Welcome to this week's article on Physician's Money Digest (PMD). We all know that residency represent a period of relatively low income for physicians. But that doesn't mean you can't or shouldn't find additional sources of income. Check out the excerpt below. If you want more, read the full article on PMD.
Congratulations on surviving medical school! Now you can proudly display that "MD" behind your name. And you should, it is an amazing achievement which required years of dedication and hard work. But unfortunately there is still a ways to go before you get to the light at the end of the tunnel. Residency represents the "lean years" in your lifetime income. As you get ready for your first day as a resident, let's talk about 5 ways to make some extra income during your PGY years.
1. Moonlighting - by far the most lucrative and rewarding way of generating extra income in residency, especially if you can find work in your chosen specialty. For example, in my chosen field of radiology, the typical moonlighting jobs are divided between contrast coverage and/or providing image interpretation after hours and on weekends. Not only do you earn extra income, you also gain valuable work experience in your field of practice. Highly recommended.
2. Tutoring - another great way to make some extra cash. I taught the Kaplan MCAT class when I was in medical school and the starting pay back in 2009 was $20/hr. I imagine it probably has gone up since then. It is a great way to stay connected to the basic sciences. And if you happen to tutor premed or medical students, there is an opportunity for you to become a mentor and play a major role in guiding a future colleague on their career path. Of course tutoring rates will vary, but my fellow money blogger Dr. Wise Money was able to charge $388/hr!
Want more? Read the full article on PMD.