Making extra $$$

[Nilf]

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Let's brainstorm some part-time money-making activities, preferably legal, and not necessarily pathology-related. Something to do during down-time at work, or in the evenings.

Idea#1: freelancing as billing audit for health insurance companies. Looking for overbilling etc. As far as I understand, insurance companies utilize billing specialists to do that. I think any 3rd pathology resident could pick up on overbilling patterns by private groups.

 

[pathstudent]

You can get your name out there as a consultant to biotech and investment firms.

 

[Gene_]

Find a hobby. It won't make you any money, but you'll be happier - and there's no price tag that you can put on that.

 

[sideways]

Find a hobby. It won't make you any money, but you'll be happier - and there's no price tag that you can put on that.

Gene droppin' knowledge. I agree. Pick up an instrument and get into incredible physical condition.

 

[Arctic Char]

Gene droppin' knowledge. I agree. Pick up an instrument and get into incredible physical condition.

don't tell me . . . a cowbell?

 

[WEBB PINKERTON]

Tattoo removal
or do like me and make extra money road racing.

 

[2121115]

If you are in a strong private practice you are getting paid very well already. Even at a pre-partnership salary any extra money you make will be eaten up with taxes anyway. Not worth your time unless it is major cash. I say just enjoy your life.

 

[oldfatman]

Let's brainstorm some part-time money-making activities, preferably legal, and not necessarily pathology-related. Something to do during down-time at work, or in the evenings.

Start a pathology society, charge lots of money to join, and then start issuing certificates for "advanced practical pathology courses" for $3000 each. NO WAIT, that's already been done.

 

[zao275]

In the days before the credit crisis, I would build up large credit lines on my credit cards, cash them out via 0% balance transfers, and then put the money in my money market account at the bank (FDIC insured and earning about 5% APY at the time!). Then just pay off the minimum payments each month on the cards and pay the whole card off after the 0% period was up.

I did this with almost $100,000 (all borrowed money at 0%) one year and made a couple thousand in interest. It was fun and I learned a LOT about credit cards and credit scores. It was like a hobby (nerdy hobby) that made some extra cash. Plus, it has always been a fun story to tell (usually shocks people or else they assume it MUST be illegal somehow...although it is totally legal).

 

[gbwillner]

In the days before the credit crisis, I would build up large credit lines on my credit cards, cash them out via 0% balance transfers, and then put the money in my money market account at the bank (FDIC insured and earning about 5% APY at the time!). Then just pay off the minimum payments each month on the cards and pay the whole card off after the 0% period was up.

I did this with almost $100,000 (all borrowed money at 0%) one year and made a couple thousand in interest. It was fun and I learned a LOT about credit cards and credit scores. It was like a hobby (nerdy hobby) that made some extra cash. Plus, it has always been a fun story to tell (usually shocks people or else they assume it MUST be illegal somehow...although it is totally legal).

LOL, I did this too. I caught the tail end and could only do it once. I put the money in internet high-yield savings account, so there was no risk (FDIC insured). It payed 5.25% at the time. The downside was that it ruins your credit, as you are over-levereged. That might not be a big deal, unless you want to buy a house.
PS- I think this is what the banks are doing now with the government's (the FED's) 0% rate...

 

[zao275]

PS- I think this is what the banks are doing now with the government's (the FED's) 0% rate...

Arbitrage!

Regarding credit scores, it seems that if you only use around half of your credit lines (50% utilization), your scores are not greatly affected (aside from applying for extra credit cards). Besides, the score bounces back after paying it all off. It was great fun seeing $500 a month of interest in my bank account all from borrowed money!

 

[Torsed]

Let's brainstorm some part-time money-making activities, preferably legal, and not necessarily pathology-related. Something to do during down-time at work, or in the evenings.

Idea#1: freelancing as billing audit for health insurance companies. Looking for overbilling etc. As far as I understand, insurance companies utilize billing specialists to do that. I think any 3rd pathology resident could pick up on overbilling patterns by private groups.

I worked disability clinics for the state as a resident. Wouldn't have made it financially if I didn't since resident pay is lower than whale fecaliths. Twas a very rewarding experience. Course you might not want to tell your attendings b/c they are usually paranoid schizophrenics about people who think outside the box/slide.

 

[lipomas]

Residency pay is not lower than whale fecaliths. Currently you get paid somewhere between $40k-$50k per year. This is not chump change. For the educational background and type of work you put in, yes, you are not being compensated well. But it is not taco bell wages either.

The vast majority of people can make it financially on $40-50k per year. You were probably living beyond your means or paying off extraordinary debt.

Be aware though, what you did possibly would count as moonlighting. You could theoretically jeopardize your own residency or your program's funding by not disclosing this. It isn't just about being paranoid.

 

[KCShaw]

Become a recreational referee/umpire for your favorite sport, make money while sweating (some more than others). Even a newbie in low tier leagues will earn you enough to keep you in your favorite beverage.

 

[Sir James Bond]

I'm curious to know how one would find time to work a second job given all of the learning that must transpire over 4 short years. And if extra time would exist on occasion, why not invest it into one's training?

 

[KCShaw]

Dear 007,
With the fate of the world hanging in the balance, why would one take time to get shaggy with it? Because that's what superspies do.
Sincerely,
0037.

Really though, I would do something fairly stress free and enjoyable, and if it happened to make me money then so be it. Unless I was to be in utter financial ruin living under my desk without it, I would use the time away from work as...time away from work. Go back to it refreshed and focused later. I think that's the problem some people have with studying -- some can handle studying every waking hour, but dang, I had to go do anything other than work/study related stuff every now and then, whether it was mindless video games or fishing or other sports or hanging with buddies/partner...something.

Of course, after finishing residency/fellowship/boards, if you have regular time outside of work as an attending then that's a little different. I certainly wouldn't mind shaving off the number of "required" working years before retiring.

 

[shan564]

Find a hobby. It won't make you any money, but you'll be happier - and there's no price tag that you can put on that.

If only I could pay my student loans with happiness...


For the last year or so, I've discovered a fairly lucrative hobby - guitar collecting/buying/selling (of course, you have to know how to play and learn a bit about the instruments). People often sell something for less than its true value because they're looking for a quick sale, and then you can pick it up and re-sell it for a profit as long as you're not in a hurry. Plus, I get to play with a new toy every week or two.

 

[Sir James Bond]

Dear 0037,

Yes, having extra time to save the world is priority for us, since we both know that the world is not enough. And getting shaggy with it has never killed anyone, just as our distant cousin Austin Powers has shown us. So shag on.

Sincerely,
007

 

[2121115]

The James Bond thing is weak man, real weak. Just sayin'.

 

[Sir James Bond]

Die Another Day!

C'mon, pathology can use a little humor.

 

[KCShaw]

Wasn't there just a list of the necessary geekness for pathology on one of these threads?

 

[gbwillner]

Die Another Day!

C'mon, pathology can use a little humor.

At least use the real James Bond, not that douchebag that made unwatchable movies. Ok, that's basically all of them, but I am talking about Sean Connery. And only the first 3-4 movies at that.