In a reunion of high school classmates, doctors would most often get comments like, “wow! big time”. Its during gatherings like this that I realize the disparity of the corporate world with the work place environment of doctors. Classmates who are employed would envy my flexible schedule and would wish they could do the same.
There are perks to a doctor’s work life. But lots of trade off too.
While we have flexibility in our time, our work does not stop when a patient is gone or when we have made our rounds. We can be called upon anytime a patient deteriorates or during emergencies. Our patients remain in our minds until we are certain they are fully well.
We are considered self employed.
We have no benefits that companies provide their employees. To enjoy Philhealth or SSS benefits, we need to pay for them on our own.
As doctors, we are on a no work, no pay basis.
Absence in the clinic means no patients. Our absence does not always mean we are not doing anything. There are lectures to conduct. Young doctors to teach. Meetings to attend. Conventions to learn from. These are times that take us off from our patients.
Clinic time with patients is classified as active income.
This kind of income is generated when we are around doing what we are suppose to do. So no clinic means no active income.
The opposite is called passive income.
We do not have to be around for it to generate income for us. Or it is something that requires minimal effort from us. Joint venture in a business where you do not take an active role in its day to day run is an example of passive income. So with income from rental of properties or equipment.
What other passive income streams can you think of ? Please write in the comments below.
Develop passive income streams side by side with your active income.