WCI #162: Are Side Gigs Mandatory for Doctors?

Do doctors need a side gig? No. But it certainly can ease the stress that comes from changes in your physician income beyond your control, like with this pandemic. But living like a resident, saving and investing appropriately can also do that. I think each of us needs to find a balance and realize that if you will carve out a chunk of your income and invest it in some reasonable way, you'll be okay. Doctors make enough money that if they will just manage the money well, they don't need a side income. But it never hurts to have a little bit of side income if that is something that interests you.  Besides discussing the necessity of side gigs in this episode I also answer listener questions about where to put your PSLF side fund, what asset allocation to have in your 457 account, whether my opinion on the use of bonds has changed given recent market events, and should you be interested in a side gig, how to pay yourself from that money. 

As a white coat, you have valuable knowledge. Various companies want that knowledge. And they’re willing to pay you for it! That’s why we’ve put together a list of recommendations for companies that pay you to take surveys. If you’re looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

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