Tom Burns’ Story to Financial Freedom on Gold Collar Investor

The Full-Podcast Transcript for Hearing Impaired:

Interviewer:         Pancham Gupta

Interviewee:        Dr. Tom Burns

Intro:                       Welcome to the Gold Collar Investor Podcast with your host Pancham Gupta. This podcast is dedicated to helping the high paid professionals to break out if the Wall Street Investments and create multiple income streams. Here’s your host Pancham Gupta.

Pancham:              Welcome to the Gold Collar Investor Podcast. This is your host Pancham, I really appreciate you for tuning in today. Let’s get into today’s show. Do you know what the term Butterfly Effect means? There is a complicated definition of this, but here is a simplified version of it.

 Butterfly Effect means that a small change can make much bigger changes happen. One small incident can have a big impact on the future; the term Butterfly Effect comes from an analogy where a butterfly flaps its wings in Chicago and a tornado occurs in Tokyo. There is a famous movie named “Butterfly Effect”.

 That is based on this concept. Anyway, why am I talking about the butterfly effect? The reason is that, there are small events that happen in your life that can have some major impacts on your future. Sometimes you do not realize the impact at that moment in time, but it’s only years later, when you look back; you can actually connect the dots.

 Do you have any such events that have altered the course of your life? Well, I am super excited to have Dr. Tom Burns, who will share with us his Butterfly Effect story. Tom is an Entrepreneur and an Orthopedic Surgeon in Austin, Texas. He is currently a physician for United States Ski Team and travels worldwide with them.

 He has over 20 years of real estate experience involving acquisition, development, and management of traditional apartments, student housing, office projects, and manufactured housing. In addition to co-founding and managing the freestanding full-service hospital; he has owned and developed property locally and internationally and has participated in acquisition and development of 250 million dollars worth of real estate.

 Tom has been financially independent for a decade. His mission is to help Physicians create financial independence; so like him, they can enjoy medicine with passion. Tom, welcome to the show.

Dr. Tom:                 Thanks Panchum, glad to be here.

Pancham:              Are you ready to fire up my listeners to break out of Wall Street Investments?

Dr. Tom:                  I am ready, that is part of my mission. So let’s get it rocking!

Pancham:              Great! Now, I’m really looking forward to diving into your story today. It’s gonna be great. Tom, you have a very interesting background of being a doctor and also a real estate developer; tell us about your background and how you actually got into real estate?

 Dr. Tom:                It started kind of serendipitously. I was an athlete when I was young but not good enough to get paid for it. So I ended up becoming a physician in the orthopedic world, I’m a sports doctor. So I wanted to hang out with the athletes. I was used to being with them, so that’s what I did. I had no financial training in school. I was a typical pre-med biology major, then went to medical school.

 So I went through that path, became an orthopedic surgery resident or in person training and right near the end of my training; I was hanging out with the doctors that I was supposed to emulate in the future, right? These are the guys I was going to be like in the future and they were making what I thought was stupendous amounts of money; and they were complaining, they were whining and moaning of a lack of time and lack of control and things like that and this, you know, these guys were making a bunch of money.

They were unhappy; they were twice divorced, things like that. I looked at them instead of this is my version of success. That’s not me. So, I loved what I did, so I thought you know what; maybe I need to find something that’s not necessarily correlated with medicines.

So, I looked around, bounced around, with the administration in medicine; that was a dead end because I’m fairly unemployable; and I just I fell upon real estate I went to freeze seminars, the marketing seminars for financial firm, but I learned a little bit about money just enough to wet my appetite and learning.

Real estate became the right thing for me, because it took the schedules of a busy surgeon. I can do it part-time or full-time. I can do it on the weekends. I could use partners and it moved slowly, and I needed that because I was learning the whole way. So I started learning about it in my training, began learning more and more as I was starting my practice as a doctor.

 Again, I’d tell her but it was no financial education or no training, you know; I just strolled in, you know kind of to use a sports analogy. I just got in the game, so I got my first little property; I’ve had some good things, I’ve made plenty of mistakes, kind of two steps forward one step back. I became a relative sort of local expert in one property type that worked out well for me, that kind of got discovered I moved on to some other stuff you can see through the bio, that I’ve kind of bounced around to a number of property types.

Pancham:              All right,

Dr. Tom:                 Done stuff outside a real estate as well. But what happens is people start knowing that you’re in the market. I’m just buying for myself, making a little bit of money a month. People start finding you are in the market, they  ask you to buy herself things,  you buy more and more, some people ask you to partner with them; that can be good or bad; and it just organically grew as you grow the properties and get a little bit larger.

 It’s the same amount of workers the same mindset. You just add zeros some sort of properties got larger. I got to acquire, I was pretty good with that; I was learning, I was going to seminars, I was doing stuff. I just didn’t feel I knew enough. So I had a friend that I knew that was in the development business.

 And I said, I like what you do. Will you teach me, he said yes! So, as a full-time orthopedic surgeon, I worked for two years for him for free; doing development, doing build-to-suit tanks land development, finding land for Hospital things like that.

Out of that came a rather large medical office facility that we still own, I learned from him years later, I was at a conference in Arizona speaking on stage in 2001 and the moderators are well-known person. We might talk about today and had me up on stage. And basically, what he was saying was; look, Tom can do it even doctors can do it.

 You know because point being doctors, and I’m one of them but doctors sometimes you know, we feel like we know everything, if you’re a little more humble and you can kind of just take him a people teach you sometimes your progress will be a bit faster. Well, he introduced me and at the break, somebody came up and said, you know; here’s who we are;

 We’re from the bay area in San Francisco. We’re moving to Huston and going into real estate. Will you be our contact in small little Fly effect that was 2001 and he’s 2020 and he’s been my friend for 19 years, and he’s been my partner for over the past 10 years.

Pancham:              Wow!

Dr. Tom:                 So, it’s just kind of gradually moved up in the midst of that trajectory, was a lot of mistakes, a lot of lessons, you know wherever I am now, is where I am now.

Pancham:              That’s great! No, absolutely great background there, and I totally resonate with your story that you out of school. You looked up to few people and didn’t want to end up the way they ended up. So you kind of started looking and educating yourself, even though you’re not taught financial education in school.

So that’s great. So I met you at one of cruise conferences last year, and then I’ve met you multiple times at different conferences and I want to kind of get into you being the first proud owner of the Rich Dad Poor Dad purple Book.

Dr. Tom:                 Sure.

Pancham:             Tell our listeners about this story, it’s such an interesting story and in how it came full circle later on in your life?

Dr. Tom:                 Yeah, starting with the butterfly effect was something I’ve never heard the two matched up and it really doesn’t make sense. So years ago, it was about 1997 living in Huston. I was CEO prior to that I didn’t so I’ve been out of my training as a doctor for six years. So I’ve been reading, learning; I bought some things, so I was sort of on my way already knowing that as a doctor for the busier I get, more successful I got, more work I got to do, and I wasn’t working well.

So I was already reading a lot, and my family was out of town. My family leaves town, I go do errands as nothing else to do. So, I did all my errands; one of those was to get my car washed. So I went to the local car wash. It’s one of those fancy ones where you pay the guy; they take your car for a while and run it through the machine and then the guys buffet and spend some time out there.

So there’s a waiting area with green cards, and food, and stuff. So I go up to pay my bill and back towards the back left corner. This was a car wash, right? So, you know, he sells books and car wash. There was a little stack of books. They were purple and gold and the big word kind of books, and you know; that was already buying books on you know; how to real estate, how to make money, you know that sort of thing.

Let me see that book, it said You Know Rich Dad Poor Dad, you know what the reach teach their kids about money in the poor middle class do not; so I said sounds pretty good. Put it on my bill 1595, you know; if you can’t spend 1595 clearance worth of something, you are not going to make.

Pancham:              Hmm

Dr. Tom:                 It so I had a stack of books like this already I hadn’t read yet. So I threw it on my desk at home. I did a bunch of more errands. It was about 11:30 at night I was going to bed. I stopped by the office and I just sorted you know, let’s see what this looks can I even open it? Let’s see what this books going to be about, read a few; she senses few paragraphs like kind of leaned against the desk and read a few more and was kind of getting into it. So I sat out of tear them off, as I sat down and I read some more and now 3:30 in the morning the book was finished. 3:30 in the morning.

 In fact, I had a back in the day, you know, I had a CD running with some music and it ran the same album over and again till it sticks to my head. I thought it was the best book I ever read. It was 3:30 in the morning, there’s nobody I’m going to tell you,

Pancham:              Yeah [Laughs]

Dr. Tom:                  To be honest with you at the time, I was doing multiple things and you know, I thought the idea of multi-level marketing made sense. I was in the Armway organization.

Pancham:              Wow,

 Dr. Tom:                So I waited till about 6:30 in the morning. I call a friend and I said look, I just read the best book I’ve ever read you need to read it. He’s just yeah, I’m sure he had great give it to me one day, I make sure to get it to him within the next week. He calls me back and he goes you were right; on the inside of the cover of the books, a phone number for the publisher, nobody’s ever heard of this guy.

 And so call the number on the phone book. And you know, this was Rich Dad Poor Dad by Robert Kiyosaki while the person on the other end of the line the answering the phone is Robert Kiyosaki turns out he had self-published a thousand books primarily to act as a brochure to sell his board game cash flow.

Pancham:              Right?

Dr. Tom:                 I was going to be the main product for the cash flow board game. So we wrote a book, good strategy, my friend and I’ll tell you; the interim story is that; at 3:30 in the morning I finished the book, the next day, I bought the rest of the books and the only store in the car wash he calls back and this guy he goes; hey my name is Bill and you know, Sky give me your book, and I really liked your book and see how many of them do you have left?

 I mean, up to a thousand; I said two dozen up to Huston and somebody got left. He goes; a thousand – two dozen nobody is tired of a book, you know, and he goes, well, I’ll take them all.

Pancham:              Wow.

 Dr. Tom:                He buys the rest of the books and Robert says, you know, who are you? What do you want these books, because I think this is good for these folks. And so that started you know, and I am with a large organization worldwide. So a lot of people read the books that got him to where he was talking to 2030 thousand people at these large Amoy organizations.

 Pancham:             Right

 Dr. Tom:                And as Robert tells it, a lot of books got sold and all of a sudden Oprah called and he said, you know the day after Oprah called he became famous. It turns out that the book I bought was the first book ever purchased and in the end, what we did; we went so we call him and he said great, will take all those books.

And so we went out about 10 of us went to Scottsdale to me Robert.

Pancham:              Oh, wow,

Dr. Tom:                 We go there we meet Robert; and his wife comes out with flip-flops, long hair, young and good-looking back then. He’s just good-looking. He taught us how to play cash flow, and you know my wife won the game primarily because Robert stood over her shoulder and said; do this you-dummy and she did it, and she won the game.

So he gave us his game. So we still have in the cupboard, but game Robert gave me or the First Cash Flow games. And before the night ended, we go to his house, a races in the trunk of his car and he starts pulling out a bunch of books to give me, and I said, dude; I don’t want to take all your books because nobody’s going to buy them anyway, [Laughs] you know;  fateful words.

I took the books and have handed them out to friends, for years. So things went on and feel Robert became Robert; the best selling, you know personal finance book of all time 41 million copies and counting later, as you know; a couple of years ago, we were on the cruise and I was talking to Robert my wife and I and I just you know, I mentioned something I said, I still got your book and he goes man.

 I don’t know where any of those first thousand books for I said, you know, I got first, money goes. Wow, that’s cool. And I said take it. It’s yours. You know, he goes you give that to me I said, it’s your book. He did, you deserve it, and so I gave Robert back the first copy of her purchased they framed it and putting the wrist at office and he gave me a first edition copy of a book that he and Tom wheelwright wrote.

Pancham:              That is amazing story.

Dr. Tom:                 So that’s how amazing it was really it was kind of nice.

Pancham:             So I actually did a whole show on just that book and Cashflow quadrant that because that book has literally changed so many lives including mine. That’s my little butterfly effect story over there. So this is great and I want to talk about like how hard was it for you, to do this on the side, while you were practicing full-time? Like where you working late nights and weekends? Like what was it like initially like before you kind of got your schedule?

Dr. Tom:                 Sure, always looks easy from the end look. Because, you know; anything is easier to get when you have passion for it. You know, I mean, the other option was; I was going to work until I died or going to work, you know; work long hours. So it was easy. There was result at the end. So easy is all relative, right?

I was working. I was a full-time schedule. I mean, Monday through Friday; taking emergency call, that’s where they can call you at any hours of the night. You work on the weekends, thus working hard, but you know, there’s only so many hours to work. There’s time in the morning, there is time in the afternoon, there’s weekends. So that’s when I did it, you know, my candle was burning at both ends.

What I did do is efficiency wise as I started my day earlier than a lot of my colleagues. I started at 6:30 where someone wouldn’t start till 7:30 8:00 8:30, so I got more done early, because one of my priorities was family. I wanted to be home when the kids got off the bus as they got older. So I made sure I did that. So it was just, I did it when I could and again there’s a lot of ways.

 Roberts says there is infinite ways to make money; real estate fit me perfect. And I love real estate. So things move slowly. I didn’t have to be first. I didn’t have to make that trade at the right time and be watching the computer screen;  really didn’t exist very much back then anyway, but so slowly things built; if I buy one, another, and they always say the first ones, the hardest; the second one was easier some of the others I bought just for the phone call.

 I bought one once, you know that we had a newspapers through some of your listeners may not remember, but there’s newspapers right? And back in the day, there was a classified section. A friend said, you know there is a real estate, real estate rentals and you know, I looked directly at the student housing market at the University of Texas.

 I looked at one Sunday nights, when it came out. I looked at my wife and I said, I’m buying this tomorrow. She goes, how can you do that? It’s just too bad, I said I know the market it’s either got bad problems or somebody don’t know what they’re selling.

So, true story, I’m in my office on 38th Street in Guadalupe I’ll give you the address, I had an office full of patients. We saw a few of them had an appointment with a broker I’d called that morning. I got them all settled. I walk out the back door by my office drove eight blocks down the 30th at Guadeloupe, quick ran through the place wrote an offer said I’ll take it, went back to my office patients didn’t even know.

Pancham:              Wow!

Dr. Tom:                 So because I didn’t take that long, and so in that property, I was right. It was basically an Huston property. It was a father who lived in Houston. He had bought the thing four years ago for his daughter, and had no idea that the market had done that in Huston in four years. So he underpriced to begin with, I bought it for less than he offered it for, got in reappraise. That’s one of those Robert Allen no money down stories.

 I went to closing and they wrote me a thousand dollar check, so I literally got it. For no money down; I don’t recommend that, but it just happened to work out and it’s ‘cash float ever since;

Pancham:              Do you still have it?

Dr. Tom:                 Absolutely! wow, it’s just one little anecdotal story, but that’s the kind of things where it’s like you just do it when you can, but over time, you know; maybe make $50 or $100 a month extra, or whatever your cash flow is; things grow and they start stacking on top of each other, you know, you get two three four five properties and you know, you give it a year or two.

When inflation make sure your net cash return better. So after a while the first thing I did was I used to have office on Friday afternoon. That was busy. You know, I’d see a bunch of people and then invariably some emergency would come in and I mean the operating room at five o’clock on Friday afternoon.

So the first thing I did was cut out Friday afternoon office. It was great. It was liberating. All of a sudden, had a two and a half day weekend and that started at that wedding my appetite and that started cutting out stuff after that; so gradual process, right!

Pancham:             No, that’s great. Great story there, and now you know you still practicing. Is that right?

Dr. Tom:                I am.

Pancham:             Yes. There you go. I mean that’s the passion that you have and you know, it’s serving people, helping them out, whether financially or you know medically, so what’s the schedule now?

Dr. Tom:                You know, I work I only do mornings and I only see the stuff I want to see so it’s two to five mornings a week depending on travel schedule. So since travel has been cut down. I’ve been going into the office, but I’ve got a person that can be there. If I’m not there, I can call him tonight and say you know what? I’m not coming in tomorrow. I will but it’s a life schedule as I told somebody, I like to match my W2 from 2019 with most people in the audience, because I made less than my front desk person last year, but you crazy.

 I know people think I’m nuts. I’ll probably make some this just I’m not in it for the money. I really do enjoy it. I realized quite a few years ago, that at least for me my favorite time my best service is to be able to do what I’ve gotten pretty good at what I really like to do.

 I love meeting people so it’s fun for me. It’s relaxing so that’s the schedule pretty like.

Pancham:              Cool, I want to get into like, you know, we are in the middle of pandemic and the wake of this covid-19 situation, how has your strategy or whatever you were doing now, maybe we can get into that; like what you were doing before just the pandemic hit and how has that changed your real estate business and what changes have you made because of it?

Dr. Tom:                 Some of it’s iteration has been around since about 2010. So this new iteration about 3 years old; we started this version of the company three years ago. We knew we were starting it into the headwinds of a recession. So we were just wrong, he came later but, you know; didn’t take a brain surgeon to know something was going to happen. We just didn’t know if it be of Virus or a war or something like that.

So sort of expected this; so some things we haven’t changed. We had made kind of preparations for recession type, investment in offerings, things such as that, so we’re working on those and refining those, but as far as actual activities, there were projects in the pipeline. Most of ours our development, multifamily class A development, we will acquire, but we haven’t acquired anything for three years.

There’s nothing made sense to us in the last three years. So, we’ve been developing. The Projects that we had in the pipeline or underwritten on assumptions that you know, we just don’t we don’t want to use right now.

Pancham:              Yeah,

Dr. Tom:                 So we have put the pause button on most of those that are going to happen. We’re still underserved. We still don’t have enough living units and placed in the right areas apartment. So we still think that it’s a good industry up through 2030. You just have to be strategic or you put them. So it’s kind of a good news. We can at least pick where we put those we put all of those projects actually on pause.

We have nothing that we’re executing on right now. We may have a product that we execute on that sort of for risk medicated products; my cap returns, but it’s stable returns. So that’s the kind of thing we’re looking at right now.

Pancham:              Is that a multi-family deal or?

Dr. Tom:                 It is a financial product that fits within the multifamily development World.

Pancham:              Got it.

Dr. Tom:                 It’s a very stable product that has minimal risk, and we talked about that at another time, but that’s how we’re thinking.

Pancham:              Got it.

Dr. Tom:                 It’s just a way to place the money. I mean, it’s nice return; still closing in on double-digit stuff but limited; but we have a fairly large investor list. We talked to him. That’s one thing we’ve talked to him, just a little bit more than usual. Mostly telling them that you know, my partner not both; we’ve got a lot of years of experience, we both been through at least two recessions.

So, Tom, we’ve been there we’ve kind of done that, history doesn’t repeat but it rhymes reportedly according to Mark Twain. So there’s some things that hopefully we learned in the last too, I’m certain there’s going to be something I find out that I missed on this one, aren’t we all, I’m just waiting to find out what that error mistake or oversights going to be.

Be but we’re gathering dry powder, gathering capital, for when the time does come that there’s maybe some discounters or distressed prices. We don’t think that’s going to happen until maybe Q4 at the earliest who wanted 21. So that’s at least our projection.

 So that’s how we’re going out.

Pancham:              Got it, good. Thank you for sharing that, anything as that you want to talk about before we jump into the next section of our show, which I call taking the leap round.

Dr. Tom:                 No. No, I’m ready to go wherever you want to talk about.

Pancham:              Great.

So, we’ll be back after this message.

 If you want to know the top six reasons on why you should consider diversifying outside of the Wall Street, then you are in the right place. I have written a free report for you, it goes into not just the top six reasons why investing in stocks for one case may not be the sound strategy.

 But also what are the Alternatives? get your free report today on the goldcollarinvestor.com/download I repeat the goldcollarinvestor.com / download.

 Let’s move on to the next section of the show, which I called taking the leap now; I asked these questions to every guest on my show. So my first question to you Tom is; when was the first time you invested outside of Wall Street?

Dr. Tom:                 I thought I got this from now on. I’m not sure which one of two, it’s either kind of a doctor investment and investing in you know; one of those things that doctors use all the time, like I like an x-ray business or something  like that; the guy had been successful before and he did another one. So I sort of blindly invested lost it all.

Pancham:              Okay

Dr. Tom:                 Yeah, of course now I got lots of those or it was my first property was a condo on the campus of the University of Texas in Huston; because student property and that was the first one, you know, kind of what about; got a loan on it, bought the property, still have it.

Pancham:              Wow.

Dr. Tom:                 It was one of those two

Pancham:              Got it

Dr. Tom:                 Excited because I was the winner, other one is the loser.

Pancham:              That’s good. You do all of them and you learn; so my next question is; what fear  did you have to overcome when you first invested in either the extra business or this condo? Do you have any fears that the time?

Dr. Tom:                 Yeah. Yeah the same one for both; I mean am I going to lose my money; because, everything was a theoretical up to that point,

Pancham:              right!

Dr. Tom:                 It’s like getting in the game really as far; it really teaches, you know, I learned a lot losing, you know, it was a big number that I lost on that.

And that’s where I learned. You know, I checked back track record might be okay, but you need to check your business plan on the car business and maybe also learn that maybe, I wasn’t the kind of guy that was good at investing in businesses at the time.

The other one did well, you know, because real estate may be understood better. I learned it more. So I was fearful. I was going to lose my money, and you know; sometimes fearful if I’m investing in a business or somebody else has control always want to know, you know, as they honestly and keep me they going to run off with my money which comes back to who am I going to lose my money.

Pancham:              Right! Yeah. How did you overcome that?

Dr. Tom:                 Held my nose and jumped in the water. Just tell him yeah, you know; I don’t know that I was thinking about it. I suppose, you know, you got to do something. So I just did it. I totally know it and you know; invested in that business, how do we do it? We look at the pro forma pro forma.

 Like Robert Kiyosaki says every Pro forma is alive; he’s right because we’re all telling the future. The ProForm had these big numbers and so my brain was only looking at these big numbers, right? So I’m going to make all this money.

So I just did it. So, lesson learned.

Pancham:              Okay, cool. Thank you for sharing that. Can you share with us one investment that did not go as expected. Would you bring that one up the extra machine or

Dr. Tom:                 Commas will give you another one, I’ve got a whole bucket for; so that was why he I can give you one or two, you know one was in the early 2000s. You know, I’ve been buying Condominiums. I got real good at that and I bought, you know, maybe I’d bought a small mobile home park, anything.

 If It created passive income, to put money in the asset box. I bought it. You know, I didn’t care what it was at the time, if it made money and I didn’t have to see a patient do a surgery or dig a ditch and I was going to buy that, so I’ve been buying all these white guy came upon an apartment complex. So with small try things 22 units I bought this apartment complex and needed management. So I got a manager and I thought I was getting this manager. But what he did was he gave it to his 22 year old son;

Pancham:              Huh!

Dr. Tom:                 I guess to train him up, you know, the 22 year old son was just collecting commissions, not doing from me, not doing anything, and I barely got out of that project. I’m sure I lost a little money. I mean I was able to sell it but it was a disaster. Immediately lost bad contract with some other place that filled up probably six or eight of the units in that compartment on a regular basis, contract blown away since I bought the place big surprise.

 So yeah, I got crushed, I borrowed my money to people; you know salt-of-the-earth good God-fearing guy, goes to church all the time and turns out to be a con man. So I’ve had several of those that I mean, they’re out there folks.

Pancham:              Yeah, I know. So you do these and you learn that’s it. Like, you know, these are seminars, real life seminars,

 Dr. Tom:                Right!

Pancham:              That’s what I call it. Thank you. Thank you for sharing that. So my final question for you Tom is; what is one piece of advice? Would you give to people, you are thinking of investing in Main Street that is outside of Wall Street, and I’ve never done it before?

 Dr. Tom:                The country in the world lives on Main Street. I would tell them that; often when you’re investing in a private offering an offering that centers around something on Main Street, usually have somebody that’s got some degree of expertise, and often has skin in the game or money alongside you; so in Wall Street, the broker that sells you the mutual fund or the read or whatever or whoever sells you the fun. He’s not putting his money alongside yours, you are a commodity to him.

 He wins whether you win or lose; you invest in Main Street, you’re often investing with somebody who number one: has probably more expertise than often the broker who might have sold you that mutual fund; and has something to lose so they are out there. They want that project to survive, doesn’t mean it will but at least if you lose, you know, you’re going to lose due to market forces or maybe he was not good with what he did, at least he was honest; you know most of the time, that is the case.

I believe Main Street allows you to have more control over your Investments, control is the big thing for me, as far as my finances, my time, and my life, goes; I would prefer to control my time and with mainstream you can set things up, where you control it. You can’t call up Bill Gates and ask him to boost Microsoft, you know, you can’t do anything about Amazon, but you can raise or lower the rent on your condo or you can talk to your manager directly and say; how we going to get more tenants in this apartment complex.

So, it provides my biggest buzz word and you know my book it’s all about passive income. You know, once you get some passive income coming in, it sets you free. You can develop passive income in the markets. I don’t know how to do it. I know somebody that teaches it but most of the time that’s just a kind of a savings capital gain mechanism your, passive income for the broker if you were beckoning Wall Street, yeah it is.

Pancham:              Good. Thank you. Thank you for that advice Tom, you just alluded to your book. Can you tell us about that? Tell us about the book and what you are coming up.

Dr. Tom:                 Yeah. I’m excited. I’m just just starting to talk about how we still; may still be two or three months away. My friend Robert Kiyosaki sort of suggests. He said I had a bit of a story so he suggested I write a book; so it took two years and I wrote every word. I didn’t use a Ghostwriter, that’s leverage. I may use in the future, but I wanted to know the process and it turned out to be a growth two years, it really did help so it’s called ‘Why Doctors Don’t Get Rich’, you know, how you can create Freedom through passive income.

 It’s all about passive income. For you listeners, there’s a lot a lot of your listeners have bid incomes, have extra discretionary income. Some don’t know what to do with it. No one will necessarily tell you what to do with it, they can tell you how to think about it, you know, it’s designed to help people kind of take them from agency and teaching people that; high paycheck is not necessarily wealth; wealth is time Freedom control and so it’s decided How to do that; and I wrote it to doctors because I’m a physician, but as I tell everybody just insert lawyers, engineers, project managers to where it says doctors.

 Because the tenants are all the same so that’s what it’s for. And I just found out that there are a lot of people that have high incomes at least in my profession in the doctor world, the unhappiness rate or what they call the burnout rate hovers around 50%;

Pancham:              Oh, wow,

Dr. Tom:                 That means that every other doctor you see at one time or another maybe not now but at one time or another wanted to quit medicine, if you ask a physician and you know, hey, how do you like your job? A lot of them will say I hate medicine? I hate my job. So what do you hate about it? You know, so I hate them, you know the tediousness in the wreckers and this and that, you know; what about patients don’t love seeing my patients.

So that’s part of why I wrote the book, you know, a lot of them are out there. They’re asking questions or want to know what to do. And if you can just take a little pressure off with passive income. You don’t have to replace your whole income take a little pressure off. You know what I like when I got that Friday afternoon off. It was just a little pressure that was taken off.

Bright  green easier. I was smiling more, was more fun, I can see light at the end of the tunnel. So little bit of passive income may be might make doctors smile a little more; some will quit which is great; if they want to quit and they don’t like it. That’s awesome, let me do that.

 But if you want to still heal people with a passion to drum into medicine, will passive income will help it does the same thing for lawyers and Engineers, you know, but I think it out or help you enjoy it more so that’s why the book.

Pancham:              That’s great. So, how can this is for each you, if they want to connect with you?

Dr. Tom:                 So the website is richdoctor.com; for you guys. Actually, I’ve set up a special page at richdoctor.com/goldcollargift There’s a team-building resource there that I think’s been useful. It’s kind of what’s helped work for me, and it’s good for folks that are doing things and maybe haven’t put a team together and team is a big big part of your success.

 Pancham:             Absolutely

Dr. Tom:                 If by any chance you are interested in the book, got a rich dr.com you can pre-order. Order and it ought to be out in the next two or three months, and I tell people if they order through the website, I’ll send the digital version for free when I send the print copy.

Pancham:              Wow, that’s great. Thank you for that offer; and that special thing for the listeners. We put that in the show notes. Thank you for your time. Dr. Tom and it was a pleasure; absolute pleasure having you on.

Dr. Tom:                 I meant to ask, if you want to just cut out the middleman. You can just send me an email and Tom at reach doctor.com and I’ll have you on the list. I’ll just send you the digital copy.

Pancham:              Right, thank you Tom, for your time.

 Dr. Tom:                All right, thanks!

Pancham:              Such a powerful story. Do you have a butterfly effect event happened in your life? If so, do share it with me.

You can email me at P@thegoldcolalarinvestor.com. That’s p as in Paul. That’s p as in Paul at thegoldcollarinvestor.com. I appreciate you. This is Pancham signing off until next time. Take care.

 Thank you for listening to the gold collar investor podcast. If you love what you’ve heard and you want more of Pancham Gupta visit us at www.thegoldcollarinvestor.com and follow us on Book at the gold collar investor.

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