#246 My Journey to Financial Freedom ft. Peter Kim, MD

Realizing Medicine Wasn’t Enough

Peter Kim begins by telling his story of becoming a doctor and how he had thought it would be the ultimate goal—a career that would ensure a secure and fulfilling life. Like many, he assumed that hard work and following the traditional medical path would lead to financial stability and happiness. However, a few years into his job, he realized things weren’t as perfect as he’d imagined. Instead of feeling secure, he felt stuck and uncertain.

Peter explains how reality of his job hit him hard. Promises regarding work-life balance and good pay did not turn out right; he ended up spending more nights and weekends than anticipated, and he found that income wasn’t as consistent as he imagined it would be. It clearly came to pass that relying solely on one stream of income for his medical career wasn’t as secure as he thought it once was.

He describes how hard it was to come to terms with this realization. “When your foundation is shaken, you realize you’ve got to figure things out on your own,” Peter says. This moment marked a turning point for him—a wake-up call to take control of his finances and future.

He admits it’s scary to lose the security on which he based his whole way of life and that this scare motivated him but also led to a discovery path for new alternative ways to creating financial stability without medicine.

Learning From People Who’ve Done It

Peter believes that one should seek advice from people who are where you want to be. Instead of trying to figure everything out on his own, he started talking to other physicians who had found financial success outside of medicine. He learned that many of them had turned to real estate investing as a way to diversify their income.

Through listening to their stories, he found patterns. The doctors didn’t have perfect paths; many of them made mistakes and took risks, but all of them were willing to learn and grow. He found their honesty refreshing. They reminded him of lessons he’d learned in medicine, like how practice and persistence help you improve over time. “I knew I’d mess up a few times, but those mistakes would help me get better,” he says.

He began small, and he placed a $5,000 investment in his first deal. A lot was learned from that first experience, and with each step, Peter felt more confident. Peter realized that just like medicine, success in investing comes from taking measured risks and learning from them.

He suggests finding mentors or peers who can guide you. “Talk to people who’ve been there. They’ve already figured out some of the hard stuff and can help you avoid common mistakes,” he says. Such advice helped Peter take his first steps toward financial independence.

Embracing the Power of Passive Income

Peter introduces the concept of passive income and why it was a game-changer for him. Most doctors’ income is tied to time, working shifts, seeing patients, or doing procedures. However, this is a limited system. Passive income allows you to earn money without having to trade your time constantly.

He admits that passive income isn’t truly effortless—it requires work upfront to set things up. But once the systems are in place, the rewards can grow with much less effort. For Peter, learning about passive income was a mindset shift. “I wanted to find a way to unlink my income from my time,” he says.

Peter shares his experience of exploring different opportunities, attending conferences, and taking courses. His first passive income checks gave him the confidence to keep going. “It was proof that I didn’t have to rely solely on medicine to support my family,” he recalls.

He stresses that this requires patience, effort, and a willingness to fail. “It’s not about getting rich quick,” he explains. Instead, it’s about building systems that generate income over time and allow you to focus on what matters most in your life.

Building Communities and Scaling Growth

Peter emphasizes the need to find a community of like-minded people. When he first began his financial journey, he realized how isolating it could be. Many physicians around him were focused only on their medical careers, but Peter wanted more. This led him to create communities like the Leverage and Growth Accelerator and the Passive Real Estate Academy.

He found being surrounded by people who share his goals very motivating. Such communities provide an environment for collective work, knowledge dissemination, and mutual support. As Peter says, “We are stronger together.” Connecting with people who are on the same path makes you grow faster and further.

He shared how these connections helped him scale his efforts and create even more opportunities. From hosting conferences to building platforms for physicians, his communities became a hub for people who wanted to think differently and take control of their futures.

He encourages listeners to seek out a network for themselves, or perhaps more importantly, to build one: “Don’t try to do it all alone. Find your tribe—it makes all the difference.” For himself, support networks have made all the difference, and he hopes they will do the same for others.

Lessons Learned and Moving Forward

To end the episode, Peter reflects on the most important lessons from his journey. He admits he has made mistakes, lost money, and faced challenges, but every experience taught him something valuable. “Failures aren’t the end—they’re part of the process,” he says.

He encourages listeners to embrace their own mistakes as opportunities to learn and grow. The key is to start small, take action, and adapt along the way. “You’ll always wish you started sooner, so don’t wait,” he advises.

Peter also emphasizes perseverance. Creating financial freedom does not happen overnight, but the payoff is worth it. He explains that each step he has taken him closer to building a life he loves.

He leaves the audience with a very simple message, to reflect on where you are today, decide how you want to go, and take action; “This is your chance to create the life you have been dreaming of,” he says as an encouragement to people to start taking action from this day.

Finally, Peter thanks his listeners for being part of his journey. “We’re all in this together, and I’m here to help however I can,” he says, inviting them to join his community for support and guidance.