How to Make Extra Money as a Resident Physician
Living on a Resident Physician salary can be tough. While you may be working full time, Residency pay doesn't always cover necessary living expenses and bills. That's why more and more Residents are pursuing alternative ways to make ends meet. If you are a Medical Resident interested in making some extra money, consider some of these money-making options.
Moonlighting is having a second job, particularly at night. Working a second clinical job is one of the most common ways to make money as a Resident Physician. According to Glassdoor.com, the average moonlighting Physician earns around $80/hour. This rate does not reflect specialty Physician salaries which demand even more an hour for their efforts.
Moonlighting also has the added benefit of allowing you to take a new employer or clinical setting on a test drive. If you find you are a good fit, many employers are often open to extending moonlighters full time employment options. This makes moonlighting a great opportunity for Residents wanting additional job security and clinical variety.
Start a Side Hustle Outside the Clinic
Many companies need medical consultants to provide input on their products. Medical education, marketing, technology, pharmaceutical and research companies often have nonclinical opportunities available for Physicians. These unique employment options are more plentiful than ever now thanks to the internet. Much of this work can be done from the comfort of your home whether it be writing for a medical company, blogging or product consultation.
Rethink Your Debt
According to the AAMC, the average medical student has a median loan debt of $190,000 when they graduate. This debt can seem especially overwhelming when you are living on a Resident Physician salary. To increase your available funds each month you may want to consider refinancing or consolidating your student loan debt. Refinancing your loans may be especially beneficial if you have a high interest rate on your current loans. Consolidating multiple loans when refinancing can decrease your interest rates and simplify your monthly bookkeeping by reducing the number of creditors you pay each month.
Although lowering interest rates and simplifying your bill paying sounds great, refinancing may not be the best option for Resident Physicians looking for extra savings in the bank. If you have federal student loans, refinancing them may cause you to lose certain benefits conferred with their use. If federal student loans are refinanced with private lenders you can no longer use federal income-based repayment plans, deferment or forbearance. If you wish to consolidate and refinance your loans federally you can use a Direct Consolidation Loan. This type of loan can adjust your time to payoff while changing your benefits.
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