What if you could minimize some of the money anxiety in your life and find financial freedom faster? We’ve already discussed ways to process anxiety and how an emergency fund can be a critical part of your financial plan. It’s time to think beyond that financial foundation now.
Part of upleveling your money is about having more freedom and more choice. That’s why thinking beyond your clinical income is key. Let’s explore some of the ways that multiple streams of income can help you be more empowered.
Before exploring the why and the how of multiple incomes streams, it is important to understand exactly what multiple streams of income means. As a physician, most of us have a relatively fixed mindset when we think about income. After spending all that time and all that money in medical school, we tend to think of our income in terms of our profession.
Yet, there are many ways that we can help others, pursue passions, and earn more money beyond our main job. Multiple streams of income are other ways that you generate money. It might be through roles related to your physician brain. For example, many physicians now generate income through telemedicine, moonlighting, locums, surveys, consulting, and even casework for lawyers.
Additional income streams can also come from the stock market and entrepreneurship. The stock market is definitely an important piece of our financial wellbeing. Still, it is important to remember that the real power of the stock market and of compounding require time. That means that for many of us, the stock market will not be a significant stream of income until years or even decades later.
In addition to physician-related work and the stock market, you might explore entrepreneurship. There are many ways that you can create a business online or in person. Start by considering your other interests and talents and work from there.
Now that you know what multiple streams of income means, it’s important to understand why you would want to put in this extra work. Why bother building additional income streams? Ask yourself, “What would happen if my income dried up?” and you will have your answer.
In the past, physicians enjoyed amazing job security. In recent years, how physicians work has shifted. Instead of opening our own practices, many of us find ourselves as employees. There’s nothing wrong with that. However, it is important to note that changes in the healthcare landscape and the recent pandemic have both revealed that physician job security is not what it used to be.
Think beyond your clinical income. Perhaps you want to pursue other opportunities that overlap with your physician skill set, maybe you explore entrepreneurship, or possibly you do both. No matter which stream of income you focus on first, know that you are taking an important step toward being more empowered and upleveling your money and your life.
In this episode, we also explore:
- The benefits of multiple streams of incomes
- They ways physician job security is evolving
- How and why to change your fixed physician mindset
- Other income options as a physician beyond patient care
- My personal experience with multiple streams of income as a physician
- An inside look into how I make money as an entrepreneur
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Featured on the episode:
- Learn more about how to manage your mindset with Wealthy Mom MD