Episode #15
Why Doctors Donโt Get Rich
In this episode of Paging Financial Freedom , Dr. Daniel Shin, a surgeon and real estate investor, and Lila Kaplan, a former Wall Street professional and certified financial planner, sit down with Dr. Tom Burns, orthopedic surgeon, real estate investor and author of Why Doctors Donโt Get Rich , to discuss how physicians can build wealth and create greater freedom beyond their medical careers. Tom shares how he began investing in real estate during orthopedic residency and gradually built passive income alongside his career in medicine. He also shares the unexpected story behind his friendship with Rich Dad Poor Dad author Robert Kiyosaki and how that relationship eventually inspired him to write his own book. The conversation explores why a high physician income does not necessarily lead to financial independence, how passive income can help doctors regain control over their time and what Tom has learned from investing through multiple real estate cycles. Daniel, Lila and Tom also discuss evaluating passive investments, choosing experienced operators, involving your spouse in financial decisions and redefining what it actually means to be โrich.โ Key Takeaways: 02:27 โ Tom shares the remarkable story of discovering an early self-published copy of Rich Dad Poor Dad and how it led to his friendship with Robert Kiyosaki. 06:29 โ How Tomโs upbringing and early relationship with money shaped his approach to earning, saving, and investing. 07:39 โ Why Tom chose orthopedic surgery and how he eventually became a physician for the U.S. Ski Team. 10:57 โ What it means to be a โrich doctorโ and why Tom believes true wealth is ultimately about having choices. 12:41 โ How the business of medicine has changed and why physicians today have less control over their careers. 15:21 โ Why Tom began looking beyond medicine during orthopedic residency and ultimately chose real estate. 19:15 โ The decision to prioritize building his real estate portfolio rather than simply becoming a busier physician. 21:36 โ How Tomโs investments evolved from small properties into larger projects, partnerships, and multiple forms of passive and active income. 24:17 โ The evolution of R&B Capital and Presario Ventures, including developing a 240-unit apartment project during the Global Financial Crisis. 26:33 โ Lessons from investing through multiple financial crises and why Tom believes compelling multifamily opportunities are emerging again. 30:16 โ Tomโs advice for physicians returning to real estate investing and why thoroughly vetting operators matters. 31:45 โ The role Tomโs wife played in their financial life and how their approach to investing evolved into a true partnership. 34:31 โ Why financial freedom is about much more than reaching a number and how smaller financial milestones can create meaningful changes in your life. 38:19 โ How passive income allowed Tom to gradually buy back his time, beginning with taking Friday afternoons away from the office. 40:19 โ How Robert Kiyosaki encouraged Tom to write Why Doctors Donโt Get Rich and what Tom hopes readers take away from the book. 43:40 โ Rapid-fire lessons on investing, financial advice, books, daily routines, and Tomโs personal definition of being rich. About Tom: Dr. Tom Burns is an orthopedic surgeon, real estate investor and author of Why Doctors Donโt Get Rich . He began investing during residency and has since built a diversified real estate portfolio while continuing his career in medicine. Through Rich Doctor, Tom now shares what he has learned about passive income, financial independence and creating more freedom outside of a traditional medical career. หหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหห Connect with Tom Burns: Follow him on Instagram Connect with him on LinkedIn Check his website https://richdoctor.com/ Buy his book Why Doctors Donโt Get Rich Dr. Tomโs email: hello@richdoctor.com หหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหห Links from the Episode: Apple Podcast Spotify Dr. Daniel Shinโs Real Estate Platform: Cereus Real Estate Lila Kaplanโs Real Estate Investment Firm: Silverback Equity Partners หหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหหห Stay Connected with Us: LinkedIn Instagram: Daniel Shin and Lila Kaplan YouTube: The Paging Financial Freedom Podcast
