S3 E39 Building a Business in Medical Training: How to Create Wealth Early with Dr. Matthew Simpson

In this conversation, Matthew Simpson, shares his journey as a first-generation medical professional navigating the challenges of medical training, entrepreneurship, and financial awareness. He discusses the importance of resilience, mentorship, and the integration of his tutoring business with real estate to provide affordable housing for medical students. The conversation highlights the struggles and triumphs of balancing a demanding medical career with entrepreneurial aspirations. In this conversation, Matthew Simpson, discusses the growth of his tutoring business, transitioning from an LLC to an S-Corp, and the importance of financial freedom and networking for future physicians. He shares insights on overcoming barriers to real estate investing, the significance of trust and delegation in business, and strategies for building resilience amidst challenges. Matthew also emphasizes the value of taking calculated risks and the importance of mentorship for aspiring medical professionals.

Takeaways 

• Matthew is a third-year internal medicine resident. 
• He is a first-generation medical professional breaking generational barriers. 
• Mentorship played a crucial role in his journey. 
• He started a tutoring company to supplement his income during medical training. 
• Resilience and resourcefulness are key traits for entrepreneurs. 
• Medical professionals often overlook financial awareness during training. 
• He aims to integrate real estate with his tutoring services. 
• Affordable housing is a significant concern for medical students. 
• Networking and support systems are vital for success. 
• Matthew emphasizes the importance of educating medical students beyond just medicine. 
• Transitioning from an LLC to an S-Corp signifies business growth. 
• Financial freedom is essential for career flexibility in medicine. 
• Networking can provide valuable resources and opportunities. 
• Investing in real estate can be a viable option for physicians. 
• Trusting others and delegating tasks is crucial for business success. 
• Building resilience involves seeking support and taking breaks. 
• Future aspirations include expanding tutoring services to nursing and pharmaceutical students. 
• Calculated risks are necessary for personal and professional growth. 
• Mentorship can significantly impact one's career trajectory. 
• It's important to communicate and share emotions with trusted individuals. 

Important Links
LinkedIn: https://www.linkedin.com/in/matthew-simpson-md-bs-9586b9a1/
Instagram: https://www.instagram.com/topmdtutors/
Website: http://topmdtutors.com/