Physician Side Hustles

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TeslaCoil

TeslaCoil

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  1. Attending Physician
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Alright lets hear it. Hows everybody generating multiple income streams? I have some real estate Im renting out. Other than that general investments. Looking for ways to generate more side streams of income. Anybody care to share ideas?
 
MirrorTodd said:
It definitely is, especially if you get stupid and greedy. But you can earn fairly reliable income from it.
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What I've learned by having "fun" with paper money options trading:

1. Noone goes broke taking profit.
2. Always set your stop losses
3. Don't do it at work - saving someone's life can distract you from that massive move that just ate up your last 3 month's gainz. And having to save someone's life will ALWAYS come when the stakes are high.
 
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I have a friend who had some land along a couple of major highways. He was approached 15 years ago about putting up a billboard on his land. I don't recall the actual numbers, but he soon negotiated with the company and told them about some more land he had in a different area and did they want to place billboards there as well. Eventually, I think he negotiated for around 18 billboards on his land. He said he makes as much money from the billboards as he does from being an anesthesiologist. He calls it his mailbox money. He literally does nothing and the money just flows in.
I have a gig with a friend in a company with low overhead and high profit margins. I am a small part owner and there will be a ramp up period of about 7 years where all earnings will be put back into the business to open additional locations, hoping to get to about 10-20 different sites. My initial investment was only around $75K, so I am not in it for too much if it goes belly up. Once that matures, I hope to have a nice passive income stream. Playing the long game on this one. I have done ventures with the friend before and it was a really good experience as a silent partner, so I hope the track record holds up.
 
TeslaCoil said:
I was thinking more like sources of passive income. So that you dont have to rely on medicine as much.
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Work more and/or find higher paying gigs. Invest the money into tax advantaged accounts first, then low cost index funds. Best way to “passive” income for most docs. We go through training coming out with enormous shovels. Put that shovel to use.
 
sloh said:
Work more and/or find higher paying gigs. Invest the money into tax advantaged accounts first, then low cost index funds. Best way to “passive” income for most docs. We go through training coming out with enormous shovels. Put that shovel to use.
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Agree with you there. A colleague used to do projects around the house and get low quality results because he wasn't an expert. He said, now, "I pay the experts to come do the work and I just work an extra saturday to more than offset the costs, plus it helps the community by keeping good companies employed and busy doing what they are experts at." That hit home with me and I think he had the right idea.
 
sloh said:
Work more and/or find higher paying gigs. Invest the money into tax advantaged accounts first, then low cost index funds. Best way to “passive” income for most docs. We go through training coming out with enormous shovels. Put that shovel to use.
Click to expand...
Oh its a great shovel. But i always want a bigger and bigger shovel is the problem lol. I don't think you’re understanding the assignment. Im not desperate im ambitious.
 
OP - I keep having the same question. I want to have something that's true passive(ish) income but I've really not come across anything that makes sense.

I've come across plenty of bizarre crypto, options trading, and scammy real estate schemes - but none of them seem legit or logical. Sadly real estate seems like a dead deal now with the way property values and the economy are... otherwise that'd be a tangible legitimate thing that could be a cash flowing low enough maintenance idea.

Creating a business that quasi runs itself seems like the most legitimate side hustle. But in what I don't know really. A guy I work with has 10 gas stations and rakes in the dough. Another owns several coffee shops, and another was selling supplements online. I think all of them ultimately put in a ton of work to get their businesses going and financially they may have been just as well moonlighting and investing in the market.

All that said, have you considered becoming president and creating a sham crypto empire while taking bribes and selling strange gold accented Chinese shoes and bibles with your name on them? I hear those are some cool side hustles.
 
sloh said:
Work more and/or find higher paying gigs. Invest the money into tax advantaged accounts first, then low cost index funds. Best way to “passive” income for most docs. We go through training coming out with enormous shovels. Put that shovel to use.
Click to expand...
At some point the RMDs from these "tax advantaged accounts" can be quite large so plan on Roth Conversions for at least 1/2 of it, maybe more, so you will need a large brokerage account as well to manage retirement. If you aren't doing Backdoor Roth conversions then start immediately as this is the best account to have under the age of 50. You may need to open a solo 401K at Schwab or Fidelity if you have an Traditional/Rollover IRAs so you can transfer those funds into the solo 401K to avoid the Pro rata rule. All you need is a little side hustle of 1099 work for this strategy to work.
 
Gern Blansten said:
Agree with you there. A colleague used to do projects around the house and get low quality results because he wasn't an expert. He said, now, "I pay the experts to come do the work and I just work an extra saturday to more than offset the costs, plus it helps the community by keeping good companies employed and busy doing what they are experts at." That hit home with me and I think he had the right idea.
Click to expand...
Funny thing is when I do my own work I get head and shoulders better results than if I pay some schmuck to half azz it. To me its less about money, more about having pride in what I do and doing the best job possible.
 
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kidthor said:
OP - I keep having the same question. I want to have something that's true passive(ish) income but I've really not come across anything that makes sense.

I've come across plenty of bizarre crypto, options trading, and scammy real estate schemes - but none of them seem legit or logical. Sadly real estate seems like a dead deal now with the way property values and the economy are... otherwise that'd be a tangible legitimate thing that could be a cash flowing low enough maintenance idea.

Creating a business that quasi runs itself seems like the most legitimate side hustle. But in what I don't know really. A guy I work with has 10 gas stations and rakes in the dough. Another owns several coffee shops, and another was selling supplements online. I think all of them ultimately put in a ton of work to get their businesses going and financially they may have been just as well moonlighting and investing in the market.

All that said, have you considered becoming president and creating a sham crypto empire while taking bribes and selling strange gold accented Chinese shoes and bibles with your name on them? I hear those are some cool side hustles.
Click to expand...
Right, this is more within the vein of what I was thinking of. I would love to own some businesses. Just no idea where to start. I have perused bizbuysell.com a few times. Laundromats sound great.
 
TeslaCoil said:
Funny thing is when I do my own work I get head and shoulders better results than if I pay some schmuck to half azz it. To me its less about money, more about having pride in what I do and doing the best job possible.
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I agree if it is something that I can youtube and learn or if I have the proper tools. But, many things are above my skill level, even if I could teach myself. Tree work is one of those things. I have done it and know how to do it and I think I can do it mostly safely, but I have seen too many things go awry and I like to leave it to the experts for anything that might be dangerous or too big of a job or might require tools that are better than the meager ones I have. I don't want to end up in the ER or in a wheelchair.
But, I agree with being self sufficient if you are capable. I am below average at most repair work, so it is likely that my work will be subpar. Your results are likely better than mine.
 
TeslaCoil said:
Funny thing is when I do my own work I get head and shoulders better results than if I pay some schmuck to half azz it. To me its less about money, more about having pride in what I do and doing the best job possible.
Click to expand...
Other side to the professional coin also is that there's no guarantees that a professional will do it correctly. Like you said,there are a lot of professionals that will half ass it.
 
TeslaCoil said:
Right, this is more within the vein of what I was thinking of. I would love to own some businesses. Just no idea where to start. I have perused bizbuysell.com a few times. Laundromats sound great.
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Carwashes always seem like they'd earn good money, especially close to cities.
 
MirrorTodd said:
Other side to the professional coin also is that there's no guarantees that a professional will do it correctly. Like you said,there are a lot of professionals that will half ass it.
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Exactly. Ive found hiring people to be hit or miss. There are some types of skilled labor I wont do. Like masonry, or trees like Blanston said.
 
BLADEMDA said:
At some point the RMDs from these "tax advantaged accounts" can be quite large so plan on Roth Conversions for at least 1/2 of it, maybe more, so you will need a large brokerage account as well to manage retirement. If you aren't doing Backdoor Roth conversions then start immediately as this is the best account to have under the age of 50. You may need to open a solo 401K at Schwab or Fidelity if you have an Traditional/Rollover IRAs so you can transfer those funds into the solo 401K to avoid the Pro rata rule. All you need is a little side hustle of 1099 work for this strategy to work.
Click to expand...
I’ve never understood the complaints of RMDs. Unless you’re going to never spend the money and leave it to heirs, you have to take it out anyway to spend it.
 
TeslaCoil said:
Exactly. Ive found hiring people to be hit or miss. There are some types of skilled labor I wont do. Like masonry, or trees like Blanston said.
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My brother did his own retaining wall about 10 years ago. Has had back problems and needed epidural steroid injections, time off work, leg weakness, and potentially surgery.

I’d rather pay the $15k to the workers.
 
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BLADEMDA said:
At some point the RMDs from these "tax advantaged accounts" can be quite large so plan on Roth Conversions for at least 1/2 of it, maybe more, so you will need a large brokerage account as well to manage retirement. If you aren't doing Backdoor Roth conversions then start immediately as this is the best account to have under the age of 50. You may need to open a solo 401K at Schwab or Fidelity if you have an Traditional/Rollover IRAs so you can transfer those funds into the solo 401K to avoid the Pro rata rule. All you need is a little side hustle of 1099 work for this strategy to work.
Click to expand...
I am fully on a 1099. Backdoor roth-check. Brokerage acct-check. I cant do a solo 401k because I have employees but my wife and I both max out contributions.
 
Dantrolene FC said:
My brother did his own retaining wall about 10 years ago. Has had back problems and needed epidural steroid injections, time off work, leaf weakness, and potentially surgery.

I’d rather pay the $15k to the workers.
Click to expand...
Like I said- I wouldnt do masonry. Haha. Actually I did it for one summer as a teenager and that left quite a negative impression on me. Wont do things like that- roofs, masonry, trees, etc.
 
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I asked around and some of my colleagues don’t even fund their retirement accounts. It boggles my mind

A side hustle a colleague does is iv infusions for hangovers. Told me they were making a decent amount for it.
 
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Simba1711 said:
I asked around and some of my colleagues don’t even fund their retirement accounts. It boggles my mind
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Same here - I also had a coworker who went without health insurance because, as he said, “I’m healthy” and he didn’t want to spend the money.
 
TeslaCoil said:
Like I said- I wouldnt do masonry. Haha. Actually I did it for one summer as a teenager and that left quite a negative impression on me. Wont do things like that- roofs, masonry, trees, etc.
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Yeah some of these physical tasks are so rough on the body. I figure they’re worth a professional doing them because hopefully they also have the experience to not self injure.
 
sloh said:
My uncle was doing work around the house on a ladder recently. Lost his step and fell from about 7 feet high. Flared up his cervical radiculopathy. Not a happy camper right now. Just pay and offload these tasks.
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One thing I can tell you is that I do not trust anybody working on my cars. The only things I outsource there are engine internals and transmission work.
 
However people like Andrew Tate earn their money seems nice
 
sloh said:
My uncle was doing work around the house on a ladder recently. Lost his step and fell from about 7 feet high. Flared up his cervical radiculopathy. Not a happy camper right now. Just pay and offload these tasks.
Click to expand...


I’ve had scores of patients who fell off ladders.


This was a similar accident. I believe he fell while shoveling snow off his roof.


www.vaildaily.com

Mikaela Shiffrin’s father, Jeff Shiffrin, dies unexpectedly at 65

Jeff Shiffrin, with his wife, Eileen, made the Vail area their home decades ago, and together raised Mikaela and Taylor Shiffrin, who was a member of the two-time NCAA Champion University of Denver Ski Team.
www.vaildaily.com www.vaildaily.com
 
kidthor said:
Yeah some of these physical tasks are so rough on the body. I figure they’re worth a professional doing them because hopefully they also have the experience to not self injure.
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Exactly. Plus, depending on the tasks, there are specific tools and protective equipment available to make it safer and less risk of injury that they may have that I don’t. They are also likely in better physical shape than I am with more muscle strength and stamina in the particular muscle groups required to do certain tasks.
 
sloh said:
Work more and/or find higher paying gigs. Invest the money into tax advantaged accounts first, then low cost index funds. Best way to “passive” income for most docs. We go through training coming out with enormous shovels. Put that shovel to use.
Click to expand...

Got a buddy doc whos been working hard maybe 13-14 years who says hes been just investing it in the market. Now says as long as the market gives a normal 7-10% return he makes his 450k ish doc salary just from the market returns alone.

That shud be most peoples goal imo as far as passive income goes.
 
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TeslaCoil said:
Alright lets hear it. Hows everybody generating multiple income streams? I have some real estate Im renting out. Other than that general investments. Looking for ways to generate more side streams of income. Anybody care to share ideas?
Click to expand...

It's tough to be have truly passive income. Rentals are great but anything real estate related is significantly impacted by location.

Plus if it's residential, you have the headache of non paying tenants and issues with evictions etc.

The stock market and playing the options game can yield a nice bit of cash.

Other options still require time:

Get paid by a pharmaceutical company/medical device company ( not that easy to get hooked in but you can make a decent bit of cash giving talks etc. It does seem to attract the same type of personality though)

Be on a judicial review committee for an insurance company ( usually when they are trying to kick a physician off their panel). I did it for a case and it paid $300/hr or so. Basically be on a zoom meeting from home hearing some lawyers argue. Not consistent time or pay.
 
finalpsychyear said:
Got a buddy doc whos been working hard maybe 13-14 years who says hes been just investing it in the market. Now says as long as the market gives a normal 7-10% return he makes his 450k ish doc salary twice over yearly.

That shud be most peoples goal imo as far as passive income goes.
Click to expand...
Good for him. Can coast.

Though 13-14 years in the market isn’t long enough since there hasn’t been a true bear market in that time span. Any downturn can change people perception really quick that last 5-7 years to return back to market highs.

But enough of a head start for him/her. They can withstand any brutal downtown
 
aneftp said:
Good for him. Can coast.

Though 13-14 years in the market isn’t long enough since there hasn’t been a true bear market in that time span. Any downturn can change people perception really quick that last 5-7 years to return back to market highs.

But enough of a head start for him/her. They can withstand any brutal downtown
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But, if he makes his salary twice over yearly, as long as they adjust their expenses, it should continue to grow.
At the very least, they could cut to part time and just live off the reduced salary so they don’t start withdrawing from the fund for another few years. With any luck, it will double in 7-8 years providing even more of a buffer.
Having that amount and being able to just walk away whenever you want is empowering.
 
Gern Blansten said:
But, if he makes his salary twice over yearly, as long as they adjust their expenses, it should continue to grow.
At the very least, they could cut to part time and just live off the reduced salary so they don’t start withdrawing from the fund for another few years. With any luck, it will double in 7-8 years providing even more of a buffer.
Having that amount and being able to just walk away whenever you want is empowering.
Click to expand...
Wealth generally doubles every 7-8 years. But a downturn say 30% market correction drastically cuts the overall total return annually.

Maybe you or I are getting confused? OP says his buddy makes 450k and gets market gains of 900k a year.

You are saying he can make 900k in salary (make salary twice over) to make up for the downturn in gains because a 30% drop would mean the OP will not be making 900k in market gains. Could be negative 1.5 million with a 30% drop.

Which means his buddy isn’t gonna to cut back.
 
aneftp said:
Wealth generally doubles every 7-8 years. But a downturn say 30% market correction drastically cuts the overall total return annually.

Maybe you or I are getting confused? OP says his buddy makes 450k and gets market gains of 900k a year.

You are saying he can make 900k in salary (make salary twice over) to make up for the downturn in gains because a 30% drop would mean the OP will not be making 900k in market gains. Could be negative 1.5 million with a 30% drop.

Which means his buddy isn’t gonna to cut back.
Click to expand...


To get to those returns consistently, one would need $10-15mil already invested. Even if they lose a few million in a bad year, they don’t necessarily have to cut back.
 
aneftp said:
Wealth generally doubles every 7-8 years. But a downturn say 30% market correction drastically cuts the overall total return annually.

Maybe you or I are getting confused? OP says his buddy makes 450k and gets market gains of 900k a year.

You are saying he can make 900k in salary (make salary twice over) to make up for the downturn in gains because a 30% drop would mean the OP will not be making 900k in market gains. Could be negative 1.5 million with a 30% drop.

Which means his buddy isn’t gonna to cut back.
Click to expand...

I meant he is making 450 from job and 450 from market on average so a total of 900 if you count both. he plans for 5 years more full time and then start PT at 50 yo for 5 years and if market continues doing well it might be 1-2 days a week for cognitive stimulation and structure of some sort.
 
Direct Laryngoscopy said:
Are you a technical trader? You’ve studied the Greeks?
Click to expand...
Not by any means at all. Right now, I'm basically like Luke, just using the force. I'm not gambling with large sums or anything. Not short selling or anything crazy like that. Just some leaps on companies I'm bullish on and some cash secured puts on companies I don't mind buying and some covered calls on companies I want chump change income from.
EDIT: I may or may not have bought SPY 580 puts with the Trump/Elon feud going on.
 
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nimbus said:
I’ve had scores of patients who fell off ladders.


This was a similar accident. I believe he fell while shoveling snow off his roof.


www.vaildaily.com

Mikaela Shiffrin’s father, Jeff Shiffrin, dies unexpectedly at 65

Jeff Shiffrin, with his wife, Eileen, made the Vail area their home decades ago, and together raised Mikaela and Taylor Shiffrin, who was a member of the two-time NCAA Champion University of Denver Ski Team.
www.vaildaily.com www.vaildaily.com
Click to expand...
Nobody older than 50 should ever step more than two rungs up a ladder. Honestly, balance and coordination start to flag in unpredictable ways, and all it takes is one slip for a head bleed or c-spine fracture.
 
Gern Blansten said:
Exactly. Plus, depending on the tasks, there are specific tools and protective equipment available to make it safer and less risk of injury that they may have that I don’t. They are also likely in better physical shape than I am with more muscle strength and stamina in the particular muscle groups required to do certain tasks.
Click to expand...

Like CRNA’s, it’s usually “you don’t know what you don’t know” that gets you in trouble
 
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