The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about medicine, side hustles and personal finance.
This week we were lucky to have Millionaire Doc on the Side Hustle Sit Down. He discussed his side hustle in teleradiology and how it differs from his day job. The internet is an amazing thing. Between Amazon Prime and side hustles that allow you to earn doctor money working from home, it’s a great time to be alive.
We also discussed Supply and Demand. The higher the concentration of doctors in a state, the less they get paid. The fewer the docs, the bigger the paychecks. Have you ever moved to a high demand area to boost your salary?
Physician on FIRE wrote about The Marginal Value of the Backdoor Roth: Is It Worth the Trouble?. My gut instinct was “of course it’s worth the trouble!” When you actually run the numbers though, it turns out you’re only saving $50 a year for every $5,500 saved. Considering how easy it is to do, I still think it’s worth the effort. Especially when the end result is a million dollar pile of tax free money.
It finally happened. Xrayvsn had to have “the talk” with his daughter. You know…..the uncomfortable talk about where do OB/Gyns come from. Like many physicians, Xrayvsn has a child who wants to become a M.D. It got me thinking about how I would approach the topic with one of my kids. We all knew someone in med school who did it for the wrong reasons. I wouldn’t want to push my kids into this career, but I wouldn’t discourage them either. How would you handle “the talk”?
The White Coat Investor shared a letter from a reader this week that gave me hope. A Dentist’s First Class Retirement Living WCI Principles tells the story of a dentist who accumulated a “low 8 figure net worth” and now has a retirement budget of $400k/year. I always thought joining the Boglehead 2 comma club (crossing 1,000,000 in net worth) was exciting. When you hit the 8 figure club, you’re really breathing rare air. Do you think you’ll hit the 8 figure club before hitting the eject button?
Millennial Doctor delivered some tough love to a patient and ended up teaching herself. In You Know Your Job is Killing You, Right? she talks about a patient who uses his stressful job as an excuse to ignore his health problems. How often have you used your medical career as an excuse to not get enough sleep, eat unhealthy, drink too much or skip the gym? If we doctors can’t follow our own advice, how can we expect our patients to?
Dr. Linus from Dads Making Cents has a timely post on Taming Your Market Cycle Emotions. As the market cycles between boom and bust you will experience a wide range of feelings. It is important to have a written plan so you are not tricked by euphoria or fear. Go check out the post for tips on keeping your emotions in check.
If you want to get something done, just ask a busy person. Doc G of DiverseFI ponders Early Retirement and the Efficient Time Frontier. When you’re busy doing a million things a day, you somehow manage to fit it all in. Once retired, time somehow slips away from you and penciling in coffee with a friend becomes harder than you would imagine. I am physically incapable of doing nothing, so I picture my retirement staying busy with new hobbies. Will you slip into the retirement time vortex?
Dr. Cory Fawcett is an accomplished physician and side hustler extraordinaire. What happens after a career of successful earning and investing? You can Stop Putting Money In Your Retirement Plans. Although it’s hard for me to imagine passing up a huge tax break, I understand that once you have “enough” there is less utility in saving more. For a workaholic like me, retirement will require a 12 step program. If going part-time is the first step, stopping my retirement plan contributions might be step 2.
Accidental FIRE never fails to make me laugh. I know that everyone thinks their horoscope describes them, but his latest Your Money Horoscopes hit close to home. Your future will definitely be looking up after reading this post.
Halloween is upon us, which gives me another opportunity to teach my children a valuable money lesson: if you spend $50 on a costume you can walk in 40 degree weather to get $5 in free candy from strangers. I might be doing this parenting thing wrong.
Side Hustle Scrubs