Episode Details

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Hello, and welcome to Beauty and the Biz where we talk about the business and marketing side of plastic surgery and if you are a rich surgeon or a poor surgeon.

I'm your host, Catherine Maley, author of Your Aesthetic Practice – What your patients are saying, as well as consultant to plastic surgeons, to get them more patients and more profits. Now, today's episode is called "Are You a Rich Surgeon or Poor Surgeon?".

In his bestselling book, Rich Dad Poor Dad, Robert Kiyosaki presented the "Cash Flow Quadrant" where he breaks it down into 4 scenarios like this:

The 1st scenario is the

Employed where you exchange your time and effort for an income so if you don't work, you don't get paid.

The next scenario is the self-employed where you work for yourself but can you take weeks off and your business keeps on going without you?

The next scenario is Big Business and this is when you have other people working hard for you to generate your income.

And the last scenario is Investor where you have money working hard for you so you can play golf and have a good life.

So using this cash flow quadrant, Mr. Kiyosaki clearly explains why some people make a lot of money AND have time to enjoy their riches, while others are stuck in the rat race.

He says "the rich" have either businesses in which PEOPLE are working hard for them, or they have MONEY working hard for them while they enjoy a good life. The good life as a plastic surgeon is whatever it means to you such as:

• Working only 3 or 4 days per week and taking the rest of the time to do what YOU want to do
• Having dinner every night with your wife and kids
• Taking 6 weeks of vacation each year while..
• Enjoying the freedom and PEACE OF MIND to retire today if you felt like it

So, as a plastic surgeon, which quadrant are YOU in?

Most surgeons are stuck in the "self-employed" quadrant. Yes, you work for yourself (and Uncle Sam), but most probably you cannot take a 6-week vacation without a severe negative impact on your practice and your income.

If you want to become wealthy AND enjoy life, you need to move to the right side of the quadrant which is big business where you have people working for you that produce your income and investor where you have your money working for you.

But let's be honest: Do you have a team of superstars that work hard for YOU?

Can you leave your practice for a few weeks, come back and find your practice in better shape that before you left?

In order to move to the upper right quadrant of financial and time freedom, its essential to focus on the following:

#1-The Team Supporting Your Practice

You can't do this alone and you can't be the only revenue generator in your practice. That leaves you vulnerable. If you're not working, no money is coming in. So, you either are always there keeping the cash flowing or you're not there but, then you're worrying and/or feeling guilty for not being there. You c