Some revenue streams are more passive than others. An investment in low-cost index mutual funds, for example, requires almost zero additional effort after the initial setup. Publishing a book represents a lot of work up front for writing, editing, publishing, and marketing but eventually reverts to almost completely passive income. Some pursuits, such as real estate investing, are a mix of passive and active income. Many tasks can be outsourced as needed to make them as passive or active as you desire.
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ACEP Now: Vol 35 – No 09 – September 2016Speaking to groups of physicians or consulting for profit lies on the other end of the spectrum, as these are almost entirely active pursuits where you trade your time for money. By diversifying your income, you become less reliant on your employer and are in a much better negotiating position.
You may find it increasingly difficult to own your own practice these days, but that shouldn’t stop you from thinking like a business owner. As the owner of You Inc., you can take positive steps to boost profits, income, and flexibility as well as decrease burnout throughout your career.
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