The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about medicine, side hustles and personal finance.
This week I discussed one of the few things I would consider myself an expert on – maximizing my income. Eat What You Kill: My Secret Recipe is a list of the top 10 tricks I have used over the years to remain the most productive doc in my group for 8 straight years. Whether you’re an ER doc or not, there are lessons to be learned from this post.
Story Time is how I envision Dr Seuss would write about personal finance. I had a blast writing it, and I hope you had fun reading it. Which story was your favorite?
Crispy Doc has started a new interview series entitled Docs Who Cut Back. He interviews physicians who have rejuvenated their career by cutting back on hours or simply cutting back on the undesirable parts of the job. I can think of no better first guest than Vagabond MD. He shares how he recharged his career and boosted his productivity by going part-time. As an added bonus he also reveals his non-clinical side hustle!
The whole concept of “docs cutting back” is sacrilege in some circles. Physicians face a lot of pressure to give everything to their career. Sometimes reality checks can come in 4 simple words. Pediatrician Finds FI shared the Four Words that gave him perspective – “it’s just a job”. Such a simple statement can be very freeing. For some docs, it frees them of the guilt of wanting to cut back or walk away. For other docs (myself included), it frees them of the guilt of treating this career for what it is – the most effective way to make hundreds of thousands of dollars a year. Do you see medicine as “just a job”?
The Physician Philosopher has been on fire recently! He recently wrote a guest post for MD Magazine: Are Financial Advisors Giving Physicians Conflicted Financial Guidance? He points out the several ways conflicted financial advisors shouldn’t be so quick to criticize financial bloggers. Those in commissioned AUM houses shouldn’t throw stones! Go check it out and see if you agree.
TPP isn’t the only one defending FIRE bloggers this week. Physician on FIRE talked about how Mainstream Media Misses the Mark on the FIRE Movement. Believe it or not, people interested in FIRE come in all shapes and sizes. We’re not all penny pinchers eating brown bananas. Some of us prefer plantains!
When you work in a high risk specialty like emergency medicine, the threat of being sued is always looming. White Coat Investor recently wrote about How Not to Get Sued. It turns out that most traditional advice (smile, sit down, be nice) doesn’t make a big difference. In fact, WCI argues that being sued is a crapshoot. Having been involved in a lawsuit I can assure you that it does in fact feel like being shot with crap.
The one thing you can do to decrease your risk of being sued is simply to work less. Not everyone has the luxury of simply cutting their work hours (and income). Dads Dollars Debts discussed the benefits of being financially secure. He is currently on a 2 month break between jobs, which is the longest he’s had off work since the 7th grade. Money may not be able to buy happiness, but it can buy you options. Slow traveling through New Zealand before spending the holidays off work sounds an awful lot like happiness to me.
Doc G of DiverseFI is a jack of all trades. He is not only a prolific writer, but also a podcaster. This week he introduced his new podcast – What’s Up Next. In each episode he and Paul Thompson interview a guest panel to discuss questions that don’t have clear answers. Episode 1 asks Should Real Estate Be Part of Your Path to Financial Independence? If you listen to these nightmare stories and are still interested in real estate investing, you are braver than me. Episode 2 asks Must You Have a High Income to Achieve Financial Independence? I appreciated Passive Income MD‘s honesty when he admitted he wouldn’t take a 80% pay cut to work the world’s most fulfilling job.
Speaking of podcasts and paths to FI, Dr Carrie Reynolds turns the spotlight on herself on this week’s Hippocratic Hustle. She discussed leaving her full-time job for the locums life. Locums is definitely a way to make more money in less time, but it’s not always for the faint of heart. Did Carrie’s story inspire you to make the leap?
November is in full force. The leaves are falling, the air is crisp and I’ve started my annual tradition of fantasizing about spending half the year living somewhere tropical. I hope you enjoyed these great posts as much as I did.
Side Hustle Scrubs