#96 Obstacles That Prevent You From Succeeding
Doctors creating multiple passive income streams enable you to work less while maintaining the lifestyle you love. Some want to leave medicine altogether. While creating passive income is not always easy to come by.
Episode Highlights
Doctors creating multiple passive income streams enable you to work less while maintaining the lifestyle you love. Some want to leave medicine altogether. While creating passive income is not always easy to come by.
What reasons often hold us back from achieving this goal, and most importantly, how can you overcome those obstacles?
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Now, let’s look at what we discussed in this episode:
- Obstacle #1: Failure to start
- Obstacle #2: Lack of financing
- Obstacle #3: Fear of failure
- Obstacle #4: Starting your wrong passive income stream
- Obstacle #5: Not putting in the right kind of work
Episode Breakdown
Failure to start is the number one reason. Doctors fail to find freedom through passive income. Excuses vary from lack of time, knowledge, or experience. Peter gives examples of how you can look for ways to carve out time in your day to make passive income. Knowledge can be remedied by surrounding yourself with people who do what you need to learn. Experience comes from trying and doing. Don’t get stuck in Analysis Paralysis.
Lack of financing can be overcome by planning your investments and saving. Learn to keep track of your finances and budget. Pay yourself first by setting aside funds to advance yourself to where you want to be. Eventually, have the money you need to fund that venture.
Fear of failure stops you from trying new things. Don’t get stuck in the same old pattern, leading to zero change. The key to conquering this fear is to embrace failure and learn through it until the idea of failure no longer affects you. Failure only helps you get closer to your goals.
If your current passive income stream isn’t working, perhaps you are doing the wrong thing. Learn to be flexible in your entrepreneurial journey and study why it isn’t working. To get the results you want, ask for help from mentors or a coach to help you pivot in a forward direction.
Are you putting in the work or the right kind of work? You may need to course correct or put in 10x more work to reach your passive income goals. Massive thoughts must be followed by massive action, especially in the beginning. Getting rich quickly is a fallacy; you need to do the work to scale.
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