If 2020 showed me anything, it was that the job security I once enjoyed working in healthcare was not there. I am guilty of thinking and believing that I would always have a job because healthcare professionals were needed. People will always get sick and need to be treated. I felt comfortable and safe with my ability to make good money and financially handle my business because I worked in healthcare.
Personally, while I was not furloughed or laid off, I did have to take a pay cut. The expectation was to come to work full time during a pandemic for less pay. It was then; I realized that my job as a physician assistant was not secure. In actuality, nothing is guaranteed. I have dabbled in entrepreneurship, but it has not been something I pursued full-time. Entrepreneurship is not for everyone, but I do believe in having side hustle if you are able.
Here are five reasons I believe every health care professional should have a side hustle:
Jobs in healthcare are not guaranteed. If 2020 did no teach you anything else, I hope it taught you this. No one is safe in any industry.
Prevent empathy-fatigue and burnout. Interacting with people daily during challenging times can weigh heavily on providers. You have to decompress. You have to replenish the empathy you have shared. A hobby or side hustle different from your regular healthcare job may keep you balanced.
The most successful people have multiple streams of income. The saying is, do not put all your eggs into one basket. The people that make the most money (legally) typically have more than one income stream. Streams of income could be from real estate, investing, network marketing, a salaried position, etc.
A side income can help decrease your tax liability. Now, I am not an income-tax specialist or an accountant, but I know this to be true. There are business-related expenses you may be able to deduct, therefore decreasing your taxable income: higher-income earners and those self-employed need to discuss further with their accountant.
A side hustle can create an avenue to network with people from different walks of life on a different level. You never know who you will encounter on your path. Your side-hustle may be in an area outside of your everyday work and attract a different audience. A side hustle can diversify your network. This can be of benefit to you or others in your network.
I'd love to hear thoughts from others about this topic! Why do you have a side hustle? Why don't you have a side hustle?
Jackie the PA