The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about medicine, side hustles and personal finance.
Christmas is almost here and this week we discussed Money Lessons From Your Favorite Christmas Movies. Whether you’re learning about minimalism from the Grinch or the dangers of leverage from It’s a Wonderful life, there are financial gems everywhere you look. What is your favorite Christmas movie?
People will do a lot of things for money, but we all have our limits. I Would Do Anything for Love (of money) …… But I Won’t Do That. is a look at some of the side jobs I will never try. Some don’t fit my personality and some just seem unethical. Where do you draw the line?
Part of the reason I enjoy exploring side hustles is that it allows me to bulk up my retirement savings. If I haven’t convinced you to Stash Your Cash in a Solo 401(k) or Supercharge Savings With a Cash Balance Plan maybe you’ll listen to Passive Income MD. His post on Using Side Income to Fund Multiple Tax Advantaged Retirement Accounts is a good overview of all the extra retirement accounts available to side hustlers.
This week Physician on FIRE featured a guest post entitled Physician Retires Early and is Met With Scorn. The author details his decision to retire early and the reaction he got from both patients and coworkers. His colleagues were supportive, but the patients were downright angry and let him know about it. As I was reading the article I thought, “how nice that fellow physicians supported his decision”. Then I read the comments section. Do you think doctors have a moral obligation to keep practicing medicine? Read the article and the comments section and tell me what you think.
Crispy Doc continues his Docs Who Cut Back series, and this time Vagabond MD gave us the Director’s perspective. Solving people’s pain points, finding allies, knowing the job market, making it temporary and leaving some money on the table are great ways to convince your coworkers to let you cut back. Would you expect anything less than sound advice from Vagabond MD?
Wall Street Physician featured a guest post from Dads, Dollars, Debts on a topic he knows painfully well. Home Insurance 101 (From Someone Who Lost His Home) goes over the different parts of a home insurance. If you’re like me, you’ve never actually read your 100 page insurance policy. This post motivated me to contact my agent and learn more about my coverage.
You would think that earning a high income would ensure a secure retirement. Unfortunately, a surprising number of doctors are woefully under-saving. If you’re making hundreds of thousands of dollars a year and can’t figure out why you’re not getting closer to financial independence ESI Money has a message for you: It’s the Spending, Stupid. “Live below your means” is great advice, but I prefer something more direct. “It’s the spending stupid” should be the title of a mandatory med school finance class.
I’m a visual learner. There are few people who create better visual learning tools than Four Pillar Freedom. I was already an admirer of his Early Retirement Grid, which is a sleek and simple way to countdown your years to financial independence based on your income and annual spending. Just when I thought it couldn’t get any better, he created the Adjustable Early Retirement Grid. Now you tinker with your starting amount, rate of return and goal savings to create a more personalized projection. If you’re counting down the days to freedom, this post is for you.
This week’s prize for most creative post goes to The FI Way for their FIRE Crossword Puzzle. I’m a sucker for crossword puzzles and this one features all your favorite personal finance terms and bloggers. Check it out and see how well you do.
Whether you celebrate Christmas, Hanukkah, Kwanza or Festivus, I hope Amazon has helped you avoid human contact or putting any real thought into your gifts this year! I also hope you enjoyed these great posts as much as I did.
Side Hustle Scrubs