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Episode Info: EP 10 Passive Income investing during a Crisis by Docofalltradez | Dr. Jeff Anzalone WHO’S ON THIS EPISODE  Website i Email Getting started with building an emergency fund and passive income- Dr. Jeff Anzalone In this episode, we invite Dr. Jeff Anzalone to talk about his strategies in building an emergency fund, taking advantage of the opportunity in crisis, and investing for passive income generation. Dr. Jeff is a periodontist who eliminated his over $300k worth of student debt after 7 years of practice. He is also an author and an expert in studying successful dental practices, reducing tax burdens, and earning passive income with real estate syndicates. Below are highlights from the conversation we had. The importance of having an emergency fund. It is no secret that we’re in the middle of an inevitable crisis that is the COVID-19. It is therefore imperative to have an emergency fund set up for time like this when even going to work is a risk.  Dr. Jeff came up with a modification of Dave Ramsey’s strategy of building a six months emergency fund to twelve months instead. He shares some actionable tips for setting up an emergency fund: Eliminate the scarcity mindset and adopt an abundant mindset. Have your emergency fund in cash and a money market account for easier access just in case a crisis ever affects how you can access it.  Opportunity in crisis. Dr. Jeff has adopted a quote: “be fearful when others are greedy and be greedy when others are fearful.” It is wise to invest now during the crisis since everything is cheap and affordable before they hike up again.  Most people are now looking for ways to sell the assets that they believe will lose value as the pandemic progresses. Dr. Jeff shares tips on how to seize the opportunity in crisis:  There’s probably never going to be a better time to invest in the market than now.  Do not get out of the market by selling- it will only create a loss and things are going to come back to normal or halfway there once the pandemic is over. This crisis could surpass the great depression with the number of millionaires made. You should engage the entrepreneurial spirit within you to start a business that you would have never started. As a business owner, think about customer care especially if in the healthcare sector. Investing in real estate syndicates. As a doctor, one source income that is highly taxed can be quite restrictive especially for doctors who want to be debt-free. It is therefore wise to find ways to make passive income like ...
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