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  • passive income ideas

    Is there a way to monetize the waiting room digital advertising? Also any ideas on vending machines?

  • #2
    Waiting room digital advertising and reservations for ED appointments rank right up there with diet water in terms of stupidity.

    Vending machines wouldn't necessarily be what I would consider passive unless you get someone to do the routes for you. I'm not sure how much money is in doing that yourself in the first place.

    What's your primary goal? If it's to make more money, usually the easiest way for a physician to make more money is to work more.

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    • #3
      A lot of times I see these "passive" income ideas, and I think, "Well, isn't it easier to do well in college, get accepted into medical school, complete a residency, and then practice medicine?"

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      • #4
        Originally posted by JWeb View Post
        A lot of times I see these "passive" income ideas, and I think, "Well, isn't it easier to do well in college, get accepted into medical school, complete a residency, and then practice medicine?"
        It's simpler, but it's hard to scale.

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        • #5
          Waiting room advertisements? Is this serious? Maybe customized to the patient's condition (Black Mirror style)?

          Vending machine might make a bit of money but I'd only do it if I thought it was something patients would appreciate not for revenue.

          If you damage your reputation you stand to lose much more than the potential upside.

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          • #6
            If the OP is an endocrinologist then a vending machine filled with sugary snacks in their waiting room would be what I call a 'win-win'.

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            • #7
              You could always charge them to park. I’m sure it would start off the visit on a good note.

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              • #8
                Originally posted by Random1 View Post
                You could always charge them to park. I’m sure it would start off the visit on a good note.
                My patients are charged to park. It is painful, and they often ask to get their parking validated. The only way to get them free parking is for us to pay for it, but at this time that is not an expense we are willing to take.

                Practice ancillaries are often a good way to add to the bottom line. As long as they are not horribly marked up “vitamins” and dubious supplements.

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                • #9
                  You could do what the other wealthy office doctors do and get into MLM with dermatologic creams, supplements, anti-aging remedies, etc. At least it seems quasi-medical. Or quacki-medical. Pick your poison.

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                  • #10
                    I agree that you’re going about the whole “passive income” idea from a rather nonproductive angle. Passive income as the IRS defines it is (impo) NOT passive income as physicians dream of it playing out. The ideal passive income for physicians is a well-diversified equity fund portfolio, rebalanced annually, and invested according to a plan that takes into account short-tern v long-term needs and wants. Sorry to be so redundant, but there is no investment more “passive” than this, however difficult it may be to stomach. And boring. Boring is good.
                    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                    • #11
                      passive income:
                      1. stock index mutual funds
                      2. rental properties
                      3. own a small business
                      4. realestate syndicates

                      I have done 1-3.
                      no get rich quick deal.

                      2 was a disaster for me. no longer do it but considering trying again.

                      3. is basically a second job and takes years to bloom and most fail. You need to work hard and be talented and get lucky. Often it is a waste of time.

                      If you went through all the hard work to become a doc, then working extra as a doc and investing in 1 and 2 are time tested get rich slow passive income machines.

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