Can a high-earning professional like a doctor truly achieve financial freedom through real estate investing, and how does this journey reshape their understanding of wealth and success?
In this episode of the Passive Wealth Strategy Show, host Taylor Loht engages with Tom Burns, an orthopedic surgeon turned real estate investor, known as the 'rich doctor'. Tom shares his journey of building wealth and achieving financial independence through real estate while balancing his medical career and family life. He delves into the importance of passive income, the challenges he faced, and how he overcame them. This conversation is particularly insightful for high-earning professionals who are yet to reach their full financial potential and are curious about real estate investment.
Tom Burns, a retired orthopedic surgeon and entrepreneur, has made a significant impact in both the medical and real estate fields. As a former physician for the United States Ski Team, Tom co-founded RNB Capital Partners in 2009 and Presario Ventures in 2017, focusing on multifamily acquisitions, development, and private equity real estate investments. With a remarkable track record of managing over $750 million in real estate transactions globally, he has led Presario Ventures in overseeing projects worth $650 million across Texas and the Sunbelt region. Apart from his professional pursuits, Tom is the best-selling author of "Why Doctors Don’t Get Rich," a guide to personal finance and living life fully. Though retired from active medical practice, he continues to volunteer for the United States Ski Team, and is renowned as a speaker, mentor, and educator, with a passion for travel and global exploration.
[00:02:00 - 00:06:00] The Awakening to Financial Freedom
Tom's realization of the need for income beyond medicine.
The first steps into real estate investment.
The gradual transition from active medical practice to focusing more on real estate.
[00:06:00 - 00:10:00] Scaling Up: From Small Investments to Major Projects
Transition from small properties to larger developments.
The role of partnerships in scaling up investments.
Managing the balance between risk and opportunity in real estate.
[00:10:00 - 00:14:00] Financial Independence: Beyond the Salary
Financial independence offers more than monetary benefits; it gives time freedom.
Passive income is a powerful tool for achieving long-term financial security.
The journey to financial independence requires patience and consistency.
[00:14:00 - 00:18:00] Challenges and Overcoming Fear
Education and experience are crucial in mitigating investment fears.
Every challenge in real estate offers a learning opportunity.
Effective risk management is essential for investment success.
[00:18:00 - 00:22:00] Work-Life Balance: Family, Career, and Investing
Family should always be a priority, regardless of career or investment success.
Effective time management is key to maintaining balance.
Real estate investment can be a family-inclusive journey.
Quotes:
"You can get paid $10,000 an hour, but if you don't have the ability to give that hour, you're not going to get paid." - Tom Burns
"Wealth is a lot of things. Wealth is money for sure. That's a tool that can help you get the other pillars of wealth, which is your health, your relationships, your family, your spirituality, travel, and all that sort of thing that helps you grow as a person." - Tom Burns
Connect with Tom:
Website: https://presarioventures.com/our-team/
Apply to Invest with Taylor at www.investwithtaylor.com
Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com
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