#Side jobs that make a lot of money how to#

What passive income ideas should doctors focus on?Īs you can imagine, there are countless ways to generate passive income. 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.

#Side jobs that make a lot of money how to#

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. In the private sector, there’s usually much more scope for negotiation. Unless you’re starting a Consultant post, there’s usually no scope for negotiation. If you’re working as a doctor in the NHS, you usually get told what you earn according to your seniority (banding). Requesting a higher salary could also lead to burnout if you end up taking on more responsibility in your role. The last 2 options, as we all know, are a one way ticket to burnout and other horrible horrible things. work more doing extra hours in your current job.If the money you earn from that job isn’t enough, the logic is that you would do one of the following: 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.įor some strange reason, historically society has encouraged us to rely largely on only one form of income – ie. The Doctors’ Charity – the Royal Medical Benevolent Fund, saw an 18% increase in doctors receiving financial help in 2018-9 helping a total of 300 doctors. If you were unable to work for whatever reason, what would you do for money? Passive income is great for improving your level of financial security.

Why even consider passive income ideas for doctors? Don’t doctors earn enough? You then may need some time to maintain it, however the rewards should vastly outweigh the time or money you’re putting into it. 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. The key here is little or no effort which most people (especially doctors) forget about. It became quite apparent early on that not many doctors really knew what passive income actually is.Įarnings that require little or no effort to earn and maintain. There’s been quite a bit of discussion recently on alternative medical careers forums about what opportunities there are doctors seeking passive income. Unhappy doctors who are more likely to make mistakes at work? Not a great combination. This invariably means they feel trapped, which leads to all sorts of mental health issues.

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

Doctors claiming to earn passive income, aren’t really doing it passively.Īs 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?.

In order to make more money, doctors generally use more of their time despite this already being a limited resource (e.g.

Money is one of the most important influential factors doctors consider in career change.