The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about physician side hustles and personal finance.
This week I asked you How Big is Your Package?. Benefits come in all shapes and sizes. Some people focus too much on salary or hourly rate, rather than look at the big picture. In my experience, anyone who brags about their high hourly rate is trying to compensate for a tiny package.
We also discussed Money Antiheroes. Sometimes the best motivation to get your financial house in order is interacting with a financial train wreck. These antiheroes play an important role in steering us away from danger, even if they couldn’t protect themselves. Have you thanked a money antihero today?
Vagabond MD has spent too much time alone in the dark reading room. Miss Bonnie MD even caught him talking to himself again. A Conversation with my 1998 Self looks at some of the financial decisions he regrets from his early career. There are some lessons that have to be learned the hard way. Take 2018 Vagabond MD’s advice and avoid some of the money mistakes he made in 1998.
The Physician Philosopher had a great post entitled The Road to Burnout Helped Me Find My Purpose. Between the depersonalization that occurs during medical training, the disillusionment that occurs as an attending and the false promise of consumer culture it is easy to understand why many physicians feel burnt out and trapped. Luckily there are doc bloggers like TPP who have a passion for showing us an alternative path.
Speaking of burnout, Doc G of DiverseFI says that Doctors are Fleeing Abuse. Med students and residents go through years of systematic abuse before mastering their craft. When they finally reach the promised land they begin having their autonomy stripped away. You can’t blame physicians who flee for a better life.
Xrayvsn talked about the original hustler – Uncle Sam. In Uncle Sam Worse than Bernie Madoff he discusses why Social Security is the ultimate pyramid scheme. After reading this history lesson on ponzi schemes I was proud that my wife and I have done our part to broaden the pyramid by having 3 kids. Let’s keep this scam going another generation!
Passive Income MD shares some times on How to Avoid FOMO When Investing. It’s ironic that of all people who could have written this post, it comes from the person who is the #1 source of my FOMO (fear of missing out). As a die-hard Boglehead, I love boring low-cost index funds. Every time I read a PIMD post (which is a lot) I get tempted to jump into real estate. Maybe I can use these tips to reel in my fears.
Part of my hesitancy to jump blindly into real estate is it takes a lot more effort to do your due diligence to prevent being ripped off. I’m not sure I would even know where to start or which questions to ask. Luckily, Millionaire Doc wrote Real Estate Crowdfunding Due Diligence: Evaluating the Sponsor Part 1 and Part 2. I have bookmarked these posts and plan to refer to them if I ever dip my toes in real estate investing.
Dr. Adam Stern MD wrote a fantastic article in JAMA entitled The Giving Body. This article was great for so many reasons. It brought back vivid memories of anatomy lab in med school. It describes in great detail the personal experience of a young physician battling cancer. To top it off, the last paragraph is a real tear-jerker.
I hope you enjoyed these great posts as much as I did.
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