Side Hustle Spotlight 12.2.18

The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about medicine, side hustles and personal finance.

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This week I compared aging physicians to the Rolling Stones in Keep On Rockin’.  Some doctors have trouble walking away from the money, respect and camaraderie of medicine just like Mick and the gang can’t help going on one more tour.

Easy money comes at a cost.  In All Work and No Play I discussed the downsides of taking on extra side jobs.  Replacing free time with side hustles means less time for rest, exercise, family and replenishing your empathy.  The more you hustle, the easier it is to spot more opportunities.  Make sure you have a plan to maintain balance in your life.

Miss Bonnie MD knows that balancing work, family and fitness is a challenge.  That’s why she Hired a Part-Time Wife.  I don’t have much desire for material things, but the one thing I appreciate about being wealthy is being able to buy things that free up my time.  Nannies, cleaning services, home delivered meal kits and landscapers (although all expensive) are worth every penny.  What’s the point of making all this money if it doesn’t make your life easier?

Physician on FIRE recently wrote about One World Surgery: My Week in Honduras on a Medical Mission.  The thing I liked about this medical mission is that the entire family is involved.  PoF brought his wife and sons along for the week, and I think it is a great opportunity to give kids a new perspective.  Have you ever dreamed of going on a medical mission trip?  Check out the post and see how you can join PoF in 2019!

The Physician Philosopher almost got himself a brand new side hustle.  After spending so much time helping residents and fellow physicians with their finances, it only seemed natural that he would get some formal certification.  At the last-minute he decided not to become a financial advisor.  As much as I would have enjoyed reading about the new side job, I think he made the right decision.

Crispy Doc cracked the code to part-time work and he wants to share it with you.  In Strategies for Cutting Back:  Group Policy Change he lays out the blueprints for how he convinced his democratic group to offer part-time options to its employees.  I could see my democratic group using a similar blueprint.  It would allow us to attract parents of young children as well as retain partners nearing retirement who no longer desire full-time hours.  Read his post and see if it would work for your group.

Xrayvsn wonders What if Everyone in the World FIRE’d?  It takes a certain level of drive and determination to achieve financial independence, and that drive can be difficult to shut off.  What if Thomas Edison or Elon Musk called it quits after saving 25x annual expenses?  Clearly there are some entrepreneurs whose motivation to work goes beyond a paycheck.

White Coat Investor has taught a lot of physicians over the years.  What happens when you follow his advice for a couple decades?  You end up with enough money.  This week he wrote 6 Tips for Those Who Have Enough.  I enjoyed this post because it gave me something to look forward to.  I may not have “enough” just yet, but the path to get there is getting clearer all the time.  Like many of WCI’s posts I’m going to tuck this one away to reference in the future.

Stacia Dearman MD, founder of Thrive, wrote an article recently that I can really relate to.  Breaking Our Silence Around Malpractice Litigation discusses the impact of a malpractice suit on a physician.  There is shame and self-doubt that occurs when you are sued, and it can impact how you see yourself.  She discusses how talking more openly about these topics can have a healing effect.  It inspired me to start working on a new post about my own experience.

ESI Money has interviewed 100 millionaires and learned a lot.  He shares 13 Surprising Facts from 100 Millionaire Interviews and What We Can Learn From Them.  I think many of us have a lot in common with these subjects.  They have high income, they invest most of it, they keep investment costs low, find multiple income streams and love to splurge on travel.  Check out the post and see how much you have in common with 100 millionaires.

December is here, which means my doorstep looks like an Amazon distribution center.  With all the hustle and bustle of the holidays I hope you find time to read these great posts and enjoy them as much as I did.

Keep hustling,

Side Hustle Scrubs

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