Augmenting Your Main Income

You Are In The Best Position Now To Create A Side Income

Take me for an example, I am now 37 years old and started moonlighting in residency in 2007. I have had a steady flow of income which I could have used to either pay for elective goods and experiences or I could have invested in projects and ideas.

When we spend money on, let’s say, a couch or a bathroom renovation we know exactly what we are getting. Matter of fact, we’ll nag that contractor to death if we need to in order to get the desired outcome we were hoping for. As a society and now as individuals over thousands of years of evolution, we have become goal-oriented and outcome-oriented creatures.

It’s effective to take examples from nature because animals have a purity and efficiency that we humans have lost. So a cat that’s chasing a mouse or bird and fails doesn’t get depressed, doesn’t look around all embarrassed and doesn’t develop a low self-esteem because she failed to catch that mouse. The cat never failed, she was just honing her skills in the right direction. 

Investing money in a project that could be profitable sometime down the road should be done without any concern about the outcome. I know what you’re thinking, “if you don’t worry about the outcome then you have a higher chance of failing”. That’s not true. The most successful individuals are focused on only the process and they are perfecting their methodology. If in the end they don’t achieve the desired outcome they still have a process that they are getting damn good at. This is the exact reason why the same person who created one successful business goes on to create many other ones.

A professional tennis player isn’t thinking about the winning shot or how the next point will end. But I bet you many amateur players do think that way. Instead the pro is focusing on every single stroke, every single shot and using it to perfect his/her process. Then when the opportunity arises they will go for that particular shot.

As doctors, we have the luxury of making a high income. Therefore we should have some disposable money to play around with. Sure, investing in a project or a business idea may end up not having the desired outcome but it will get you one step closer. No matter how much money you make there is always a little bit you can invest in some sort of hobby you might have, some project you are interested in or anything else that could one day be monetized.

So I want to encourage you to get started today. Because if you work on something you are passionate about then you will have a far higher chance of success. I look back at the money I spent on my H2 Hummer or the very fancy dinners in restaurants and I compare it to the money I spent building my auto mechanic shop. I spent far more time and money on the latter and yet regret spending any money on the former.

If you love making food then spend your money at fine dining establishments and take the lessons you learn there and work on starting your own restaurant. If you love teaching then research the shit out of whatever topic that interests you and build a website that others can learn from. If you have an expertise in a niche area then compile that information into a book and market it to potential readers. If you love working with your hands then consider buying a tiny project house and either flip it or turn it into a rental. If your passion is arts then start making art and start displaying it in various cafe’s in hopes of making a sale.

Don’t worry about how much income your project will generate you at first. First build the foundation for it. If you are an amazing cook and love doing it then have people over to your house. Next you can host a pop-up restaurant. And if it still your calling then you can fund your own restaurant and do what you love doing and generate a healthy income.

 

What’s your passion and what do you need to do to develop that passion further?

Could one of your hobbies potentially generate income down the road?

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