In this insightful conversation, Dr. Ryan Smolarz, a Virgin Islands-based ear, nose, and throat surgeon, shares his journey from medical school to serial entrepreneurship. His story highlights the transformative power of shifting from a consumer mindset to one of investment and problem-solving. This blog will delve into the highlights of our discussion, with bonus insights on actionable steps for anyone looking to pivot toward success.
Meet Dr. Ryan Smolarz
Dr. Ryan Smolarz has practiced medicine for over 25 years. By day, he is a skilled surgeon; by night, he is a serial entrepreneur and investor with a passion for teaching others about financial freedom and entrepreneurial grit. His unique career path reflects his belief that the principles of sound investing are life-changing.
But Dr. Smolarz didn’t learn these skills in medical school or residency. It wasn’t until 2017 that he realized he needed to educate himself about personal finance and investment. This realization sparked a journey that would transform his mindset and lead him to build a successful portfolio centered on self-storage facilities.
The Turning Point
Dr. Smolarz candidly shared how his journey began with a startling realization:
“I woke up one day and realized I didn’t even know where I banked. That scared me.”
This wake-up call came as he considered the future for his growing family. Soon after, he enrolled in a business school, where a key moment changed everything. During his first intensive session, the light bulb switched on:
“I realized my headspace was filled with material possessions, and I wanted to focus on solving problems instead.”
This mental shift was pivotal. By replacing a consumer mindset with one centered on value creation, Dr. Smolarz discovered an entirely new way to think about wealth and purpose.
Discovering Self-Storage
One of Dr. Smolarz's most impactful ventures came from what he calls a "serendipitous podcast moment." He learned about self-storage, often referred to as the simplest asset class in commercial real estate:
“Self-storage is a concrete slab in a metal box. People love their stuff—they’re not getting rid of it.”
His passion for this industry stemmed from its resilience, simplicity, and potential for long-term growth. As he dove deeper into the business, he also developed a mission to help other medical professionals become educated investors.
The Power of Mindset
A key theme throughout our discussion was the role of mindset. Dr. Smolarz emphasized the importance of surrounding yourself with like-minded individuals:
“You are the average of the five people you spend the most time with.”
By joining masterminds, engaging with business leaders, and listening to entrepreneurial podcasts, he began to reshape his beliefs.
“The world reflects what you believe. If you believe opportunities abound, doors will open.”
Advice for Aspiring Entrepreneurs
Start with Education: Dr. Smolarz advises aspiring entrepreneurs to first educate themselves. For those interested in real estate, start small by joining a team or becoming a limited partner in a deal.
Invest in Relationships:
“We’re not in the commercial real estate business; we’re in the relationship business.”
Building connections with mentors, masterminds, and fellow entrepreneurs can provide invaluable support.
Shift Your Beliefs: Challenge limiting beliefs and adopt a growth mindset. Believe in your ability to succeed, and the universe will align with your goals.
Bonus Content: Dr. Smolarz’s Top Resources for Building Wealth
If you're ready to take the first step, here are some resources recommended by Dr. Smolarz:
Podcasts:
Real Estate Syndication Show
The Mindset Mentor Podcast
Books:
The Millionaire Next Door by Thomas J. Stanley
The Psychology of Money by Morgan Housel
Networking Groups:
Look for local real estate investment associations (REIAs).
Consider joining masterminds or online communities in your chosen field.
Courses:
Enroll in beginner courses on platforms like Coursera, Udemy, or LinkedIn Learning to learn real estate or financial basics.
Final Thoughts
Dr. Smolarz’s story is a testament to the power of education, grit, and belief in oneself. His transformation from a physician with little financial knowledge to a thriving entrepreneur proves that it's never too late to pivot toward success.
If you're ready to make a change, take inspiration from his journey. Begin with small steps, seek out mentors, and, most importantly, adopt a mindset that sees challenges as opportunities.
What’s your next move toward success? Share your thoughts in the comments below!
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