Hi, and welcome to the FromMD to Entrepreneur Podcast, a podcast that teaches you how to find financial security outside of medicine. I’m Dr. Pranay Parikh, and I started out as a fresh attendee with zero business knowledge.Despite loving my job and medicine, I didn’t feel like I had the financial security or control over my life. Today I am a serial entrepreneur and practice medicine on my own terms.
Listen on to learn how I’ve helped hundreds meet the same.
Pranay: Hi, Peter. How’s it going? Thanks for joining us.
Peter: Thanks for having me. I’m honored.
Pranay: You know, one thing that I’ve realized now that I’m a credentialed in multiple places, you don’t have a ton of lateral movement flexibility, meaning that you can’t just say, okay, I’m going to go work at this other hospital. Right.
You have to spend a three-month credentialing process.So you were able to kind of take a step back because you were financially secure and you knew you could bring food home.
Peter: Yeah, It’s a good hedge. It’s a good hedge to have all this income. sources because you don’t know what’s going to happen.
Part of it is like the business of medicine could change, but also your interest just might change. We put so much time and energy into a doctor at the beginning, that’s all you want to do.But maybe ten years into it, you’re like, you know what? I don’t want to be a doctor anymore. I want to do this or I want to do a part-time or I want to spend more time with my family. That’s me, too.
I want to spend more time with my family or these kind of things, and your interests start to change. And then how are you going to have that flexibility to be able to do that, especially if you’re relying 100% of medicine for your income? And so the only way to do that is to have it coming from different sources.
And so that’s something I encourage everyone to do or at least think about.
Pranay: It’s all about impact. Right.Unfortunately, in this world, there’s only one Karen, the world would be a better place with a lot more.
But it’s making that impact because you can only be on one stage at a time Right? And you need to take care of your children. And I really think the more you have, the more you can get up to a certain level.
You don’t need a billion dollars. I mean, maybe you do. When you’re financially secure, you can start doing things and taking care of people anytime there’s like a family event, like when we got married a couple of years ago when my son was born, my dad donates money to this house in a really small village that my dad lives in that takes care of widows. And we actually went there.
So at our wedding, we went and we bought food for a couple of days, and he’s only able to do that because he’s been invested in stocks. Right. Independent and really be able to kind of give back to the community.
Karen: Exactly! And honestly, I think about it even in the sense of the contractors that I work with, the people who helped me in my business, every single time that I pay an invoice, I literally say a little prayer of things like, I’m so grateful I can pay this person and let this be a blessing to them.
And you know like, it’s almost like I think the difference is you think about some people are like, I need as much money as possible. And other people are thinking from the abundance mindset, which is money flows through me. Right. So when I receive money, I’m able to give more and do more. And that’s the mindset to have as you’re growing your wealth.
Pranay: You know in the starting of entrepreneurship, a lot of times we’re kind of cash strapped. Is there anything that you wish you would have spent more money on? Would have helped you grow quicker, faster? And I can give you an example of my own life.
I was very hesitant to use freelancers and stuff or a big one for me was a maid. I like a clean place, but I was like, oh, I can clean. Why would I pay someone so much money to clean my house when I can do it myself? But it just freed up so much time, anything either money-wise or time-wise that you would wish you spent more time on in the beginning.
Ryan Cheney: You know what, actually instantly pops up for me. And maybe that’s because money wasn’t a surplus of that as I made, it was hard to make the transition from community mental health to this.
One of the things that was really important for me was actually, how do you spend less money? What do you think you need to have that you don’t need to have? For example, I started looking for office space. Okay, I’m going to go out on my own. I need office space. The big, nice office, two windows, Thousand plus dollars a month.
And then I was fortunate to have some mentors saying, don’t put yourself in that situation. Right? So there are certain areas where maybe you really aren’t very good at that skill and maybe it’s better to offload it. Or for example, the maid saying, if you have the money and all this time, hire someone to mow your lawn or do whatever.
For me, it was looking more at where I could not spend money. Right. So now I don’t have the stress because I found a month-to-month office for $500 a month and took that cost half out. And now I can make that transition so much easier. So we think, how many massive successful companies started out of somebody’s garage?
So many of the tech companies are that way, right? They didn’t go out and spend money to look a certain way or have the right things because often at the end of the day what people really want is like how do you make them feel when you’re around them? Do they feel seen, hurt and supported in you and this new client or this new thing? Not what your office looks like? If it’s a big shiny office at the end of the day, that’s not what they’re going to remember.