Welcome to this month's edition of Money Minutes for Doctors. In this, our 5th episode, we take a glimpse at the topic of the side gig for those in the medical community. We have heard a lot about the "gig economy" in recent years. From Uber to Airbnb, side opportunities are defining ways to enhance one's income potential. It is no different for those of us in medicine and creative possibilities abound. Back again to help us navigate this emerging economical opportunity is Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors.
About Ms. Vessenes:
Ms. Vessenes works with over 300 physicians and dentists from Hawaii to Cape Cod. Her firm uses a team of experts to provide comprehensive financial planning to help doctors build their wealth and protect their wealth while reducing taxes now and in the future. Katherine is a longtime advocate for ethics in the financial services industry; and has written three books on the subject of investment strategies. She has received many honors and awards including: numerous tributes from Medical Economics as a top advisor for doctors, multiple 5-Star Advisor Awards, honored as a Top Woman in Finance, in addition to being selected to be on the CFP® Board of Ethics. Katherine can be reached at: Katherine@mdfinancialadvisors.com or 952-388-6317. Her website: www.mdfinancialadvisors.com.
A side “gig” can be a great way to earn extra money and have tax advantages. Figure out what you are “worth”, calculate your hourly rate so you can better budget. This can help you budget your money and time. Considering outsourcing household chores to maximize your time usage i.e. lawn care, grocery shopping, cleaning etc.
Entering the side gig market options include:
-locums work/extra shifts
-writing medical texts
-medical apps for smart phone
-education/teaching i.e. MCAT prep courses
-CME education materal
-medical directorships at Nursing homes or medical spas
-blogs (medical or otherwise ) can offer affiliate links that offer a finders fee
-disability or health insurance reviews
-urgent care shifts