Any thoughts on how to make extra income as a resident

[IamDoctorz]

Currently a junior resident in a surgical subspecialty. Doing everything I can to put money in a 401k and an IRA. Being responsible doesn't leave that much extra income for trips or fun activities with the COL in my area. Our program doesn't allow moonlighting and I probably wouldn't have the time to do shifts at an outside hospital anyway. Does any know ways to make some extra income as a resident aside from tutoring or teaching that could be fit into a busy schedule (I did a lot of tutoring and teaching in medschool and wasn't really a fan). Thank you!

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[DrMetal]

(I did a lot of tutoring and teaching in medschool and wasn't really a fan). Thank you!

So don't tutor. If you want to put a little less into savings, to have more money to play around with, I'm personally all for that! It's been said that you should be putting away 30% into savings/retirement. I do about 15-20%, so I can feed my music/golf/traveling/whiskey habits. I might have to work a little longer, but I'm ok with that.

How long is your fellowship? Just finish and start practicing.

or Maybe do a little of this:

 

[IamDoctorz]

So don't tutor. If you want to put a little less into savings, to have more money to play around with, I'm personally all for that! It's been said that you should be putting away 30% into savings/retirement. I do about 15-20%, so I can feed my music/golf/traveling/whiskey habits. I might have to work a little longer, but I'm ok with that.

How long is your fellowship? Just finish and start practicing.

or Maybe do a little of this:

I probably have another 5 or so years total left as a resident/fellow. And It's not like i'm hurting for money it would just be nice to not feel guilty whenever you have to splurge or have a big expense

 

[Saddleshoes]

Plasma donation?

 

[HopelessMS]

You're looking to make extra income with little time commitment? I'm currently in medschool, but I make extra income selling covered calls on the market with my portfolio of blue chip stocks that I built up using excess student loan refunds that would otherwise be sitting in a savings account generating 0.5%. I was butchered in the med student forum with my advice and accused of bragging by the SDN horde and trolls for championing a strategy that has worked for me. Do a search on SDN for that thread if interested.

I have had considerable returns ranging from 45% (pre-pandemic) to 60% (year ending 2021). You can do it also as long as you are aware of the risks and can handle it. I posted a specific blueprint outlining what you can do to start on that thread mentioned above. Also, there is a YouTuber name Jake Broe and he has a playlist of options trading for beginners on his channel if you're interested. GL.

Of note: I'm not looking to start debating trolls or skeptics again on this thread about my advice...

 

[Apollyon]

You're looking to make extra income with little time commitment? I'm currently in medschool, but I make extra income selling covered calls on the market with my portfolio of blue chip stocks that I built up using excess student loan refunds that would otherwise be sitting in a savings account generating 0.5%. I was butchered in the med student forum with my advice and accused of bragging by the SDN horde and trolls for championing a strategy that has worked for me. Do a search on SDN for that thread if interested.

I have had considerable returns ranging from 45% (pre-pandemic) to 60% (year ending 2021). You can do it also as long as you are aware of the risks and can handle it. I posted a specific blueprint outlining what you can do to start on that thread mentioned above. Also, there is a YouTuber name Jake Broe and he has a playlist of options trading for beginners on his channel if you're interested. GL.

Of note: I'm not looking to start debating trolls or skeptics again on this thread about my advice...

What are "excess student loan refunds"? I don't know if you just confessed to a crime. I say this because a residency mate made a killing during the dot com boom, and he told me he used his student loans, and that that is "highly illegal" (his words, not mine).

 

[HopelessMS]

Fed Med school loans are unsubsidized. I don't know what kinds loans your mate had. Excess means those leftover after paying for education, rent, living expense, etc...

Is It Legal to Invest My Student Loan Money?

Investing student loan money is a legal and moral gray area, which can cause financial challenges.

www.investopedia.com

Should You Use Student Loan & Financial Aid to Invest in Stocks?

Find out whether you are legally allowed to use student loans and financial aid to invest in stocks and compare the benefits and dangers.

www.mybanktracker.com

 

[Apollyon]

Excess means those leftover after paying for education, rent, living expense, etc...

That has to be one of the dumbest things I've seen on SDN. Of course I know the definition of "excess". You are playing word games, and it makes you sound sketch. But, you do you. Maybe you make enough to abandon the whole doctor thing.

 

[anonperson]

Currently a junior resident in a surgical subspecialty. Doing everything I can to put money in a 401k and an IRA. Being responsible doesn't leave that much extra income for trips or fun activities with the COL in my area. Our program doesn't allow moonlighting and I probably wouldn't have the time to do shifts at an outside hospital anyway. Does any know ways to make some extra income as a resident aside from tutoring or teaching that could be fit into a busy schedule (I did a lot of tutoring and teaching in medschool and wasn't really a fan). Thank you!

Adjust your savings a bit then.

It is challenging to generate additional income when working as a resident/ fellow.

The amount you'll be saving as an attending will easily dwarf whatever you can do as a resident.

As an attending, I can put away about $50k to $60k a year without much difficulty. That was my yearly salary as a resident/ fellow.

It's good to develop good financial habits in training but you can't deprive yourself or what you will be miserable.

 

[Wordead]

Currently a junior resident in a surgical subspecialty. Doing everything I can to put money in a 401k and an IRA. Being responsible doesn't leave that much extra income for trips or fun activities with the COL in my area. Our program doesn't allow moonlighting and I probably wouldn't have the time to do shifts at an outside hospital anyway. Does any know ways to make some extra income as a resident aside from tutoring or teaching that could be fit into a busy schedule (I did a lot of tutoring and teaching in medschool and wasn't really a fan). Thank you!

The amount of extra work to make some spending money really isnt worth it man as a surgical resident. We weren't allowed to moonlight either and I did tutoring for a little too but it's just an extra drain on your time that's already sparse and should be spent learning how to be a good surgeon. If you're maxing out your 401k (especially if you have any matching) AND putting money in an IRA you're already doing pretty damn good. I had a 50% match and managed to sock away around 110K (didnt have the foresight for the IRA like you) but in retrospect it's such a drop in the bucket even if it's in tax-advantaged accounts. In my first year as an attending with somewhat excessive spending I still easily maxed out my 403b, 457 and 200K in taxable accounts. So you can see that the ability to catch up is just so easy that in retrospect I do wish I took that extra trip or two instead of pinching pennies. That'd be my advice to you.

 

[Iamnew2]

I probably have another 5 or so years total left as a resident/fellow. And It's not like i'm hurting for money it would just be nice to not feel guilty whenever you have to splurge or have a big expense

Sperm donation? Jk
If you don’t have a full license it’s limited but if you have one you can do Medicare evaluation for example

 

[ToliBro]

There's doing market research surveys. I know that if you take money from certain people as a physician you're required to report it, but as a nurse nobody cares and it's a nice few hundred bucks every few weeks for doing some surveys and sometimes a video call. Might be worth considering.

 

[mistafab]

I would instead just focus on feeling less bad about spending money bro. You are on a tough road and are there to learn. Learn what you can and don't feel bad about enjoying yourself every now and then.

I definitely wouldn't waste a minute on some menial job to earn a few dollars.

 

[j4pac]

You’re going to be wealthy one day as along as you live below your means and don’t rush into living an attending lifestyle. Only work if you want to.

 

[Redpancreas]

Currently a junior resident in a surgical subspecialty. Doing everything I can to put money in a 401k and an IRA. Being responsible doesn't leave that much extra income for trips or fun activities with the COL in my area. Our program doesn't allow moonlighting and I probably wouldn't have the time to do shifts at an outside hospital anyway. Does any know ways to make some extra income as a resident aside from tutoring or teaching that could be fit into a busy schedule (I did a lot of tutoring and teaching in medschool and wasn't really a fan). Thank you!

Unless you can do something on the side you TRULY enjoy (influencing, YouTube channel, etc.) picking up a side hustle isn't often worth it. I thought about personal training and tutoring but the money isn't worth the opportunity cost of decompressing from a day of work in residency.

There are some lucrative opportunities for residents for up to $300/medical wellness assessment x5Dx6-7W. Like others have said, I'm not sure how doing wellness exams for Medicare or some other unsupervised clinical role will look down the road on your record and you could pick up liability from doing one of these things. Moonlighting is a little better because if you go through your program, you are familiar with the obligations and environment as you're literally doing what you normally would do, but just for some additional $. You need a lot of time to just relax and decompress from residency itself and anytime spent being productive is best used doing other career-oriented pursuits like research if you're fellowship oriented.