#142 Why Physicians Are Turning To Side Hustles
In this episode, Dr. Kim will share the reasons he has observed that physicians are turning to side hustles.
Practicing medicine has undergone vast changes in the past 10 years. The pathway used to be clear: study hard, work hard, and you’ll be rewarded with a good life. Unfortunately, those same rules don’t seem to apply to physicians today.
Listen in to hear his story and the reasons a physician side-hustle is important for today’s doctor. Through a side hustle, you can choose to create the life you want so that you can live life on your own terms.
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- The need for a side hustle
- For extra income
- Scratch their creative itch
- Diversification and a financial hedge
- Planning their exit
- Side hustles are a beautiful thing
Episode Breakdown
The need for a side hustle.
The same rules don’t seem to apply to physicians today. We all know some of the reasons, like out-of-control student loan debt, changing regulations and reimbursements, and shaky job security, just to name a few. Because of this ever-changing landscape, physicians are actively looking for solutions.
Reason #1 – For Extra Income
The financial life of a physician is not the same as it was even 20 years ago. Rising student loan costs, higher cost of living coupled with lower salaries in high-demand areas. . . it all puts financial stress on physicians. So, some of us look for extra income to support the lifestyle we’re looking for.
Reason #2 – Scratch The Creative Itch
Many physicians are doing very creative side hustles, like writing, creating plays, designing furniture, and creating/performing music. The money a side hustle can bring in is great, but there’s definitely something to be said for the creative outlet they can provide.
Reason #3 – Diversification and a Financial Hedge
Medicine doesn’t have the job security people once thought. Many physicians are learning how to use side hustles to create additional income. This allows them to work how much and when they want. Many physicians are learning how to use side hustles to create additional income. This allows them to work how much and when they want.
Reason #4 – Planning their exit
Again, we all know that physician burnout is a real issue. But the reality is that many doctors feel trapped. They know they can’t just leave their current positions; their financial situation simply doesn’t allow it. As a result, many build up a side hustle or two to allow for an eventual exit out of medicine. Thus easing the burn out of practicing physicians.
Reason #5 – Side hustles are a beautiful thing
Peter is a huge fan of the side hustle. Why? Mainly because of one word: choice. Having a side hustle that creates income outside of medicine helps you to create the ideal life within medicine.
Check out our LIST OF PHYSICIAN SIDE HUSTLES.
Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining Leverage and Growth Accelerators in the spring, or join us in our Facebook communities such as Passive Income Docs and Passive Income MD.
