5 reasons why your doctor has a side job FINANCIAL PLANNING

That’s true. Your doctor has spent at least 11 years in post-secondary education to care for you.

She probably works 50 to 60 hours a week or more. And yet, if she doesn’t have an active sideline, she’s probably thought about starting one.

Tens of thousands of US doctors are actively discussing their passion projects on Facebook groups like Passive Income Docs, Physician side gigs, and Doctors on FIRE.

When their main jobs are so well paid and take up so much time, why are doctors turning to side jobs to complement their day (and night) jobs as doctors?

5 reasons why your doctor has a side job

Types of medical secondary occupations

The various types of medical sideline occupations range from closely related to medicine to as far away as possible.

Your doctor can easily do moonshine in his own specialty, work extra nights and weekends, or cover others’ vacation time by having his own vacation days as locum tenens doctor.

They may be doing clinical work outside of their specialty but well on their way as a doctor, doing insurance physics or exercise physics. Some doctors use their expertise by doing non-clinical work as assessors or case reviews.

There are doctors out there to help their peers better understand problems in personal matters like finances, career, and burnout Doctor on FIRE, The White Coat Investor, and The doctor philosopherto name a few.

Others distance themselves from medicine as much as possible. South Bay Brewing was started by an anesthetist (it could be argued that alcoholic beverages and anesthetics have some similarities). Some doctors create art invest in real estate, and doing countless other pursuits that have little or nothing to do with medicine.

Regardless of the outside job, there are a handful of reasons your doctor might have more than one job.

# 1: Doctors are heavily in debt

The average indebted medical student who, according to the latest information, makes up about 71% of them AAMC survey, has approximately $ 200,000 in student loan debt upon graduation from medical school.

The balance usually grows during more than three to seven years of residency and fellowship training before one can begin earning a doctor’s salary. A doctor who had no family help and attended private or extra-state schools for undergraduate and medical schooling can easily take out $ 500,000 or more in student loan debt.

Your doctor may work on the side to avoid treating their school debt like a mortgage. You can opt for a 25 year repayment plan, but with a little hard work and discipline, most doctors can clear even the higher balances in less than a decade.

Those who have a side job because of this will usually find one that pays off right away and requires little additional knowledge or training. Think moonlight in your own field and Locum Tenens work.

# 2 Personal fulfillment

Believe it or not, your doctor may not have dreamed of becoming a doctor since he or she was a toddler.

Yes, many doctors have felt the calling to heal from a young age, but some have made this decision in a more cumbersome way. “I got excellent grades, loved science, and medicine seemed a natural fit. Plus, my parents really wanted me to be a doctor. “I’ve heard many variations on this subject.

Perhaps what they really wanted to do in life didn’t translate well into an actual career. This is where the secondary business can come into play.

The medical job pays the bills and a few more, and can also provide the seed capital for any number of unrelated pursuits.

The closer your doctor is Financial independence – and it is conceivable that he will be saved for retirement – the more freedom he has, whatever nourishes his soul outside of medicine.

# 3 A goal-oriented nature

Excel in high school. Attend a reputable college or university, preferably on a merit scholarship. Earn a strong GPA and pass standardized tests. Hit the odds and get accepted into medical school. The fun is just beginning.

Drink from the fire of information spanning the first two years of medical school. Impress the doctors treating you with your knowledge, confidence and wit. Receive outstanding letters of recommendation that will ultimately help you find a desirable place to stay in your specialty.

Similar fun awaits you in the residence and in the community, where you often work 80 hours a week. Master your trade and ask the right people and you will be rewarded with a great job – a real medical job – when you finish your education.

And then … you work.

If you don’t stay in the academic medicine of an ivory tower establishment, you will soon run out of hoops to jump through. The only milestones you may have left are when your employer confirms you’ve been with them for five years and then ten years … fifteen years and you feel a certain void that is hard to pin down.

After a life of human joy and achievement, your doctor wants to achieve a little more. This is where a side business can be invaluable.

When you start something entirely new – often from scratch – your doctor can set a number of new goals and reach spikes.

That can be exactly what your goal-oriented doctor needs.

# 4 Another retirement account

Doctors have a late start in retirement planning and often celebrate becoming “worthless,” which escapes negative net worth, only to break even sometime in their thirties.

Part-time employment may allow a employed doctor to open another type of retirement account, such as a Solo 401 (k) or SEP IRAwith income from the additional income.

A lucrative sideline job could allow a doctor to invest up to $ 57,000 in a single 401 (k) or SEP IRA in 2020. Deferred tax contributions of this magnitude can contribute to both an increase in pension provision and an increase lower taxes for high-income professionals.

An added benefit of a single 401 (k), as long as the plan accepts rollover, is that it can consolidate old “old” accounts such as 401 (k) or 403 (b) from a previous employer. or a traditional or SEP IRA.

Eliminating IRA funds on your behalf opens up the opportunity to make $ 6,000 (or $ 7,000 if you are 50 or older) annually Back door Roth Contributions. High earners can’t contribute directly to a Roth IRA, but there is a two-step workaround and that’s another retirement account to help those late starters catch up.

Doctors who are doing a sideline primarily to open a new retirement account and perhaps pave the way for Roth contributions in the background can do something small and simple for their business. To complete paid medical surveys in their spare time is a good example.

# 5 A transition to an encore career

An “encore career” is an appointment finale after the end of the main career. Given the time and energy it takes to become a doctor, the practice of medicine will be the main career for the vast majority of medical school graduates.

Later in their careers, some doctors may choose to scratch the itch to try another profession entirely.

If it works, great! You might choose to quit your medical practice as you devote more and more time to this new endeavor.

If the idea fails or they find out, it’s just not for them; It is not an emergency. Their first appearance has given them years of fulfillment and financial security.

The bottom line

Don’t be surprised or alarmed if you learn that your doctor is on a side job. She may just be quick to pay off her debt, pursue a passion project, set new goals, add retirement assets, or consider an encore career after the first is completed.

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