Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
For a long career, make medicine your hobby.
What do I mean by that? As most doctors know, the world of medicine is changing. Even though you earn well, a doctor's financial situation can quickly become untenable. For one, student loan debt is increasing, averaging $250,000.
With reimbursements declining by up to 10-20% each year, it has become more difficult to climb out of this financial hole. Then there is our decline in autonomy – from administrative micromanagement to burnout to lack of job security. The biggest worry is often losing our jobs.
Medicine was no longer what it once was: the path to security and financial freedom we had hoped for.
But what if you could pursue your medical career on your own terms? What if you didn't fight for extra shifts to make ends meet, but instead decided when and where you wanted to work? What if you could work for the pleasure of being a doctor instead of being trapped in the financial rat race?
If you're feeling burnout, financial stress, or a lack of autonomy, complement your career with a side hustle – entrepreneurship. Not only can you achieve your financial goals; But it can also provide a sense of fulfillment, purpose, and control to pursue medicine like a hobby, on your own terms, for as long as you want.
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Enter the side business
The idea of a “side hustle” or “side gig” is becoming increasingly accepted in the medical community. To qualify as a side hustle, it must be something you can initially start doing while pursuing your primary job as a doctor.
Is it easy to achieve success when looking for a side hustle? Ultimately, I believe that side hustles start with the right mindset. If your determination is strong enough, you should succeed. Let's not forget: your drive was strong enough to become a doctor, so you already have a lot.
Side hustles aren't for everyone. But it's also true that everyone can have one. In my opinion, many people who would otherwise be successful never pursue entrepreneurship because limiting beliefs get in the way. As I have written before, there are many real and mental obstacles that you may have to overcome along the way.
The most pervasive feeling is that we don't have enough time. When we work 50-80 hours a week, it can definitely feel that way. However, if you take a time inventory and outsource your work, you will find enough time to pursue your business interests.
Others I talk to feel like they lack experience and aren't enough of an expert. The truth is that many successful business owners had little to no expertise before starting their business. You figure things out as you go. Since doctors are some of the best students in the world, I trust that you can learn something quickly.
By nature, doctors are risk-averse people, and the other major obstacle standing in their way is “minimizing risk” by never starting. However, the risk of inaction probably outweighs any other risk, as not trying at all will not secure the future of your dreams.
If you believe that a side hustle can make a positive difference in your life, you need to ask yourself this: Do you allow obstacles and obstacles to get in your way? If so, identify them, overcome them and get into the side hustle. You will not regret it.
Are you interested in finding your side hustle? SUBSCRIBE TO OUR PODCAST AND TUNE IN:
#76 How To Find Your Side Hustle, feat. Dr. Peter Kim
Part-time employment options for doctors
There are many ways to start and grow a business or supplement your annual salary through freelance work or self-employment. That's a good thing, because as far as I know, doctors usually have very different interests.
Do you want to make child-safe tableware? Go out and do it. Do you want to be a freelance medical writer? Try it. Do you want to become a YouTube influencer in the medical field? I believe in you. Do you want to invest in real estate? I've got your back. Do you want to invent revolutionary medical devices? Don't doubt your abilities. There are countless options tailored specifically to your interests and passions and don't have to be limited to medicine.
Here is a non-exhaustive list of side hustles that doctors can use to supplement their income.
Non-clinical work with your medical degree
- Retail consulting, for example as a consultant for a retail or cosmetics company
- Physician advisor
- Starting a remote, non-clinical telehealth services company
- Reviewer
- Chart/workload review
- Review health insurance claims or disability insurance assessments
Training
- Write a book or e-book
- Start a blog or podcast
- Create an online course
- Medical expert or social media influencer
- Film/TV/Media Consultant
- Start a YouTube channel
- Coach athletes on training and nutrition
- Education about losing weight
- Health and wellness education
Property
- Invest in direct ownership of rental properties
- Invest in private equity real estate funds
- Rent out your property through Airbnb
- Invest in tax liens
- Get your real estate license
Pursue
- Purchase a franchise
- Straight to Consumer Products: Start a business around a product you design
- Affiliate marketing
- Create an online store
- Make an invention and patent it
- Create an app
- Patent a medical device idea
- Become a freelance editor for medical journals
- Start a Medi Spa
- Start an aesthetics clinic
- Open a private practice after hours
- Create your own skin care line
Don't miss this Leverage & Growth Summit THIS WEEK is a unique event specifically tailored for physicians exploring 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.
Set up your side hustle and live life on your own terms
Becoming an entrepreneur can be as easy as purchasing a business license or a website domain. But if you're starting a business that relies on getting the word out to grow your customer base, things can become much more challenging. Your needs will change depending on your side hustle, but if you're willing to put in the effort and take action, you can turn your side hustle into something more than just extra income.
Could your side hustle create work-life balance in your medical career? Could your additional income eventually replace your doctor's income? Will there be a lot more side hustles (and a lot more sources of income)? These things are up to you.
Depending on what your goals are, the upside could be huge. In any case, side hustles allow us to live life on our own terms.
No matter your path, we here at Passive Income MD are here to support you on your journey to financial freedom. Join one of our many communities and attend one of our many annual events to connect with thousands of like-minded people who can provide valuable insight into how to best implement your entrepreneurial ideas.
Until then, stay inspired to pursue your side hustle!
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.
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Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
