We ranked the best side hustles for Doctors (locum vs private work & more)
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- Опубліковано 26 лип 2024
- In this week’s episode Tommy and Ed guide you on how to pick the side hustle that works best for you. We'll discuss whether you should start your own business, focus on locum work, or invest your time and money somewhere else. This video is the 3rd part in our Side Hustles series. If you haven't yet, you just check out Part 2 which focused on Leverage. Picking a Side Hustle can be difficult as a doctor. It's great to consider passive income, as well as diversifying your income sources, and making the most out of your pay as a doctor. We will also discuss whether doing locus shifts is worth it as a doctor! Make sure to watch this video before picking a side hustle outside of your medical career.
00:00 Introduction and Overview
00:29 The Side Hustle Series: Part Three
01:17 Understanding the Concept of Leverage
02:00 Casual Chat and Recap
02:44 Exploring Ways for Doctors to Earn More
03:17 The Myth of Passive Income
03:27 The Doctor's Income Problem
05:45 Breaking Down Different Income Streams
06:23 Discussing Locum and Waiting List Initiatives
08:16 Exploring Passive Income Rating
08:17 Understanding Tax Implications for Locum Work
23:16 Exploring Private Work as an Income Stream
31:32 The Potential of Completing Surveys for Extra Income
32:37 Discussing Wealth Generation
33:43 Understanding Tax Implications of Surveys
35:48 Diving into Property Investing
35:58 Challenges of Starting Property Investing
38:03 Income Generation through Property Investing
38:43 Wealth Generation through Property Investing
39:03 Passive Income Potential in Property Investing
40:08 Tax Considerations in Property Investing
49:58 Exploring Business Startups
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DISCLAIMER:This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.
This is very helpful, thank you
Glad it was helpful!
Very very informative...started private work as a spine surgeon...takes time to develop..am told it picks up after 2 years..
Thanks for sharing
Great work
Thank you so much 😀
Thanks, very useful
What's the website for the paid surveys?
Cheers!
I started private work this month. There is a steep learning curve as the admin is different to the NHS and now I'm billing insurance companies. I'll be needing to employ a private secretary soon. Paid for print, increased insurance, stationary, payment platform, and there's accountant and taxes to come.
Good info. What speciality out of interest?
The tax part was really beneficial. It would be interesting to know what the optimum salary would be? That is at which point where working extra will not be as much rewarding.
Different scenarios can be considered i.e you have kids Vs no kids. Side income (rent/side hustle/etc) Vs no side income.
Hope you can make a podcast interview or a video about it.
Like this? www.medicsmoney.co.uk/your-marginal-tax-rate/
Thanks for the video. Are DVLA invoices the same as cremation forms for the £1000 limit?
My calculation is that my private work will generate x5 / hour what i earn in the NHS.
🔥🚀🚀
Great video guys. I wish there was more of this growing up. We are all deficient in financial education due to the lack of education and openness on the subject.
I have to disagree with your rating system though. I think there needs to be more emphasis on financial freedom or wealth generation as this is the goal of any side hustle or investing.
I won’t bore you with my rags to riches story but the reason why I have done well in property is because I leveraged cautiously, re-invested the rents and benefited massively from the house prices over the last 12 years or so. Putting your hard earned money away every month to invest is tough plus no where near the amount I accumulated in leveraged capital growth in property.
Sorry guys respectfully disagree that investing in stocks and shares is a better form of investing than property if the goal is to generate wealth or become financially free.
💯 agree with you and we want to hear your rags to riches story! I think we scored property as 5/5 for wealth generation. But stocks isa edged it overall due to tax and ease of starting? Like we said in the video - do it all property + stocks + business = financial freedom. One income with no leverage = exchanging time for money = problems
@@MedicsMoneythanks guys for the reply. I do agree with your ratings but it’s just that I think the wealth generation score should be worth more points (possibly 10) as this is what is going to really help you get financially free in the long term. I personally don’t like the idea of putting your hard earned cash away every month for the best part of 30 years before you see a return worth having. I would rather re-invest rents and ride the capital growth train. Here is my story - ua-cam.com/video/W9u6qJEzHmo/v-deo.html&si=lFZZT093aMg5HgzR
As others have mentioned please link the survey as it cannot be easily found on your website
www.medicsmoney.co.uk/income-tax-rules-for-doctors/
still can't find on the link, care to share again?
Any link to the surveys mentioned?
👍www.medicsmoney.co.uk/medical-accounting-blog/
What would be the name of the blog post- Im struggling to find@@MedicsMoney
@@MedicsMoney Hi, I can't seem to find the specific blog post. Would you be able to send another link please? Thanks!
can't find it either, kindly link again
What stock and shares do you invest in?
Globally diversified low cost index trackers that hold approx 5,500 of the best companies in the world but DYOR and match your portfolio to your goals and risk tolerance and capacity.
Property investing is becoming a liability more than an asset.
Tough times in residential and commercial and if you’re over leveraged 😳