Whether the purpose is to supplement one's income or to transition out of the field of medicine, so-called "side hustles" offer many benefits to physicians, according to a Feb. 14 blog post by Passive Income MD.
Passive Income MD, a resource created to help physicians increase their income, identified six main benefits of pursuing a side job while continuing to practice medicine.
1. Diversifying one's income. Having only one source of income can leave a person vulnerable in the event of potential job loss or significant illness. Having multiple streams of income mitigates financial risk.
2. Extra income allows for additional experiences and freedoms with less financial risk. Having multiple income sources makes resources available that would be too much of a financial risk without additional income.
3. Expanding one's identity beyond a single occupation. Having multiple roles can create a sense of purpose beyond that of practicing medicine.
4. The opportunity to explore passions and hobbies. Having more than one income stream opens the door to being able to put more into hobbies and interests that were inaccessible when relying on one income.
5. Reconnecting with values. Having more financial freedom gives leverage that can allow physicians to move on from unhealthy working conditions, which will in turn have a positive effect on mental health and daily perspectives.
6. Allowing physicians to take back their time. Having earnings that are not directly tied to the amount of hours one works gives physicians the opportunity to reclaim control of their lives and potentially help one reach retirement quicker and easier.
A few side jobs recommended by Passive Income MD include consulting, real estate and starting a blog.