Side Hustle Spotlight 1.13.19

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

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When those big paychecks start rolling in, every attending has to make a choice.  Do you succumb to lifestyle creep, or do you invest in another type of Luxury Items.  Paying off student loans, pre-paying your mortgage and affording to cut back your work hours are my kind of luxuries.

We also had a few laughs this week cruising through The Doc Lot.  Medicine is all about pattern recognition and those patterns spill out into the parking lot.  Do these descriptions sound familiar to you?

One of those luxury items I discussed was pre-funding a backdoor Roth IRA.  This will be the 7th year I’ve taken advantage of this loophole and at this point it’s on autopilot.  Concerned about how to do it?  Fear not!  Physician on FIRE  has written Vanguard Backdoor Roth 2019:  a Step by Step Guide to talk you through it.  He walks you through each step with handy screen shots to go along.

Maybe you planned on knocking out that Roth on January 2nd but life got in the way.  Kpeds of Pediatrician Finds FI  recently shared what’s been going on In Real Life. We often feel immune to the illness we treat, but when it’s your toddler with the head injury or your parent with the pelvic fracture we suddenly snap back into reality. It’s a scary world out there and being a doctor doesn’t give you as much protection as you wish it did.

Parenting is the toughest job I’ve ever had (and the best).  The Frugal Physician knows that for Docs Planning Pregnancy there’s no ideal time to take that leap – only a “best worst time”.  I won’t pretend to know what it’s like to be a female physician and deal with the added pressures and stigmas of pregnancy.  What I can tell you is that picking the perfect time to become a parent is like picking the perfect time to jump out of an airplane.  At some point you need to do what’s best for you and your family.  Like Frugal Physician says:  “Your coworkers won’t take care of you when you are old and crippled. Your babies will.”

I relate to Doc G of DiverseFI for many reasons.  He’s a family guy who has reached financial independence by working both hard and smart (and finding lucrative side hustles along the way).  Six Weeks Out describes what happens when a recovering workaholic suddenly works a humane schedule.  “A part of me had definitely disappeared over the years….It didn’t go anywhere. It was simply waiting for an opening.”  I think a lot of us can relate to that feeling.

Speaking of bloggers I can relate to, Crispy Doc has had a banner week.  First he showed up on Xrayvsn’s Xray Beam series, and then he was featured on the White Coat Investor Podcast!  If you’re like me, you enjoy getting to know more about the people who write your favorite blogs.  These interviews give you a better sense of how C.D. became the thoughtful, witty doc blogger he is today.  Check them out!

This week on Doctor of Finance MD, Vagabond MD told Hatton1 that he has a side hustle!    I can’t believe it!  The internet-famous face of FI and working part-time has picked up a second job.  I don’t know whether to feel proud, confused or concerned.  All I know is that if Vagabond MD can be tempted by a second income stream, all of you can side hustle too.

The Physician Philosopher is done with having to choose between work and life. That’s why he Adopted the “Hell Yes” Policy. If an opportunity comes up at work and it doesn’t make him say “hell yes”, he declines the offer. I’m a firm believer in the “F No corollary”. If someone wants me to do something at work that does not directly lead to me making more money, I smile politely and say “F No!” You should try it sometime.

Winter is here and I’m over it. Every cold gray January I am reminded of the most effective advertisement I ever saw. It was a tourism ad with a picture of a white sand beach and the simple caption “Winter is a choice.” I can’t wait until I can choose tropical winters. Stay warm and check out all these great articles to get you through the week.

Keep hustling,

Side Hustle Scrubs

 

sidehhustlescrubs

11 thoughts on “Side Hustle Spotlight 1.13.19

  1. Thanks for linking the Vagabond article. He considers the new part-time position his dream job. We will all be following his journey to wherever he chooses to go.

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  2. Thanks once again for highlighting my piece. For full disclosure, I consider the new gig to be a second, part time clinical job. If all works out as planned, it will replace the current part time clinical job in a couple of years.

    As for side hustles, I am in my third year of a medical directorship and fourth year into a consulting project that, combined, paid me about $25k last year. Before that I was fairly active in medical legal consulting. I have had a side hustle longer than you have been writing about side hustles!

    Nice roundup, as always. The car piece was lots of fun to read. One goal I have for 2019 is to have a guest blog on SHS. We will have to put our heads together and come up with something humorous and informative.

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  3. Appreciate the mention SHS. Completely unplanned and wild coincidence that my interview and white coat’s podcast on crispy doc dropped the same day. He was definitely burning it up 😂

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  4. Appreciate the encouragement, SHS.

    I’d never suffered from sufficient media attention that I felt a need to coordinate folks nice enough to offer me their platform. Now that my 15 minutes are up, I like to think I can get back to the business of helping the misfits of medicine connect, recover, and create that many more choices in life by getting their financial lives in order.

    Grateful to Xrayvsn and WCI for the chance to spread the message of financial literacy as a balm for burnout.

    And thanks to you, SHS, for being the Burgess Meredith character cheering me on when I’m in the ring like I got to be this week. Means more than you can know.

    Fondly,

    CD

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