6 Major Benefits Physicians Can Unlock With a Side Hustle
The landscape of medicine is changing.
More and more, physicians are searching for alternative ways to make additional income. What’s causing this shift? Growing dissatisfaction and burnout in the field, not to mention the financial burdens, such as student loans, causing many doctors to live paycheck to paycheck.
Whether to supplement their earnings or to find a transition out of medicine altogether, more and more physicians are considering the benefits of starting a side hustle. For those new to the concept, a side hustle is a gig you can start while continuing your day job as a physician.
Why are side hustles a good idea right now? In a shifting medical landscape, they act as an opportunity to live life on your own terms.
And I’ve lived that truth. Several years ago I founded what became Curbside Real Estate while working as an attending physician. It helps connect doctors to physician-friendly home loans for those looking to start their home-ownership journey. This business idea led to many others, including Passive Income MD. Soon, I was collecting multiple streams of passive income and living life on my own terms.
There are many benefits that you can unlock with a successful side hustle. Let’s explore six reasons you should start a side hustle today.
Table of Contents
Diversify Your Income
Like most reading this, I thought my medical career alone would take care of my needs and that I would be set for life. Things didn’t go that way, and when the practice was bought out, I realized I wasn’t as in control as I thought. All of my financial eggs were in one basket, and I felt stuck.
Having only one source of income—your medical income—makes you financially vulnerable. What if you were to lose it, or what if your reimbursements got cut significantly? That would be a pretty significant blow to your ability to pay for your current lifestyle, maybe even putting you under financial stress.
But, if you diversify the money coming in with the multiple streams of income from side hustles, losing one stream will mean that you can lean on the others. To put it simply having multiple streams of income mitigates your financial risk.
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Achieve Financial Freedom
As I mentioned at the top of the article, the medical field and the life of a physician is not what it used to be. In response, a side hustle provides a way to earn extra income without sacrificing your primary medical practice.
But let’s think beyond extra income. What kind of life do you envision for yourself? And what number would it take to get you there? You can achieve the financial freedom required to answer those questions through successful side hustles.
What is financial freedom? It’s when you feel free to experience what you’ve always wanted without it negatively impacting the health of your financial future. Sounds nice, doesn’t it?
How many streams of passive income should we have to achieve financial freedom? As many as possible! But research has shown that millionaires have at least seven streams of income, and that is the number I recommend, too.
Diversify Your Identity
What does it mean to diversify your identity? In essence, as you grow through taking on more roles, the more you will grow as an individual. Your identity will become much more than a single occupation.
Think about it. Whether an accident or unexpected change, what would happen if something happened and you lost your ability to practice medicine? For many of us, it would be emotionally and financially devastating. We would feel like we had lost our identity.
I realized early in my medical career, I was just a doctor. If I were to lose that, I’d lose myself. Now I’m so much more. I’m a father, a husband, an investor, an entrepreneur, a business founder and owner, a landlord, an author, a podcaster, a blogger, a speaker, and a collaborator, among other things.
These other traits were made possible, in part, by the side hustles I’ve pursued. Now if something did happen and I lost my medical career, I would still have an abundant sense of purpose through my other roles.
Pursue Your Passions
Life is short, and time is our most precious commodity. Live your life by following your passions.
What passions and hobbies have you always wanted to try? Maybe you want to be an artist, a chef, a musician, an inventor, a designer, or something else entirely. Maybe you want to practice medicine in a way that is not bound to a salary, such as missionary work.
Side hustles give you the income streams needed to explore your passions. They could also help you monetize your passions through entrepreneurship. When you are able to engage in your passions, you will become a more fulfilled individual. Even better, a passion-turned-side-hustle could create scalable income that leaves a net-positive impact on the world.
Reinvigorate Your Day Job
Deep down, most doctors become physicians because of their desire to help others. Side hustles provide the financial freedom to reignite your work with the passion and self-autonomy that drew you to the profession to begin with.
You will have more leverage to avoid less-than-ideal working conditions and to reconnect with the reasons you became a physician. Your side hustle’s overall positive impact on your mental health will be felt by your colleagues and patients.
When we are lifted from our financial burdens, diversify our identities, and have made time to engage in our passions, we can approach our medical work re-energized and with a fresh perspective. Practicing medicine can become fun again—a well-paid hobby.
Don’t miss the Leverage & Growth Summit this winter, a unique event tailored for physicians exploring entrepreneurial and growth opportunities beyond traditional clinical roles. It’s an enriching platform offering inspiring keynotes from successful physician entrepreneurs, interactive workshops on various fields like digital health and investment, invaluable networking with like-minded professionals, and insightful panel discussions on healthcare trends.
This summit isn’t just a conference; it’s a movement towards expanding your professional horizons, empowering your entrepreneurial spirit, and connecting with pioneers reshaping healthcare. Mark your calendars for a transformative experience that promises to redefine the intersection of medicine and entrepreneurship.
Give Yourself More Time
Not only do side hustles offer you multiple streams of income; they can also offer you the potential of having a truly scalable income (depending on the situation) that can give you your time back. Let me explain what I mean.
As physicians, our time is linked to our money through our salary. We can project how much we’ll make in our careers. That amount plus any retirement savings will be there to live out our golden years. But what if we could unlink our time from our earnings through a side hustle? That’s possible through scalable income.
Here’s an example. When I invested in my first real estate syndication, I didn’t receive my first distribution check for a year. Even then, the first monthly check was pretty small. But soon it accelerated considerably. Now that payment has ballooned to five figures a month, and my only time commitment is making sure the checks come in. My time is unlinked from my earnings.
Those earnings afford me the opportunity to take control of my life, such as by choosing what shifts I want to work, by spending more time with my family, and by vacationing for long periods of time.
And there are plenty of side hustles that offer scalable income. Here’s a list. Take back your time; it’s possible with side hustles.
Your Journey to Financial Freedom
Embracing a side hustle is imperative for any physician feeling the effects of burnout, financial stress, or a lack of creative outlets. Now is the time to respond to the changing landscape of medicine by taking actionable steps.
When you endeavor to achieve financial freedom through side hustles, you get just that: freedom.
The world is brimming with opportunities, and there are support communities along the way. Consider joining us at Passive Real Estate Academy, at our annual Physician Real Estate & Entrepreneurship Conference (PIMDCON), or through our Leverage and Growth Accelerator Community. We strive to support fellow physicians as they create life on their own terms, the life of their dreams.
It’s time to live your best life, and we here at Passive Income MD are excited to help you on that journey. Until next time, stay inspired!
Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.
