Side gigs

[FrostyHammer]

anybody remember backside attack from orgo days?

SN2 reactions! Is this too off-topic lol?

Also, can you define "immediately" move into roth?

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[Mandelin Rain]

SN2 reactions! Is this too off-topic lol?

Also, can you define "immediately" move into roth?

Usually wait a few days, but I guess it can be immediate.

Government is well aware of the loophole (and legality of it is dubious), but congress/the IRS has shown no interest in closing it.

 

[FrostyHammer]

Usually wait a few days, but I guess it can be immediate.

Government is well aware of the loophole (and legality of it is dubious), but congress/the IRS has shown no interest in closing it.

Is a few months OK? It's been a few months for me.

So since the traditional IRA can be sent to a Roth in this manner, does that mean the traditional IRA can be refilled at will? Or will they still exercise the yearly limit?

 

[mheat3]

Is a few months OK? It's been a few months for me.

So since the traditional IRA can be sent to a Roth in this manner, does that mean the traditional IRA can be refilled at will? Or will they still exercise the yearly limit?

Maximum contribution is 6k for backdoor Roth and if you do that then 0 for your regular IRA. The key is to zero our your traditional IRA balances prior to backdoor as this will trigger pro rata tax issues.

Basic step by step guide: Backdoor Roth IRA Ultimate Guide and Tutorial

 

[medgator]

Is a few months OK? It's been a few months for me.

So since the traditional IRA can be sent to a Roth in this manner, does that mean the traditional IRA can be refilled at will? Or will they still exercise the yearly limit?

You don't want a traditional IRA if you are doing backdoor roth, otherwise you negate the benefits with the pro rata rule. Wci has a good primer on this

 

[thecarbonionangle]

Is a few months OK? It's been a few months for me.

So since the traditional IRA can be sent to a Roth in this manner, does that mean the traditional IRA can be refilled at will? Or will they still exercise the yearly limit?

Yes that is fine. You put in 6k. It grew some. You likely will owe taxes on any difference (re-invested dividends). You will get a 1099 next yr from wherever you have your accounts

 

[FrostyHammer]

Thanks a lot friends, that helped a lot. I'm not sure this is the best for me because I have cash in a rollover IRA, traditional IRA, and in the past opened up a SEP IRA (without having added anything to it though). Seems like I'd have to move all that IRA cash into the Roth and get taxed at the higher bracket in doing so. I wonder if y'all think it's still worth it?

 

[thecarbonionangle]

Thanks a lot friends, that helped a lot. I'm not sure this is the best for me because I have cash in a rollover IRA, traditional IRA, and in the past opened up a SEP IRA (without having added anything to it though). Seems like I'd have to move all that IRA cash into the Roth and get taxed at the higher bracket in doing so. I wonder if y'all think it's still worth it?

Two different schools of thought.

1) traditional school: when you retire you will be in a lower income bracket, so it may make sense to some to pay taxes then rather than now. There is also an income limit for deductible traditional IRA so this phases out rapidly and most attendings are not eligible for a deductible traditional IRA. If you are over income limit, you cannot deduct it and you will owe taxes on earnings when you retire plus have mandatory RMDs.
2) you are young and money will grow for decades with reinvestment divident and yearly contributions, so you could actually save a ton of money by paying taxes on lower sum.

Another benefit of going roth is there are no RMDs for roth. For traditional IRA, the government wants their money, so they make you take money out once you hit age, so they can tax you. If you don’t take out RMDs they will fine you.
In roth there are no RMDs and it can be passed down

 

[evilbooyaa]

I go with thought process 2 from the above post. My 403b is all post-tax money as well, as I won't miss the extra taxes paid on it now, and given planned long career I'd expect significant growth which I do not want to pay taxes in the future.

I haven't done a backdoor Roth and I'm bad at this money stuff (and don't have a strong inclination) so I'll wait until I have a financial planner.

 

[thecarbonionangle]

I go with thought process 2 from the above post. My 403b is all post-tax money as well, as I won't miss the extra taxes paid on it now, and given planned long career I'd expect significant growth which I do not want to pay taxes in the future.

I haven't done a backdoor Roth and I'm bad at this money stuff (and don't have a strong inclination) so I'll wait until I have a financial planner.

You can do it, nothing complicated. Its a few clicks. Don’t get ripped off by a FA.

i recommend everyone read WCI, WCI bootcamp, a simple path to wealth

Bonus: millionaire nextdoor

it is not hard. all of us need to know about it

 

[Mandelin Rain]

I read WCI in about 3 hours front to back. It was WELL worth the time.

 

[taserlaser]

I mean GME is back up so there’s that 🚀

 

[deleted941485]

Check medscape, sermo, M3 research, opinionsite for starters....

These are all a joke. I rarely get past the screeners. They clog up my inbox with surveys that dont make sense or arent applicable to me. Its a joke. As a RO you would basically have to lie and say your a BC Med Onc to even have a chance of making any money on this stupid thing.

 

[medgator]

These are all a joke. I rarely get past the screeners. They clog up my inbox with surveys that dont make sense or arent applicable to me. Its a joke. As a RO you would basically have to lie and say your a BC Med Onc to even have a chance of making any money on this stupid thing.

There's definitely a lot of med Onc ones in there but some just say "Oncology" (wink, wink). I definitely do get opted in on some lung, h&n and cns ones even just saying I'm RO

 

[metallica81788]

These are all a joke. I rarely get past the screeners. They clog up my inbox with surveys that dont make sense or arent applicable to me. Its a joke. As a RO you would basically have to lie and say your a BC Med Onc to even have a chance of making any money on this stupid thing.

Um well... yes

 

[evilbooyaa]

You can do it, nothing complicated. Its a few clicks. Don’t get ripped off by a FA.

i recommend everyone read WCI, WCI bootcamp, a simple path to wealth

Bonus: millionaire nextdoor

it is not hard. all of us need to know about it

I do need to read WCI at some point. Will get around to it.

 

[Mandelin Rain]

FYI, I am offering SDNBux at a 1:1 USD conversion to be used for on-site user profile enhancements.

Additionally, this endeavor will be going public via an IPO today with a valuation of $30B. Get in early.

Finally, this post will be offered as an exclusive NFT 1-of-1000, each with an initial bid of $100,000.

 

[thesauce]

 

[medgator]

 

[Splenda88]

Why do people need side gig when they are making 400-600k/yr?

 

[elementaryschooleconomics]

Why do people need side gig when they are making 400-600k/yr?

For me, I'm finishing residency right now after doing an MD-PhD program which is a decade-and-a-half of making very little income.

I plan on continuing to try to supplement my income through various mechanisms in a few months when I'm an attending, simply because I want a fortress of wealth in my later years so, if I choose to completely retire, that's really an option for me, unlike my parents, and my spouse's parents, and an increasingly large contingent of the American population.

Can I do that on $400k/year alone? Sure. But if you can get those numbers up...why wouldn't you?

 

[Splenda88]

For me, I'm finishing residency right now after doing an MD-PhD program which is a decade-and-a-half of making very little income.

I plan on continuing to try to supplement my income through various mechanisms in a few months when I'm an attending, simply because I want a fortress of wealth in my later years so, if I choose to completely retire, that's really an option for me, unlike my parents, and my spouse's parents, and an increasingly large contingent of the American population.

Can I do that on $400k/year alone? Sure. But if you can get those numbers up...why wouldn't you?

Definitely If it's passive. Will be more than content with 350k+. Then again I am not radonc where it's not difficult to make 400k+. Gotta buss my behind to make that kind of $$$ in IM.

 

[RadOncDoc21]

Definitely If it's passive. Will be more than content with 350k+. Then again I am not radonc where it's not difficult to make 400k+. Gotta buss my behind to make that kind of $$$ in IM.

Don’t forget taxes, living expenses, loans, ex wives, kids...never a bad thing to have more money.

 

[Baws]

Why do people need side gig when they are making 400-600k/yr?

Because you see yourself bill for 1.5 million, and wonder why the hospital board is taking more than 75% of it

 

[Neuronix]

Why do people need side gig when they are making 400-600k/yr?

I make less than 400k/yr, and I live in a very high cost of living area with a growing family.

These are all a joke. I rarely get past the screeners. They clog up my inbox with surveys that dont make sense or arent applicable to me. Its a joke. As a RO you would basically have to lie and say your a BC Med Onc to even have a chance of making any money on this stupid thing.

I have a similar experience, but I don't attempt to misrepresent myself. This screens me out of probably 90% of the opportunities I get. It only annoys me when something comes to me that is directly in my area of expertise, I fill out their screener, and I still don't get selected. That happens about 50% of the time.

 

[Mandelin Rain]

I make less than 400k/yr, and I live in a very high cost of living area with a growing family.



I have a similar experience, but I don't attempt to misrepresent myself. This screens me out of probably 90% of the opportunities I get. It only annoys me when something comes to me that is directly in my area of expertise, I fill out their screener, and I still don't get selected. That happens about 50% of the time.

Sometimes you have to give the screeners what they want to hear. In residency uber poor days, I was the only rad onc routinely treating 4 CML patients a month.

 

[elementaryschooleconomics]

Sometimes you have to give the screeners what they want to hear. In residency uber poor days, I was the only rad onc routinely treating 4 CML patients a month.

Sometimes, after giving the screeners what they need, I'm very amused to discover all those upfront hoops result in them asking you which picture for an advertisement you prefer...

 

[evilbooyaa]

Why do people need side gig when they are making 400-600k/yr?

1) Many are not
2) Rad Oncs know that the collections that are being made in our name even for just a professional standpoint, which are frequently 3-5x our annual salary and have the equivalent feeling of frustration over something equivalent to unrealized gains.

 

[w00tz]

The trajectory of rad onc is horrible between APM/general reimbursement, declining indications, overexpansion of residency, overall decline of medicine. I am in my early 30s, so not eligible for social security for decades. Sure, I make decent money now, but what will it look like in 10 years? What if I am making half of 400-600k? What if I don't even have a job? What if I need to retrain in another specialty? With the future so uncertain and a family to take care of, I'm saving what I can and trying to diversify my streams of income.

 

[beamotherapy]

Here is an interesting list of physician side hustles. I never understood spending your few free hours doing extra side work. In the long run simple investment decisions will net you so much more than hours spent doing surveys, consulting work, etc.

7 Physician Side Gigs [Pro & Cons of Each] | White Coat Investor

Here's an insider's look at 7 physician side hustles -- expert witnessing, 3rd party pharma, industry interviews, admin, peer & file reviews, and medical writing.

www.whitecoatinvestor.com

 

[Splenda88]

The trajectory of rad onc is horrible between APM/general reimbursement, declining indications, overexpansion of residency, overall decline of medicine. I am in my early 30s, so not eligible for social security for decades. Sure, I make decent money now, but what will it look like in 10 years? What if I am making half of 400-600k? What if I don't even have a job? What if I need to retrain in another specialty? With the future so uncertain and a family to take care of, I'm saving what I can and trying to diversify my streams of income.

Well, if you are making 500k now, you put yourself in a position to be FI in 10 years.

 

[medgator]

Here is an interesting list of physician side hustles. I never understood spending your few free hours doing extra side work. In the long run simple investment decisions will net you so much more than hours spent doing surveys, consulting work, etc.

7 Physician Side Gigs [Pro & Cons of Each] | White Coat Investor

Here's an insider's look at 7 physician side hustles -- expert witnessing, 3rd party pharma, industry interviews, admin, peer & file reviews, and medical writing.

www.whitecoatinvestor.com

Well if you have got some down time at work, can't knock the survey route imo

 

[beamotherapy]

Well if you have got some down time at work, can't knock the survey route imo

Down time at work? I have important online training modules to complete for the hospital !

 

[sloh]

Here is an interesting list of physician side hustles. I never understood spending your few free hours doing extra side work. In the long run simple investment decisions will net you so much more than hours spent doing surveys, consulting work, etc.

7 Physician Side Gigs [Pro & Cons of Each] | White Coat Investor

Here's an insider's look at 7 physician side hustles -- expert witnessing, 3rd party pharma, industry interviews, admin, peer & file reviews, and medical writing.

www.whitecoatinvestor.com

There have been so many discussions on this topic of side gigs among physicians. Often, these side gigs won't even come close to being as lucrative as just seeing more patients. If you're paid based off what you bill/collect/RVU's, and can find ways to be very efficient, seeing more patients is a better use of your time than side gigs if money is the main goal. Then on the side, you can do what you actually love instead of having to think about making money off of it. And as you said, put the money into simple buckets like 401k, IRA, HSA, low cost diversified index funds; if you are a 1099 and make north of 500k/yr, hire a financial advisor to help you save on taxes and create an S-Corp. Hit 2 million in investable assets for FIRE, 3-4 million in investable assets for FAT FIRE and you're gold.

How to Become Rich [as Fast as Possible] | White Coat Investor

I'm a big fan of getting rich slowly but if you're in a big hurry, here's what you can do to speed up the process.

www.whitecoatinvestor.com

"I have always been amazed to see intraspecialty income differences that are larger than the classic interspecialty income differences. While there is an impressive difference between the average pediatrician who makes $232K and the average orthopedist who makes $511K, I know both pediatricians and orthopedists who make twice those averages."

 

[Splenda88]

There have been so many discussions on this topic of side gigs among physicians. Often, these side gigs won't even come close to being as lucrative as just seeing more patients. If you're paid based off what you bill/collect/RVU's, and can find ways to be very efficient, seeing more patients is a better use of your time than side gigs if money is the main goal. Then on the side, you can do what you actually love instead of having to think about making money off of it. And as you said, put the money into simple buckets like 401k, IRA, HSA, low cost diversified index funds; if you are a 1099 and make north of 500k/yr, hire a financial advisor to help you save on taxes and create an S-Corp. Hit 2 million in investable assets for FIRE, 3-4 million in investable assets for FAT FIRE and you're gold.

How to Become Rich [as Fast as Possible] | White Coat Investor

I'm a big fan of getting rich slowly but if you're in a big hurry, here's what you can do to speed up the process.

www.whitecoatinvestor.com

"I have always been amazed to see intraspecialty income differences that are larger than the classic interspecialty income differences. While there is an impressive difference between the average pediatrician who makes $232K and the average orthopedist who makes $511K, I know both pediatricians and orthopedists who make twice those averages."

I will need 2 mil + 1 mil in real estate to say that I am FI.