In this week’s episode of More Money Minutes for Doctors, we’re going to discuss four of the most common reasons doctors take on a side gig. If you feel the same way as the doctors we are about to discuss, you are not alone. A side gig might just be the financial solution you are looking for.

Many of our doctors have considered taking on a side gig for a very long time. Last year seemed to seal the deal for most of them. You might even feel the same way. Here are the four most common reasons we have seen doctors choose to pick up side gigs and how they help in these situations:

Number 1: Burn Out
- A common occurrence among our doctors on the front lines of COVID-19.
- We see doctors growing bored of their regular job, feeling stressed about long hours, or not feeling the same fulfillment they did when they first began practicing.
- Taking on a side gig allows them to explore a new extension of being a doctor, work with patients in new ways, continue learning and teaching, or even taking on a passion project outside of the medical field.
Number 2: Earn More Money
- There are many reasons doctors have told us they would like to earn more:
  - Paying down debt
  - Saving for their children’s education
  - Saving for their own retirement
  - Saving for big purchases or expenses like a home, new car, wedding, or vacation
- Recently, more than ever before, we are seeing doctors looking for ways to replace lost income.
- Not all side gigs pay well in the ways you would expect. Some pay well through certain benefits like tax deductions and the ability to diversify retirement savings. These are not to be overlooked, but are rarely why doctors tell us they want a side gig.
Number 3: Creating a Better Way to Practice
- We typically see this one not from doctors who necessarily WANT a side gig, but more that they want a more efficient, effective, safe, or fun way of doing their job.
- This could be anything from doing telemedicine during COVID to innovating new procedures, devices, and protocols with the goal of improving the way they work.
- We’ve found that a lot of doctors have gravitated toward Telemedicine. This lets them work from your home and provides flexible hours among many other benefits.
Number 4: Flexibility
- As our doctors’ lives change, we see doctors needing more flexibility for when they work and how many hours they put in.
- Side gigs can be a great option for allowing you to be home at 3pm when the kids get off the school bus or putting in a few hours around your usual work schedule.
- Most doctors we meet with talk about going to part time work before retiring completely. A side gig could be a good way to do that. Start it now, and when you’re ready to retire from your 1st job, continue your side gig as many or as few hours a week as you want. As an added bonus, many side gigs can be done from anywhere.

You've likely agreed with at least one of these four reasons, as well as maybe a few more that we haven’t listed. Luckily, there are so many side gigs options for doctors out there that I would be surprised if you could not find the right one for you. Feel free to reach out to us for any questions you may have about side gigs and resources to discover your next adventure.

You’re interested, now what?

Find out more about side gigs for doctors including how to get started, where to find resources, tax and legal information, and more, when MD Financial launches our Side Gig Starter Course. This course is exclusively for doctors, like you, who want to begin their journey to side gig success. Visit here: https://mdfinancialadvisors.com/side-gigs-starter-course-for-doctors for more information.

If you found this helpful, please forward it to colleagues and remember to follow us on social media. We’re always accepting questions/topics for future episodes of our podcast, so write in or call with your suggestions. Finally, you can reach out to us directly for a second opinion on your financial health, by emailing us at Info@mdfinancialadvisors.com.

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Katherine Vessenes, JD, CFP®, is the founder and CEO of MD Financial Advisors who serve 500 doctors from Hawaii to Cape Cod. An award-winning Financial Advisor, Attorney, Certified Financial Planner®, author and speaker, she is devoted to bringing ethical advice to physicians and dentists. She can be reached at Katherine@mdfinancialadvisors.com.