Could a physician side gig be for you?! Let’s explore in this episode of the Finance Flash Go! podcast!
Passive income was a foreign concept to me just a short time ago. And physician side gigs? Why in the world would a doctor want or need a side gig?
The problem was that I was stuck in the traditional narrative that the way to reach financial freedom and true wealth was to work hard, ask no questions, and eventually you retire. But the issue with this way of thinking is that the concepts of saving, investing, and creating cash flow are completely absent.
Now…I am a huge fan of passive income and side gigs. I advocate for all physicians to pursue a side gig.
If you are looking for a comprehensive guide of realistic and worth-your-time physician side gigs, check out this post!
But first, let’s talk about what physician side gigs are not.
Side gigs are not endeavors to complicate your life or to further take time away from your family. Most doctors get squirmy thinking about a side gig because they don’t want to spend more of their time. In fact, they do the exact opposite.
The important thing when deciding to pursue a side gig is to establish the long term goals. My side gigs will allow me to practice medicine on my own terms, because I want to, not because I have to. They will give me MORE time with my family and for my personal well-being as they turn into passive income.
It’s true that side gigs may initially require a good amount of sweat equity.
In fact, a few months ago, my wife and I spent all Saturday painting our new rental property. I don’t mind doing that because I know that this property will pay me cash flow and build equity for the rest of my life. One active weekend is worth a lifetime of passive income and financial freedom.
In fact, passive income is really a misnomer. Nothing is completely passive. What you are looking to do is weaken the connection between your time and your money. You are used to trading your time for money. By creating “passive” income, your money makes more money that you trade for your time.
With that said…
There are a ton of awesome advantages to having a physician side gig
- Create passive income AKA money you make while you sleep
- Diversify your income so that a decrease in one income stream does not create financial stress
- Increase your income!
- Decrease the amount of savings that you need to retire
- Pay off your debts faster
- Invest more
- Utilize tax breaks to your advantages
- Exercise your entrepreneurial muscles
- Treat yo’ self!
We will continue to explore specific examples in future episodes!
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