Student loans, rent, car note, insurance, phone – it often can seem as though the bills are stacking up against a limited resident salary. Based on Medscape’s Residents Salary and Debt Report 2021, the average resident salary is approximately $64,000. Now, NerdWallet reports an average medical school loan debt of $201,490 and with a 10-year repayment plan, this would equate to a monthly payment of nearly $2,300. With all of this broken down, you may be scrambling for extra change. Here are some ideas for physician side gigs amidst increased outgoing bills:
Consultant opportunities such as application essay editing, interview prep, and advising for companies like Motivate MD can offer flexible schedules for supplemental income. With Motivate MD you can work with both pre-medical and medical students for medical school and residency applications. Take 5-10 minutes to fill out the application here.
Many medical schools and colleges offer positions for residents and attending physicians to instruct medical students in their basic science coursework. This can allow an opportunity for you to refresh your own knowledge in topics while enhancing the education of others. Check with individual universities and colleges in your area to inquire further about this.
Many physicians have documented their journeys via YouTube videos. Have a story you want to share with others? Consider vlogging!
With increased income, you might consider purchasing another home as a rental for long-term tenants to bring in additional income.
Whatever side gig you consider taking on, remember to balance your priorities as well as take time for self-care. Additional income can certainly offset an increased debt to income ratio, though this should not be at the expense of your happiness and well-being!