This week on the Wealthy Wellthy Podcast, I explore the importance of having a growth mindset for creating wealth, and my guest has both a growth mindset and wealth!
Yes, this week, I have an inspiring conversation with Felicia Froe, MD. Felicia is a very successful urologist, who has added to her accomplishments an impressive and valuable real estate portfolio.
While some people would have been satisfied with a lucrative career in medicine, the same mindset that brought her to medicine has also led her to real estate investing.
Felicia candidly shares her journey from the demanding world of medicine to the dynamic realm of real estate investment in a compelling and inspiring way from which we all can learn.
Like most successful people, Dr. Froe wanted something better. She wanted to make a change. Her dissatisfaction with the constraints of traditional medical practice – SOUND FAMILIAR? – propelled her to seek autonomy and diversification through real estate. Felicia’s insights into the importance of mentorship, education, and strategic risk-taking in real estate exemplify the possibilities that lie outside of conventional career pathways. In other words, she thought out of the career box, and created passive income and wealth.
Takeaways I Got From This Episode Were:
- Transitioning from medicine to real estate investment.
- Overcoming initial investment fears.
- Value of mentorship in financial success.
- Balancing a professional career with investing.
- Diversifying income through strategic investments.
Here Are Five of My Favorite Quotes:
- “Medicine taught me care; real estate taught me freedom.”
- “Fear is not a stop sign; it’s a guideline for preparation.”
- “Mentorship is the shortcut to success in any field.”
- “Investing isn’t just about money; it’s about shaping your future.”
- “Your income shouldn’t define your lifestyle; your assets should.”
Time Stamps:
- [0:00:00] – [0:05:03] Felicia Froe shares her background and journey to becoming a urologist
- [0:05:03] – [0:07:13] Reflections on being a urologist for 30+ years and frustrations with modern medicine
- [0:07:13] – [0:11:42] Transitioning away from full-time medicine to real estate investing
- [0:11:42] – [0:14:48] First real estate deal and lessons from the 2008 financial crisis
- [0:14:48] – [0:16:46] Shifting mindsets from working for money to assets that create income
- [0:16:46] – [0:20:13] Lifestyle benefits of replacing working income with passive real estate income
- [0:20:13] – [0:22:13] Importance of choice, control and flexibility in work-life balance
- [0:22:13] – [0:25:42] Advice for getting started in real estate investing through mentors
- [0:25:42] – [0:28:23] Tips on property selection, location factors, and active vs passive strategies
- [0:28:23] – [0:31:03] Importance of vetting partners, operators and building strong support networks
- [0:31:03] – [0:34:10] Emphasis on taking action, practicing real estate investing over just reading about it
- [0:34:10] – [0:36:58] Due diligence and creative problem solving in deals
- [0:36:58] – [0:40:10] Mistakes made due to lack of capital and partnership issues
- [0:40:10] – [0:43:37] Value of community for advice, support and accountability
- [0:43:37] – [0:46:17] Tax mistakes learned and importance of a holistic advisory team
- [0:46:17] – [0:49:13] Passion for real estate creativity and frustration with lack of it in medicine
- [0:49:13] – [0:53:37] Building the Wealth Builders community for women professionals
- [0:53:37] – [0:56:50] Summary of wisdom shared and Felicia’s journey as physician and investor
Myth Buster: Rethinking Traditional Paths to Success
One common myth that Felicia aims to dispel is the traditional view of career and financial success. Many are taught from a young age that the path is to go to school, get a good job, work hard for a paycheck, and save diligently for retirement. However, Felicia’s journey shows there are alternative routes that can lead to greater fulfillment, impact, and ultimately more freedom and choice in how one lives their life. Through real estate investing, she found a way to design her own success timeline rather than feeling confined to societal or familial expectations of what a career should look like. By sharing her story, Felicia hopes to empower others, especially women, to challenge limiting beliefs about their potential and redefine prosperity on their own terms.
