Any ideas how to supplement income?

[desflurane]

I've been out practicing clinical medicine in "the real world" and while I am not struggling financially I am looking to supplement my income somehow. I am not interested in logging more hours at the hospital but was curious how other people did it?

I know stocks and real estate seem to be the big ones for most. I am more interested in owning a business of sorts. I checked the web and most things have high up front investments (franchises..etc). Anyone care to share their sucesses and/or failures?

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[MOHS_01]

You will probably be disappointed with most options out there, and you will find that you will earn most of your money through your medical labors. Most business opportunities have significant up front costs (anything with low cost barriers to entry are likely less profitable). If you want to jump into real estate at this point in time caveat emptor. The stock market is a fickle beast, with far too much momemtum trading to suit my taste. There really are no easy, risk free ways that I have been able to find that would provide a stable supplemental income.

It is a sad state of affairs when docs consistently look to supplement their income.

If you enjoy writing, you could try free lance writing or something along those lines.

 

[dragonfly99]

I can't think of any business that doesn't take significant startup money, where you can make anything close per hour to what you will get doing anesthesiology.

 

[mgdsh]

I've been out practicing clinical medicine in "the real world" and while I am not struggling financially I am looking to supplement my income somehow. I am not interested in logging more hours at the hospital but was curious how other people did it?

I know stocks and real estate seem to be the big ones for most. I am more interested in owning a business of sorts. I checked the web and most things have high up front investments (franchises..etc). Anyone care to share their sucesses and/or failures?

Honestly a lot of it is going to be creativity and what else you're familiar with outside of the world of medicine. Generally from what I've noticed street smarts > book smarts outside of medicine.

There's no exact formula for success.

My parents invested fairly heavily in real estate, but the market was also accommodating of that at the time. My mom managed the properties, maintained a real estate license (for our own personal use), kept on the look out for other opportunities and my dad put in the clinical hours. That definitely wouldn't have been possible with out my mom's help.

I know other doctors who have invented surgical instruments, others who have invested in other businesses, etc.

There's always going to be opportunity, but that doesn't mean it won't come with out risk. It's also going to come down to what you're good at.

 

[The White Coat Investor]

What is your goal? Just to make money or to explore another interest?

What kind of a business do you want to get into, because you can rest-assured that anything outside of a low-maintenance passive investing portfolio is going to require a significant amount of work, so you better make sure that work is something you enjoy doing.

Personally, when I want to supplement my income I work more hours. At $175/hour I haven't been able to find a more efficient way to "supplement my income." It's all about trading my time for money.

If you can't live happily on $200-$300K, and you're not interested in working more, what makes you think you'll be happier if you're making another $100K and working more?

 

[LADoc00]

What is your goal? Just to make money or to explore another interest?

What kind of a business do you want to get into, because you can rest-assured that anything outside of a low-maintenance passive investing portfolio is going to require a significant amount of work, so you better make sure that work is something you enjoy doing.

Personally, when I want to supplement my income I work more hours. At $175/hour I haven't been able to find a more efficient way to "supplement my income." It's all about trading my time for money.

If you can't live happily on $200-$300K, and you're not interested in working more, what makes you think you'll be happier if you're making another $100K and working more?

actually not everyone in the medical business has a scaleable operation where they can simply throw on some more hours when they want the down on the Maserati...Im assuming you are a ED doc or something.

Making an extra 100K a year in many parts of the country esp. California and NYC can make a HUGE difference.

The quality of life between 300 and 400K per year is immense..far far more than the just a 1/3 raise. This is multifactorial but primarily due to housing costs.

that said, I just said goodbye to a hospitalist bud who made over 2 million bucks in the precious metals market over the last few years. He is planning on living as a single guy in bachelor pad and simply drinking beer/partying for the remainder of his life.(house is paid off, he has no more loans etc.)

 

[Stroganoff]

that said, I just said goodbye to a hospitalist bud who made over 2 million bucks in the precious metals market over the last few years. He is planning on living as a single guy in bachelor pad and simply drinking beer/partying for the remainder of his life.(house is paid off, he has no more loans etc.)

Out of nosy curiosity, how old is he?

 

[dragonfly99]

What did he do, break in to Fort Knox and steal the gold bullion?
LOL
Is this guy single? In need of a girlfriend with only a moderate amount of student loan debt left? (just kidding)

 

[mgdsh]

What did he do, break in to Fort Knox and steal the gold bullion?
LOL
Is this guy single? In need of a girlfriend with only a moderate amount of student loan debt left? (just kidding)

futures contracts im assuming

 

[The White Coat Investor]

actually not everyone in the medical business has a scaleable operation where they can simply throw on some more hours when they want the down on the Maserati...Im assuming you are a ED doc or something.

Making an extra 100K a year in many parts of the country esp. California and NYC can make a HUGE difference.

The quality of life between 300 and 400K per year is immense..far far more than the just a 1/3 raise. This is multifactorial but primarily due to housing costs.

Interesting perspective. The real downside about boosting your gross income from $300K to $400K is the marginal tax rate on that money, especially in California. What is that 9.3% state, 35% federal...44.3% + local/city tax?

Yes, I agree that not everyone's practice lends itself to scaleability, but anesthesia, rads, and EM certainly do. I think the OP is a gasman judging by his handle.

 

[VoyagerTrip]

I make about $100 extra a week as a ChaCha guide. It's kind of lame I know, but it is cool to make money just sitting on your computer. It's always nice to get pizza on Friday after the insane weeks up here at the UW as well

 

[medicinesux]

I made $440 this morning shorting Mastercard.

Anyways, if you want to make some money, look at China's stock market. Near a bottom, wait 3 years. Make sure you're in China, not Hong Kong which is a totally different story. The Dow needs to go under 9000 to reach bottom. Likely 8400 or worse.

There's some good plays in the US though. Energy is oversold. Names like Halliburton or some of the refiners will be good.

If it were only that easy. Be careful. China is coming down off a huge post Olympics stock market bubble. Lest I remind you that Japan's Nikkei 225 hit 38,000 in 1990 and 18 years later is treading the 10,000 mark. Taking that same logic, you could be waiting a LONG LONG time to see those numbers again, if ever in your lifetime.

 

[crazylegs]

Sorry for the tangent, but there is good (ahem, ) money to be made in selling all of your old med school books back on Amazon. I've made close to $500 in a month!

The downside? Knowing that I spent 2-3x more on those books when I bought them. Now I know how people who are dumping their shares back on the current stock market feel.

 

[radslooking]

I made $440 this morning shorting Mastercard.

Anyways, if you want to make some money, look at China's stock market. Near a bottom, wait 3 years. Make sure you're in China, not Hong Kong which is a totally different story. The Dow needs to go under 9000 to reach bottom. Likely 8400 or worse.

There's some good plays in the US though. Energy is oversold. Names like Halliburton or some of the refiners will be good.

that's funny because not 5 days ago on "fast money" (i believe cnn) some talking head was talking about how he thought mastercard was a winner.

 

[radslooking]

Well don't get me wrong. I'm still down for the year. Anyone who's up this year when the entire market is down more than 35% is a freaking genius. I'm just down a crapload less than everyone else is.

Obviously excluding people who just held cash the last 3-4 years. They are probably smart and/or plain lucky. Market is at 4 year low, soon to be 5.

i read an article in the WSJ about one of the largest hedge fund investors, last name Falcone. Guy is a billionaire. They were saying a few weeks ago that his portfolio was way down from last year....and then you read down further, and he was still up 4%. Still pretty good.

 

[mgdsh]

Well don't get me wrong. I'm still down for the year. Anyone who's up this year when the entire market is down more than 35% is a freaking genius. I'm just down a crapload less than everyone else is.

Obviously excluding people who just held cash the last 3-4 years. They are probably smart and/or plain lucky. Market is at 4 year low, soon to be 5.

Well by the laws of the market alone, seeing that no money is lost or created in the process, someone hast to be up. I'm up nearly 20% (and that's profits taken with no pending losses on the books), and I don't consider myself a genius. I'd probably be up a lot more if this wasn't my first full year trading the market, if I didn't have this thing called residency to worry about and if I didn't have to worry about our socialistic government intervening.

 

[The White Coat Investor]

Well by the laws of the market alone, seeing that no money is lost or created in the process, someone hast to be up. I'm up nearly 20% (and that's profits taken with no pending losses on the books), and I don't consider myself a genius. I'd probably be up a lot more if this wasn't my first full year trading the market, if I didn't have this thing called residency to worry about and if I didn't have to worry about our socialistic government intervening.

Money is lost and created in the process. When the dow falls 400 points, you think there is someone out there that took all that money all the stockholders lost? When it goes up you think someone literally poured trillions into the market?

 

[mgdsh]

Money is lost and created in the process. When the dow falls 400 points, you think there is someone out there that took all that money all the stockholders lost? When it goes up you think someone literally poured trillions into the market?

By definition, the markets are a zero sum game. Minus sum game if you want to include transactions.