.
  • How to find help to manage those repetitive tasks that take up your time.
  • Utilizing “dead time” to gain knowledge in order to start working on side gigs and other sources of income. 
  • Not everyone wants to start a business or create other streams of income. 

Here’s a breakdown of how this episode unfolds…

[0:03]It was only at the point where I was forced to make that decision that I really pushed through it. I wish I could say that I had a lot more willpower or the right mindset. But honestly, I was forced to start and that's what got me going.

[02:15] Number one, I try to find a way to use my time better or be smarter about my time. I try to find other things. I try to find things in my life that I'm doing that I don't necessarily need to be doing myself. 

[04:26] Another way to make better use of your time is to find pieces of your day where you could actually do some of this learning and studying about these subjects. When you're doing things that don't take mental brainpower. For example, I love to listen to podcasts. I love to listen to different YouTube videos and learn to educate myself. When I'm out walking the dog, for example, when I'm driving and commuting on the way to and from work or even when or even when I'm working out, I use those opportunities to educate myself. 

[08:55] So yes, in the beginning, it's gonna feel like it's not worth your time. It's gonna feel like you're not making enough money, a couple of hundred dollars a month from a rental property that may not feel like it makes a big difference in your life. But guess what? That's for one unit. What if you got 10 units? What if you got 12 units? 

[11:59] Hello Lastly, one of the biggest objections that I hear is that it's just all too much risk. They're worried that they can make, they're worried that they'll make a bad decision. And then that decision will kind of derail them from their ultimate goals. 

[12:57] The thing is, I think if most of us are honest If we're looking at medicine as a whole or our day jobs as a whole, and we look at where we'll be in five to 10 years, considering things like financial security, flexibility, and freedom, and fulfillment, and taking into account all those factors, I think I think most of us would agree that things are not moving in the right direction when it comes to medicine.

If you haven’t done so already, let me know what you thought of this episode in one of our Facebook groups: Passive Income Docs or Passive Income Professionals

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