Why the trend is from bulkbilling to mixed/private billing?The Medicare rebate freeze, and effects on general practice sustainability. The rising costs of running a small business.Steps doctors and practices can implement to transition to private billing:1. meeting to discuss2.advertise in advance- notice to patients3. train reception staff, implement processes.Info for patients/community members- why is there a gap:Fees Gap Poster.pdf (ama.com.au)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

We have back on the show Richard Bharata, property investor and buyers agent. We catchup on what's happened in the last 12 months, some recent cracker deals. Also he shares some common investor mistakes, and also some tips for interstate investing. Finally we discuss Perth property market, and also predictions for what areas and price points will do well.Check out Richard at: iProperty Finder – Australia Wide Buyers AgentMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Age old question, buying own home vs investment property? And which one first?Where rentvesting sits in the picture?It is a personal question, however in this episode I explore some things you may have not considered before.Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Holidays and taking timeout is important for doctors. How to optimise this, and how it can help you be a better doctor.Also I talk about my (controversial opinion) on points hacking, and some hidden dangers.Other resources/reference:Why Physician Vacation Time is Vital | JAMA Career Center (jamanetwork.com)Historic change to Declaration of Geneva | Australian Medical Association (ama.com.au)Choosing a credit card - Moneysmart.gov.auHow Credit Card Rewards Devaluations Can Eat Into Your Rewards (fool.com)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

In this episode, we explore basics behind index funds and ETFs- rising popularity over last few decades. Also, how it stacks up against active/managed funds.As always, please note this is general information, and not personalised financial advice.What Are Index Funds, and How Do They Work? (investopedia.com)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Theres a common saying "Its time in the market, not timing the market". I believe long term horizon for investing is important, however timing entry into a market is also important- to get early wins, to give some confidence; also to avoid buying at a peak and experience big falls.In this episode, I talk about market cycles, presidential cycle, property clock, and much more.Other resources:Market Cycles: The Key to Maximum Returns (investopedia.com)Month in Review - Herron Todd White (htw.com.au)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

In this episode, I interview Claire Lim, medical student and co-founder of ScriptAI, an artificial intelligence tool to help doctors write notes. We discuss her entrepreneurial journey, including sourdough, Electronic Medical Records and AI tools.  Importance of pivoting, and creating solutions for challenges in everyday life and clinical medicine.Check out ScriptAI-scriptai.coMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

In this episode, I chat with Eamon, a medical recruiter looking after locum doctors all around Australia. We start by discussing the motivations and benefits for locum doctors, then explore some challenges/pitfalls that can happen- sudden cancellations, doublebooking, job not accurately advertised.We touch on some challenges facing rural healthcare in Australia, and I ask about what makes some doctors quit locuming, and what makes some rural hospitals excel in attracting regular returning doctors.Other resources/interesting articles:Five-Point Plan to Build Rural Medical Workforce | Australian Medical Association (ama.com.au)Connect with Eamon- (Eamon Murray (MRCSA) | LinkedInMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

How can busy doctors set up their personal finances to maximize chance of success?Todays episode, I share 5 steps that you can take to simplify your finances.1. Assess your current situation2. Set a compelling goal3. Develop habits (track spending, regular self-education, monitor savings rate)4.Action plan5. Reassess/re-evaluateOther resources: Some “Thing” to Talk About? Differential Story Utility From Experiential and Material Purchases - Amit Kumar, Thomas Gilovich, 2015 (sagepub.com)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Today, we review what property prices did in 2023, and what factors are shaping the Australian property market for 2024. I also discuss some key announcements from the 2023-2024 Budget regarding healthcare, and discuss trends with General Practice, healthcare spending, and private health insurance.Thanks to your support for 2023, wishing everyone well in their endeavours into 2024.Resources:Will house prices go up in 2023? The answer largely depends on interest rates - ABC News20.11.23 Housing Boom and Bust report 2024.pdf (sqmresearch.com.au)RACGP - Government’s key Medicare Budget measures kick inMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Today we chat with Dan Sofo, Sydney buyers agent who covers bluechip areas such as the highly desired Eastern suburbs. We cover his journey from hospitality to real estate, his investing philosophy. Stay tuned to learn some tips on property negotiation.-long hours, and managing 70 staff in hospitality business-importance of assets outside of business-solving problems as a buyers agent-Dan's own portfolio, and investing philosophy-outside of Sydney, where in Australia he is seeing value?-3 constraints of supply: geography, heritage, planning-storytime: excellent purchase (where essentially got the dwelling for free!)-tips on property negotiation-Dan's plans for the futureResources:connect with Dan Sofo - Buyers Agent Sydney I Buy Better, Buy Faster With Agent Dan Sofo (unicornbuyersagents.com.au)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Margaret Lomas is a recognised Australian property expert, and the best-selling author of nine property investment books, including 20 Must Ask Questions for Every Property Investor.Dr Dan shares his thoughts, and some key takeaways:1. Identifying tomorrow's blue chip areas can boost your returns.2. Appealing to families is important- owner occupiers tend to drive capital growth.3. Avoid small towns, especially if centred around 1 industry4. Do your due diligence.Links/resources:The 20 questions to ask before you buy an investment prop... (urban.com.au)20 Must Ask Questions for Every Property Investor - Margaret Lomas - Google BooksMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Awesome interview with Steve Palise, commercial buyers agent.Some highlights:•first property purchase going from 230k to 330k in 1 year!•making the switch from residential to commercial•myths around capital growth of commercial•how you can get into commercial from as low as 150k purchase price•doctors often setting unrealistic passive income goals•pros and cons of CommercialListen to the end, to find out how to get Steve's book for free!paliseproperty.comMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Common scenario- household with 1 or 2 doctors,  high incomes but high expenses:  mortgage, insurance, CPD, private school fees for kids, some holidays, etc. And of course, most doctors don't earn the big money until their 30s (or even later), whilst other professions would have had a head start earning and investing in their 20s.In this episode, I explore why some doctors are not as financially well off as they could be. Then I explore the opposite: how doctors CAN get rich.Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Controversial topic: GPs in Australia switching to private billing. In this continued interview with Dr Suresh Khirwadkar, he shares: • why more doctors are moving away from bulkbilling• benefits in private billing•fears around drop in patient numbers•social media! sharing about carnivore diet, growing his Youtube channel and podcastMore resources:Find more about what Dr Suresh is up to at: The Meat MedicDoctors can join 'Transition to Private Billing' Facebook groupA new report shows almost 65 per cent of GPs no longer offer bulk billing to patients | Sky News AustraliaMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Today Dr Suresh Khirwadkar shares his journey, from NHS in the UK, to working as a GP in Australia.We talk about how money lessons in childhood influence him today, turning $500 into $500,000 with a timely property decision, and then the challenges associated with constructing a house in post-COVID and higher interest rate world.Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Doctors are trained to put patients first, but how often do they take a moment to look after themselves?From unpaid overtime, to working through lunchbreaks, to extracurricular commitments to boost CV... self-care is important to prevent burnout.3 aspects of self-care I explore in this episode: physical, mental, financial.Other resources:Self-care-and-mental-health-resources-for-general-practitioners.PDF (racgp.org.au)Doctors Health Advisory Service https://doctorshealth.org.au/Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Common question I’m often asked, is how do you determine how much to offer for a property? The agent has listed a price guide, but what is it actually worth? Other topics covered:How to use comparable sales to your advantage.How to challenge a bank valuation.Mindset minute-  Risk comes from not knowing what you are doing.Other resources:How does a professional valuer assess what your property is worth? - OpenAgentMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Why is borderless investing on the rise?Investing interstate can mean professionals living in expensive cities, are able to get a foot on the property ladder.In this episode, I share experiences with investing in other cities,  factors to consider when choosing a suburb,  gentrification and a lot more.\Resources:Can you predict which parts of Sydney will be next to gentrify? | Sydney | The GuardianGentrification - Picking Suburbs Set to Shine - May 2020 (propertybuyer.com.au)Music Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com

Why are so many doctors unhappy? Why do some always struggle with money, whilst other people seem to have money under control? Today we explore ‘Happy Money’and lessons learnt from this bestseller book.Resources:Why are doctors so unhappy? - PMC (nih.gov)Happy Money: The Japanese Art of Making Peace with Your Money : Honda, Ken: Amazon.com.au: BooksMusic Credit: Bass Nation.Send in your questions to: passiveincomedoctors[AT]gmail.com