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Why Doctors Don't Get Rich: How YOU Can Create Freedom with Passive Income Investing
I only wish I had access to a book like this at the beginning of my law career. I can only imagine where I would be today. – Mauricio Rauld, Attorney and CEO of Premier Law Group
What would you do if you had the time and financial means to pursue your wildest dreams?
Do you feel trapped or wish you had more control over your life?
There is hope.
If you ever wondered how to transform your current life into the one of your dreams, Why Doctors Don’t Get Rich will show you the path. Discover the wonders of passive income and the freedom it provides.
With foreword by Robert Kiyosaki, author of RICH DAD POOR DAD, this is a beginner’s guide to true wealth and a level-set for those of you who are on your journey to financial independence. Written by an entrepreneur/doctor who has walked in your shoes and achieved financial freedom, Why Doctors Don’t Get Rich is a self-help book on how to become rich in mind and body.
You will
How to think like the richHow to make money work for youHow to use leverage to your advantageHow to protect your wealthHow to pay less taxesHow to avoid costly mistakesHow to control your timeHow to turn your salary into lifelong passive incomeWhat it really means to be richYou are never too busy to improve your lifeWith freedom, you have control of your time, which gives you control of your life. What will you do with your time? Will you become a “rich doctor” — one who is financially educated, enjoys freedom of choice, and lives life with purpose, passion and service?
Why Doctors Don’t Get Rich was written for you in hopes that it will help you create a life that gives you true joy and meaning.
What would you do if you had the time and financial means to pursue your wildest dreams?
Do you feel trapped or wish you had more control over your life?
There is hope.
If you ever wondered how to transform your current life into the one of your dreams, Why Doctors Don’t Get Rich will show you the path. Discover the wonders of passive income and the freedom it provides.
With foreword by Robert Kiyosaki, author of RICH DAD POOR DAD, this is a beginner’s guide to true wealth and a level-set for those of you who are on your journey to financial independence. Written by an entrepreneur/doctor who has walked in your shoes and achieved financial freedom, Why Doctors Don’t Get Rich is a self-help book on how to become rich in mind and body.
You will
How to think like the richHow to make money work for youHow to use leverage to your advantageHow to protect your wealthHow to pay less taxesHow to avoid costly mistakesHow to control your timeHow to turn your salary into lifelong passive incomeWhat it really means to be richYou are never too busy to improve your lifeWith freedom, you have control of your time, which gives you control of your life. What will you do with your time? Will you become a “rich doctor” — one who is financially educated, enjoys freedom of choice, and lives life with purpose, passion and service?
Why Doctors Don’t Get Rich was written for you in hopes that it will help you create a life that gives you true joy and meaning.
234 pages, Kindle Edition
Published October 7, 2020
62 people are currently reading
136 people want to read
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Displaying 1 - 7 of 7 reviews
May 18, 2022
The second book I decided to read for my 2 deep books this year was Why Doctors Don’t Get Rich. How you can create freedom with passive income and investing by Tom Burns MD. This book has a foreword by Robert Kiyosaki, the author of Rich Dad Poor Dad, and was given to me by the real estate investing mentors whom I did an apprenticeship with last November. This book has really doubled down on everything I’ve learned during the apprenticeship with the Lawrences. During the apprenticeship, I learned a lot about smart money management, financial freedom, security, richness vs. wealth, the importance of passive income, and more. This book went into extensive detail and made me fairly knowledgeable on all the aforementioned topics. There are a lot of aspects that go into building and maintaining wealth, a lot of which we aren’t really taught in school.
The author of this book, Tom Burns, is a physician, entrepreneur, and world traveler with over 25 years of investing experience and chose to write this book for a multitude of reasons. One of the most notable reasons is that when Doctor Burns came out of med school, he saw a recurring theme of doctors going broke. A lot of doctors go broke or simply don’t get rich like people expect them to. This is because of a lack of financial education and a lack of wisdom. For some reason, many doctors (especially new or young ones) play a losing game of keeping up with the Joneses. Imagine you just got out of med school, you're young and inexperienced and you start receiving the biggest checks you’ve ever seen in your life. As you begin your days of work, you see quite a few of your co-workers with high-end luxury cars such as Ferraris, Mercedes, BMWs, and you also become aware of their extremely fancy houses.
For most, it’s not easy to show up to work in a plain old Toyota every day when your co-workers seem like they’re living lavishly. After seeing your own big checks rushing in, it’s easy to think that you have more money than you really do. So you decide to play this game of keeping up with Joneses and you pick up on the same peer pressured and unruly habits as your co-workers. What you didn’t see that whole time was that nearly all of them were struggling financially. Before you know it, you’ve dug yourself into the same hole. I think being aware of where you are financially and being more disciplined in the midst of peer pressure are important concepts to learn; especially as an entertainer. There are tons of entertainers going broke or losing money every day due to the same lack of financial education/ lack of discipline, and I hope that with this knowledge, I won’t end up like them.
Another reason Tom Burns wrote this book was that he wanted to shed more light on the topic of financial freedom and bring revival to the excitement of people’s dream lives, especially doctors. He knows what it’s like to feel financially trapped or like you can’t have that “more” that you desire. He didn’t like that feeling so he did something about it. He went on a journey to uncover the knowledge and wisdom needed to live the life he dreamed of and it just so happens that after putting in the work and then achieving said dreams he believes anyone can as well. He loves to travel and wanted to explore the world but he didn’t believe he could because of the busy life that being a doctor calls for. I won’t get into depth about all of his discoveries and helpful tools of advice but the point is that anyone can uncover this knowledge or any knowledge for that matter if they put in the work and seek it. You have to be wise enough to avoid the things that will put you in financial bondage and you must learn the rules and guidelines of our government for yourself.
Attitude is also a big contribution to your journey. If you keep looking at life like there isn’t more out there for you, like you’re supposed to be satisfied with where you are in life and just give up, then you’ll of course never go anywhere. But if you look at life with a positive attitude, always excited and open to learning new things, then the possibilities are endless. I overall really enjoyed this book as well as the apprenticeship I did with the real estate investing mentors I mentioned. Thanks to them as well as this book I now have tons of physical/mental notes on a variety of financial topics that I’m positive will help me in my journey towards my dreams. Overall, I would give this book a ⅘ star and would recommend it to anyone who feels financially stagnated.
The author of this book, Tom Burns, is a physician, entrepreneur, and world traveler with over 25 years of investing experience and chose to write this book for a multitude of reasons. One of the most notable reasons is that when Doctor Burns came out of med school, he saw a recurring theme of doctors going broke. A lot of doctors go broke or simply don’t get rich like people expect them to. This is because of a lack of financial education and a lack of wisdom. For some reason, many doctors (especially new or young ones) play a losing game of keeping up with the Joneses. Imagine you just got out of med school, you're young and inexperienced and you start receiving the biggest checks you’ve ever seen in your life. As you begin your days of work, you see quite a few of your co-workers with high-end luxury cars such as Ferraris, Mercedes, BMWs, and you also become aware of their extremely fancy houses.
For most, it’s not easy to show up to work in a plain old Toyota every day when your co-workers seem like they’re living lavishly. After seeing your own big checks rushing in, it’s easy to think that you have more money than you really do. So you decide to play this game of keeping up with Joneses and you pick up on the same peer pressured and unruly habits as your co-workers. What you didn’t see that whole time was that nearly all of them were struggling financially. Before you know it, you’ve dug yourself into the same hole. I think being aware of where you are financially and being more disciplined in the midst of peer pressure are important concepts to learn; especially as an entertainer. There are tons of entertainers going broke or losing money every day due to the same lack of financial education/ lack of discipline, and I hope that with this knowledge, I won’t end up like them.
Another reason Tom Burns wrote this book was that he wanted to shed more light on the topic of financial freedom and bring revival to the excitement of people’s dream lives, especially doctors. He knows what it’s like to feel financially trapped or like you can’t have that “more” that you desire. He didn’t like that feeling so he did something about it. He went on a journey to uncover the knowledge and wisdom needed to live the life he dreamed of and it just so happens that after putting in the work and then achieving said dreams he believes anyone can as well. He loves to travel and wanted to explore the world but he didn’t believe he could because of the busy life that being a doctor calls for. I won’t get into depth about all of his discoveries and helpful tools of advice but the point is that anyone can uncover this knowledge or any knowledge for that matter if they put in the work and seek it. You have to be wise enough to avoid the things that will put you in financial bondage and you must learn the rules and guidelines of our government for yourself.
Attitude is also a big contribution to your journey. If you keep looking at life like there isn’t more out there for you, like you’re supposed to be satisfied with where you are in life and just give up, then you’ll of course never go anywhere. But if you look at life with a positive attitude, always excited and open to learning new things, then the possibilities are endless. I overall really enjoyed this book as well as the apprenticeship I did with the real estate investing mentors I mentioned. Thanks to them as well as this book I now have tons of physical/mental notes on a variety of financial topics that I’m positive will help me in my journey towards my dreams. Overall, I would give this book a ⅘ star and would recommend it to anyone who feels financially stagnated.
January 5, 2021
Why doctors don't get rich?
Good book on money. I work in the NHS in UK and I have spoken to many doctors that are literally have no concept of money. It all goes back to our education system. Great book for professionals as it goes to say that even professionals need help with their money
Good book on money. I work in the NHS in UK and I have spoken to many doctors that are literally have no concept of money. It all goes back to our education system. Great book for professionals as it goes to say that even professionals need help with their money
February 27, 2022
working smarter not harder
As a fellow physician, I appreciated his approach to enjoying his medical career without sacrificing his family and his mental health. A very good read especially for younger docs who will have the benefit as well of time.
As a fellow physician, I appreciated his approach to enjoying his medical career without sacrificing his family and his mental health. A very good read especially for younger docs who will have the benefit as well of time.
June 20, 2022
The first book you should read out of residency
This book sets the mindset for becoming financially free from the hardships of medical practice. By becoming financially free, you can set the tone for your future. Stop working for your money, and make your money work for you.
This book sets the mindset for becoming financially free from the hardships of medical practice. By becoming financially free, you can set the tone for your future. Stop working for your money, and make your money work for you.
January 29, 2023
If you like Rich dad's state of mind, the Cashflow quadrant and you are physician, this book is for you.
February 29, 2024
Great read that emphasizes avenues high-earners can take to achieve financial freedom.
March 2, 2021
Awesome book with eye opener with Doctors to be become right in the future
Displaying 1 - 7 of 7 reviews