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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.