Side income is a wonderful thing for so many reasons. And usually when we, including me, talk about side income as a doctor, we are talking about ways to create massive amounts of side income. Often times, the goal is to replace our clinical income such that we could retire or practice medicine on our own terms. And these are fantastic goals. However, today I am going to be sharing my experience with a totally different side of side income. I'm going to be talking about how doctors can make and use micro income via their medical expertise.

What is micro income?

To be fair, I am making this term up. But the beauty there is that I get to make up the definition. So here goes:

Micro income is income that will not now or ever replace your clinical income, but will improve your financial well-being in small, “stackable” ways.

The reason I think this distinction is important is that too often I see doctors completely reject potential side gig opportunities because the reward or return is less than what they would deem significant enough to “change their lives.” This is a mistake for a few reasons.

First, these (let's call them) micro opportunities often lead to bigger, more substantive side gigs with more substantive side income. I'm not even really addressing that aspect of things in this post.

Second, every doctor should have a very clear understanding of what their time is worth. And expending extra energy for some very small reward is not worth it now or ever. But that is not what micro income is about. It's about spending a very minimal effort for a reward that, while still micro by definition, is way greater than the effort expended.

Earning micro income as doctors via our medical expertise

I've said before that the best side gig opportunities for doctors comes from using our medical expertise and the same goes for micro income.

The reason is that our medical knowledge is already engrained in us. There is no extra knowledge that we need to obtain before getting started. We are already ready to go.

Now, for more sizable side income opportunities like expert witness work, there is still some learning involved. Like how to market your services, how to bill, how to document your work and so on.

The nice thing about micro income is that there truly is no extra preparation needed. Because the best of these opportunities come from surveys and the best micro survey platform I have found is InCrowd.

How it works

The beauty is the ease. And all medical surveys are typically pretty easy to use. The problem with other, “non-micro” medical surveys is twofold:

1. You may not always qualify for the survey and get screened out, and
2. Many surveys do not have a well-adjusted reward:time spent ratio

InCrowd addresses these two issues pretty nicely with their micro surveys:

1. Getting screened out is rare, but if it happens you usually know after about 15 seconds AND you still get paid a small amount for your time, and
2. They are micro surveys; they don't take long at all – usually under 10 minutes, so the reward ratio is well-aligned

The whole process is pretty simple. You sign up and fill in your information like specialty, etc. so that you can match with appropriate survey opportunities. I will also point out that you can pick and choose what data to input. Even though everything they ask is pretty much publicly available (see below).

Then the surveys will start hitting your email inbox.

There are no called strikes so if you are busy and don't want to complete one it's not like you get pushed down a priority list for future surveys. But, when the timing works, you just click the link for the survey, spend less than 10 minutesn   taking it and then the money earned automatically gets added to your account immediately after.

Whenever you want, you can redeem your money as a gift card or via PayPal. Super easy compared to some others where you have to wait for a check to get mailed.

Using myself as a case study

Yesterday, I had two cases in the OR. Both of them were breast reconstruction cases so I waited during each case while the breast surgeon performed her portion of the operation before I could complete mine.

During that time, I had 3 micro surveys come my way and, in my down time, did them all. Each took 1 minute. And each rewarded me with $6.

For those keeping track, that comes out to a rate of $360/hour. Now, the rate I charge per hour for medical consulting is $500/hour. However, I will accept a $140 drop in rate to not have to actually speak to another person over the phone or on Zoom. I think most of you will agree!

And I only stopped at 3 because that is what was available at the time. That only ate up 3 minutes of the 4 hours of total waiting around I did that day. Imagine if I could have filled all those minutes with micro surveys; that would be about $1,500 in side income!

Even so, imagine going at that pace (3 minutes for $18) every day. That's an extra $500 in your pocket each month for an extremely limited amount of work, essentially taking less effort than scrolling TikTok.

That can have a real impact on your financial well-being!

7 ways you can use micro income to improve your financial well-being

Now again, I want to reiterate something. Will an extra $500 monthly propel you rapidly to financial freedom? No, it won't. But micro income can have a major impact on the financial well-being of doctors nonetheless. Enough so that I take time out to do this!

Micro income is all about extra fuel to reach your goals, not replacement for your main income.

Here are the 7 ways I have used this micro income:

1. Cover everyday expenses

For me, this is mainly gas. I hate paying for gas I think as a remnant of living in NYC without a car for 7 years. But, I feel a little better knowing that I am paying for it with my micro income. For many people, groceries will fit into this category as well.

2. Emergency fund

Pop it right into a savings account and don't even look at it. Soon enough, it is making a significant contribution to your emergency fund so that you don't need to contribute from your clinical income.

3. Paying down debt

If you have any credit card debt, use this to pay it down immediately. And for residents especially, you can qualify for these studies! And the amount you make can definitely cover any income based payments you have plus you will likely be able to pay down extra. This is huge!

4. Invest for the future (the right way)

Never seem to have enough to fully fund your Backdoor Roth IRA? Well, contribute this money throughout the year until you hit the maximum allowed. Don't have a taxable investment account yet, use this money to get one started. Small steps make big gains, especially the earlier you start thanks to the magic of compound interest.

5. Treat yo' self

This is probably my favorite. If you are like me, even knowing all about intentional spending, there are some things we just want to get knowing that they are a guilty pleasure or may not be the most intentional spend. Now, you can use your micro income to make these purchases guilt free! Remember, the point of the micro income is not to get you to FIRE that much faster, so use the money for something fun. My favorite use for it is an expensive dinner out.

6. Give back

This money is perfect for contributing to causes that are important to you.

7. Invest for the future (the wrong way)

I put this last for a reason. But, your micro income, almost by definition, is fun money – money that you don't necessarily care about if you lose. So, if you are really just itching to invest in the stock market actively or pick stocks or invest in crypto, this is the perfect money for that and will help you scratch that itch without jeopardizing your nest egg. I even invested some of it in Bitcoin but don't tell anyone!

Is micro income worth it for you?

This is a question that only you can answer. But, for me, it has totally been worth it as a very quick and easy way to earn some side income that gives me something extra to play with in very fun ways. Plus, it's always nice to know that your medical knowledge is worth something like this.

Even if you're not sure, I'd recommend giving it a shot…my guess is that you'll find it does improve your financial well-being just like it did mine!

Every survey you complete is more than just a few extra dollars – it’s a chance to move the needle on your financial well-being. Whether you’re paying down debt, building savings, investing for the future, or just plain spending, your medical knowledge can work for you in new ways. The next time you log into InCrowd, think of it not just as answering questions, but as taking a step toward financial freedom.

Ready to put your expertise to work? Start earning with InCrowd today

What do you think? Do you have any sources of micro income? What impact does it have on you? Do you think doctors should pursue micro income? What other opportunities are you looking for? Let me know in the comments below!