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Is it really all about the journey?
Howdy Yall! We have officially lived through one year of Texas heat, one year of new relationships, and one year of residency! It is amazing how a single day feels long and tiresome, while a year feels like it comes and goes in the blink of an eye. Even though the entire medical process seems long and never-ending, it does in fact feel like every phase goes faster and faster than the last. As we sit right in the middle of intern year and graduation year, we are starting to realize that decisions are starting to creep up in our shadows. As a couple who loves the outdoors, I can’t help but picture this phase of residency in mountain and valley form. I picture us currently hiking up a mountain at about three-quarters high and we are about to enter the section of the mountain right before the summit. There are rocks, slippery ledges, and high altitudes to navigate – decisions become much more narrowed, analytical, and important! We don’t want to take the wrong step. Which direction do we go, how quickly do we move, and what will be the view if we summit? Thrilling and scary all in one!
Sit Down
But maybe before we actually keep moving, maybe we should halt – take a break and sit down for a while. Maybe we should fill our cup with a little thought and a little reflection before we make irrational choices. On that note - my husband is officially eligible to be a licensed doctor at this point in residency. He now has the potential to “moonlight”, which basically means he can work outside of his regular residency hours. This is not a requirement by any means, but it is absolutely an opportunity to make a little side of money! That being said – we have had conversations (during our break before the summit) revolving around how we should capture and manage the extra income that we may generate during residency. Do we just toss it into our savings accounts or do we treat this additional income as a business? Will moonlighting even be enough income to go through the effort of setting up a PC (personal corporation)? Even though we haven’t always landed on the same foot in all decisions, we see eye to eye on this one. With an accountant and a financially savvy doctor in the house, there is no doubt we plan to set up a PC, even just being in the resident phase. We may not know exactly where we are moving to after residency, what kind of contract he will land, or what type of doctor he wants to fully pursue yet… but one thing we do know is that primary care physicians are in a major shortage, which will make him a desirable candidate. His time spent interviewing and researching these organizations will be flattering.
Autonomy
Although he may deserve the flattery, he also deserves to manage his own autonomy after years of hard work and training. Flattery by employers is an easy way to be blinded. This is why we are huge advocates for creating a personal corporation around your name – and doing so while in residency. Creating a PC will allow space for retaining income as a doctor due to the various tax write-offs and reporting that you can’t otherwise do as a W-2 employee. But what is the point of creating a PC in residency when your “side hustle” income most likely won’t be enough to fully benefit from the business incentives? Well, let me ask this: would you go hike a 14er without ever having hiked before? Or go jump in the shark-infested waters? The point is that it is important to know how to manage your additional income while the stakes are low. Once it is time to sign a contract, all the sharks are coming for you. So it is best to be prepared, comfortable, and confident when navigating the waters of real-world employment. Our ability to negotiate and manage our income with a pass-through mindset in the future will in return give us much more freedom to our financial and family life, long-term.
All to say – we are enjoying this small lunch break under the summit. This is the best time to sit and prepare cautiously before we see the view. Don’t get me wrong, we are ready to see the view – I have a feeling it will be quite beautiful. But as many before us always say…. Its all about the journey.
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