As a doctor, you need to start thinking about your retirement as early as now. Besides retirement, make sure that increase your income streams. And a crucial step toward enjoying your retirement and earning extra income is saving and investing. You may wondering where best can you invest your income. Try real estate. This has always been a booming industry and even the most substantial people in the world, not to mention Patrick Soon Shiong (with a net worth of $12 billion), have invested in real estate.
What’s the Perfect Real Estate Plan for Practicing Doctors?
Truly, doctors earn way much above ‘peanuts’, and you should be having a lot more to save after paying bills. No need for this money to lie in the bank coffers. Use the little you have to borrow and expand your wealth. If you have a good credit score, approach a bank or any other financial institution for that matter to borrow some money. Show them your financial or business plan and how it will generate income.
Once you’ve secure a loan, if you really need to (you may have saved a lot), and find a house or office to buy. Be sure to choose a strategic location that is highly accessible. Decide whether you want to turn the space into a clinic, hospital, or pharmacy. Tip; stick to your lane. If you’re into urinary tract infections, simply focus on UTIs. Then, apply for licenses. If you’re verified buy everything you need and hire qualified personnel to help you run the business. Make sure that you’re in charge of your small healthcare business until it grows.
You may then expand the business by buying more spaces or opening similar businesses in other places. You may also sell the business plus its premises. Use the proceeds to buy other spaces or build other business from scratch. Always remember to consult real estate experts for advice before purchasing any space.