#163 4 Ways To Help You Survive a Recession, ft. Dr. Peter Kim - Passive Income MD

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Episode #163

#163 4 Ways To Help You Survive a Recession, ft. Dr. Peter Kim

In this episode, Dr. Peter Kim talks about the things you need to think about to survive and thrive in a recession. This episode will help you align yourself with the right mindset to get yourself set up and have the right systems in place to take advantage of this time.

Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining us in our Facebook communities such as Passive Income Docs and Passive Income MD.

DLP Capital brings this episode to you…

Don Wenner is the visionary CEO and Founder of DLP Capital, a dynamic and innovative wealth creation firm that specializes in real estate investing. Don is a proven leader in the industry, known for his strategic acumen and entrepreneurial spirit.

He has built DLP Capital on the foundational principles of Dreaming, Living, and Prospering. These guiding values underscore his commitment to empowering investors and their families. 

What sets Don apart is that he understands that behind every financial decision is a personal dream, a family, a future. This understanding has led him to develop a client-centric approach at DLP Capital, ensuring that every investment opportunity is tailored to the unique goals and needs of his clients.

Interested? Click Here To Learn More

 

13.01 Min • June 12

Episode Highlights

Now, let’s look at what we discussed in this episode:

  • Acknowledge that we are in a recession
  • Know the season you are in
  • Understand where your cash flow is
  • Be in the right community
  • There are no guarantees
  • Physician Real Estate and Entrepreneurship Conference (PIMDCON)

Here’s a breakdown of how this episode unfolds.

 

Episode Breakdown

[01:43]

Acknowledge that we are in a recession

Dr. Peter Kim shares that everyone should acknowledge that we’re in a recession, meaning that things are on the downslope. He emphasizes that it is important to be realistic, to devise a plan, and take out some uncertainty around this time without being driven by fear.

“This fear can easily overtake you, it’s hard to escape it… when your focus and your mindset is in that state of fear, unfortunately… you don’t see solutions. You don’t see ideas, you don’t see ways to create more opportunities for you in the future.” — Dr. Peter Kim

[04:07]

Know the season you are in

Peter shares that instead of thinking purely of it as a recession with negative connotations, we can think about it as a season that we’re in right now, some call it the “winter season.” He continues by explaining that some seasons are great in the harvest while others like this one can be a preparation for what’s coming next.

“Many of us have set ourselves up for this type of opportunity where we prepared ourselves, educate ourselves, and we’re ready for this. So that’s where you have to start to see this as an opportunity. See this as winter.” — Dr. Peter Kim

[06:24]

Understand where your cash flow is

Dr. Kim reminds everyone that “cash is king.” Meaning that access to capital to either make investments or to keep your own investments afloat, are absolutely important. He recommends taking time to reflect by asking oneself questions like “do you know where your cash flow is, where it’s coming from, and if your job can withstand the season?”

“…It’s absolutely important for you to know all of that, because investment opportunities will come. And so we’re going to need to know where to pull the capital for that” — Dr. Peter Kim

[08:24]

Be in the right community

Dr. Peter shares how important it is to check the community you belong in. He stresses that it is necessary to keep in mind the network that you have, who you’re connected with, and know those who have been there before that will help you navigate these times.

“Who are those people that you can connect with that can help in terms of knowledge, experience, and confidence during this time? What community are you part of that stays in the know? Meaning that they’re constantly learning and educating themselves, a community that also plans for the future, that are like-minded with you, and that aren’t just going to pause or hold-up during this period?” — Dr. Peter Kim

[11:17]

Physician Real Estate and Entrepreneurship Conference (PIMDCON) 

Dr. Peter Kim closes by inviting everyone to join the Physician Real Estate & Entrepreneurship Conference (PIMDCON) this September 21 – 23, 2023 in Los Angeles, CA. The event is for those who want to learn more about real estate, investing, finances, passive income, entrepreneurship, and more. 

“Our experts, speakers, coaches, and workshops, will help you gain the knowledge and confidence you need to take your next steps forward, and towards achieving financial success and independence that go way beyond medicine. ” — Dr. Peter Kim

We talk in depth about all of this and more in our course–Passive Real Estate Academy. Want to learn everything about investing in real estate with confidence? You can grab your seat right here!   

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