How to make money during medical school?

[Kardio]

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-MCAT tutoring
-Options trading
-Card counting (not good enough yet)

Any other ideas? I don’t really think moonlighting is an option until PGY2

I’m disappointed nobody asked about your options strat. What’s your favorite play, @calipremed5768 ?

For you, I recommend selling uncovered calls.

 

[calipremed5768]

Hedging my futures

 

[calipremed5768]

If I’m bored and just want to gamble a bit I might buy puts like a a few weeks ahead of earnings conference of company that won’t meet expectations imo

 

[Kardio]

If I’m bored and just want to gamble a bit I might buy puts like a a few weeks ahead of earnings conference of company that won’t meet expectations imo

Fair enough except that volatility crush will getcha. Just 10x a short without a call for hedge to save cash 😉

 

[Goro]

Absolutely sperm, in every aspect. You can get paid as much as $800, as little as $50, for sperm donations and the average ejaculate is less than a mil.

You've probably never seen a Peter North movie.

This will probably get me a banhammer hit, but it's a joke thread anyway.

 

[Orangekiwi]

If I’m bored and just want to gamble a bit I might buy puts like a a few weeks ahead of earnings conference of company that won’t meet expectations imo

Buy uncovered OTM calls expiring at the end of this week you coward

 

[Isoval]

Probably jumping back a little in the thread here, but I wanted to throw in my two cents...

Almost all of my friends in med school from my undergrad (Stanford/MIT/Chicago) have said undergrad was much harder and it wasn’t even close

Gonna agree with you here. I am not from a top undergrad, but every MED student I have talked to has said the material is far easier, everything fits together in a much more coherent way (like what you are learning is actually applicable) and you don’t have to worry about any ECs if you really don’t want to. The difficulty, so I have heard, is simply a matter of both volume and willingness to study. In MED school, if you are comfortable where you are at then you can stop and not worry too much. Or you can keep going and eek out those ever important points. This is anecdotal and will vary by person.

Think about it for a minute. In my class, our average uGPA was about a 3.7. This means that, on average, the people in my class made 3 As for every B in undergrad assuming all hours are equal. In other words, people made As most of the time. Now, then, why on earth do our exams always average out around a 85%?

From the outside, you can look at it and say "Oh, the class always scores an 85! That must be easy!". These are people to whom a B was almost unknown during undergrad where it is now commonplace. I'm too lazy to go find his post, but @AnatomyGrey12 put it well when he said the difficulty increases exponentially the better you want to do. Hell, I feel like exponential barely describes the massive increase. The difference in those ten questions between an 85 and a 92 might mean an entire undergraduate course's-worth of information.

The way I usually like to describe medical school is that medical school is learning how to get 95% of the questions correct with only 70% of the material. Because, in reality, that's what you're going to be able to retain. Nobody is able to soak up every tiny piece of information.

 

[calipremed5768]

Most schools are pass/fail and don’t rank so who cares is you get a 70 on every exam as long as you learn the material

 

[Kardio]

sell uncovered OTM calls expiring at the end of next year you coward

Fixed that for you bro

 

[AnatomyGrey12]

Most schools are pass/fail and don’t rank so who cares is you get a 70 on every exam as long as you learn the material

Most schools still rank and if you want a competitive specialty you will want AOA, which means you have to have a good rank.

If you are getting 70s you aren’t learning the material.

 

[Wolvvs]

Fixed that for you bro

Haha sounds like a great way to bankrupt yourself for a few bucks

 

[Medic741]

Yes, you are. Stale semen is nauseating.

Ah the things the army spends its $$$ on

 

[ciestar]

Most schools still rank and if you want a competitive specialty you will want AOA, which means you have to have a good rank.

If you are getting 70s you aren’t learning the material.

Nope, and then you do crappy on Step 1.

 

[DNAJB6]

I knew someone that was a medical technician or something of that nature that worked in his school's ER part time for all four years. Since it was related it was helpful, and he had earlier clinical experiences. He did well and matched where he wanted to go in EM and one other specialty IIRC. He was an oddity though.

 

[beattheprocess]

Playing cards for money actually can be considered employment if done on a regular basis with intent of earning income. It is an active means of making money that has a skill set. Playing a lottery is a passive form of generating income.

I had a job in undergrad all along? Brb updating my AMCAS.

 

[beattheprocess]

Did you report your winnings to the IRS? You must report winnings of $5,000 minus the original bets or any winnings that 300 times or more the bet. Taxes must be withheld at 25%. Remember, the Feds finally put Al Capone away on tax evasion. Dont screw with the IRS

I'm offended that you think I don't know how to launder money.

 

[907914]

I'm offended that you think I don't know how to launder money.

I hear tide pods and the 2019 Samsung Flex Wash are the best combo for laundering your money.

 

[mwsapphire]

Wait, there are some approved ways to make money during med school.
If you tutor on campus or do a paid research internship during the break you're good. Also save up a bit during your gap year to get you through the first year, if you're working and living at home. ( That's what I'm doing).
Basically stuff with the school itself is totally allowed.

 

[calipremed5768]

But those are the type of jobs where you get a 79 dollar check after two weeks of work

 

[Tepid27]

Back to "ways to make money during med school"...

I have thought about this quite a bit. "They" say that ever dollar borrowed from a Grad Plus loan is like borrowing three or four once it's paid off. So even if you earn a little side money, it can reasonably be considered worth three times its value because it is less money borrowed.

I'm aware that many schools have students sign a contract stating that they will not work during school. However, odd jobs should be OK, ideally if they take up very little time, require little to no travel, and are paid under the table.

Someone mentioned pet sitting. This is a great idea, and I've done this throughout undergrad. Another idea is tutoring high school students. College students have access to free services at school, but AP students have parents who are looking to save money on college tuition. They will pay you a small fraction of their savings to help their child be successful. The going rate for private tutors is $40/hour. (Give a discount if it's more than 1 hour per week). Also, this requires very little brain power, because it's stuff we are aces at (intro chemistry, physics, bio, etc.). I've found it to be mutually beneficial and actually quite fun. Then again, I love to teach.

I am also wondering about freelance writing for websites and blogs. Has anyone done this, and if so, any tips or recommendations?

 

[ciestar]

Back to "ways to make money during med school"...

I have thought about this quite a bit. "They" say that ever dollar borrowed from a Grad Plus loan is like borrowing three or four once it's paid off. So even if you earn a little side money, it can reasonably be considered worth three times its value because it is less money borrowed.

I'm aware that many schools have students sign a contract stating that they will not work during school. However, odd jobs should be OK, ideally if they take up very little time, require little to no travel, and are paid under the table.

Someone mentioned pet sitting. This is a great idea, and I've done this throughout undergrad. Another idea is tutoring high school students. College students have access to free services at school, but AP students have parents who are looking to save money on college tuition. They will pay you a small fraction of their savings to help their child be successful. The going rate for private tutors is $40/hour. (Give a discount if it's more than 1 hour per week). Also, this requires very little brain power, because it's stuff we are aces at (intro chemistry, physics, bio, etc.). I've found it to be mutually beneficial and actually quite fun. Then again, I love to teach.

I am also wondering about freelance writing for websites and blogs. Has anyone done this, and if so, any tips or recommendations?

We pay our pet sitters $10/day for two cats. It requires little to no work on the sitter’s part, which is why i mentioned it.

 

[RNthenDoc]

Your best bet on making money in medical school is trying for scholarships, which often means focusing...On medical school.

 

[907914]

Your best bet on making money in medical school is trying for scholarships, which often means focusing...On medical school.

Are there outside scholarships that are for students who are successful in medical school?

 

[ciestar]

Are there outside scholarships that are for students who are successful in medical school?

Few

 

[RNthenDoc]

Few

^This^, but if I can have luck, anybody can.

Write essays, and do what you can to earn academic scholarships (those are few also, but I repeat: if I can do it, anyone can).

 

[907914]

^This^, but if I can have luck, anybody can.

Write essays, and do what you can to earn academic scholarships (those are few also, but I repeat: if I can do it, anyone can).

Thanks! For academic scholarships, does the in-house financial aid committee reevaluate students year-on-year? Like, I know merit aid can be granted to students at acceptance, but can an M2 get a scholarship when they didn’t have one in M1?

 

[RNthenDoc]

Thanks! For academic scholarships, does the in-house financial aid committee reevaluate students year-on-year? Like, I know merit aid can be granted to students at acceptance, but can an M2 get a scholarship when they didn’t have one in M1?

This is likely school-specific, but I go to a state school and they evaluate year-to-year. Part of it likely has to do with grants/donations received/alumni fundraising etc.

 

[shemer77]

I 'tutored' online at one of those answer ppls homework questions and get paid sites. If you just google em you find a bunch but I used School Solver. Easily paid for my food during MS4