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Building Multiple Income Streams As Physicians
In this episode of Paging Financial Freedom, Dr. Daniel Shin, a surgeon and real estate investor, and Lila Kaplan, a former Wall Street professional and certified financial planner, discuss why doctors need additional income streams and how to take control of their financial future. Together, they share personal stories, challenges they've faced, and practical strategies for physicians looking to achieve financial freedom through real estate and tax savings.
The conversation dives into the current state of physician income, with salaries stagnating and burnout rates rising, and the importance of diversifying income sources to combat these issues. Dr. Shin and Lila explain how real estate investing has allowed them to create more autonomy and financial security in their lives. They share insights into how physicians can build wealth beyond their W-2 jobs, reduce tax liabilities, and regain control of their careers.
Key Takeaways:
00:00 – Introduction to the podcast and why physician salaries are decreasing compared to inflation.
05:07 – How Dr. Shin recognized the need for a "Plan B" and the steps he took to diversify income streams.
06:33 – Lila’s decision to leave corporate America to build additional income streams and the importance of supporting a spouse's financial journey.
07:31 – The power of real estate investing in building long-term wealth and creating financial freedom.
12:03 – Using Roth IRAs and bonuses to fund real estate investments and the initial capital needed to get started.
15:38 – The tax benefits of real estate and how they help reduce expenses.
16:59 – The importance of financial freedom, autonomy, and the risks involved in real estate investing.
Dr. Shin and Lila’s discussion highlights the importance of taking control of your financial future and building wealth beyond a single job. By focusing on real estate and other income streams, physicians can regain autonomy, reduce stress, and ultimately create a more secure and fulfilling future.
Links Mentioned in the Episode:
- Paging Financial Freedom Podcast on Spotify
& Apple Podcasts - Learn more about Dr. Daniel Shin’s Real Estate Fund: CereusRealEstate.com
- Learn more about Lila Kaplan’s real estate investment management company: SilverbackEquityPartners.com
Subscribe to the show and don’t miss future episodes!
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By Daniel Shin, MD and Lila Kaplan, CFPIn this episode of Paging Financial Freedom, Dr. Daniel Shin, a surgeon and real estate investor, and Lila Kaplan, a former Wall Street professional and certified financial planner, discuss why doctors need additional income streams and how to take control of their financial future. Together, they share personal stories, challenges they've faced, and practical strategies for physicians looking to achieve financial freedom through real estate and tax savings.
The conversation dives into the current state of physician income, with salaries stagnating and burnout rates rising, and the importance of diversifying income sources to combat these issues. Dr. Shin and Lila explain how real estate investing has allowed them to create more autonomy and financial security in their lives. They share insights into how physicians can build wealth beyond their W-2 jobs, reduce tax liabilities, and regain control of their careers.
Key Takeaways:
00:00 – Introduction to the podcast and why physician salaries are decreasing compared to inflation.
05:07 – How Dr. Shin recognized the need for a "Plan B" and the steps he took to diversify income streams.
06:33 – Lila’s decision to leave corporate America to build additional income streams and the importance of supporting a spouse's financial journey.
07:31 – The power of real estate investing in building long-term wealth and creating financial freedom.
12:03 – Using Roth IRAs and bonuses to fund real estate investments and the initial capital needed to get started.
15:38 – The tax benefits of real estate and how they help reduce expenses.
16:59 – The importance of financial freedom, autonomy, and the risks involved in real estate investing.
Dr. Shin and Lila’s discussion highlights the importance of taking control of your financial future and building wealth beyond a single job. By focusing on real estate and other income streams, physicians can regain autonomy, reduce stress, and ultimately create a more secure and fulfilling future.
Links Mentioned in the Episode:
- Paging Financial Freedom Podcast on Spotify
& Apple Podcasts - Learn more about Dr. Daniel Shin’s Real Estate Fund: CereusRealEstate.com
- Learn more about Lila Kaplan’s real estate investment management company: SilverbackEquityPartners.com
Subscribe to the show and don’t miss future episodes!