Passive income was a foreign concept to me just a short time ago. And physician side gigs? Why in the world would a doctor want or need a side gig?
Now, though, I am a huge fan of passive income and side gigs, and I advocate for all physicians to pursue a side gig.
So, what happened? And what are physician side gigs?
Well, let me start out by saying that passive income is really a misnomer. Nothing is completely passive. What you are looking to do as a physician is to weaken the connection between your time and your money. You are used to trading your time for money. As a doctor, if you are not working, you do not make money. However, by creating “passive” income, your money makes more money that you then trade for your time.
And there are a ton of awesome advantages to physician side gigs — for example:
- Diversify your income so that a decrease in one income stream does not create financial stress
- Pay off your debts faster
- Utilize tax breaks to your advantage
- Exercise your entrepreneurial muscles
First, though, let’s quickly discuss what physician side gigs are not.
Side gigs are not endeavors to complicate your life or to take more time away from your family. Most doctors back away from thinking about a side gig because they don’t want to spend more of their time. But, by dismissing side gigs and passive income streams, these doctors do the exact opposite. They spend more time and effort in their doctor job before reaching financial freedom.
The important thing when deciding to pursue a side gig is to establish your long-term goals. My side gigs allow me to practice medicine on my own terms because I want to, not because I have to. They will give me more time with my family and for my personal well-being as they turn into passive income.
Let’s talk about the top five physician side gigs that any full-time working physician (like me) can realistically take advantage of!
1. Equity Investing
This refers to investing in things like stocks and bonds. And of course, I’m talking about passive income investing according to your set asset allocation with at least yearly rebalancing (refresher here).
But in terms of passive income, let’s focus on stocks. Many stocks will pay you dividends — and dividends are passive income. I recommend that you re-invest your dividends. That’s money making more money.
This is a huge advantage of equity and stock investing in addition to the capital gains that your stocks, bonds, and index funds will experience over time (assuming you are investing broadly in the overall …….
Source: https://www.medpagetoday.com/popmedicine/popmedicine/96242
