5 Reasons Your Doctor Has a Side Hustle

Did you ever think your doctor might have a side hustle?

Your doctor spent at least 11 years in post-secondary education to be in a position to take care of you. They probably put in 50 to 60 hours a week or more on the job. And yet, if they doesn’t have an active side hustle, they’re probably been thinking about starting one. Believe it or not, a large majority of doctors are hustling, and here’s why.

1. Doctors are Deep in Debt

The average indebted medical student, which is about 71% of them according to the latest AAMC survey, has around $200,000 in student loan debt when finishing medical school. Thus, paying off student loans is one of the primary reasons your doctor may have a side hustle.

2. Personal Fulfillment

Believe it or not, your doctor might not have dreamed of becoming a physician from the time he or she was a toddler. Perhaps what they really wanted to do in life didn’t translate well to an actual career. That’s where the side hustle can come into play.

3. A Goal-Driven Nature

After a lifetime of people-pleasing and achievement, your doctor wants to accomplish something more. That’s where a side hustle can be invaluable. Starting something completely novel — often from scratch — can give your doctor a whole new set of goals to set and pinnacles to reach.

4. Another Retirement Account

Physicians get a late start on retirement savings and often celebrate becoming “worthless,” that is escaping a negative net worth to finally break even, at some point in their thirties. A side hustle can allow an employed physician to open another type of retirement account, with earnings from the extra income.

5. A Transition to an Encore Career

An “encore career” is a vocation finale after one’s primary career has ended. Given the amount of time and energy that goes into becoming a physician, the practice of medicine will be the primary career for the vast majority of medical school graduates.

The Bottom Line

Do not be surprised or alarmed when you learn that your doctor has a side hustle. They may just be fast-tracking their debt payoff, pursuing a passion project, setting new goals, boosting retirement savings, or considering an encore career after the first one is through.

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