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