Passive Income MD, Physician and Creator of www.oldyorkcellars.com, joined me to talk about the many opportunities to create passive income helping you reach an early retirement. We discuss crowdfunding, real estate investing and different ways you can use your medical degree to earn side income. You can even start while in residency, by creating blogs, writing books or participating in peer-to-peer lending.

He shares his own story on how he got started and what he has learned from his first real estate investment. He currently works 20% bitcoin investing for beginners work clinical hours than a year ago because of his passive income, and he posts his income report every quarter on his website so people can follow the journey.

Passive Income Money making electronic projects also gives advice on how to manage a busy schedule while maintaining a healthy work/life balance. We all want to enjoy life, and passive income is one way you can start a gradual retirement now while cutting back on clinical hours.

One thing about our conversation that I really love is how he comments on not needing to be an expert from the beginning. You really need to take action, get a plan in place and don’t be afraid to fail. It’s just overall excellent advice.

What you will learn:

• The different sources of passive income
• How to use your medical degree to earn passive income
• Crowdfunding and how to get started
• What to consider when looking at investment whats an easy way to make money crowdfunding platforms get paid and what fees are involved
• Tips on how to select your first real estate investment
• Where you can start if you have zero passive income
• When you should look at selling a property to move up in scale

Ryan

Hello everyone and welcome back. I’m really excited for today’s episode as we’re talking with our guest about all things passive income. He’s a physician that blogs under the name Passive Income MD and while he choose to remain anonymous for now, he’s allowed us as readers some insight into his life.

Passive Income MD’s mission is to help physicians understand and build passive income.

He publishes income reports for all of us to follow along in his journey and it’s quite impressive how well he’s been doing for just six years out of training and having two little kiddos running around in his place. His personal mission is to help physicians understand and build passive income that will assist them in achieving their own version of financial independence, which is amazing.

In our show today, we talk about several ways physicians can earn side hustles and we also dive into some real estate investing topics like which platform he uses for passive real estate investing and how he bought his first investment property from his cover, which is crazy.

One thing about our conversation that I really love is how he comments on how you won’t be an expert from the beginning. You really need to take action, get a plan in place and don’t be afraid to fail. It’s just overall excellent advice.

I’m excited. Our conversation was awesome. I hope you enjoy it. This is our conversation with Passive Income MD and as long as his readers are getting value bitcoin investor scam 99 of his content, he’s going to keep producing it. Great news for all of us as he continues to find his writing voice and keeps providing excellent content several times a week.

Also, before today’s show, I want to make sure to announce this important disclaimer. I am a family financial planner and a fiduciary for my clients. But let’s be honest, I don’t know you or anything about you.

Physicians can earn money from the right side-hustles.

This show is for educational purposes only and shouldn’t be taken as legal or financial advice. Please consult your attorney, CPA or your family financial planner before you take any action or make any important financial decisions, how to make money on the side as a doctor. Before we jump into the interview …

Here is this week’s digestible tip.

Ryan

Okay. So today’s digestible tip is all around the concept of saving versus spending. You can only spend a dollar one time. You can only assign it a task once. As money comes in and money flows out, every time you make a decision to either save or spend a dollar, you’re assigning it a specific job.

Is that job to buy a Starbucks coffee today? Is it to save in your IRA for the future? Is it to put towards an investment property or a real estate investment like we talk throughout this episode to build passive income so you can work less hours at some point during your career?

What is it that you’re assigning your dollars to do? And make sure that the task you’re giving the dollar correctly matches your beliefs and what you believe will give you a truly fulfilled life, to live your ideal life. Make sure that your spending matches what you really want in life.

Thank you so much for coming to the show Passive Income MD. I really appreciate it.

PIMD

Awesome, great, thanks for having me. Excited to be here.

Passive Income MD began as a fun and creative project.

Ryan

Definitely excited to have you here. Passive income is a fun topic to have. Definitely is an advisor. I try to have my own passive income streams and I’m excited to dive into more about you and the blog and help out some of our listeners here generate some additional passive income. Can you go into the back story on why you created Passive Income MD and what your motivation was for creating the awesome site?

PIMD

I actually didn’t have huge plans for it when I first started. It really just started out as like a fun creative project for me. I noticed that a couple of years out from residency and fellowship I started getting involved in all these different passive income ventures and I started talking to a lot of people in the hospital about it and I found that people were coming to me asking about what I did and how I did this and that.

I thought, how to make money on the side as a doctor, “Look, there isn’t a good site to talk about this online, why don’t I just put something up and see how to invest in us stock market from uae it goes. If anything just … maybe my friends will look at it and we’ll be able to start some discussion here and just go from there.” I put it up and next thing you know a lot of people started coming to the site, a lot of people that I didn’t know and it got some nice coverage on some national sites and away we went.

Now it’s become something that I feel is somewhat of a mission. I feel like a lot of physicians need to know about this and I’ve gotten a lot of great feedback from a lot of the readers, the subscribers and people, again, I don’t know personally, how to make money on the side as a doctor. But they’ve said some really encouraging things. So it’s only been a nice self-reinforcing circle. Now, I spend a good amount of time on it and I hope that I’m helping people.

Ryan

Yeah. I absolutely think you’re helping people how to make money on the side as a doctor full disclosure for our listeners is I’m actually a sponsor of Passive Income MD and I’m not a sponsor just because I want to get my name out there. I actually really like your content. I think it’s great content. I don’t see many other blogs specifically for physicians talking about specifically passive income and different income streams.

I really enjoy your content as an advisor over at Physician Wealth and I know that my wife definitely likes reading your stuff because I kind of force it to her but I know that your reach is expanding and that physicians definitely need to hear your message. So keep up the great work with that.

Passive Income MD is a free resource for anyone wanting to learn passive income sources.

PIMD

All right cool. As I continue bitcoin investing 2022 get do this, how to make money on the side as a doctor, people are reaching out to me and I’m actually learning so much. I’m talking to plenty of other physicians who … they’re way ahead of where I am and where I’d like to be. So, if anything, I’m just learning from them and trying to basically just report back to other people.

Ryan

Yeah, that makes sense and now that you’ve been growing I know you’ve gone through a rebrand on the site and it looks awesome now. What are your plans going forward for the blog?

I know that as you start to put out more content you’re going to need to keep educating yourself to provide that great content but where do you see the blog heading currently?

PIMD

I’m really just trying to make it a free resource for people to go to. I’m always trying to tweak it to make it better for people. When they first come to the site, I want to make it very clear, here are some ways for you to learn about different sources of passive income, here are ways for how to make money on the side as a doctor to get involved, here are some stories about some physicians who have already done these type of things.

I’m always tweaking to try to make that clear. I’m new to this and I’ve never done how to make money on the side as a doctor before, so I’m learning as I go. There are some great examples online how to make money on the side as a doctor other physicians who have set up some amazing blogs like obviously The White Coat Investor, Physician on FIRE, Future Proof, those guys.

I’m trying to take cues from them and tweak this thing as I go. I don’t have any plans to stop doing this anytime soon. I really enjoy it. I didn’t think I’d enjoy writing this much. Again, as long as people feel like they’re getting value out of it, I’m happy to continue doing it.

Sometimes, as a physician, you get caught up in a specific eco-chamber.

Ryan

That’s awesome. No, I definitely think people are getting value. I know a fair bit about personal finance and I get some value out of it. It’s just the different perspective and getting a little bit more insight into a physician’s mind. Physicians are interesting. They stick together. They ask each other for help and advice and things, which is great.

Sometimes you get caught in that eco-chamber that it’s not good, but for the most part it’s good in the fact that they can instantly trust you knowing that you are a physician, you have their best interest there, you’re not selling them out to the first person you can just for a quick buck, like many other sites can and actually do. I think you’re doing a great job with it. I’m curious, how much time are you putting into running the blog right now?

PIMD

I’m trying to be really disciplined about it and put posts out at least three times a week. In the beginning I said, “Look, whenever I come up with a good blog post I’ll do it, but I found that if I don’t keep to schedule, then sometimes you just … other things get in the way.

Yeah, so I put things out three times a week, takes me a few hours to write each post. Some of them are a little bit more research heavy. I spend some time just planning out posts in the future, talking to other people who could potentially be great guest posts and highlights on my blog. I probably spend a good, at least 10 to 15 hours on the blog a week, how to make money on the side as a doctor, that’s it.

Start enjoying life right now by using income earned from side projects.

Ryan

In addition to your full time?

PIMD

Yeah. I’m still working full time. Well, how to make money on the side as a doctor, I’ve cut down a little bit. If you check out my income reports or some of the posts that I’ve written recently and I like to talk about this whole notion of gradual retirement.

As my passive income sources have increased, I try to take action right away. For me it’s not just about saving for a day when I can retire when I’m 65 or I want to start enjoying my life right now.

I start getting income from these other sources. I’m actually starting to cut back on my clinical job now, today. Honestly, I think I’m down about close to about 20% of where I was about a year and a half, two years ago. I’m at about 80% of where I was.

Ryan

That’s amazing that you’re realizing the dream during the dream if you will. I like that.

PIMD

Yeah, and hopefully I’m putting it out there and I’m trying to make it so people can follow along. This is something that I haven’t really achieved where I want to be at. It’s not that the financial freedom, that notion of financial freedom, I’m not quite there yet but I’m getting there. So hopefully you’re seeing that along the way through my post.

Ryan

Absolutely. You’d mentioned the income reports, is this something that you do regularly or you’re starting to do a little bit more regularly I should say?

Passive Income MD stays accountable by revealing is his earning statements.

PIMD

Yeah. Part of the whole thing about the blog is I wanted people to be able to follow along with my journey, to know that I’m just putting my money where my mouth is and this is what I’m actually doing.

My goal is to put those out at every quarter, so every three months or so. People are asking for more and more revealing look exactly at some of the numbers, and I’d love to do that. It’s just that … there’s definitely some concern about putting it out there publicly.

Ryan

Of course.

PIMD

From now on you’re going to see that though but I’m trying to keep it just to my subscribers, but I will be putting that out every three months or so. My plan to put out some more concrete numbers there as I get closer and closer to my goal.

Ryan

Got you. Where can they subscribe at?

PIMD

Just on the site there. There are sections there where you can subscribe to the newsletter.

Ryan

Perfect. That’s www.oldyorkcellars.com for anyone listening.

PIMD

Yeah, that’s right.

Ryan

Perfect. It’s amazing to hear where you taking it and what you’ve been doing and how you created it. How were you able to find the time to balance everything between the site, working full time, I know that you have a family, and then the other non-existent hobbies that you have, because I don’t know how you’d find time to do those? How do you fit everything in?

PIMD

Yeah, it’s funny because I’m one of those type of guys where the more things you pick up, the more efficient you have to force yourself to be and you become a little bit more efficient. I think people will find the time to do the things that are the most important to them.

As you start doing that, figuring out what’s important to you, you find that you found places where you’ve totally wasted your time doing other thing that are not important. I’ve really gotten rid of a lot of those things and really just focus on the essentials.

So, obviously, like you mentioned I have two children and a wife and I love spending time with them and to me that and my clinical career, those things take priority.

Beyond that, I find time, just in the little crooks and the nannies of the day to work on the blog. I still find time to hang out with my friends and a big hobby of mine, I love to play golf. My wife and I love going to eat at restaurants. So I don’t think any of that has been compromised.

Prioritize the things that help you achieve your life goals.

The things I do a little bit less of are things like staying at home, watching Netflix, things like that. Just sitting on the couch doing nothing. I feel like now I have to always keep busy doing something just to make sure everything is still … I still have the time to do things I love.

Ryan

That makes sense, prioritizing. With my physician clients over at Physician World I talk a lot about goals and prioritization of goals and what is your money going to be used for? Money is a tool, right? What is that money actually going to be used for? What are your dreams and your goals and the possibilities in life?

It’s still rare to find someone like yourself that actually knows how to prioritize, knows what they want, and is out there actually doing it. I definitely applaud you for getting your life together and knowing the direction that you guys want to take. It’s no simple task.

Your wife is a physician as well and with two little kids on top of everything else, it’s pretty amazing what you’re doing and you’re still pushing out some really great content. So, pat on the back to you and keep up the great work.

PIMD

All right, thanks. The busier you get, you have to have a great calendar. You have to do these things and prioritize things correctly, be really focused and intentional with your time. Otherwise, none of this works. I think I’m being forced to do it actually.

There are several side-hustles you can do with your medical degree.

Ryan

Yeah, out of necessity to do everything that you want to do.

PIMD

Yeah, out of necessity. Exactly.

Ryan

It’s pretty how to make money on the side as a doctor. I want to, if you don’t mind, switch topics a little bit and jump over to some of the passive income strategies or things that your peers, physicians can do using their medical degree.

What are some of the things people are interested in hearing from the Passive Income MD here and they want to know, what are some of the things that they could do with their degrees?

PIMD

There are a lot how to make money on the side as a doctor things you can do to get some additional income. Some are more passive than others, right? I think ultimately the more passive they are the better. I made it pretty clear on some of the posts what that means to me in terms of passive income. It doesn’t mean you’re not going to work at all. It’s not like you just say I’m going to do this and then the checks starts rolling in.

Unfortunately, they still do take a good amount of work but most of it happens on the front-end. You set something up and you work really hard and then ultimately down the line hopefully they provide some sort of residual income or more of that “passive income” later on.

Now, there are a lot of things that … I’m always on the search for this type of things. With your medical degree, a lot of these are a little bit less passive but a lot of people have used the medical degree to ultimately set up businesses, right, which provide some sort of income bitcoin investor ervaringen 99 on.

Use your medical degree to earn side income.

Some people have used their medical degrees to write books and write material out there in terms of course training and learning that people can learn from. There’re plenty of physicians who are authors and some of them are amazing. I’ve read … if you haven’t read already you should read the House of God, Drug Dealer, MD, these kind of things, are really interesting books written lets make money greek subtitles physicians. Yeah, that’s a source of passive income ultimately.

They have to write the book but after that the checks will hopefully start rolling in. The White Coat Investor did an amazing job with a financial book for physicians and I read that book and I give that book out to other people, how to make money on the side as a doctor. He put that work in up front, done some marketing and he’s able to provide that great valuable resource and people buy it on Amazon.

Ryan

Yeah. I actually purchased a couple copies of that book and gave them out to some friends saying in the very beginning, “Hey, here’s a way to get your foot in the door, some finance stuff and to understand it.”

Of course with my buddies I’m more than happy to help them out in any way I can. But that was a good intro to personal finance for physicians. So, definitely writing a book it makes sense from a passive income standpoint.

Use your medical degree to create an on-demand doctor app.

PIMD

A lot of people have started businesses with their medical degrees. They’ve started some sort of telemedicine businesses, they’ve started on-demand doctor type apps as well.

Some people use their medical degrees and do some sort of consulting. That’s not necessarily passive or even being a telemedicine doc, some of those are not necessarily passive but there’re are ways that other physicians can use their medical degrees to create some additional income.

Then I’m also for creating a lot of additional income. Using your medical degree because there’re ways to do that and get paid pretty decently, especially with some of these chart reviews, medical consulting, telemedicine type stuff. Then what I tell people to do and what I try to do is take that good income and then use that in other ways to create other sources of passive income.

Maybe that necessarily aren’t medically related for example in real estate, right? Or investing in some other companies. Ultimately putting money into the market, right?

You can use your medical degree, the nice thing about it is that you’re in high demand for certain industries and you can demand a pretty good compensation using those medical degrees and then you can put that money towards other things, which actually hopefully will create more income for you.

Use your degree to go into real estate.

Ryan

That makes perfect sense. You touched on real estate and it’s where I want to go next is, I think there’s been more millionaires made by real estate than anything else, and that’s coming from a financial planner how to make money on the side as a doctor still puts a lot of money in the stock market. But I do own a few rentals as well.

I know that on your site you’ve talked a lot about crowdfunding, you talked a lot about multi-family and I believe you’ve even shared some of the details of that first multi-family property you have purchased. You talked a little bit about single family.

I know from experience that you could consider them passive investments as they do make money while you sleep, but those do require a considerable amount of upfront work, due diligence, setting up the appropriate legal structures and all that. But I guess let’s take the first one with crowdfunding. I believe you’ve, and correct me if I’m wrong, you’ve done about 12 crowdfunding deals?

PIMD

Since the time I wrote that, I’ve done about two more.

Ryan

Okay.

PIMD

Yeah, I’ve spent a good amount of time learning about the whole real estate crowdfunding industry there. I was lucky to get into it early and learn about it early.

Recommended real estate crowdfunding sites are coming up!

I’ve written a few posts on it and one of the places where I’ve highlighted some of my favorite sites is a post that I just put out that’s called the best real estate crowdfunding sites. I think it’s a great way for people to dip their feet into real estate investing.

The amazing thing about crowdfunding is that you don’t have to put a lot of capital at stake. That’s one of the big barriers to entry into any serious real estate investing is that you need to put together a good amount of capital before you get to do it, right?

Ryan

Yeah, multi-family could take hundreds of thousands of dollars to get into commercial deals. You’re talking millions of dollars for a decent deal. What are some of the minimums without going too much into that post, who’s the number one crowdfunding platform you’ve been using?

PIMD

The number one? Some of the minimums like you ask for could be as low as $

Ryan

Wow.

PIMD

Some of these are available for non-accredited investors as well. Even people like residents could potentially do it. I’m not saying that that should be your primary source of investing as a resident, but it might be one way to learn and follow along in terms of the industry and get to dip your feet in.

Ryan

Absolutely. We’re talking more alternative investments here. We’re not talking your main 4 or 3Bs and IRAs and that good stuff.

PIMD

Of course.

Ryan

We’re talking about some alternative stuff that they could do in bitcoin investering hit to that.

Check out these recommended real estate crowdfunding sites.

PIMD

Right. I consider it a given that all those things are ultimately taken care of and then you have a little bit of money set aside for some of your alternative investments. Then this might be a great place to put that.

Now, I don’t want you to necessarily just have one favorite. I invest pretty widely across a couple different types of platforms. Because they have their own little niches and little wrinkles to them. So, depending on what I’m looking for, I might invest in different platforms. Some of my favorites are RealtyShares and EQUITYMULTIPLE or a couple of places where I’ve invested pretty heavily, Patch of Land.

There are some new ones that have come into the picture which have little different … they have a couple of different focuses like one’s called Rich Uncles and there’s a company called AlphaFlow, which is really interesting. These are companies where I’m currently putting my money.

Ryan

Okay. Just without going into crazy amounts of detail, when you look at an investment, what are one or two of your criteria that you’re looking at? If someone doesn’t have a lot of background in real estate, I know this might be slightly over their head, but what are you looking for when you look at these investments?

PIMD

There are a couple of things I look for when vetting out some of these crowdfunding deals, how to make money on the side as a doctor. First of all, I want to make sure that I go with a platform that has been tested a little bit over time. These things are pretty new but I try to stick to the ones that are a little bit more established, that have a good amount of deal flow and they’ve gone through some of the challenges in the market over the last couple of years.

Set a little money aside for alternative investments and use your medical degree to earn side income.

Ultimately, the things that make the big difference are the operator involved, the person who’s actually doing the deal. I actually try to vet them out as much as possible. How established are they?

How long have they been in the business? Tell me about some of the deals they’ve done in the past with that particular platform and whether they’ve had any issues with any non-payment or had some issues with the deal in terms of being late.

Those are things I vet out first and then make sure I go with a good reputable operator. Then secondly, then I look at the actual property that they’re investing in.

For example, they might be flipping a home in Los Angeles for example, and if I have some local knowledge of the market then I might look and say, “Okay, well that’s a good area.” And what their projections for what they think they can ultimately sell this home for, they actually make sense. I spend a little time doing that.

At the same time, once I get comfortable with some of these platforms that I use, that’s what they do. Their whole job is to vet out these deals and only bring good deals to you as the investor. So, I don’t spend as much time vetting these things out as I’ve gotten to trust some of these platforms. Again, I stick to the ones that I like and I just go with them.

Ryan

With respect to the platform, and I’ve actually, I’ve dabbled with looking at investments but I’ve never actually jumped in because I actually do my own investing here in a local market in Vegas.

But do these platforms investor own money? Do they pre-fund and do they keep any of their own money in the deal or is this just the platform and then they exiting and just get a service fee?

These platforms help you diversify bitcoin investopedia energy real estate portfolio.

PIMD

A lot of these companies do things differently, and so you’re going to have to check that out. For example, a company like EQUITYMULTIPLE they invest alongside you in every deal. Companies like Patch of Land, the pre-fund all the deals. I guess you could say their money is at stake as well.

Some of these other companies like a company like RealCrowd or CrowdStreet, they’re just online platforms that basically make the introduction between you and the operators and they get a small cut of it, right?

So some might say that they don’t have as much invested or at stake in the deal. So every platform is a little different. You have to look at that when you’re actually going to pick which one you want to invest in.

Ryan

Yeah, that makes sense. For the listeners who maybe don’t follow this as closely, when we’re talking about service fees or getting the cut of the deal, usually that’s on the servicing of the loan or the equity that is put in.

So, if the borrower is borrowing a million dollars at 10%, how to make money on the side as a doctor, the investor would get 9% and that 1% is a servicing fee for the platform for basically not only connecting the people together but also their involvement and servicing the loan and making sure all the payments get done correctly and allocated correctly and then taxes are … all that kind of stuff is taken care of from a back-end paperwork perspective.

PIMD

Why I like some of these crowdfunding platforms is that I’ve invested into other deals, syndicated deals for example, where I’m just a small time investor and I invest in somebody trying to buy an apartment building and ultimately turn it around and sell it. The problem is that I worry that if something goes wrong with the deal, who do I turn to help me out in the situation, right?

The nice thing about having some of these platforms behind you is that you know that if things go wrong with the ultimate operator of the deal, they’re the ones that are going to manage all that.

I just feel like there’s less headache at the end of the day, which helps justify some of the fees that I might be receiving a little less on account of some of the fees that they’re taking.

This is what it’s like to go into your first multifamily investment.

Ryan

That makes sense. Time is going to tell. We’ve had a pretty nice ball market across multiple asset classes recently, for the past seven, eight years. Some of these guys are going to get tested. Maybe not tomorrow, but in the near future when we do have a correction in real estate it will be interesting to see how this shakes out and if there are defaults and how that all works.

Which, is a little reason why I’ve been hesitant on that but I’m actually thinking about doing our first deal here in the next month or two if something comes up. I’m definitely going to be checking out some of the platforms you had mentioned.

With respects to multi-family, you had wrote a couple posts actually on that and for those who haven’t read that, would you mind going into your first apartment deal? Do you feel like it’s a truly passive income at this point? Talk a little high level on investing and multi-family.

PIMD

Yeah. I started electrician or plumber make more money a post on it because so many were asking me about it. It’s a long process and it’s hard to summarize in just one or two posts. But I’ve put out post number one and hopefully post number two should be coming out here shortly.

I’ve always been interested in trying to acquire multi-family property. I’ve seen a good number of physicians capital investment analysis is best accomplished by techniques that that in the past and been really successful. There are some of my older colleagues that I work with. Some of the ones that seem to be a little less stressed about their current incomes and osrs zeah money making to be pretty set up for retirement.

“What have you done to set yourselves up?”

I just simply ask them, “What have you done to set yourselves up?” A good number of them have bought apartment buildings and multi-family, and at this point 20 years down the line, 25 years down the line, how to make money on the side as a doctor, a lot of them are paid off and they’re just providing … they’re just a monthly check for them, right?

I wanted to be in that similar situation and so I started looking into some of the multi-family units, properties in this area and honestly I had no idea how to start. I just asked one of my colleagues, “How did you get started?”

They introduced me to a real estate broker, good commercial real estate broker in that area and I spent a good amount of time with that person, just sitting down with them, trying to understand the process, trying to understand how it all works.

Obviously I started diving into a bunch of resources online, a great one online is a site called www.oldyorkcellars.com They have probably all the great resources that you need in terms of trying to invest in real estate. They provide it all there for free.

Another great book that I read was the ABCs of Real Estate Investing by someone called Ken McElroy, which helped break down some of the numbers and finances and those kinds of things.

Ryan

That’s a phenomenal book by the way.

PIMD

Yeah, I love it and beyond that how to make money on the side as a doctor You can find everything online that you need and hopefully my site also provides some of those resources. But yeah, I started with that.

You’re going to make mistakes but lean into the learning opportunities.

I was a little bit hesitant about going in on my own for this first one because again, it’s a pretty large capital commitment and luckily I was able to find a friend, a neighbor and another physician, all the same person, who was interested in doing the same, and we decided to do it together and learn together.

So, honestly within about three months, we were able to identify a good property that we wanted to buy, it seemed to make a good amount of sense, and one that we could learn on.

We just went for it. I think that’s part of this whole process is that we could have sat there and we could have sat there just wondering, going over all the different contingencies and trying to figure it exactly out and make sure it was perfect.

The thing that we realized over that time is that nothing is going to be perfect. We took some of the pressure off ourselves to make sure that this one was like the most amazing deal.

We realized that we’re going to learn and we’re going to make some mistakes. We said the best way to do that is actually dive in and do the best we can, learn on it and actually just a great learning experience for us, and this will hopefully just be a stepping stone for us to find better deals.

www.oldyorkcellars.com is a great resource for commercial real estate information.

Ryan

That makes sense. Listeners must be going, “Wow, that’s scary and daunting and I don’t even know where to start.” You had mentioned some resources and I’m on BiggerPockets, I love www.oldyorkcellars.com There’s a ton of resources on there, some really great books, I’ll actually link to a few more in the show notes.

But when you were looking for deals, they just didn’t fall in your lap when you met with the commercial broker. You told him we’re looking at X price range, X, this, this and that. Would you mind sharing maybe a few of your criteria with a disclosure of it makes sense in your market, it might not make sense in … it more than likely will not make sense in any other market.

But would you mind sharing how you selected down properties and what you would look at and maybe some of the deal flow that you did or did not see in that initial couple of months that you started looking?

PIMD

I went to Southern California. So the prices here are pretty high, but we wanted to … we actually wanted to invest locally so that we could drive over to the building if we wanted to deal with some of these issues, it would make us feel a little bit more comfortable. We first decided, how to make money on the side as a doctor, okay, we don’t want to go outside of about 45 minutes of our current area. We wanted to make sure we could drive to it.

So we drew a big circle around the areas where we could drive to within 45 minutes. Made sure that, obviously we had a price range. We each had an X amount of money that we wanted to be able to put in and we didn’t want to … we wanted to account for some repairs, some unforeseen issues, have some sort of emergency type fund or reverse type fund. So, we came up with a ceiling for where we wanted to be in terms of our price.

You’ll have to spend some time researching properties sent your way from a broker in the initial months.

So we took that to our broker and we started there. We said, “Look, these are the areas. We don’t want to drive longer than 45 minutes and here’s our price point. Just find us properties.” They started sending us properties our way and what we would do is honestly drive the areas.

It took a lot of research in those first three months, we spent a lot of time driving around, looking at the buildings, walking the streets. We also spent a good amount of time diving into some of the numbers and trying to understand the whole concept of the net operating income, understand exactly what cap rates are and these kind of things. I actually wrote about that, right? There’s a couple of numbers that you need to know when you’re investing in real estate.

Ryan

Yeah, it was a great article.

PIMD

Yeah, but it’s not super complicated. Honestly, we deal with a lot more complicated things, I think, in medicine in terms of the numbers. We’ve all gone through serious physics and advancement medics and these kind of things. Most of the numbers that come up in real estate, they’re just honestly just adding, how to make money on the side as a doctor, subtracting, multiplication and division, and beyond that, you don’t need to know much more.

We spent those first couple of months just trying to understand how to deal with some of those numbers. Kept looking at property after property after property.

Eventually we started figuring out, okay this is a good deal or this is a pretty good deal. Ultimately, when we saw one that we thought was a very good deal, we jumped in. We were pretty aggressive with it and luckily we were able to get it.

Your time as a physician why should i invest in xrp valuable. You’ll have to hire out where needed.

Ryan

Was there a lot of rehab with that one?

PIMD

Yeah, there was a good amount of rehab. Honestly, more than we thought.

Ryan

Were you guys handy or did you hire it out?

PIMD

No, we definitely hired it all out. I think that’s one thing as we’ve come to realize is that we’re physicians and we’re busy physicians and we have families and these kind of things.

Your time is extremely valuable, right? Sure I could be there and I could be mowing the lawns myself or doing these type of things but part of the reason we bought these things is that we wanted to ultimately free up more time for ourselves in the future, right?

We considered that just a normal part of the expense. We have a management company that takes care of things. We don’t want to get called in the middle of the night for plumbing issues or things like that, right?

So we have a great management company and I think that’s a huge member of the team that you have to get set up. Then we make sure that we have good people working for us who could fix things and we did some rehabs on the units.

Honestly, figuring out who’s a good contractor and these kind of things was part of the learning process. We actually ended up firing a few contractors to find somebody good that we wanted. Again, you don’t know how to vet these things out when you first start, so you learn along the way.

I found that the only way to actually do that is actually by doing it. You’re not going to be able to read about it and be able to be an expert from the beginning, just like in medicine, right?

You can read about things, physiology, you can read about these kind of disease processes all that you want, but until you actually see it in person and learn how to deal with these kind of things, you can’t really call yourself an expert in it, right?

Real estate can become quite passive.

Ryan

At this point do you believe that this is a passive investment for you?

PIMD

At this point, about two years after our purchase, it’s actually become quite passive. We have a great management team in place. All our tenants are extremely happy and they’re all paying the rent. Honestly, we don’t even deal … we don’t get phone calls or things on the building at all. We just look forward to our monthly check.

I’m sure there will be issues along the way as they come. Most of the active process took place in the first about a year and a half when we were rehabbing some of the units, there were some turnover of some of the tenants and things like that. But about two years in we’re really settled in. It’s definitely that whole passive income that we were looking forward to when we first bought the building.

Ryan

That’s perfect. Yeah, I found that after the first year and I only buy single family, getting it rent ready, finding tenants, manager, all that stuff, the first year it takes some effort, and then after that the biggest chore is managing the manager, if that actually exists, and then the accounting piece of it is making sure that income is coming in, your expenses are within check, everything gets paid, and that’s the extent of it.

Otherwise, it’s how they call it, mailbox money. It makes sense. I appreciate you sharing and walking us through your first multi-family deal.

Now, it’s time for the Curbside Consult.

Ryan

So physicians listening to this show and saying, “I can do this.” I want to make some passive income doing X, Y, Z.” It doesn’t matter what it is, where might they first start if they have zero passive income?

PIMD

That’s something actually … That was one of my first posts that I posted when I started this website. I called it the 10 perfect passive income ideas for physicians. Those are … they’re ideas that people can jump into right away.

Some of the ones that people can jump into without having too much experience or even putting a good amount of capital are things like, they can invest into real estate crowdfunding like we mentioned, right? Whether you’re in a credit investor or non-credit investor we can talk about what that is later if you need to.

You could invest in something literally today if how to make money on the side as a doctor really wanted to and get a monthly check in terms of a monthly dividend. Those are great ways to do it in terms of real estate crowdfunding. There’s peer to peer lending where you can act as a bank.

There are people that are looking to do things like consolidate their credit card debt or things like that, right? Or try to reify some of the student loan debt and things like that and they’re looking for some funds online.

Peer to peer lending, things like Lending Club and Prosper are two places where you’re able to do that right away. There are some other type of a little bit out there, all types of way to make passive income but some people are doing it and I’ve shown that physicians are doing it. They are doing stuff creatively on YouTube for example.

You can consolidate credit card debt or rectify student loan debt with peer to peer lending.

Of course there’s the famous ones, ZDoggMD, right? He’s got a great channel on YouTube. He makes content, puts it up on YouTube and on account of the ads that are put up on YouTube and everybody sees those ads. He makes money, anybody takes a look at it, right? Clicks on it.

I know a resident right now that he is a musician, plays the piano, and he’s created these amazing songs online and put them on YouTube how to make money on the side as a doctor people can study to his music. He’s got millions of hits on it. Every time somebody on it, listens to his music, he makes money.

Ryan

That’s amazing.

PIMD

I’m going to highlight him on my site pretty soon.

Ryan

Perfect, I look forward to it.

PIMD

There are tons of physicians. If you ever go to the … there’s a Facebook group called Physicians Side Gigs that I help moderate. There are tons of physicians on there doing all sorts of different things to create passive income. It doesn’t have to even use their medical degree. They use their creativity or other types of passions.

Use your creativity and passion to forge passive income.

For example, there is a physician on there who creates her own line of soaps. She loves making her own soaps and she creates and she sells them online. There are people who, like a friend of mine, she created different five ways to make money with advocare of inventions, right? She how to make money on the side as a doctor made her way on Shark Tank, and was able to create a passive income.

I think of you have the creativity, it doesn’t always take a huge amount of funds to start these type of things, but it does take some time, some effort, some dedication to do these. There are ways for people to get started right away.

Ryan

That’s awesome, and that transitions into our next one which you’ve touched on a little bit here without knowing was, what are the few things that physicians still in residency can do?

The first thing that came to mind as you were talking about this stuff is Etsy and a few of the other platforms that allow you to create things. But do you have any other value bombs that you can drop on people that might be able to generate a little bit of passive income while they’re still in training?

PIMD

There are now in addition to blogs like mine, there are residents and there are fellows actually creating blogs now, and that they’re able to monetize.

Do you blog? Monetize it!

A couple examples of these are Future Proof M.D., Life of a Med Student, those are guys who just started doing residency and they were able to develop enough of a readership that they’re able to attract advertising and do some, make some money through some affiliates and things like that.

Residents can also, if they really want, again, if they really wanted to, they can invest in peer to peer lending, how to make money on the side as a doctor, I think, right? They can do peer to peer lending. They can do real estate how to make money on the side as a doctor. These are ways to get involved. I know some residents also who have written books, written study guides and these kind of things and being able to collect some passive income on account of that.

Ryan

Makes perfect sense.

PIMD

Yeah, so there are good amount of ways for residents to get involved if they really want to.

Ryan

The last question I got for you here is this physicians owns several rental properties that have some pretty massive gains they’ve held for quite a bit of time. They’re looking and saying, yeah, the cash flow is nice, this passive income is nice, a couple hundred bucks a door or whatever it is. That master game is pretty tempting.

When should you look at selling properties versus, and maybe moving up in scale if these were starter homes to bigger homes or smaller multi-family to bigger multi-family, when is the optimal time to scale up or to eventually exit a passive income property?

Physicians own several rental properties that have some pretty massive gains.

PIMD

Really it depends on your goals. It starts with that. Are you trying to increase your net worth or ultimately are you trying to maximum your cash flow, right? I know a lot of people who are a little younger, they’re a little hungrier, they’re still making good incomes with their physician salaries and they’re not quite yet to retire.

So what they like to do is try to build up their net worth or try to build up as many properties as possible. Then later on they’ll worry about paying it off and worrying about the cash flow later.

They probably shouldn’t allow too much equity to be built up in some of their properties, and what they could do in that situation to avoid paying taxes, they can do something called 10/31 exchange, where they’re able to literally exchange out some of this property, possibly for some bigger properties, right?

Take a single family and buy a duplex or take a duplex and buy a quadruplex or even a multi-family, and do that, basically pushing off your taxes for the foreseeable taxes using a 10/31 exchange. I know a lot of physicians who are doing that and they do that trade every so many years.

For example, I have a friend who recently exchanged his eight unit building and was able to exchange it for a 22 unit building. He could have just stuck with that eight unit building, which would have cash flowed pretty well.

Some noteworthy goals include building up your net worth.

But his goal is to try to emps scape best money making guide as many units as possible, how to make money on the side as a doctor, where somewhere in the future he can ultimately live off those, how to make money on the side as a doctor. That’s his goal. His goal is to try to build up his net worth, try to build up as many properties as possible.

Now, for example, my father, he’s a physician as well too. His goal right now is he just wants to live off the cash flows. His goal is not to sell any of these properties, and he’d rather not. For example, he loves having them paid off. He wants to live off that monthly cash flow and he doesn’t … there’s no reason for him to ever sell.

I try to find a nice balance there. I’m trying to live off some of the cash flow today so I can work a little bit less in my clinical job but I’m also looking towards the future where I’d like to have, acquire a good amount of assets under my belt so that someday they can provide a little bit more cash flow in the future. There’s a nice little balance. Unfortunately, there’s no right answer.

Ryan

Yeah, it’s all personal.

PIMD

It’s all personal and what’s your situation and what your ultimate goals are. But the cool thing is with real estate and these kind of things, there are ways to do anything, whatever your goals are there are ways to achieve that.

Ryan

Absolutely. I think that was a perfect answer and something that I try to bring up a lot with my clients at Physician Wealth is what are your goals and how do we accomplish those goals. The more true you are to yourself, knowing in this example, I would really like the cash flow, well you probably shouldn’t sell to get the gains.

Know your goals and keep how you want to accomplish them in mind.

If you really want to keep rolling, not rolling the dice, but do you want that equity and that built-in equity, sell it 10/31 into another piece of property or a bigger, better piece, a property, maybe it’s from a two-unit to a four-unit or from one home to two homes in your market. You have to know what you really want.

If you want to grow, your balance sheet grow, your units grow, your number of doors, or if you need that cash flow like your father. That makes sense and that was a perfect answer and I appreciate the answer.

PIMD

Okay, thanks. Hopefully that helps people.

Ryan

Absolutely. Well thank you so much for being on. I really appreciate having you on. I know this is going to be a popular episode. I think you did a good job and we really appreciate having you on.

PIMD

Great. Thanks for having me. I really enjoyed it.

Stay tuned for more awesome content!

Ryan

Well, that was a super fun discussion and special shout out to Passive Income MD for being on the show. I can’t wait till you’re not anonymous anymore, so I don’t have to continue to call you Passive Income MD, but it’s all right for now, buddy.

I hope that this is of benefit to you all and true Passive Income MD forum, as long as you give guys get value out of this podcast, how to make money on the side as a doctor, I’m going to continue to produce it.

Speaking of value, I’m super excited about the plans for next week. Next week I’ll be mixing it up a bit and we’re going to be doing this kind of question answer type show that’ll allow you to record your questions and get them answered by me during the show.

You can go to www.oldyorkcellars.com and about halfway down the page you can click the record your question button. Make sure you let me know where you’re calling from, your specialty and most importantly your question that you’d like answered.

I’ve also been answering questions in our private Facebook community called Financial Residency VIP Community. Search for us in the group section on Facebook and join hundreds of physicians who want to help improve their own financial lives. I’ve been getting a lot of private messages also on Facebook.

I’m more than happy to answer all of you guys’ questions, but I really appreciate if you could ask the questions in the Facebook group itself, and I think your colleagues would really appreciate reading the questions and also it’ll allow them to learn from best upcoming crypto to invest in answers as well.

Thanks for listening and I look forward to helping you guys throughout your financial journey.

I originally decided to write this article on passive income ideas for doctors, after realising trends amongst doctors over the years;

As a doctor, are you particularly looking for ways to generate passive income meaning you do less, not more in your day to day to earn it?

Let&#;s face it &#; the cost of paying off student loans, funding endless membership exams and courses, general living and other important lifestyle factors have become quite considerable in relation to our income as doctors.

Many more of us are feeling quite stretched and stressed financially &#; already working at what feels like overcapacity as a doctor.

In supporting thousands of doctors at Medic Footprints over the years, we&#;ve discovered that most doctors simply feel that they can&#;t leave their jobs or careers because of. yep, you guessed it. money.

This invariably means they feel trapped, which leads to all sorts of mental health issues.

Unhappy doctors who are stock investor software likely to make mistakes at work? Not a great combination.

Passive Income &#; What is it?

There&#;s been quite a bit of discussion recently on alternative medical careers forums about what opportunities there are doctors seeking passive income.

It became quite apparent early on that not many doctors really knew what passive income actually is.

An easy definition to swallow is:

Earnings that require little or no effort best csgo skins to invest in earn and maintain.

Wikipedia

The key here is little or no effort which most people (especially doctors) forget about.

Many, if not all forms of passive income require an upfront investment of time and/or money to get it all set up and running. You then may need some time to maintain it, however the rewards should vastly outweigh the time or money you&#;re putting into it.

Why even consider passive income ideas for doctors? Don&#;t doctors earn enough??

Passive income is great for improving your level of financial security.

If you were unable to work for whatever reason, what would you do for money?

The Doctors&#; Charity &#; the Royal Medical Benevolent Fund, saw an 18% increase in doctors receiving financial help in ; helping a total of doctors.

There are many reasons why doctors may be unable to work or return to work; this could include illness, disability, suspension, needing to care for dependents, job loss, bankruptcy and more.

For some strange reason, historically society has encouraged us to rely largely on only one form of income &#; ie. one job.

If the money you earn from that job isn&#;t enough, the logic is that you would do one of the following:

• request a higher salary
• work more doing extra hours in your current job
• get an additional job

The last 2 options, as we all know, are a one way ticket to burnout and other horrible horrible how to make money on the side as a doctor. Requesting a higher salary could also lead to burnout if you end up taking on more responsibility in your role.

If you&#;re working as a doctor in the NHS, you usually get told what you earn according to your seniority (banding). Unless you&#;re starting a Consultant post, there&#;s usually no scope for negotiation.

In the private sector, there&#;s usually much more scope for negotiation.

In general, we&#;re rarely advised on how to better manage our money or reduce our expenses so we don&#;t actually need more money.

Yes, we&#;re encouraged to save, have a pension etc &#; but not really informed on the importance of having more than one form of income which doesn&#;t necessarily mean having more than one job.

What passive income ideas should investing money in bonds uk focus on?

As you can imagine, how to make money on the side as a doctor, there are countless ways to generate passive income. However there are very few genuinely easy and straightforward ways to do so sustainably.

The decision you make on what passive income you pursue will depend on your knowledge, interests, time capacity, how creative you are and your financial goals.

What&#;s your reason for seeking passive income?

• looking to earn a bit of extra cash for a holiday?
• learn something new?
• cover your debts?
• save to buy something big?
• wanting better financial security?
• replace your income entirely so you could stop working altogether if you really how to make money on the side as a doctor to?

Whatever the reason, it&#;s important to be aware of your big WHY so you choose your strategy carefully. You may need to try several things to reach your goals.

This is why I always advocate for investing in multiple revenue streams in the event one or several of them go wrong.

I recommend doctors who work full time, focus on passive income streams that satisfy the following criteria:

1. Fits in with your lifestyle (NOT the other way round!)
2. Once set up, takes up % of your time per week
3. Not in direct conflict with any aspect of your clinical practice
4. Does not require you to be registered with a medical regulatory body (e.g. GMC)
5. Requires minimal to no outsourcing (e.g. regularly paying other people to do some of it unless this far outweighs the returns)
6. You can comfortably monitor and manage from anywhere in the world
7. Relies largely on automated management processes
8. Digitally run

You may contest some of these points!

The rationale behind these is that I feel that for income to be truly passive, you need to be investing in something that is generally lower risk and is not dependent on you continuing to do clinical work.

So for those of you thinking of doing things like extra locum work, medico-legal work, consulting, medical lecturing, coaching or anything that requires you to geographically located in one place to earn money &#; think again!

Income is not truly passive if you have to rely on regularly doing the work to earn the money.

The even harsher truth here is that none of this stuff or skills will have been taught in medical school or as a postgrad.

Medical knowledge can help you, but it&#;s what you do with it that really counts.

List of Passive Income Ideas for Doctors

Below are a list of passive income ideas for doctors you could use to get started in generating income for yourself. Remember they will all likely take a good amount of time and effort to get set up and running.

However your future self will massively thank you for the rewards you will benefit from in the longer term.

Disclosure: If you choose to purchase some of the linked products on this page after clicking through, please note that Medic Footprints may also receive a portion of the sale at no extra cost to you. This helps us to continue running the site! For more information on this, please check our Disclosure Policy.

Property Investment

The most obvious and popular option out there. Property is great because you be as hands off or on as you want depending on your property strategy. Returns can vary and relies heavily on being able to analyse a good deal.

You can also make money from your own property by renting out your room or doing an Air BnB type arrangement when you&#;re away on holidays or placements.

Why not check out the article with prolific doctor property investor Dr. Lafina Diamandis

We also have a Property Investment Mentoring group which is dedicated to doctors!

Check it out!

Investing in businesses

Businesses are generally high risk with potentially high returns. You can get involved how to make money on the side as a doctor crowdfunding or buying stocks in a company (e.g. hand over your money and literally do nothing), or becoming a shareholder with little or some say in how the business is run.

Investing in stocks and shares

Similar to the above, you can be as hands. on and off as you want &#; but you do need knowledge, patience and an eagle eye!

For some basic information on how to get started with any form of investing, check out this article from Money Saving Expert.

In order to get started on a few trading platforms check out the following options recommended by doctors on online forums: TradingHargreaves and Landsdown, AJ Bell.

Peer to Peer Lending (P2P)

Be someone else&#;s bank by offering a loan in exchange for a return. You could very well organise a private arrangement with a trusted friend, relative or colleague (always get a written agreement).

Alternatively you could join one of the many P2P lending platforms, however make sure you read this article first before you do!

Affiliate Marketing

This is becoming an increasingly popular way to earn money through referrals. You recommend a product you&#;ve used and you get a cut if someone buys the product you recommended. Easy peasy eh?

It&#;s particularly common for websites (including ours), online stores, blogs and social media influencers to use this method to monetise their content.

Common referral programmes include Amazon Associates, eBay Partners, and Shopify.

Network Marketing or &#;Social Marketing&#;

You earn from selling products on a multi-level marketing arrangement; ie. teams. The bigger and/or more successful your team, the more everyone wins and earns a cut of everyone&#;s success.

It continues to work extremely well for many large and established companies with doctors in particular subscribing to these &#; some earning enough on a regular basis to leave their medical jobs. Recent examples of companies doctors have joined include Arbonne and Forever Living.

However the industry has received a bad rap over time &#; mainly from those who don&#;t fully understand the concept viewing as largely unethical or from ex marketers who had negative experiences for various reasons.

Design and sell a course

Doctors have countless skills &#; in medicine and beyond. Spend a few days, hours or weeks designing an online course on a favourite topic of yours and upload them on to your own website, or one of the specialist course sites such as Coursera or Udemy.

You&#;d be surprised how many courses are extremely TIMELESS and can be sold for years and best short term investment plan in singapore requiring minimal updates, how to make money on the side as a doctor. Whether the course value is £10 or £ per subscriber &#; make sure your course topic is in enough demand to generate the returns you want.

Setup an Online Shop

You can make some serious passive income by setting up an online shop, how to make money on the side as a doctor. The key for your store is that the product has to be either digital (no shipping for you) or someone else&#;s product (e.g. affiliate marketing and no shipping for you).

Check out this article with ideas for selling digital products!

All of the processes need to be automated however you may need to be available to deal with queries (or even outsource this element).

We know a doctor who claimed to earn a 6 figure annual income selling products internationally on his self-run website.

Write and publish a book

Most books generally aren&#;t the best money generators, however if done the right way and your topic is very popular / in high demand, how to make money on the side as a doctor, you can earn a reasonable amount of cash for your time.

You must be prepared to spend a lot of time or invest in marketing your book (especially at the beginning). You may also want to self publish to retain a large proportion of the generated income.

Become a YouTuber

This is perhaps one of the least truly passive options.

It takes a lot of grit, tenacity and time to make money on YouTube. However once you generate a large following, you can leverage your influence by using Ads, direct sponsorship, You Tube Partnership and more. You may not need to continue putting in as much work as you did at the start.

Sell your Intellectual Property or Minimum Viable Product (MVP)

Have a great idea for . anything? Specifically for doctors &#; medical device or service? Would someone be willing to pay for it? It&#;s not too uncommon and something work exploring if you&#;re creative.

Many businesses (and/or websites!) are designed solely to prove a concept (MVP), later being sold off for millions to larger companies in the sector. Not a bad exit strategy!

. and yes&#; this could be an app. But remember, an app needs to have some kind of business model or value behind it. Ie. it could potentially make a lot of money, or has a massive user base creating high value (e.g. Whatsapp)

Use cashback programs

When you buy something through a cashback site or program, you get some of your money back. So essentially you bought it cheaper than what you paid for it.

You&#;re not technically earning money this way, but you could make some decent savings if you regularly use this in your strategy. Popular sites include TopCashBack and Quidco

Get a high interest paying savings account

What. do these actually exist anymore??

Maybe not so much.?

I hope this article on Passive Income Ideas for Doctors helped you to wet your appetite for a few options for you to get started with.

If you have any more truly passive income ideas for doctors for this list, please don&#;t hesitate to send us a line at team@www.oldyorkcellars.com and we&#;ll consider adding it!

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Abeyna is the Founder & Director of Medic Footprints and a Consultant Physician in Occupational Health

Two weeks ago, I wrote this post outlining the new direction for this blog. What I didn’t mention was something else I&#;d like to learn more about: money. Achieving financial security is definitely a part of my self-improvement journey. I watch videos that talk about different ways to make passive income and more recently Ali Abdaal, an NHS junior doctor working in Cambridge, made this video about how much he earns and the different types of passive income he has. I was inspired. (And this was also one of the inspirations for my YouTube channel.)

Types of income

In the video, Ali breaks down his earnings in a week, beginning March 23^rd to March 29^th. One of the things this video demonstrates so well is the virtues of passive money. Making money that is not actively related to the hours you put in. I watched the video, then re-watched it to create the below table as a breakdown of his earnings (in dollars).

Total income: $5, =£4,

Total active income: $1, =£

Total passive income: $4, =£

From the table you can see that his ‘active’ source of income comes from working as an FY2 doctor, earning around £38, In the UK, a junior doctor’s salary is more than the national average £30, for  but a lot of that comes from working out of hour shifts. When broken down the amount is around £15 an hour (before tax). 

The rest of his income is from more passive sources. Over the years, I’ve been learning about how to make passive forms of income, I have not had much success. Yet. Even though ‘passive’ may sound like not much work is required the opposite is true. A lot of the time, more work is required upfront with no payoff in the beginning. If we take his Youtube as an example, as of writing this Ali has over subscribers which will positively contribute to the money he gets from YouTube Adsense revenue. But as he mentioned himself, he wasn’t making anything in the beginning. He grew his following by consistently putting the content out and then growing over time. 

His other sources of income include 6med which is an educational company that runs preparation courses to help applicants get into medical school. He has courses on Skillshare and is also an affiliate for Skillshare, as well as Amazon and Epidemic Sound. It all adds up, people.

Ali has about 8 courses on Skillshare to date, so if you&#;re interested in browsing through them and the rest of the courses available than you can sign up with this link and get one month free.

He also released a follow-up video titled How To Make Money Online, which I think is a good rundown on how the magic works. Well worth watching if you ask me. 

My thoughts

Towards the end of the video, Ali talks about people feeling shackled to their job. He recalls asking his medical colleagues whether they’d keep working if they’d won the lottery and none who were asked said that they&#;d keep working full time. This is hardly surprising. I remember conducting a similar experiment. One time, I asked the consultant whilst on ward-round whether she’d do it all again, and the answer was no. So here before me was an example of what my life could look like if I stayed on this path and it was one of many driving factors that pushed me to do something radically different. Interestingly enough, it’s a litmus test I use to this day to help me decide whether something is for me. I look at someone else who is further on in their career and I ask myself whether I want their career/lifestyle. It’s been a good way for me to analyse why I’m doing something and making sure there’s a purpose behind it.

The sweet thing about this all is that How to make money on the side as a doctor looks like he genuinely enjoys his job. At one point there&#;s B-roll footage of him answering the ward phone and smiling; I don’t think I’ve seen anyone do that. But as he says, he’s there because he wants to be there not because he has to. Like the consultant I mentioned earlier, a lot of people feel trapped having gone too far down a path with no clear way out. Medicine has afforded them certain luxuries, an income and a comfort zone they’ve become accustomed to. That’s the danger of having all the money eggs in one basket. Or having just one egg in one basket. 

More so in a time like this where so many have been stripped off their only source of income. The world turned upside down seemingly overnight, I think it’s shaken the sense of stability many perceived they had.

Would having multiple sources of income during my F2 year made me more inclined to stay? Probably not. There was a lot more at stake for me, how to make money on the side as a doctor. However, for someone else it may make a difference. 

Conclusion

Why did I make a point of writing all world of tanks grille money maker this out? I hope at the very least that you got some value from it as I did. This topic interests me and regardless of what notions people have about money, it’s invariably tied to choice and freedom. Who doesn’t want more choice and more freedom?

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While most doctors make a good living plying their trade, it&#;s no secret that salaries have been declining throughout the industry  for years now. If you want to make serious dough as a physician, you&#;ll need to branch out how to make money on the side as a doctor bit and consider a few sidelines to pad your income. Here are just a few great ideas for side businesses that can make you a mint without impacting your regular schedule.

Create a Medical Podcast

Nowadays, starting a podcast is pretty easy. All you need is a laptop, a decent microphone and an iTunes account. Getting guests is a little harder if you want your podcast to be a hot ticket. Regardless, the technological hurdles to starting a podcast are practically nothing at this point. Familiarize yourself with editing programs like Audacity so that your final product sounds professional.

Invent a Medical Product

If you have an interest in engineering or CAD, you can easily create a prototype for a simple medical product with a cheap CNC machine. Whether it&#;s an ergonomic walking cane, a prosthetic or a pen clip for medical professionals, your invention could make you a bundle. All you need is an original idea and the dedication to see your concept through to the end.

Coordinate Health Fairs

Great health fairs really need great physicians to give the events an increased air of respectability. Doctors can help the promoters by bringing in solid speakers to make the event a topnotch draw. If there&#;s a healthcare-related fair in your area, you can make it even more reputable by vouching for it. You can make even more money by speaking at the event for a fee.

Run an Educational Clinic

As a physician, you can probably teach the general public a rae sremmurd i make my own money or two about healthcare and make some decent money in the process. For instance, running a CPR class for corporate offices, small businesses and local fire departments is a great place to start. If you&#;re an OB/GYN, you could operate a Lamaze clinic and give expectant mothers tips on managing their pregnancies.

Practice Telemedicine from Home

Thanks to the widespread availability of inexpensive web shark tank tv show investors and video chat programs like Skype, more doctors than ever are providing care remotely. Patients get cheap medical advice from qualified professionals and doctors avoid spending a lot on administrative overhead, how to make money on the side as a doctor. Top telemedicine contractors include iSelectMD, NowClinic, Ringadoc and American Well. The American Telemedicine Association is a terrific resource for physicians interested in providing telemedicine consultations.

Develop a Mobile App for Physicians

Thanks to user-friendly mobile app creators like BuildFire, iBuildApp and Adobe PhoneGap, crafting your own custom apps has never been easier. The key to developing an app that will sell like hotcakes is finding an unexploited niche and filling it. Research the competition on iTunes and Google Play for similar apps before you get started to avoid wasting time and effort breaking into a saturated market.

Make Old-Fashioned House Calls

Once upon a time, doctors paying visits to patients at their homes was fairly commonplace. Nowadays, house calls are seen as a novelty. You can earn a decent side income by taking your show on the road and practicing medicine outside of the office. Contact the American Academy of Home Care Physicians for more information on getting started in this growing sector of the medical field.

Publish a Medical Newsletter

For most physicians, staying on top of the latest developments in the medical industry is a critical concern. You can help your fellow doctors keep up on the news by putting out a weekly or monthly newsletter. Include a mix of current events and advice columns to appeal to a broad range of readers. Use a desktop publishing app like Microsoft Publisher to produce the final product.

Become a Headhunter

More and more medical technologists, nurses and doctors are becoming hired guns that practice their craft on a short-term contract basis. Recruiters like the Aureus Medical Group are always looking for competent professionals to fill staffing shortages at hospitals around the country. The National Association of Physician Recruiters can help you get started in the medical headhunting game if you&#;d like to make decent money on the side.

Start a Medical Equipment Business

According to the most recent statistics, the medical device industry is worth roughly $ billion in the United States. You can easily snag a piece of that pie by working as a sales representative for major suppliers, how to make money on the side as a doctor. If you want to go all the way, you could become a middleman and bid on supply contracts for smaller hospitals in your immediate area.

Prepare Students for the MCAT

Every year, at least 80, college students take the MCAT in the hopes of getting into the medical school of their dreams. You can help them achieve their goals and make some decent scratch at the same time by showing them how to do their best on the test. An MCAT preparation business is a great option for busy doctors due to the low barrier to entry and the profit potential.

Become an Expert Legal Witness

Personal injury lawyers and district attorneys are always looking for respected physicians to give testimony during trials. A physician can make several thousand dollars per case depending on their area of expertise. While you won&#;t be able to make a career out of serving as a medical expert, you can bank a healthy side income if you get to know the right attorneys.

Partner with a Spa

While most spas are focused on simple relaxation, a growing number of spa operators are branching out into providing medical consultation and care. If you&#;re an OB/GYN, you could offer medical advice and care to pregnant women on vacation. If you&#;re an osteopath, you can easily find work at a spa that specializes in rehabilitation for customers with back or leg pain.

Review Health Insurance Claims

Many major insurance companies cut down on costs by outsourcing the review of claims to independent review organizations. All you need to get started is a computer and enough scheduling flexibility to review claims within a relatively short time frame. The National Association of Independent Review Organizations is a terrific resource if you&#;d like to supplement your income by reviewing claims.

Work for Big Pharma

Easily the best way for doctors to rake in cash on the side is to work with major pharmaceutical manufacturers like Eli Lilly and Pfizer. You don&#;t necessarily need to push new medications on your regular patients to capitalize on pharmaceuticals. These companies always need physicians to assist them in conducting clinical trials and devising marketing campaigns for new products.

Making the Most of Your Options

Any physician with a few years of experience under their belt can easily boost their income if they&#;re willing to sacrifice a little free time. Maximizing revenue comes down to zeroing in on a mix of extracurricular activities that will be the most profitable for you at the moment. Play around with a few of the ideas mentioned above and you&#;ll no doubt identify a winning formula in short order.

With a wide knowledge base and scope of practice, family physicians are well-suited for many side gigs beyond just seeing patients in a clinic. The internet has only expanded such opportunities. Here are five that you how to make passive income in singapore do from home.

1. Case reviews. State medical boards, second-opinion consulting services, hospitals, and other organizations pay for chart or case reviews. Just make sure you’re comfortable critiquing a fellow physician’s work.

2. Utilization review. Insurance companies or their contractors use utilization reviewers to assess whether medical treatments were appropriate so the companies can determine whether they should cover them. Compensation rates can vary a lot between companies. If the first rate you’re quoted seems low, try another company.

3. Coaching medical students or residents. This could entail reviewing their personal statements and curricula vitae, or conducting mock interviews (which can now be done through videoconference). Be aware that some of the organizations that pay for this work are looking for physicians with a certain pedigree, such as an Ivy League degree.

4. Telehealth. Demand for telehealth has soared during the how to make money on the side as a doctor, and some telehealth companies allow flexible scheduling as well as remote work. The downside to the telehealth boom is that competition for these jobs is increasing too.

5. Media. TV news networks have long employed medical correspondents, but those jobs were few and far between, how to make money on the side as a doctor. The internet provides more opportunities, such as writing for one of the many health websites out there. Other options include podcasting or serving as a health influencer on social media, if you can build enough of a following to sell ads. But be careful whose ads you accept as some could harm your credibility.

Before you take on any side gig, review your primary employer’s policy on outside work and examine your liability insurance carefully. You may have to ask the secondary organization you choose to work how to make money on the side as a doctor to provide coverage for those activities.

Read the full FPM article: “Find Your Side Gig: Extra Income Opportunities for Family Physicians.”