Mo' money

[deleted343839]

I know there have been some threads about this in the past, but I'm curious what other psychologists are doing for supplemental income. I'm especially interested in hearing about work other than traditional private practice. Whether psychology-related or not so much... what are your side gigs? How'd you find them? How do you fit in the extra work?

Me: I do some writing and editing, some fee-based and some royalty-based, but the effort-to-income ratio is a little high for my liking. Maybe I need clients with deeper pockets. The advantage is that the work is home-based and the hours are whatever I need them to be.

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[ClinicalABA]

Adjunct 1-2 courses per semester. 5k per course. Ton of work designing and setting up the course for the first go around, but subsequent semesters are much easier. Main time suck comes at end of the semester, when it comes time to correct bigger papers. Got the gigs through contacts- e.g. former co-workers- and through my current employer who is affiliated with the school I currently teach in. Got one class, and offered to do more.

 

[WisNeuro]

More passive in nature, rental property. House is in a college town, so I always have grad students renting it. They tend to not trash the place.

 

[Rivi]

I am wondering about this myself, as I am looking to put something on the side together soon. I am curious to hear what all people are doing to supplement their income.

 

[PsyDr]

A lot of investing using several different techniques.

One perhaps unusual thing is that I focus on return on investment in durable goods. For example: buying an antique sofa makes the roi positive or static while an Ethan Allen sofa is worth basically nothing after 10 years.

 

[erg923]

For example: buying an antique sofa makes the roi positive or static while an Ethan Allen sofa is worth basically nothing after 10 years.

But those smell like old people...

 

[PsyDr]

You can re-upholster. Or buy leather mid century leather furniture.

New Rolex vs classic Rolex. Persian rug vs big store rug.

Reclaimed fixtures vs lowes.

Reconditioned antique fridge, which is more energy efficient than anything made now vs big box store.

You can get a Picasso sketch for not much money.

 

[DrMikeP]

I do a lot of professional/academic consulting with doctors, lawyers, small business owners. It's very I/O type of psych work but it pays very well. I have a business/finance minor and corporate experience before going into psychology.

If you look at businesses from a systems perspective there are often scape goats (sometimes people and often processes), identified patients, leaders, dysfunctional members/processes, etc and you can help identify those and recommend solutions. The finance background helps in that your services aren't often called unless the business is losing money, so the IP is often financial but rarely is it just a financial issue, as loans, VC, partners, going public can fix those.

In the academic side I assist students aiming for or applying to professional schools (psych, premed, law). Guidance counselor/advisors often get things wrong, like you need a 4.0 to get into med school, so I help develop an academic, experience, and financial plan to achieve the clients goals.

Sent from my Nexus 4 using Tapatalk

 

[erg923]

You can re-upholster. Or buy leather mid century leather furniture.

New Rolex vs classic Rolex. Persian rug vs big store rug.

Reclaimed fixtures vs lowes.

Reconditioned antique fridge, which is more energy efficient than anything made now vs big box store.

You can get a Picasso sketch for not much money.

Got the classic rolex. Check! Thanks dad!

Persian rugs remind me of swingers.

Really? My fridge came with our house though. Are you suggesting an "ice box" as my grandma still calls it? Relatedly, I like that fridge that Monica had in her apartment in Friends.

We have a reprint of one in our house, hangs in the stairway. My wife hates it and it scares her. The kids don't seem to mind it.

 

[erg923]

I know there have been some threads about this in the past, but I'm curious what other psychologists are doing for supplemental income. I'm especially interested in hearing about work other than traditional private practice. Whether psychology-related or not so much... what are your side gigs? How'd you find them? How do you fit in the extra work?

Me: I do some writing and editing, some fee-based and some royalty-based, but the effort-to-income ratio is a little high for my liking. Maybe I need clients with deeper pockets. The advantage is that the work is home-based and the hours are whatever I need them to be.

Disability claim file review for various commercial companies (Aetna, Prudential, Unum, Farmers, Lincoln, Mutual of Omaha, MetLife, etc). Work from home/home office.

 

[PhDToBe]

[QUOTE="In the academic side I assist students aiming for or applying to professional schools (psych, premed, law). Guidance counselor/advisors often get things wrong, like you need a 4.0 to get into med school, so I help develop an academic, experience, and financial plan to achieve the clients goals.

Sent from my Nexus 4 using Tapatalk[/QUOTE]


What do you charge for that service?

 

[DrMikeP]

[QUOTE="In the academic side I assist students aiming for or applying to professional schools (psych, premed, law). Guidance counselor/advisors often get things wrong, like you need a 4.0 to get into med school, so I help develop an academic, experience, and financial plan to achieve the clients goals.

Sent from my Nexus 4 using Tapatalk

What do you charge for that service?[/QUOTE]

Initial 15 min phone consult is free. Then $200/hr, but for those who have low income I offer a discount. I also include things like proof reading personal statements, evaluation of transcripts, help the family understand financial aid options, etc. I used to do IQ/academic testing and such to assist with LD eval for study plans but these days I refer those out and just assist understanding the results and what that means for application.

The key is it requires knowing what it takes to get into various professional schools and what adcoms look for but also helping clients learn how to gather their own information. I'd rather teach people the skills to be successful on their own than spend 24/7 spoon feeding them through the process and that gets me more clients than some of the canned academic consulting firms who do packages.

 

[Pragma]

Mo problems

 

[PhDToBe]

What do you charge for that service?

Initial 15 min phone consult is free. Then $200/hr, but for those who have low income I offer a discount. I also include things like proof reading personal statements, evaluation of transcripts, help the family understand financial aid options, etc. I used to do IQ/academic testing and such to assist with LD eval for study plans but these days I refer those out and just assist understanding the results and what that means for application.

The key is it requires knowing what it takes to get into various professional schools and what adcoms look for but also helping clients learn how to gather their own information. I'd rather teach people the skills to be successful on their own than spend 24/7 spoon feeding them through the process and that gets me more clients than some of the canned academic consulting firms who do packages.[/QUOTE]

Interesting. Good way to make money on the side. Thanks for the info!

 

[erg923]

The big question is what do you do with this money. I/we need to better about this.

 

[DrMikeP]

The big question is what do you do with this money. I/we need to better about this.

I invest it in stocks, bonds, property, collectibles. Back when learning finance I dabbled in stock trading so learned to invest based on financial info plus technical indicators so not being greedy I can make a fair return on investment. Stock investing is not for someone without knowledge. When you think you know what ur doing paper trade (use a piece of paper to record what you in theory would buy/sell for) instead of using real money and when you can do that well then maybe ur ready to use real money.

Like learning psychology it's all about getting the proper knowledge before practicing. Decide what you have an interest in and learn how to make it profitable, even if it's a low profit it still beats a savings account. I also invest heavily in learning, so my next investment will be in a medical degree for the fun of it.

Sent from my Nexus 4 using Tapatalk

 

[PsyDr]

Leveraged high net worth and high income into becoming a sec qualified investor which allowed me to enter into venture capital.

 

[PsychMajorUndergrad18]

In my opinion, MamaPhD could be a good adjunct!