The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about medicine, side hustles and personal finance.
This week we talked about Doomsday Prepping. There are many things that can threaten your income. It can never hurt to think ahead and come up with a plan B (or C, D and E). How are you preparing for a financial reckoning?
We also talked about The 10 Types of Side Hustlers. We all have different reasons for pursuing extra income. I’ve been at least 4 of these types at different points in my career. Which one are you?
Crispy Doc continued his great Docs Cutting Back series with another internet famous doc – Hatton1. OB/Gyns have some of the most grueling schedules. I can think of few specialties that would benefit more from cutting back. I always enjoy Hatton1’s perspective as a late career physician and I bet you will too.
Speaking of Hatton1, she was one of four docs involved in a great series this week called “If you could see medicine through my eyes”.
Xrayvsn created the concept of this group post and led the way with the Generation X perspective. He discusses missing the “golden age of medicine” his father experienced and the respect that came with it. He witnessed the commoditization of medicine and the technology boom first hand. Xrayvsn admires new physicians’ focus on lifestyle, although he worries about increased student debt in the face of lower reimbursements.
As the newest to medicine, Wall Street Physician gave us the resident perspective. He talks about the shifting economics of medicine. Longer training with higher debt is a recipe for danger, but physicians can still make a great living as long as they don’t make too many financial errors along the way.
Millennial Doc represented the fresh attendings from the millennial generation. I loved her analogy of the frogs in the cauldron. Older physicians benefitted from the gradual decay of autonomy whereas newer docs were just thrown to the fire. She’s also right about the palpable loss of community between millennials and older generations. I think that’s partly due to the fact that older docs see new docs as workhorses that will allow them to cut back. They end up being surprised that the millennials don’t want to wait until they’re 50 before pursuing work/life balance.
Hatton1 rounded out the bunch with her experience as a baby boomer. She’s spot on when she says that everyone thinks the golden age of medicine was 15-20 years before they started practicing. Her predecessors didn’t have to worry about complicated insurance rules, board certification or Stark laws that allowed physicians to self refer their way to wealth. Her total student debt was $29k! She also made a good point that high debt levels are causing millennial docs to choose higher paying hospital employee jobs up front at the cost of sacrificing even higher paying self-employed jobs down the road.
I liked everything about this collaborative series. While I enjoyed their takes on their own age group, I really enjoyed their takes on those younger and older than them. Go check them all out and tell me what you think.
Want to make a big change in your life? It all starts with having a vision. KPeds and his wife have already started picturing how they want their FI life to look a decade from now. This week on Pediatrician Finds FI he wrote about 10 Years Later. It inspired me to start thinking about my future more in terms of lifestyle and less about dollars saved. Where do you see your life 10 years from now?
I know where I see myself in the future – reading Accidental Fire‘s Turnip Fire. With Black Friday looming he wrote Walmart Prepares Greeters for Black Friday with Bear Proof Kevlar Suits, Emergency Flairs. If you’ve ever experienced Black Friday madness, you know how realistic this funny post is.
This weekend I spent 3 glorious childless days with my college friends in sunny Tampa. It’s the most relaxed I’ve felt in months and it’s a good reminder that there is life outside of work and family obligations. (It’s also why the Spotlight is a day late). Wherever you spent your weekend I hope you enjoyed these great posts as much as I did.
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