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The landscape of medicine is changing.
More and more doctors are looking for alternative ways to earn additional income. What is causing this shift? Growing dissatisfaction and burnout in practice, not to mention the financial burdens, such as: Student loans, such as student loans, mean that many doctors have to live paycheck to paycheck.
Whether they want to supplement their income or leave medicine altogether, more doctors are considering the benefits of a part-time career. For those unfamiliar with the concept, a side hustle is a job that you can start while working your job as a doctor.
Why are side hustles a good idea right now? In a changing medical landscape, they offer the opportunity to live life on your own terms.
And I lived that truth. A few years ago, I founded the company Curbside Real Estate while working as a senior physician. It helps doctors find doctor-friendly home loans for those who want to start their homeownership journey. This business idea led to many others, including Passive Income MD. Soon I was collecting multiple streams of passive income and living life on my own terms.
There are many advantages that you can unlock with a successful side hustle. Let's explore six reasons why you should start a side hustle today.
Table of contents
Diversify your income
Like most reading this, I thought my medical career alone would meet my needs and I would be set for life. Things didn't work out that way, and when the practice was bought out, I realized I wasn't as in control as I thought. All my financial eggs were in one basket and I felt stuck.
If you only have one source of income – your medical income – you are financially vulnerable. What if you lost it or if your refunds were significantly reduced? That would be a significant blow to your ability to pay for your current lifestyle and might even cause you financial stress.
However, if you diversify the incoming money with the different sources of income from side hustles, losing one source of income means you have the others to lean on. To put it simply, having multiple sources of income reduces your financial risk.
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Achieve financial freedom
As I mentioned above in the article, the medical field and the life of a doctor is not what it used to be. In response, a side hustle offers a way to earn additional income without sacrificing your primary medical practice.
But let’s think beyond the extra income. What kind of life do you imagine? And what number would you need to get there? You can achieve the financial freedom you need to answer these questions through successful side hustles.
What is financial freedom? Then you will feel free and can experience what you have always wanted without it having a negative impact on your financial future. Sounds good, doesn't it?
How many passive income streams should we have to achieve financial freedom? As many as possible! However, research has shown that millionaires have at least seven sources of income, and that is the number I recommend.
Diversify your identity
What does it mean to diversify your identity? Essentially, the more you grow by taking on more roles, the more you grow as an individual. Your identity will be much more than just a single job.
Think about it. Whether an accident or an unexpected change, what would happen if something were to happen and you lost your ability to practice medicine? For many of us it would be emotionally and financially devastating. We would feel like we have lost our identity.
Early in my medical career, I realized that I was just a doctor. If I lost that, I would lose myself. Now I am so much more. I am, among other things, a father, husband, investor, entrepreneur, business founder and owner, landlord, author, podcaster, blogger, speaker and employee.
These other qualities were made possible in part by the side hustles I pursued. Now if something were to happen and I lost my medical career, I would still have a lot of meaning in my other roles.
Pursue your passions
Life is short and time is our most valuable asset. Live your life by following your passions.
What passions and hobbies have you always wanted to try? Maybe you want to be an artist, a chef, a musician, an inventor, a designer, or something else entirely. You may want to pursue the profession of medicine in a way that does not involve a salary, such as as a missionary.
Side hustles give you the income streams you need to pursue your passions. They could also help you monetize your passions through entrepreneurship. When you are able to surrender to your passions, you become a more fulfilled person. Even better, a passion that turns into a side hustle could create a scalable income that has an overall positive impact on the world.
Revitalize your job
Deep down, most doctors become doctors because they want to help others. Side hustles offer the financial freedom to reinvigorate your work with the passion and autonomy that drew you to this career in the first place.
You have more power to avoid less-than-ideal working conditions and re-engage with the reasons you became a doctor. The overall positive impact of your part-time job on your mental health will be felt by your colleagues and patients.
When we are freed from our financial burdens, diversify our identities, and take the time to pursue our passions, we can approach our medical work with renewed energy and a new perspective. Practicing the medical profession can be fun again – a well-paid hobby.
Don't miss this Leverage & Growth Summit This winter will see a unique event specifically tailored to physicians looking to explore entrepreneurial and growth opportunities beyond traditional clinical roles. It is an enriching platform that offers inspiring keynotes from successful physician entrepreneurs, interactive workshops on various areas such as digital health and investing, valuable networking with like-minded professionals and insightful panel discussions on healthcare trends.
This summit is not just a conference; It's a movement to expand your professional horizons, strengthen your entrepreneurial spirit and connect with pioneers who are reshaping healthcare. Mark your calendar for a transformative experience that promises to redefine the intersection of medicine and entrepreneurship.
Give yourself more time
Side hustles not only provide you with multiple streams of income; They can also offer you the potential of a truly scalable income (depending on the situation) that can give you back your time. Let me explain what I mean.
As doctors, our time is tied to our money through our salary. We can predict how much we will earn in our career. This amount, plus any retirement savings, will last us through our golden years. But what if we could separate our time from our income through a side hustle? This is possible through scalable revenue.
Here is an example. When I invested in my first real estate syndication, I didn't receive my first sales check for a year. Even then, the first monthly check was pretty small. But developments soon accelerated considerably. Now the payment has increased to five figures per month and my only time commitment is making sure the checks come through. My time is not dependent on my income.
This income gives me the opportunity to take my life into my own hands, for example by freely choosing which shifts I want to work, spending more time with my family and taking longer vacations.
And there are plenty of side hustles that offer scalable income. Here is a list. Take back your time; This is possible with part-time jobs.
Your journey to financial freedom
For any physician feeling the effects of burnout, financial stress, or a lack of creative outlets, pursuing a side hustle is essential. Now is the time to respond to the changing medical landscape with actionable steps.
When you strive to achieve financial freedom through side hustles, you get exactly that: freedom.
The world is full of opportunity and there are support communities along the way. Consider attending the Passive Real Estate Academy, our annual Physician Real Estate & Entrepreneurship Conference (PIMDCON), or through our Leverage and Growth Accelerator Community. We are committed to helping fellow physicians create a life on their own terms, the life of their dreams.
It's time to live your best life, and we here at Passive Income MD are excited to support you on this journey. Until next time, stay inspired!
Peter Kim, MD, is the founder of Passive Income MD, creator of the Passive Real Estate Academy, and offers weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook Group.
further reading
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
