Money Minutes for Doctors #22 - The Side Gig

The meteorological summer is over! The temperature will inevitably drop but income sources will not! Opportunity abounds even in our present economic state of uncertainty. In this episode we speak to Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisor, about the topic of side gigs. A true buzzword over the past few years, side gigs offer unique opportunities to make up lost ground toward your financial goals and overall financial wellness. While lucrative, these voyages should not be attempted without plotting a clear course. Dr. McAteer and Ms. Vessenes are back to discuss this very timely topic.

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.

QUICK SUMMARY: Side Gigs

Doctors are looking to side gigs to make up lost money during COVID.  Other reasons including increasing costs of children’s education, lack of retirement funds and physician burnout.  

 Understand why you want to do a side gig.  Always a good idea to look at your budget before you embark on this adventure.  Be thoughtful as to where you spend your money and make sure you are spending on what is really important to you.  Side gigs can be lucrative adding over $100,000 to your annual income. 

Options for Side gigs: 

 (1)   Disability file review – review disability application claims.  Can be home based so no need expensive office space and no liability.  Can be paid by case or by hour.  Typically would be $100-200/hr.  Can be employed by lawyer, government agency or insurance company.

(2)   Consulting – a particular advantage if you have an academic title as adds to credibility.  Can consult to pharmaceutical or device company among others.  Typically charge $200-500/hr. and up. 

(3)   Write medical content – pharmaceutical companies, businesses, advertising companies, TV programs and virtual CME outlets all need quality, accurate, science-based content and if you enjoy writing can be a creative way to add to your bottom line.

(4)   Telemedicine -  particularly great for neurology and psychiatry.  Also great for physicians who are boarded in undeserved specialties.  Must be licensed for where the patient is located, not where the physician is based.  Credentialing can take several months so plan accordingly.  May have conflict of interest and/or non-compete clauses with your primary employer so check closely before pursing. 

(5)   Expert Witness testimony – can often be several hundred to several thousand dollars per hour.  Often can be file review not just testifying in court. There are opportunities for physicians to obtain further training on how to become an expert witness to prepare them for this type of work.  

 If you are considering a side gig start by talking to other physicians that are doing side gigs and ask they how they did it and what works.  When you consider your side gig start to promote yourself with your colleagues

 Side gigs should be fun!  If you are feeling any aspect of physician burn out this can be a way to add enjoyment and passion.  It can also allow you to possible cut down on clinical time 

Do not be afraid! 

Do not wait – the sooner the better!  Many tax advantages, time to build a business, time to build a reputation.