[Editor's Note: Today's classic post is from WCI Network partner, Passive Income, MD.]
“Do not wait, the time will never be just right.” – Napoleon Hill
“The perfect time to start something never arrives. Start now.” – T. Harv Eker
Timing is everything. In life, love, and business, this axiom holds true. At least, that’s what we tell ourselves. But is this always the case?
As a reader of this blog, you probably have some desire to establish some streams of passive income. So if you haven’t done so already, let me ask you this: Are you waiting for the perfect time to start making this dream a reality? Well, I’m going to let you in on a little secret – there simply is no perfect time.
Busy All the Time
Medical students, residents, fellows, and attendings have all reached out to me, asking when the “best” time to start a side hustle really is. My response is always the same: “Why not start now?”
Of course, most people seem to reply with some variation of the same answer, “I’m really busy right now, but maybe later.”
As medical students, it’s true, you feel like you’re drowning in the books. You’re so busy learning mnemonics to remember all the cranial nerves, or so exhausted from waking up early to pre-round and studying every evening that there doesn’t seem to be any time left in the day.
As a resident, you’re trying to hone your craft and survive. You’re sitting there with ten pagers weighing down your scrub pants, and you’re just trying to get through the shift. Or perhaps you’re spending extra time on your research paper trying to look good for fellowship applications. You’re hitting close to 80 hours a week and at the end of a 30-hour shift, there’s no way you have time to think about other things.
Or maybe you’ve finally made it as an attending, but you’re trying to build your practice and your reputation. Maybe you find you’re working more hours than ever, and you’re exhausted when you get home.
Then there’s the possibility that during one of these stages you either have or are about to start a family. So you try your best to be a present and engaged parent, all the while juggling your training and career.
In all of this, where is anyone supposed to find a good time to start a side hustle?
Other Common Excuses
Maybe it’s not just the fact that you’re too busy. Maybe you feel you need more resources, like money or connections. Maybe you feel that this will come when you reach the next level (“maybe when I’m an attending…”).
For some reason, people seem to think that tomorrow will somehow miraculously be better, that the stormy waters will somehow become calm and make it easy to sail to the promised land. The truth is, you can come up with an endless amount of excuses or justifications for putting it off.
But here’s that secret again: that time will almost never come. Life is full of challenges; if it’s not one thing it’s another. All the future brings is a new set of challenges.
Now, that’s not necessarily a bad thing. Challenges force you to grow and not become complacent, and it’s part of what makes life interesting and keeps you motivated as a human. Without having some sort of new challenge, you don’t experience growth, and when that happens, humans tend to lose purpose.
In other words, the perfect time will never exist. Get the ball rolling now, challenge yourself, and when you do reach the next stage of your life, you’ll already be reaping the rewards.
Should You Even Start a Side Hustle?
I’ve already gone to great lengths to tell you why I think all doctors should consider having a side hustle. As a quick recap, I believe that having a financial hedge against the seemingly constant changes in medicine is never a bad idea. Also, it’s a great way to explore or awaken a passion that you normally wouldn’t.
And, of course, side hustles can be the most effective ways to build streams of passive income. The more you have, the quicker you can realize the ultimate goal of true financial freedom. It may take some effort, but even just a few short years down the road, the results can be phenomenal.
Are You Waiting for It to Be Easier?
My response to this is simple: if it were easy, then everyone would be doing it. Everyone would be financially independent, perfectly content where they are. I would venture to say that it’s the minority of people who are close to where they want to be in life. That’s because it takes hard work to get there.
As Dave Ramsey said, “Live like no one else, so later you can live like no one else.”
This powerful quote can be applied to so many areas of your life. He’s talking about having financial discipline, but I also apply it to developing multiple streams of income. I don’t have it all figured out, but I feel like I’ve chosen the “harder” road, at least initially. I work on my passive income streams in my “free time.” I often wake up before my family does so that I can work in quiet. I’m definitely tired after work, but I still spend a few hours before I sleep working on my businesses as well.
This kind of discipline isn’t necessarily easy or always enjoyable, but it gets results, and I’m very happy to have given up some free time in order to secure my future.
How Do You Start?
The first thing to do is define your goals. What do you want your life to look like in one year, five years, and ten years down the road? Be as specific as possible.
You’ve heard the saying, “Keep your eyes on the prize.” To me, this means that you should focus mostly on your goal and not stress over the process. If you are determined to reach a goal, you will take action and figure out a way to get there. Don’t let fear or hesitation keep you from taking the first step. Don’t look down at your feet, look at the finish line while you sprint.
Finally, don’t expect the universe to necessarily give you a huge sign to start. If it’s on your mind, that may be the sign that you need. Find motivation in others that are doing it or have achieved it and get going. I almost guarantee you, you won’t regret that you did. Go for it. Now is the perfect time to start that side hustle.
Trying to figure out How To Find Your Side Hustle? Here’s a good place to start.
Is there anything that’s keeping you from starting a side hustle today?
Awesome – and perfectly timed – article. I have finally started side hustles – a blog and an FBA biz. Definitely time consuming endeavors. Thanks for the additional push.
Things are going to get worse in the American economy. You’re absolutely right. The “side hustle millionaire” mentality will make anyone a [side hustle millionaire], if they get started now out of inspiration or desperation and do the transformation business work and “get that side hustle going.” (Marie Forleo).
I agree but would caution people to start something they enjoy, or at least like better than their job. If you’re already striving for FIRE because you’re burnt out from your main job or don’t like it, a side hustle that you also don’t like and are just doing to try to earn extra money likely won’t last too long, or fail. Find something that refreshes you and that’s more of a passion project.
My side hustles allowed me to pay off my student loans in 3 years instead of 10. They also got me into a subspecialty of medicine I realized I like more than my full time job, and I ended up switching jobs to do more of that full time. Starting a side hustle is perhaps the best career decision I’ve made since deciding to go to medical school.
What subspecialty did you transition into?
Addiction medicine
So you got into dealing opiate prescriptions?
(kidding, obviously)
Some people say you want to wait and who is right in your life starting side hustle. Things will never be right in anyone’s life it in given time. Like you said in the beginning of your blog posts, now the right time to start your side hustle even without money or life savings. A side business to make anyone a future “side hustle millionaire.”
Just like diversifying your investments to protect against a catastrophic hit to one particular asset, creating diversification in your income streams can be beneficial.
As physicians we sometimes think that we have a stable secure job. Unfortunately that is not always the case. In the past year or so I have seen 3 colleagues been let go without much warning.
Everyone is replaceable. Don’t think a hospital admin would keep you based on your years of service if there is a cheaper alternative that can be had providing similar quality. There will be more mid level providers that will rise up the ranks which will only require a few upper level providers to oversee.
And while I can’t imagine a physician’s income will ever be considered low by any standards, there is a huge downward push to decrease physician reimbursements.
Our healthcare system as is, is really not sustainable. We only have a limited amount of dollars and healthcare had been growing and getting a bigger part of the pie each year but eventually there will be need to curb the spending. First line of attack would be doctors and their reimbursement.
Streams from side gigs can help protect you from what is starting to be the writing on the wall.
finally a stream of comments from like-minded folks!
Strong believer in multiple flows of income as a safety net
I also maintain a license in neighboring states
Remember that taxes are likely most docs biggest expense!
Had a patient once tell me in response to – best way to get ahead – ‘nobody can take 5am away from you’
There is also the Gary V response of ‘ Stop watching Netflix’ and do work 8pm for a few hours
Happy Hustling!
Just Sayin
I’d like to propose replacing the overused term “side hustle” with the more accurate label “part time job”.
I actually agree with you and never liked the term “hustle.” But it’s so commonly used and it seems to imply someone that is really working hard to try to get ahead and I like that aspect.
I appreciate these posts to some extent, but I also think they are a bit Pollyannish and it’s unrealistic to suggest that there’s actually an abundance of worthwhile opportunities out there. Of course we could all find ways to “sell out” our MD and make money on the side, but many (most?) of us would prefer to be doing work that actually provides a high quality product or service, and not just hawking some half-baked thing we came up with in our free time. There is also a subtle equivocation of “side hustle” with “passive income.” As far as I can tell, most of the suggested side hustles are far from passive. Working extra shifts is not passive income–it’s working two jobs. The only streams of truly passive income that I can see are 1) investing, or 2) monetization of content through advertising or subscription. Option 1 is already covered extensively here. Option 2 is problematic for much of the content that physicians might generate due to conflicts of interest that arise through advertising. Subscription is a possibility but usually requires some pre-existing level of experience, prestige, and ability to generate very high quality content (eg, EM:RAP) to get subscribers. Sure you could roll the dice and write a book, but that’s a lot of time invested and the likelihood of success is low, and the financial reward not all that great. There aren’t a million ideas like http://www.whitecoatinvestor.com where you have this perfect alignment of great content of inherent interest to the creator that is un-problematically monetized and universally useful to an exclusively well-to-do audience for which advertisers are willing to pay big bucks to access.
The ‘ol ‘everything has been invented’ argument
Naysayer indeed!
There is no scarcity, just in your mindset.
JustSayin
I dunno, I’m enjoying hawking some half baked thing I came up with in my free time. 🙂
I agree that side hustle does not equal passive income, although many side hustles are a lot more passive than practicing medicine. Just because something isn’t fully passive doesn’t mean it isn’t partially passive and worthwhile.
For what’s its worth, I hope you understood that I was trying to say that your site is very much not “half baked”, but instead represents an exceptionally rare gem. One so rare that you wouldn’t expect that just anyone could find one in their own backyard if only they put their mind to it.
I agree it is difficult to replicate this sort of gem. I feel very blessed and am trying to pay it forward. That said, I think a lot of people can find something in the backyard if they put their mind to it. It might not be better than just working an extra shift as a doc though!