In addition to the extra income, it is also a way to explore an interest without having to give up the safety of your main employment. A side hustle can be a way to test the waters of something you are interested in but not completely sure about.
Pharmacists have a lot of skills that lend themselves well to side-hustle success, including business acumen, experience of dealing with people, and the ability to multi-task and organise.
The perfect side hustle will be unique to each individual: it is about identifying a skill set and an opportunity. It is important to bear in mind that any additional work, even if enjoyable, can take up a lot of time and energy. Be sure to consider the level of involvement needed before starting one. If you are spending your precious free time on a side hustle, it needs to be something you are passionate about and enjoy doing, says Georgina Fihosy, who works full-time in the pharmaceutical industry for Novartis Pharmaceuticals as well as running Afrotouch Design, a greetings card business she set up in after realising she could not find culturally reflective cards in the shops.
Running a side hustle requires dedication and consistency, says Georgina Fihosy. Fihosy started out by showcasing Afrotouch Design on Etsy, and now has her own website as well as selling in independent retailers and, most recently, through Waterstones bookshops. You have to be consistent and dedicate the time.
The business, she says, has grown at a pace she can control, and she still really enjoys it even with the extra pressures of working and home-schooling during lockdown. Amit Dhand, an independent pharmacist based in Bradford and successful crime writer, agrees. It took a decade to get his first book deal, but his need to do something creative kept him going. You can see some of her work below. When you consider inflation, money sitting in regular checking or savings accounts can lose a lot of purchasing power over time given most interest rates are essentially next to nothing.
Sure you avoid market risk or the risk of keeping cash in other investments but there are other options that are less risky and can yield at least some return. These include high yield savings accounts and money market accounts. I recently did a review of my experience with CIT Bank which offers competitive interest rates from 0.
But frequent trips can get expensive. In just 1. As an Airbnb host , you list a property you own or rent on their platform for guests to book and stay. Some people host their primary residence when they are out of town or have additional rental property or space that they list.
Sure there are some potential issues that could occur such as theft or vandalism but you have control over who is able to stay based on reviews and other factors on the Airbnb platform.
If you want to find out how much you could earn by listing your space, you can check out the Airbnb estimator below. Many people have built entire businesses around managing rental property.
On one of our most popular podcast episodes, Carrie Calton, PharmD discussed how she achieved financial freedom by acquiring 18 rental properties!
However, that amount will be dependent on your risk tolerance and the equity you want to start with. It may seem enticing to simply look at the potential mortgage payments vs. However, when you are doing an analysis to determine if the property would be cash flow positive and provide another stream of income, you have to consider ALL of the costs and maintenance involved such as insurance, HOA, taxes, repairs, capital expenditures, etc.
Along the lines of buying a rental property is house hacking. For example, if you purchase a single-family home, then you would rent out the other bedrooms. Or if you owned a duplex or condo with multiple units, you can live in one and rent the others. Depending on the cash flow, you may be able to cover the mortgage payment and even make a profit.
Check out episode for more information on this. Bigger Pockets is a great resource to get started and learn more about real estate and rental properties. It probably just sits in your garage or driveaway right?
But what if your car could make you money? With Turo , you can! Often referred to as the Airbnb of vehicles Turo is an alternative to a traditional car rental service.
From the user standpoint, through their platform, you enter the date and location you are looking to use a vehicle, choose what you want, and book. You can pick it up or even have it delivered to you. So how much can you earn? Not bad right?
There are many practical ways to make extra money as a pharmacist. Some are directly related to the profession while other opportunities exist by capitalizing on other skills and interests you have.
Some need relatively little time and effort i. With the pharmacist salary being relatively fixed, having a side hustle and earning additional streams of income can help you reach your financial goals faster and help pay back pharmacy school loans. It can also give you an added layer of protection from relying on one source of income, which is important as the profession continues to undergo changes and technology and innovation are disrupting traditional roles and positions.
If you want some additional inspiration I would recommend checking out the side hustle series where I interview pharmacists who have businesses and gigs that bring in additional monthly income.
Check your financial health by taking our free 5min fitness test. Let us know how we can work together! By Caitlin Boyle. In Maximizing Income. Starting Rates. Visit Credible. Uses credit unions and local banks to find competitive rates. Visit Lendkey. Mystery shop. Hold a garage sale. Become a personal trainer. Lend money to peers. Become an online retailer. This sounds a lot more complicated than it actually is. Use your voice talent.
Websites like Upwork post hundreds of voice gigs. Become a medical writer. Build a service-based business. Crowd fund your next idea. Create artwork. Rent out rooms through Airbnb. Plan events. Turn your hobby into a business. Offer home inspection services. Try out multi-level marketing MLM. Privacy Policy - Terms and Conditions - Disclaimer. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program.
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