Ways to Make Money As A Resident Without "moonlighting"

[psych md jd]

Lucky?

The first $50K maybe.

The subsequent $1.8M was definitely not luck.

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[ThoracicGuy]

Lucky?

The first $50K maybe.

The subsequent $1.8M was definitely not luck.

No, you were definitely lucky. I guarantee you, put 100 people together doing some daytrading and you will find a large amount that will lose money, some that will make a small amount, and very few that will make like you...

I would say your results are not replicable.

 

[psych md jd]

Actually, I replicated my IM co-intern's results.

He had just bought a new car and house for cash. Over the course of lunches and call over a month, he told me how he did it.

 

[Raryn]

Actually, I replicated my IM co-intern's results.

He had just bought a new car and house for cash. Over the course of lunches and call over a month, he told me how he did it.

You should quit medicine and go into investment banking with your secret knowledge then.

 

[michaelrack]

You should quit medicine and go into investment banking with your secret knowledge then.

Investment banking is more sales and building financial models, at least at an entry level. He isn't going to be hired at an investment bank based on day trading ability

 

[psych md jd]

My secret knowledge: buy low, sell high, repeat.

[Don't tell anyone]

 

[Crayola227]

This.

Working 80 hour weeks is not going to be compatible with researching companies and sitting on the internet trying to time the market. Not to mention that your 80 hour resident work week doesn't typically include the additional time that you need to spend reading and studying to learn the basic knowledge necessary for practice in your specialty.

Again, I don't think that residents, especially new interns, should expect to do ANY kind of work outside of their residency job functions, at least until they get a few months under their belt and see what their job entails. Residents, don't lose sight of the forest for the trees: your income in residency is going to be a drop in the bucket compared to what you'll earn over the next few decades as an attending. But you have to get through residency first, and becoming competent in your field should be your first priority as a resident, not earning a few extra dollars.

QFT.

Also, because, LOL, earning a few extra dollars may be priority as eating is a priority, so if you have to sell plasma for food, that is going to be way easier. You might be able to do it on campus and you could definitely be working on notes while you did it. Or just sleeping.

 

[Merely]

My secret knowledge: buy low, sell high, repeat.

[Don't tell anyone]

lol just stop

 

[QofQuimica]

Also, because, LOL, earning a few extra dollars may be priority as eating is a priority, so if you have to sell plasma for food, that is going to be way easier. You might be able to do it on campus and you could definitely be working on notes while you did it. Or just sleeping.

Even here in the South, an intern earns ~$50,000 per year. Considering that most students survive on about half that amount and it's also around the median income in this country for a family of four, it's a bit melodramatic to suggest that a resident won't be able to afford to buy food. Not to mention that many hospitals subsidize their residents by providing food during rotations where you're taking call, during conference, etc. That being said, some common sense is in order. If you're going to insist on having $100 dinners every day, going on gambling junkets, trying to pay off all your loans in one year, buying a new mansion/fancy car etc. during residency, then ok, yeah, you may have a bit of a cash flow problem.

But seriously, if you can't manage to buy food without selling your plasma during residency, there is something else seriously wrong going on in your financial life that needs to be fixed.

 

[link2swim06]

No, you were definitely lucky. I guarantee you, put 100 people together doing some daytrading and you will find a large amount that will lose money, some that will make a small amount, and very few that will make like you...

I would say your results are not replicable.

I think this graph speaks to what the average person should expect with their investment plans...

 

[Crayola227]

Even here in the South, an intern earns ~$50,000 per year. Considering that most students survive on about half that amount and it's also around the median income in this country for a family of four, it's a bit melodramatic to suggest that a resident won't be able to afford to buy food. Not to mention that many hospitals subsidize their residents by providing food during rotations where you're taking call, during conference, etc. That being said, some common sense is in order. If you're going to insist on having $100 dinners every day, going on gambling junkets, trying to pay off all your loans in one year, buying a new mansion/fancy car etc. during residency, then ok, yeah, you may have a bit of a cash flow problem.

But seriously, if you can't manage to buy food without selling your plasma during residency, there is something else seriously wrong going on in your financial life that needs to be fixed.

Boston ED program.

People forget in that while the range in resident salary is essentially nominal across the country, cost of living varies widely. Boston and New York City are notorious for a cost of living that cuts things very tight indeed because of the cost of living in a shoebox.

Also ED residents are probably the least food subsidized of any of them I've seen. They don't get as many out of ED rotations, daily conferences, or call where they would get a food card or a lot of opportunity to use one. Some programs had such abysmal cafeteria hours.

The other potentially big expense is health insurance. On that $50K salary a $6K out of pocket max vs $3K lets say is a helluva difference. Something to keep in mind for students.

So yes, I know of very very poor residents some places and better off ones elsewhere on the same salary.

Also, you mention the medican income for a family of four, but when you look at the statistics of how many people in the US are paycheck to paycheck and malnourished/risk for malnourishment going hungry, it stops being melodramatic and becomes a reality.

 

[colts13]

Does anyone know of any reasonable options (no gambling, stripping etc) for you to make 500-1000 dollars more a month during intern year of residency? I have unfortunately, hit a rough patch and need to make more income to cover unexpected costs.

Any insight would be great, as I have exhausted my google search to find answers.

Thank you in advance!

 

[Crayola227]

I hate to tell you what a tall order that is. You know a lot of people work full time and pull in only around $1000 a month, and you'll already be working 80+ hours a week for the salary you get which usually works out to roughly $2500K take home for a resident... so ask yourself where you will find that time and if 80 hours a week as a physician gets you your $2500 why would you think there would be a side job to make 40% of that that you could squeak in?

Now that I've corrected your expectations, I will say then you are desperate enough to consider:

You can get anywhere between $100-300 per month donating plasma
Uber or rent your car out schemes
Rent out your room or sofa
Live in a stealth camper home (literally google that) to save money or to be able to rent your place out for short periods of time
There are postings to have MDs be involved in test prep in some fashion - writing questions or some such, don't know how feasible that will be
Take up some craft project and sell it online
Perhaps you could take on some dogwalking or lawnmowing if you are a resident talented enough to be attaining work/life/exercise balance so that your workout time becomes make a few dollars time

some have bought things from cheap places like craigslist, Goodwill, Walmart, ebay, and then turned around and sold it for just enough above what they paid to make money on the venture, sometimes surprising amounts. the issue to this, well, watch Pawn Stars

Making more money is not going to be realistic.
Reducing your expenses.
Luckily residency does help with that in some ways.

If you were really unscrupulous, you would be getting your post its, toilet paper, paper towels, some of your laundry in form of towels sheets etc, up to 80% of your caloric intake, all the graham crackers you could stuff into your pockets for home. If you ever saw the pilot episode of Scrubs you'll remember the part on how JD literally eats leftovers from the patient trays.
Your internet. If you have a smartphone and unlimited data figure that one out. Cancel your Netflix. Hell, I've heard of residents actually getting away with literally living in the hospital for some period of time and not having rent that way (short term and with its own set of problems). Leaving the heat off and showering at work to save on electricity. Not even bothering to go home to save on gas/transport.

The list goes on and on. You will need to make a budget, sacrifice some items, maybe even sell some, and if you don't have kids consider near homelessness as I've said.

Put that into your google search. How to be really poor and how to be homeless. Because the making money on the side scheme everyone's trying to do these days and not having luck which is why your search wasn't helpful and the "how to be really poor" and "how to be homeless" searches will yield more ideas for you.

 

[redfish99]

If you are going to do something, then do something with value attached to it (personal or professional), grading tests seems like a bad use of time, you might as well drive an uber or something. use your medical expertise.

 

[rokshana]

please...its

Boston ED program.

People forget in that while the range in resident salary is essentially nominal across the country, cost of living varies widely. Boston and New York City are notorious for a cost of living that cuts things very tight indeed because of the cost of living in a shoebox.

Also ED residents are probably the least food subsidized of any of them I've seen. They don't get as many out of ED rotations, daily conferences, or call where they would get a food card or a lot of opportunity to use one. Some programs had such abysmal cafeteria hours.

The other potentially big expense is health insurance. On that $50K salary a $6K out of pocket max vs $3K lets say is a helluva difference. Something to keep in mind for students.

So yes, I know of very very poor residents some places and better off ones elsewhere on the same salary.

Also, you mention the medican income for a family of four, but when you look at the statistics of how many people in the US are paycheck to paycheck and malnourished/risk for malnourishment going hungry, it stops being melodramatic and becomes a reality.

not like you have to live in back bay...live a little farther out and take the damn T...and almost every ED has a staff lounge chock full of food from almost every fast food and nurses kitchens.

and if you can't afford a high deductible like that, then you shouldn't get a insurance policy that has one that high...or be responsible enough to but some of your pre tax dollars into an HSA to offset the chance of having to pay out that deductible...

and fyi...i've done that drive to boston as a 30 minute commute fro metrowest...it can be done.

 

[Crayola227]

please...its

not like you have to live in back bay...live a little farther out and take the damn T...and almost every ED has a staff lounge chock full of food from almost every fast food and nurses kitchens.

and if you can't afford a high deductible like that, then you shouldn't get a insurance policy that has one that high...or be responsible enough to but some of your pre tax dollars into an HSA to offset the chance of having to pay out that deductible...

and fyi...i've done that drive to boston as a 30 minute commute fro metrowest...it can be done.

heya fair enough... Wish the EDs I had worked out had that sorta setup... but they didn't.

I was responding to someone who mentioned how residents do in the South.... the South is cheaper/lower cost of living resident dollars go further than the East Coast big cities. Just how it is. Telling us how far the money goes in the South doesn't negate my point that I knew some really really poor residents in Boston.

The selling plasma thing... I don't know how anyone's finances are but just sayin depending on your debt, who's relying on you (ailing mother anyone? kids? ailing spouse?) health expenses and expensiveness of city.... it can get tight real fast.

As far as the high deductible, as far as I understood the best insurance I was gonna get was the one through my employer, and math is math. I don't have to be financially irresponsible for my medical expenses to be a burden on a $55 K salary. I did the whole HSA thing but I was lucky I had some family to help when my scripts that were $1500K out of pocket for first month I went to work before my first residency paycheck came in and I hit deductible... Doc visits they'll see you and bill you, pharmacy is point of sale. Also, some of those plans the HSA dollars don't roll over to the next year when your deductible starts over for the year... so yeah, you need to be saving the whole year OUTSIDE that account depending on how it works anticipating the January med cost slam. People forget too that while you start in June your deductible and out of pocket max start over in January most times despite it only being 6 month you've been covered/working.

There's all sorts of advice on savings, having 6mo-12mo living expense saved, percentages yada yada
I will say:
healthy or not future residents, budget to save up whatever is your deductible and preferably out of pocket amount of money and think about Jan 1st and HSA rollovers
if you have monthy Rx's save up enough to buy at least 1 mo out of pocket and check insurance policy on reimbursement (if you have to pay for some reason after deductible)

Docs surprisingly don't know how this stuff works, for quite a few residency is first job, and also hits about the time (and with enough force) to start seeing some health issues for the first time, so I hope food for thought think about those costs they are potentially a biggie pain-y in your tushie

TLDR:
to OP:
resident dollars go further in some parts of the country compared to others, something to think on
ppl will say don't consider food when considering a residency, there's more important factors blah blah I say my priorities are "will I be fired / want to die / kill someone here / end up board certified? / do I like these people OK? / will I eat enough? / will I sleep enough? / how's the weather? / commute / parking / housing
healthcare expenses can sneak up and screw anyone, plan accordingly, because ultimately I can't help you make more $ in residency just work with whatcha got

 

[RangerBob]

Maybe it's already been mentioned, but most residency programs consider any form of paid work outside of residency to be considered moonlighting. Even babysitting. So always run any potential side job you plan to do by your PD.

 

[mppcc]

The residents I knew who burned out of my ex program usually did so for 2 reasons.

1. substance abuse- sad and unfortunately can be too common in medicine

2. Didn't respect that working 80 weeks is two full time jobs and their 3rd got in the way. Don't have a 3rd job. If your residency program is in a region you can't afford to live in on your residency salary that is troublesome but washing out is even worse. Don't do it.