The PPhREI Network Highlights drop once a week and include the best posts from the PPhREI network….
The Darwinian Doctors focuses on Wealth this week and the concept that it is NOT a zero sum game. This can be a sensitive subject for some but really comes down to the abundance mindset vs scarcity mindset. The topic and concepts discussed in this post do not apply to every country in the world or even every situation in life but it is a good exercise to explore these concepts.
If you believe in an abundance mindset then you will focus on the growth that a business creates. For example, if you invest in real estate and purchase Short-Term Rental properties that require work then you contribute to the economy by hiring contractors, purchasing supplies, artwork, furniture etc. Not to mention, you increase the property value for that neighborhood and provide a source income for cleaning crews, handymen, and even property managers.
There are negative aspects of STR investing if you are investing in primary home markets but you can choose to avoid that by investing purely in vacation markets. The argument that STR ownership decreases housing supply does not really hold water for those investing in purely vacation markets. The scarcity mindset would say that STR investing investing takes housing away from someone else. In the end, it is up to you which mindset you choose to accept.
The Darwinian Doctor also touches on the ‘hate’ he has received for sharing his story. It is tough to hear considering that he is a genuine, caring, physician who shares his personal triumphs and challenges to bring others up with him. Working with Dr. Shin has been a great experience and I am better for it. I hope you enjoy the post.
This week Dr. Frey wrote an instant classic. The Prudent Plastic Surgeon starts by exploring a concept written by James Clear in Atomic Habits, called the “plateau of latent potential.” After that he moves on to explain THREE ways to overcome this “plateau of latent potential”. This is a blue print on how to overcome this stage in investing and in life. Dr. Frey is prolific in his writing and has tons of great posts but this one is in the top FIVE. If you are feeling at all stuck or overwhelmed then please read this post.
Short-Term Rental investing is a hospitality business. As a physician investor you can provide amazing vacation homes for people to enjoy. This concept aligns with a physician’s natural instinct to help others. STR investing allows you to “help” people have an amazing vacation. You can avoid contributing to the housing crisis by investing in STR markets instead of primary neighborhoods. In addition, your investments are positive for communities by contributing to the economy. There are a lot of reasons why short-term rental investing is perfect for physicians. Check out the post below to learn more.
Practice the Carpe Diem MD lifestyle and seize the day
Carpe Diem MD
Enjoy your Journey to Financial Freedom