Nov 6, 2023
How do physicians diversify their income streams and ensure access to money for investments?
Today, we delve into Pranay Parikh's journey in medicine and real estate. From graduating from Caribbean medical school to completing residency at USC and investing in real estate, Pranay shares his story of overcoming obstacles to success. He talks about how to achieve success in business and medicine, including the importance of diversifying income streams and access to money for physicians. Pranay shares his unique perspective on how to use one's skills and knowledge to learn new subjects outside of medicine quickly, identify what one wants in life, and create decisions that are aligned with who they are. Let's dive in!
Dr. Pranay Parikh is a medical doctor, serial entrepreneur, and podcast host. His unconventional journey to medicine helped him learn the skills to excel in entrepreneurship and real estate. Over the past 36 months, he’s bought over $250 million in real estate and helped 100s of others invest in real estate without being a landlord.
[00:01 - 06:50] Unconventional Path to Medicine Leads Pranay Parikh to Real Estate Success
• How Pranay became a doctor, entrepreneur, and podcast host
• A course to teach others about real estate
• Real estate market doesn't always work your way
• Reputation is more important than money
[06:51 - 13:33] Working Hard to Achieve Success
• In deals, sometimes things go wrong, and you need to be able to pick yourself up and move on
• How a team of 3 full-time people and contractors owns 310 million worth of real estate
• Doctors often live hand to mouth due to high salaries becoming a 'golden handcuff'
• White Coat Investor suggests living like a resident for a few years and working like one in the first year out of residency
[13:34 - 19:29] How to Create a Life of Balance and Abundance
• The tax benefits and access to money through real estate investments
• How to create a stream of income that doesn't make the tax situation worse
• The effective life formula:
[19:30 - 23:12] Closing Segment
• The gold medal syndrome - feeling lost after achieving goals
• Physicians need to focus on having more options for their work hours
Connect with Pranay:
Facebook: Pranay Parikh
LinkedIn: Pranay Parikh
Podcast: From MD to Entrepreneur with Dr. Pranay Parikh
"It is more important what I do with my money than how much I make." - Pranay Parikh
"The deeper you are in one subject, the more fearful you feel about knowing something else." - Pranay Parikh
"You need to have a way to make decisions that are aligned with who you are and what you want." - Pranay Parikh
"We get super excited, and we want to do something, but we need to make sure the systems that we build are something that we can have consistency over time." - Pranay Parikh
WANT TO LEARN MORE?
Connect with me through LinkedIn.
Or send me an email at firstname.lastname@example.org
Visit my website, www.luxe-cap.com, or my YouTube channel.
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