Making Money As A Doctor Today, Burning Out, And Pursuing Entrepreneurship With Daniel Shin, MD
Oct 5, 2023
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Former urologist turned entrepreneur, Daniel Shin, discusses his journey from a $600,000 job to pursuing entrepreneurship. Topics include doctor burnout, entrepreneurship, family, real estate, income potential for urologists, urinary issues in older individuals, challenges with insurance companies, and financial goals with real estate investments.
Dr. Daniel Shin transitioned from being a full-time urologist to pursuing entrepreneurship and real estate investing, emphasizing the importance of having long-term goals and outlets for energy in a high-income profession like medicine.
Relocating from Southern California to Memphis highlighted the challenges and importance of diversity and community, with Dr. Shin emphasizing the need to find a balance between providing for children and ensuring they face challenges and grow resilient, while maintaining their cultural identity.
Deep dives
Finding a New Path: The Journey to Financial Independence
Dr. Daniel Shin, a former surgeon, shares his journey to financial independence and the reasons behind his decision to start a blog and venture into real estate investing. After realizing that his career as a doctor lacked long-term goals and outlets for his energy, he started his blog as a creative outlet and to document his pursuit of financial independence. He calculated a target net worth and crafted a 15-year plan to achieve it. However, he later shifted his focus to real estate investing as a faster path to financial independence. Despite taking a significant income hit when moving to Memphis, Tennessee, Dr. Shin now works as a low-contentency urologist seven to ten days a month, allowing him more time to focus on his blog, social media presence, and real estate investments. He aims to achieve a balance between medicine, family, and business, and is confident that he can sustainably maintain this lifestyle and achieve financial independence within the next five years.
The Challenges of Relocation and Adjusting to a New Community
Dr. Shin shares the challenges he faced when relocating from Southern California to Memphis. He highlights the importance of diversity and community, especially for an Asian American family in a city with a small Asian population. Despite the differences in culture and community, Dr. Shin and his family have been welcomed and have found ways to maintain their Korean identity and connect with others through Korean school and a Korean church. He emphasizes the need to find a balance between providing for children and ensuring they face challenges and grow resilient. Dr. Shin also discusses his own experience growing up with financial struggles and how they shaped his determination to achieve and provide for his family. He acknowledges the trade-offs involved in providing for children while ensuring they have meaningful challenges in life.
The Financial and Personal Implications of a Transition
Dr. Shin delves into the financial implications and considerations that arise when transitioning from a high-income profession like medicine to pursuing financial independence through entrepreneurship and real estate investing. He shares his calculated approach to setting financial goals and highlights the importance of adapting those goals as circumstances change. Dr. Shin's major financial shift has been from focusing on a target net worth in the stock market to prioritizing cash flow from real estate investments. He discusses the impact of reducing his income as a part-time urologist, but highlights the benefits of having more time and flexibility to invest in business opportunities. Dr. Shin concludes by emphasizing the necessity of being proactive in pursuing personal and financial goals to avoid reaching retirement age without having lived a fulfilling and satisfying life.
I speak to doctor Daniel Shin about his journey to being a urologist in Southern California to leaving behind his $600,000 job and moving to Memphis, Tennessee. We talk about doctor burnout, entrepreneurship, family, and real estate.
Check out Fundrise, a premier private real estate platform if you want to invest in real estate passively. Fundrise mainly invests in residential and industrial properties in the Sunbelt, where yields are higher and valuations are lower.
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