The Top 5 Reasons Your Doctor Has a Side Hustle
The medical field can be stressful and the hours are long, so it’s not hard to understand why doctors who have side hustles feel less stress and enjoy their free time more. In fact, over 54% of doctors have side hustles to supplement their income, as well as give them more free time away from work. Here are five top reasons that your doctor has a side hustle in addition to his or her day job.
1) Doctors are people too
We often think of doctors as superhuman – they save lives, work long hours, and always seem to be on call. But the truth is, doctors are people too. And like many of us, they have side hustles. Here are the top five reasons your doctor might have a side hustle: 1) They may not make enough money from their medical practice; 2) They need extra money for retirement; 3) They want to keep their minds sharp and learn new skills; 4) They want more time with family; or 5) They want to feel less stressed out in their day-to-day life. No matter what the reason, it's important that you know about this if you see your doctor outside of his or her office hours. You don't want any surprises when it comes to your health!
2) The time commitment is immense
It's no secret that becoming a doctor is a time-consuming process. In addition to completing four years of undergraduate studies, four years of medical school, and three to seven years of residency training, doctors also have to contend with long hours. According to a 2013 study by the American Medical Association, the average physician works 51 hours per week. That's why it's not surprising that many doctors have side hustles. From running their own businesses to starting nonprofits, there are plenty of ways for physicians to make extra money on the side.
But not all doctors will be able to do this—not everyone has the means or opportunity. Here are five reasons your doctor might have a side hustle 1) The profession takes up so much time: As mentioned before, doctors work an insane amount of hours. They're constantly at work and even when they're home they're thinking about work (due to exhaustion). One way for them to get some more free time is to take up another profession on the side. There are many careers out there that require far less commitment than being a doctor, but still allow them to make some income. Plus if you have a side hustle outside of medicine, you can still bring these skills back into your professional life in order to improve the quality of care you provide for patients. 2) Some days just suck: No matter how good their job is, every once in awhile things just don't go well and people get let down.
3) Their education is costly
The average cost of medical school is now over $200,000. And that's just for four years of schooling. Once you factor in the cost of residency and other post-graduate training, the total cost of becoming a doctor can easily exceed $1 million. Plus, they're busy: Doctors work long hours—sometimes more than 100 hours per week.
In light of these facts, it's not surprising that many doctors have side hustles to help make ends meet or pursue their passions. What are some common side hustles? Here are five we found!
-Working as an independent contractor with a large company such as Uber or Lyft.
-Working on the weekends at coffee shops or restaurants in order to earn tips while having time off during the weekdays.
-Pursuing hobbies, such as photography, writing poetry, etc., which might be considered odd by patients but still generate income.
-Becoming an expert witness after completing additional training and certification exams related to medicine.
4) Doctors can earn more money working in the field than they do being a doctor
It's no secret that doctors can earn a pretty penny. In fact, according to the Bureau of Labor Statistics, the median annual wage for physicians and surgeons was $208,000 in 2016. But what you may not know is that many doctors also have side hustles. Here are the top five reasons why your doctor has a side hustle 5) They want to provide for their family:
4) They're looking for more opportunities:
3) They don't feel fulfilled at work:
2) They need something different from their routine:
1) They need more money. Doctors who see patients often find it difficult to make enough money on an hourly basis to cover all of their expenses including rent, car payments, mortgages, etc. One way they get around this is by working as much as possible or starting a business on the side. 2) They're bored with medicine. Some doctors might find themselves bored with practicing medicine day in and day out without any variety or challenging cases coming through the door. Doing something on the side could be just what they need to keep them engaged professionally.
5) Many have student loans that must be paid off
It's no secret that medical school is expensive. The average cost of tuition and fees for one year at a public medical school is $34,592 for in-state students and $58,668 for out-of-state students, according to the Association of American Medical Colleges. And that's just for one year! Most doctors have four years of medical school plus three to seven years of residency training before they're able to start earning a real salary. They may not be making enough money to pay off all their loans. Plus, many physicians are committed to giving back: They spend their free time volunteering in clinics or working with organizations such as Doctors Without Borders. Some also want to be entrepreneurs:
These professionals often develop their own business on the side so they can set their own hours and make their own schedule. Others simply like having another source of income for savings or leisure time: If you've got it, why not use it? In some cases, side gigs can even help your career. One doctor I spoke with said he's able to test out new skills while fulfilling his obligations at work by opening his own consulting firm. As long as he doesn't breach any ethical standards, this practice has helped him stay current in the field and build new connections that could come in handy later down the line.
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