#266 What Would Happen If You Lost Your Physician Income Tomorrow? ft. Peter Kim, MD

What If Your Income Vanished?

Peter starts with a tough but important question: what if your physician income disappeared tomorrow? Many doctors assume their job is stable and secure, but Peter shares that this isn’t always the case. Things can change quickly, and he has heard more stories lately from doctors who lost income with no warning.

He shares one story about a group of 60 anesthesiologists who thought they were safe because of their size. One day, their group was bought out. Their contracts were rewritten, pay was cut, vacation time changed, and they had no say. These doctors had families, homes, and kids in school. They felt stuck.

Even if your job doesn’t get taken away, what if something else happens? Maybe you burn out. Maybe someone in your family needs you. If all of your income depends on you showing up to work, it creates stress and pressure.

Peter reminds us that we trained for years expecting stability, but the world has changed. Even high-income jobs like medicine are no longer guaranteed to stay the same.

What Happens When the Paychecks Stop?

Peter explains what happens when the paychecks stop, even for a short time. Bills keep coming. You start dipping into savings. Stress builds. You might feel desperate and take on work you don’t enjoy just to stay afloat.

That kind of pressure leads to burnout. You might stay in a job you no longer like simply because you have no other choice. Decisions start coming from fear, not from purpose or passion.

Living this way drains your energy over time. It can affect your mental health, your family, and your overall well-being. You’re constantly worrying about money and losing the freedom to choose what’s best for you.

Peter wants listeners to understand that this is a very real possibility if all income depends on one paycheck.

Start Building a Safety Net

Next, Peter shares a solution. Start building income that doesn’t depend on your daily work. This is sometimes called passive income, scalable income, or leveraged income.

Examples include rental income, stock dividends, revenue from a small business, or part-time telehealth work. You do not need to replace your full salary right away. Even a few thousand dollars a month can help you feel less pressure.

This kind of income gives you options. It allows you to breathe and make better decisions. It can also keep you from saying yes to things you don’t want to do just because you need the money.

Peter says this kind of financial buffer makes a big difference in how you sleep at night and how you show up during the day.

Know Your Freedom Number

Peter talks about the idea of a “Freedom Number.” This is the amount of monthly income you need to feel financially safe. It covers your basic needs so you can stop worrying. Your number might be $3,000 or $10,000 depending on where you live and what your life looks like.

Once you know that number, you can create a plan to reach it. Peter suggests doing a quick audit of where your money comes from now. If it’s all from your clinical job, that’s something to think about.

Pick one path to start. Maybe try real estate. Or start a small business. Or add some consulting or telehealth work. You don’t need to do everything. Just try one thing and take action.

Peter admits he used to get stuck thinking about options and doing nothing. But the moment he took action, everything started to change.

Find the Right People

Peter finishes by talking about the power of community. Trying to do this all on your own is hard. Surrounding yourself with the right people makes a big difference.

He shares how coaches and mastermind groups helped him make progress faster. That’s why he created opportunities like Passive Real Estate Academy and Momentum MD, so physicians can connect and support each other.

When you’re around people who are doing what you want to do, it gets easier to stay motivated and take action. You get advice, encouragement, and the push you sometimes need to keep going.

Peter’s final message is about taking back control of your life. You worked too hard to feel stuck and out of options.

“We deserve to have more control over our time, our income, our lives.”