Using a side hustle to accelerate your financial goals
When considering how to accelerate achieving a financial goal (i.e., paying off debt, funding a home remodeling project, etc.), you can cut expenses, make more income, or a little bit of both. While cutting expenses can certainly help, you’ll eventually reach a limit. Therefore, earning additional income through a side hustle is a great way to jumpstart your financial plan.
Before getting started with a side hustle, think about what you are hoping to achieve. Side hustles have several benefits including making more money, diversifying your income, and providing an opportunity to hone a skill or explore an interest in a different area than your primary job.
Here are five popular side hustle ideas.
1. Take on additional hours as a pharmacist. Perhaps the most obvious option, this must be evaluated considering a pharmacist’s income and how difficult it can be to beat this hourly rate with other side hustles. If your primary goal is to earn extra cash, then it may make sense to prioritize picking up as much extra work as a pharmacist as possible. Taking on additional hours could mean extra shifts at your place of employment and/or taking a part-time or PRN position with another employer.
2. Medical writing. Medical writing can come in the form of continuing medical education, needs assessments, and research and grant proposals, just to name a few. Although the income from medical writing varies, so does the method of compensation. It can be paid hourly, per word, or a flat fee depending on the scope of the project and writer experience.
3. Providing continuing education (CE)/Other presentations. If you’re able to deliver an effective message, you could be turning that skill into dollars. Many national, state, and local associations will compensate pharmacists to provide CE. Beyond pharmacy, many other health care providers such as physicians, nurses, physician assistants are also required to maintain their license with ongoing education. Why not reach out and inquire about delivering medication-related programs? The other great thing is that if you are an expert on a particular topic and have already done the work, you can essentially deliver the same content multiple times across multiple channels, enabling you to minimize the preparation time.
4 Monetize a non-pharmacy skill. If you have an interest or hobby that could lead to some extra cash, this is for you. Furthermore, if you are looking to shake things up from your primary job and pursue a passion project, consider monetizing a non-pharmacy skill or interest. I’ve worked with pharmacists that have monetized their skills in web development, photography, social media management, art, and more!
5. Real estate investing. While not for everyone, real estate investing is growing in popularity among pharmacists. There are a variety of ways you can get involved in real estate investing including short-term rentals (becoming an Airbnb or VRBO host), buy and hold, fix and flip, and more! Check out the YFP Real Estate Investing Podcast for more ideas and stories of pharmacists investing in real estate.
For more financial tips, resources, and information, read Seven Figure Pharmacist (use coupon code APHA at checkout for 15% off), visit the Your Financial Pharmacist website, and listen to the Your Financial Pharmacist Podcast.
Tim Ulbrich, PharmD, is the co-founder and CEO of Your Financial Pharmacist (YFP). Founded in 2015, Your Financial Pharmacist is on a mission to help pharmacists achieve financial freedom through fee-only, virtual comprehensive financial planning services via YFP Planning, as well as three weekly podcasts, including the Your Financial Pharmacist Podcast, books, webinars, and numerous online resources.
Disclaimer: The information in this article is provided to you for your informational purposes only and is not intended to provide, and should not be relied on for, investment or any other advice. Read our full disclaimer here.