A new year is upon us and with it comes new resolutions. Of course, nothing is more cliche than a blog post on New Years Day about goals, but I don't know any better way to start the year than by reflecting on the previous one and setting expectations for the new one ahead.
Quick Recap of PIMD in 2018
This site was created less than 3 years ago and each year has gotten better thanks to all of you. We hit a huge milestone this calendar year and had over a million page views… A MILLION PAGE VIEWS!!! That blows my mind and I can't help but feel a tremendous amount of gratitude for loyal readers and ambassadors of the site.
We published ~150 posts for the year and I consider that a huge feat. Anyone who runs a blog can tell you that consistency is the key, but it's also one of the hardest things to accomplish. Somehow we were able to make that happen thanks to many people including the members of the WCI network (White Coat Investor & Physician on Fire), my business manager, guest posters, virtual assistants, etc. (By the way, we're always open to guest posts on topics that our readers would enjoy.)
We created many fantastic partnerships (after much vetting) to provide quality opportunities for readers to create their own passive income. MLG Capital, Alpha Investing, and EquityMultiple are three such companies that treat clients with respect, run their business with integrity, and have fantastic track records.
We got our facebook group, Passive Income Docs, up and running with nearly 5000 physicians who eat, breathe, and sleep passive income. Okay, most are just interested in learning more about it, but the group is just made up of awesome people. It really took off after I had my big reveal, and has been a tremendous resource for everyone, especially me. Thank you to the moderators, Dr. Pranay Parikh and Doc Linus for making it a safe and productive forum.
As for income, I have to say it's been an amazing year where the gross revenue of the business in 2019 increased from 2018 about 7x. The new partnerships mentioned above were key in making this happen. I also learned quite a bit about how to optimize the business from my WCI partners and by learning from other successful bloggers/podcasters in the space.
I share exact numbers in terms of views and income with newsletter subscribers. A full recap of 2018 will be coming out in the next few days. If you're interested in seeing it, feel free to subscribe below. (We do not sell our list, feel free to unsubscribe anytime).
Goals as Accountability
We all know that goal setting is a huge part of achieving success. Not that it guarantees success by any means, but without this first step, most don’t take any action at all.
Setting a goal transforms thoughts into actions. But you know what’s even more effective than just setting goals? Telling others about it. Yes, accountability is also a huge part of success in achieving goals. After all, once you’ve informed others of your goals, you feel the need to follow through even more.
That’s exactly what I do with this site. I put things out there because I know it will keep me accountable. Sure, it also allows people to see when I fall flat on my face and don’t achieve my goals, but I’ve learned that the benefits far outweigh the negatives. Plus, I truly believe failure is the stepping stone to success.
So, without any further ado, here are my goals in 2019 for this brand and a few personal ones related to the business, in no particular order:
Start a Podcast
To be honest, I had hoped to have this done by the end of this year but fell quite short of that. Many of you reminded me of this, asking me when my podcast was coming (perfect example of accountability!). Needless to say, I need to follow through this year.
Why do I feel compelled to start one? Podcasts have been life-changing for me, in fact, they've changed my commutes and dog walks forever. I know that some out there just find it difficult to read blogs on a consistent basis. But some of the same people are able to squeeze in a few minutes each day during downtime like commutes or between cases for podcasts, especially ones about passive income. My goal for the podcast is to release my first episode by July 2019.
Increase the Revenue of the Site and Viewership by 50%
2018 was a tremendous year for the blog. It was the first full year of being part of the WCI Network, and the association has been extremely beneficial in so many ways. I have learned how to run this site more efficiently and more profitably.
It is an information site and a personal accounting of what I’m doing, but it’s also become an additional source of income. It's allowed me to have more freedom to cut back on medicine at my choosing and also put additional funds toward investment opportunities to further increase my passive income streams.
I receive revenue from display ads and affiliate advertising. None of this comes at a cost to you, the reader, but for example, if you sign up to take a look at some of these crowdfunding sites, our site gets compensated. My goal is that it is always a win-win.
In the same vein, my hope is that as I continually improve on how to be the best resource for physicians when it comes to additional streams of passive income. As I create better content, the hope is that the site will continue to gain readers by word of mouth and continued traction through social media. Thanks for your continued support.
Purchase Another Investment Property
I'll be honest, I'm eager to buy another investment property and have been saving up the funds to do so, however, I don’t want to buy an investment property just to buy one. I want to purchase one that makes sense, and I personally believe the market for buyers is ripening.
We're seeing a slowdown all over the country but it's often more dramatic in coastal cities, like the one I live in, Los Angeles. Properties are staying on the market longer, price drops are happening as well. Stock market volatility and rising interest rates definitely play a role, and I expect these to continue this year.
I’ve learned a ton from my previous venture into multifamily rental properties, and I’m looking forward to putting this education into practice. Investing in syndications and real estate funds has also allowed me to learn more about being an investor, in a very passive manner.
So, a major goal for 2019 is to purchase another investment property (if the numbers make sense), and further diversify my streams of passive income. Oh, and of course, I plan on sharing the process right here on the site.
Solidify My Tax Situation
Dealing with taxes has always been a weak point for me. I don’t enjoy diving into the deep details of taxes, and I’ve always relied on a CPA to help me out. I’ll continue to do so as I think it doesn't make sense for anyone to do their own taxes (unless you have a very simple situation), but I made a huge mistake this year when choosing a new CPA.
That’s a story for another post, but I went with someone who offered me the best deal at the time. As it turned out, that deal ended up costing me thousands in penalties and fees for additional taxes owed. My taxes were a mess this year and I’m in the process of redoing some of the entities. As a goal for 2019, I need to get this straightened out.
Read a Book a Month
I’ve talked quite a bit about continuing my own education, and books are simply one of the best ways to do it. Between Amazon, my iPad, and Audible, I’m at no shortage of great books. No matter how I read (or listen) to them, a huge goal is the consistency of reading an entire book every month. Here are some of the favorites I have read.
I find when I'm consistently reading, my mindset is in the right place to be successful in life and business. This year I read a book every 2 months on average but I'd like to do better.
Attend Two Non-Medical Conferences
I will be planning to attend at least one medical conference in 2019, but I also hope to attend two non-medical conferences, whether they be financial or business-related.
The reason for this is simple: Motivation, networking, energy. As many of you know, I’ve attended FinCon in the past and I credit that conference with pushing my blog to another level.
Once you see how others are doing and how serious people are about it, you can’t help but be motivated. Plus, I met so many others in this online community, and the camaraderie and experience has been powerful.
Start Waking Up Early Again
Since I’ve written a post on how to get more done, ironically, I’ve slacked off. I’ve started waking up late again. I rush to work or to drop my daughter off at school. I’ve noticed my productivity has decreased, and I feel more lost throughout the day.
The benefits of waking up early are well-documented. If I want 2019 the best year yet (which I do), I have to get back to this discipline.
Honestly, when I was waking up early, I was getting more done, eating better, feeling more relaxed, and meditating and praying more. It’s high time to get back to that.
How I’ll Achieve My Goals
It’s easy enough to make a goal, but it’s another thing to follow through with them. By creating a blueprint for my goals, it’ll be easier for me to achieve them. Many of the goals on my list can be made easier by doing the following:
Saying “NO” More Often
I have a hard time saying “no” to stuff. No to helping people. No to interesting opportunities. But as we take on more and more individual things, we become less effective at everything. We have to learn how to focus on the essentials (if you’ve ever read the book The One Thing, you know what I mean).
Partially, my problem with saying “no” is the feeling of guilt. I end up spending time on things I don’t want to because I don't want to disappoint anyone. I probably don’t do a great job at it anyway, and I end up getting frustrated. Put simply, I have to be smarter with my time.
As I’ve said before, instead of saying I’m too busy, I should think in terms of priorities. People make time for what is a priority–which leads right into my next point.
Since we only have a limited amount of time, I have to be smarter and smarter with what’s important and what I enjoy.
In running these businesses, I’ve bootstrapped them with very little additional help or capital, particularly meaning I’ve personally run every role, from agent to secretary to marketing to posting. It’s a great and (mostly) necessary way to run a business. But it’s not sustainable over time.
I’ve been blessed with growth, so I’ve got to continue to spend time thinking about how to grow even further.
So, I’ll be delegating and outsourcing some of the duties I’ve done alone until now with the help of virtual assistants in particular. This will allow me to focus my time on exactly what I should: growing and sustaining my streams of income.
Write My Goals Down
The more specific you are with your goals, the greater your chances of hitting them. However, I also need to take time to periodically reevaluate my goals, re-specify, recalculate, and restructure if necessary.
So that's exactly what I've done by laying them all out here on this post. Sink or swim, I'm going to push for these goals in 2019. I also want to take a moment to thank you, my readers, for the encouragement and keeping me accountable and motivated.
Happy New Year Everyone! May you have a fantastic and prosperous 2019!!!
What are your major goals for 2019? Have you written them down? What steps are you taking to make sure you meet them? Make it happen!!!