The Side Hustle Spotlight is a weekly roundup of interesting posts and articles about medicine, side hustles and personal finance.
This week I was haunted by the Ghosts of Christmas Future. Some doctors can’t wait to retire, while others need a spooky wake up call. Have you or a colleague ever been visited by one of these ghosts?
Working in an emergency department gives you front seat view of humanity. In between the critical care and the B.S., you will do a lot of laughing. One of the greatest sources of laughs comes from the crazy things patients say. Dr Rada Jones gave us a sampling in Patients Say the Darndest Things. Have you ever heard any of these from your patients?
It is amazing that physicians can be in the top 5% of American incomes and still live paycheck to paycheck. Unfortunately, it’s more common than you think. White Coat Investor shared 8 Ways Doctors Go Broke. Whether it’s divorce, failed practices, frequent job changes or bad investments there are plenty of ways a doctor can jeopardize their wealth.
Wealthy Doc knows that investing is simple, but not easy. In Build Wealth From Nothing he discusses the three simple steps to become financially independent: spend less than you earn, invest the surplus and avoid debt. I’m a sucker for Boglehead simplicity, and this post has Boglehead bait written all over it!
Dr Cory Fawcett is an expert in eliminating debt and building wealth. He recently shared Eight Great Reasons to Begin Eliminating Debt This Year. I can honestly say that I’ve never one regretted paying off debt early. If you’re up to your elbows in loans, read this post and find the motivation to dig your way out.
Doc G from DiverseFI hit a new personal milestone. In External to Internal he talks about how he recently turned down an easy side hustle that landed in his lap. Having reached financial independence, he is shifting his energy away from external motivators. I’ve always considered the independence in financial independence to mean no longer needing to work for money. I now think that the true independence occurs when you are no longer tempted by the money itself. Could you resist an easy payday?
The pursuit of financial independence isn’t all puppy dogs and rainbows. The Physician Philosopher wrote about Three Ways Financial Independence Can Harm Us. He argues that pursuing FI magnifies the bad parts of your job. He also points out that working too much can lead to burnout and realizing how distant your financial goal is can be depressing. What do you think? Have you ever been harmed from chasing FI?
Xrayvsn put Physician on FIRE through the Xray Beam this week. In this two-part series we learn more about PoF’s journey to becoming the man, the myth and the legend. He discussed how he chose anesthesiology, the origin and growth of his blog and life after medicine. In typical PoF fashion, he ends the interview with some solid advice to aspiring bloggers.
New Year’s Eve is tomorrow, which means it’s time to start brainstorming some new year resolutions. I think I’ll resolve to read more of these great posts in 2019.