[Editor's Note: Today's WCI Network post comes from Passive Income, MD, and is his growing list of physician side hustles updated for 2020. I wrote a post a few weeks ago about how doctors should not feel like they have to have a side hustle, but if you want one, take a look at some of these! Feel free to submit your own ideas to add to his list in the comments section below.]
With the ever-changing state of medicine, the increasing burden of student loan debt, and the dissatisfaction and burnout that comes along with all of it, physicians seem to be searching for alternatives or other ways to make income.
Perhaps it’s to supplement/replace their current incomes or perhaps it’s a way to transition out of medicine altogether. Either way, the notion of the “side hustle” or “side gig” seems to be growing in acceptance amongst the physician community.
To qualify as a side hustle, it must be something that you can initially start while continuing your day job as a physician.
Why Even Have a Side Hustle?
- Make more money.
- Hedge against changes in medicine or your current job.
- Increases your bottom line to help you achieve financial independence quicker.
- Maybe it’s just something you’re passionate about and enjoy doing.
Is It Worth It?
At the end of the day, that’s a personal decision. You have to figure out whether it’s worth it to you after answering the following questions amongst many others:
- How much can you make?
- What’s your time worth?
- Should you just work more at your current day job?
- Will it help you create your ideal life?
- Is it something that you’re interested in and passionate about?
Ultimately I believe that side hustles start with having the right attitude. Your success will be predicated on your drive and determination, which, if you’ve made it this far in your medical career, you already have plenty of.
There might be obstacles you face while trying to pursue a side hustle as a physician, but it might be absolutely worth it.
Without further ado, here’s my growing List of Physician Side Hustles (with some examples, ex, of doctors doing those very things):
Make Extra Money Using Your Medical Degree (Non-Clinical)
- Medical Consulting – McKinsey
- Retail Consulting – Advisor for retail/cosmetic company
- Physician Advisor – R1
- Telemedicine – American Telemedicine Association, MDlive, Doctor On Demand, HealthTap. I also wrote a review on a great course to get you started in telemedicine.
- Expert Witness – SEAK, American Medical Experts
- Chart/Utilization Review – SEAK, Dane Street, Advanced Medical Reviews
- Pharm / Clinical Trials
- Review and offer opinions on medical cases – Best Doctors
- Medical Surveys – (For a complete list, check out our Paid Medical Surveys page)
- Review Health Insurance Claims – NAIRO
- Disability Insurance Evaluation – ABIME, IAIME
- Locum Tenens – National Assoc. of Locum Tenens Org., Equal Access Health
- Pick up shifts at an urgent care center or start your own
- On Demand Doctor visits – Heal, Pager
- Concierge Doctor – SignatureMD
- Physicals for the military – MEPS
- Medical Review Officer – Drug & Alcohol Testing – AAMRO
- Medical Director – home health/hospice, infusion centers, IV hydration clinics
- Clinical Lab director
- Write a book – You can take a course like this to get started. Some examples of books by doctors: The House of God, Complications, Drug Dealer, MD
- Write an eBook – Self-publish
- Create an online course – Kajabi, Udemy, Teachable
- Create guides to help students with exams – ex. First Aid for the USMLE
- Create online quiz banks
- Teach at a university or medical school
Real Estate Opportunities
- Invest in direct ownership of rental property – Single Family, Multifamily (Apartments)
- Invest in Crowdfunding Real Estate – CrowdStreet, EquityMultiple. (Check out our list of the Best Real Estate Crowdfunding Sites.)
- Invest in Syndications
- Invest in Private Equity Real Estate Funds
- Learn how to invest in Syndications & Funds by joining the Passive Real Estate Academy.*
- Rent out your own home – Airbnb
- Invest in Tax Liens
- Get your real estate license
- Start a Blog – How to start a Blog.
- Affiliate Marketing – Amazon Affiliates, CJ Affiliate, Affiliate Marketing Course
- Sell items on Etsy or eBay
- Direct to consumer products – ex. L3O Soaps
- Create online store / dropshipping – Like this blogger, My Wife Quit Her Job
Patent / Invention
- Create invention & patent it, collect royalties, ex. BareEase
- Create an app – Can use BuildFire, iBuildApp. ex. CallSimplified
- Patent an idea for a Medical Device specifically
Investing in Companies
- Angel Investing – AngelList, Microventures
- Venture Capitalist – Work and consult for a venture capital firm that funds medical innovation – Artiman Ventures
- Invest in the stock market
- Day Trade
- Medical Writing – SEAK
- CME content writer
- Medical Journal Editor
Traditional Media / Online Media / Social Media
- Medical expert on air or radio – ex. Dr. Sanjay Gupta, Dr. Kien Vuu
- Social Media Influencer – ex. Dr. Mike
- Podcasting – ex. 10 Podcasts Doctors Should Really Be Listening To
- YouTube & Video Blogging – ex. ZDoggMD
- Pharmaceutical industry lecturer
- Paid guest lecturer at conferences
- Start a Medi Spa
- Create your own skincare line – ex. MD Glam
- Drive Uber or Lyft (Believe it or not, I've actually heard of some docs doing this.)
- Rent out ad space on car – Wrapify
- Rent out your car – Turo, Getaround
- Athletes, Training, & Nutrition – ex. AthletesRX
- Weight Loss – ex. Dr. Katrina Ubell
- Health and Wellness
- Life / Business / Career – Life Coach School, Dr. Sunny Smith (Empowering Women Physicians)
- How to get into med school – Medical School Headquarters
- Just about anything and sites to get started on:
- Teach Yoga / Pilates
- Other online surveys – Swagbucks, Survey Junkie
- Make money by referring student loan refinancing companies to your friends