Episode 52: Closing a 6-Figure Chapter
Jun 9, 2022

Sometimes that’s a good chapter for you to close. Other times it’s not. In my case, I think it was good all around. So tonight has made official one week that I am no longer contracting.

I had an additional job doing medical chart utilization reviews actually did quite a few hours for almost two years. It was an excellent six-figure additional stream of income.

Listen and be inspired! Look for The One Percent Code wherever you listen to podcasts. And if you enjoy listening, don’t forget to subscribe and keep sharing your favorite episodes and key takeaways on social media! (don’t forget to tag Dr. Melva!)
Hi, I'm Dr. Melva you're board certified radiation oncologist, and serial entrepreneur and investor. Welcome to the 1% code podcast. I help top income earners create multiple streams of income to support the career they love or the one they want to love. Again, learn more on the 1% code podcast. Welcome, welcome.

Welcome. I'm Dr. Melva. I'm a board certified radiation oncologist, wife, mom of three. And I am a serial entrepreneur and investor, and I help top income earners create multiple streams of income so that you no longer have to rely on your primary stream of income from your career. You can turn your job into your hobby and trade those golden handcuffs for true wealth.

So it is time and you will find times in your life when you have to close a chapter, sometimes that's a good chapter for you to close other times. It's. In my case, I think it was good all around. So tonight has made official one week that I am no longer contracting. I had an additional job doing medical chart.

Utilization review actually did quite a few hours for almost two years. It was an excellent six-figure additional stream of income. I worked for one of the major companies and. It was a great experience for the time that I did it. So I was doing it for almost 18 months. Again, it was six figures from home and the best part honestly, was the orientation before COVID it was two weeks.

All expenses paid training in Florida was absolutely gorgeous. Feel like you got a thousand dollars a day for food and I'm pretty sure I did my best to spend that. Actually, I remember this one night, this is crazy. Don't judge me, but I ordered, I think it was Ty those type. And I ordered so much food. The man was like, oh, when does your party started?

He brought like three or four servings and I ordered way too much. Right. It was just. So that was exciting. The group that I met, the other physicians that I met, that was great. And the work schedules. So when you're looking for income, I always talk about things that typically are passive, but when you're first starting out and you're looking for reserves or increased capital, or maybe you have some goals that you want to pay off, you know, some of the debt before you expand your wealth portfolio, you may want to go to kind of like some home run opportunities where it's like guaranteed.

Right. So something related to your job or your career that you can do contracting for a certain amount of hours to make a certain amount of money, you know, A six-figure income stream that you can add based on what you already know, tweaking your skillset sometimes, maybe a good first step for you. So just think about that.

If you're in the phase of creating multiple streams of income, if you're looking for something that is more stable, it's more certain, you can look at an additional, you know, 10 99 or W2 position that is around your skillset. So that's what that was for me for 18 months. So. The income was really good. So let me tell you why we closed the chapter.

So things got to the point and I'll talk about this a lot where you're thinking like the 1% and the 1% code, one thing about timing in your life, and you have seasons in your life. And when things are no longer in alignment with your intentions and your goals, you really have to be okay with walking. So my entrepreneurial mindset continuously pulls me toward my vision, but one of the most important things, when we talk about the CEO scheduling, is that when something's coming in, something has to come out.

And I think a lot of times as career professionals, In or entrepreneurial slash career professionals. We don't do the CEO schedule. If something in something out, we add something in and then we add something else in and then maybe something else comes out. And I don't ever think it's a one-to-one ratio.

So that's another reason for me of closing the chapter because we have some bigger projects we're working on some more goals and the work and the hours that it took to make that additional six figure income. We're no longer in alignment. With what it was I was seeking to do as an entrepreneur. The other thing I can say about that.

So as I close the chapter, so this has been a week, one of the first times that a long time, I'm not working on a Friday night because that was one of the nights where they needed physicians to review charts late at night. So often I would like work, take a break, go back and do some more charts or work on a Friday evening.

I feel so free. I can't tell you, like, even at work, they're like, oh my God, you have this air about you. And I never really talked about how much I work, because again, you want to create streams of income. You want to create businesses that operate without you, but that doesn't mean that you don't still have huge sources of income that come from high paying position.

Right. So a lot of us are still in careers until we transition that wealth portfolio. So it's not like an instant thing. And I think that's where a lot of entrepreneurs mess up too. You know, you're just like, oh my God, I can't wait to quit my job and like walk away. But do you have the working reserves?

Do you have the experience? Have you created your team? Do you have the money to pay for your C-suite team? So all of these systems and strategies, it makes a difference. So you have to remember that. Okay. So tonight I was joking, but I got the big box and they must have sent me like the oldest box. They could by like how many times did they sent this out to physicians who have like no longer worked for the.

So they send me that box and then, you know, I opened it and I was kind of joking. I was like, here's my party gift. You know, they were, it came with bubble wrap and it had the FedEx return labels on the inside. So of course when we took it to drop it off, we dropped it off at office max, the Walmart like FedEx location closed at six and I didn't get it until.

Of course it's like pouring down raining. So like my daughter's like with my raincoat going in and dropping it off and like, yeah, this is a great ending to this chapter of my life. So I packed up everything, you know, it was a lot of things though. Like you were turning the computer, like I had two computer screens, a laptop, you know, security things, headphones, keyboard, tons of chords.

I wrapped it all up. I packed in the box and that chapters. Just looking back. I think, I think it served me well. So again, when you're looking at adding additional strings of income to your portfolio, In the beginning, you should consider things that you can do that would add six figures based on your skillset now is kind of like a no brainer, but then you have to look, is it still in alignment?

Is the timing right? Are the seasons right in your life? So for me, there was a huge change. I've heard this like two times this week in my day job, and I heard it last week with the second job. Uh, business need and companies are very good at saying it's a business need, which means that they have to change things.

They're going to do that based on the business revenue, not your feelings, not how it works with you. Not your loyalty, not well, how long you've been with the company. None of that, not your performance, none of that matters when it's a business eat. So challenge you to consider the business needs in your life, in your career, in your wealth portfolio.

The same as these billion dollar corporations do. So for me, they were shifting me into another unit where there was less flexibility for the hours. It was a new learning curve. And then they were at a deficit. I was like, I don't really know if I want to jump in somewhere where you're short. It's hard for you to get people in this division.

You're already behind deadlines. You know, they were telling me it would just be like back to back to back on the cause. And I'm just like, why? Like that, that doesn't fit what I'm doing. Like at the time it started, it made a lot of sense. It fit like the 1% code and then it changed. So I changed. Are you willing to change or are you worried about the uncertainty, the fear?

Do you have some scarcity mindset around money or are you in the abundance where I am, which is, you know, how that money served in that purpose, it will shift into something. Right. And that's, you know, that's going to take some time to get there. So ask yourself those questions and see where you are with that.

And then the last point I wanted to talk about is focus. So when you start adding additional streams, you have to remain focused. And when you are doing the approach of one in one out, you know, if something comes in, something goes out as far as activities that you're doing, income streams that you are doing out of responsibility.

You have to maintain focus, because it is so easy to lose it. Like for example, this week, I think I needed a mentor. We've done a lot. There's been a lot of things that we're doing between, you know, subway rolling out major campaigns a couple of weeks ago with a big refresh subway, remodel plans, Coldstone expansion, Coldstone, corporate.

There were some recalls that some of the places keeping up with CDC guidelines as far as COVID independence. School obligations, wife obligations, main career obligations, changing, you know, the another issue of income. It was a lot. And so for me to have one week of just not doing those extra chart reviews, I took some breaks and mental breaks.

My friends are good. So I hope this helps someone tonight. I don't know if there's someone who needs to close the chapter. I don't know if there's someone who has been stuck in a position because of the money that it brings and you haven't been willing to let it go, but I hope it speaks to you tonight.

And looking back, it's hard to believe it's been a week and sometimes what's going to happen is you're going to do the service. You're going to. Perform excellent. And it'll have nothing to do with you. And as a matter of fact, for me, the directors said, Hey, do you want to give us some thoughts? And they talked about how great I did.

Cause you have to take tests and all these good things. And I was like, ah, I get it. It's not about how great I, how great I did or what I've served is that again, this position. The way the leadership is moving is no longer in lineman, in alignment with my core values and out of integrity, like I could have stayed on because they were going to train me and then trained and paid for it.

But I knew that it wasn't going to be a good fit based on several of the things that they were telling me what was happening. So I took the loss and that's actually not the first time I did it, actually, when I switched jobs, I was in Ohio and they were looking at another practice, purchasing our practice and they wanted me to start wining and dining and going to dinner and meeting all these other physicians at the local university.

And I was like, I knew I had intentions of leaving. I ended up losing out on like a $10,000 student repayment because I put my notice in sooner. But the integrity that takes, I know I've been paid over hundreds of times for that. Like, because I stayed in integrity because I didn't stay, I didn't integrate as in, you know, that kind of false claims, knowing what my intentions were.

I hope that you do the same. It can be uncomfortable. It can be scary, but it's absolutely worth it because I can look back now and it was a clean break there's, there's no place that I've left, including this job, closing this chapter that I can't go back. You know, you leave every door open because you don't know which way the wind blows sometimes, especially in the age that we're.

Thank you so much for listening to this episode of the 1% to a podcast. I'm your host, Dr. Melva until next time. Thanks for listening. And for any of my fellow physicians listening today, I have a free gift for you. Nine business. For busy physicians to get your hands on it. Just go to Melvasfreeoffer.com again, that's Melvasfreeoffer.com M E L V A S F R E E O F F E R . COM

if you enjoyed this episode and you like to help support the 1% killer podcast, please share with others post about it on social media, leave a rating, and I would love your five-star review.
Are you a busy physician looking to build additional income streams?
Get my 9 Business Ideas for Busy Physicians here —> www.melvasfreeoffer.com

Recent Episodes