By this time last year, I had some palpitations, the type that may not be picked up on a 72-hour ECG. I was on the brink of an exciting but nerve-wracking journey. As an International Medical Graduate (IMG), I had waited for five years to take the leap. Now I finally had my UK Independent Leave to Remain (ILR), aka Permanent Visa, in hand, and nobody would talk me out of it, not even myself!
Just 14 days away from the end of the year, a time when resolutions hang in the air and fresh starts beckon, It was at this very moment, one year ago, that I resigned from my ‘lushly’ paid employment as a salaried GP and waved goodbye to the safety net of guaranteed paychecks, took the bulls by the horns, and hoped not to be gored. The time had come to chart my path on my own terms. This single decision changed my life, and I learned seven useful and practical lessons, which I will share with you briefly, just in case you are considering a similar leap of faith.
Lesson 1: Don’t Be Afraid to Bet on Yourself
There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that a little like saving up sex for your old age?Warren Buffet
These words resonate deeply when considering the importance of following your passion and betting on yourself. Don’t be afraid to bet on yourself. Impostor syndrome is real, especially among doctors and healthcare professionals, and sometimes, even when we know we can do some things really well and even when we get massive feedback from other people that what we do for them provides them with tons of value, we don’t quite feel the need to bet on ourselves. Bet on yourself. As Nike says, Just do it!
After I left my job, I consciously turned down various offers, including mouth-watering regular locum, because I needed to maintain my flexibility. I was very picky but still did bits and bobs. I needed to be able to take a walk in the woods by 10 a.m. on a Monday morning after a school run or work on a website three days in a row. This meant that I often had to forego the locum money, but I felt that I needed the time to work on what I needed to work on and still have time for my family. Of course, I still took some gigs that I could fit around my own personal and family projects.
If you are considering taking the leap of faith but are anxious and don’t want to cut the tie without a safety net, do what I suggested to Damian (name changed), a GP colleague in Cornwall: take an extended leave even if you take an extra unpaid month. This would allow you 1-2 months to test the waters and see if you would like to take a chance on yourself and do that thing you’ve been dying to do. It may not even be a business—maybe learn a new skill or go on a fun trip. Life is short; take a chance!
Lesson 2: Carry Your Partner Along
A supportive partner can be your superpower. If they believe in you, it’s like having an unwavering cheerleader by your side. If they don’t, it’s kryptonite, baby! If they don’t fully understand yet, don’t worry; it’s all part of the adventure.
Before you embark on your path to financial freedom, make sure to bring your partner on board. Help them understand your plan, including the importance of your emergency fund (where it’s saved, not invested). If possible, share plans B, C, and D so they know there’s a safety net in place.
Even if they’re not fully on board at first, they’ll likely come around as you progress and turn your dreams into reality. It’s a journey you can take together.
Explore our article on Financial Planning for Medical Couples in the UK for more insights!
Lesson 3: Side Hustle For Doctors Can Become a Main Hustle
Invest in honing your side hustle skills as a doctor. I can’t stress that enough. Sometimes, we overlook the untapped potential of our side gigs. If a particular skill can generate some extra income, with dedication and improvement, it can become a significant source of revenue.
Allow me to share a personal experience. During my time as a GP registrar four years ago, I launched a side hustle as a junior doctor, which has proven exceptionally valuable. It was an e-commerce business. What started as a small venture has grown into a self-sustaining operation. The key was nurturing it, refining my skills, and recognizing its potential to bring in more substantial earnings over time.
I learned the power of side hustles a while ago. For instance, as a secondary school teen, I played the piano for free. Still, surprisingly, I began making extra pocket money when adult bands off-campus invited me to join their gigs. Again, during medical school, a software website I launched as a side hustle to help businesses send messages to their customers somehow became a favourite among an unlikely client group: politicians. Several elections were going on that year, and they sought out the service to send bulk SMS to aid their campaigns. This experience reinforced the notion that getting good at your side hustle as a doctor could transform it into your main hustle if you ever need it as a fallback plan. So, please don’t underestimate the power of your side gigs; they have the potential to become much more than you imagine.
Lesson 4: Have a Clear Financial Plan
One of the cornerstones of a successful transition from traditional employment to a more independent path is careful financial planning. You feel lighter and less stressed if fewer direct debits go out. It’s essential to have a well-thought-out financial plan in place before leaping. A few things to consider
i) Savings:
Building up savings is your safety net. It can provide you with financial stability during periods of uncertainty. Having a financial cushion allows you to focus on your journey without constantly worrying about immediate financial needs. You may find it more valuable to save up enough money to buy you some time and flexibility. For me, this is more valuable than buying junk to impress people who don’t even care about you.
ii) Debt Management:
Prioritize paying off your non-mortgage debts, especially high-interest ones. Reducing or eliminating debt frees up more of your income and reduces financial stress. A debt-free journey is a smoother one.
iii) Emergency Fund:
An emergency fund is your buffer against unexpected expenses like suddenly losing your job, medical bills or urgent home repairs. Financial emergencies won’t be able to stop you from moving forward, thanks to this fund.
iv) Maintain your practice license:
This is self-explanatory. You are a medic. Whether you are a doctor, nurse, pharmacist, or physiotherapist, you are highly skilled and well-trained. It is most likely the thing you have spent the most time doing. So, if you need to pick up a locum shift to keep the lights on, go for it!
Remember, a well-executed financial plan not only provides you with peace of mind but also sets you up for success in your new endeavours. It’s a crucial foundation upon which you can build your future.
Lesson 5: Embrace Uncertainty
Leaving the security of a traditional job can be daunting, and it’s natural to feel apprehensive about the uncertainties that lie ahead. However, embracing uncertainty is a fundamental part of the journey when you decide to follow your own path.
Preparing for the inevitable ups and downs of pursuing your unique journey is crucial. Understand that not every day will be smooth sailing, but these challenges are what shape your growth and resilience. Embracing uncertainty means acknowledging that you might encounter unexpected obstacles, changes in direction, or setbacks along the way.
Learning to adapt and pivot when necessary is a valuable skill. It requires a mindset that welcomes change and sees it as an opportunity rather than a setback. During these moments of uncertainty, you often discover new strengths, skills, and opportunities you might have never encountered otherwise.
Remember, personal and professional growth truly happens when you step out of your comfort zone. It’s where you uncover your hidden potential and find the courage to chase your dreams. So, as you embark on your journey, don’t let the fear of uncertainty hold you back; instead, let it be the driving force that propels you forward.
Lesson 6: Continuous Learning
Investing in your own growth is a vital part of any journey. In a rapidly changing world, continuous learning and skill improvement are keys to staying relevant and ahead. It keeps you versatile and ready to take on new challenges.
Embracing new tools and tech can significantly improve your efficiency. You can effectively multitask by using technology to automate certain aspects of your work. For example, I have found generative AI massively helpful in improving my efficiency in both my role as a clinician and as a creative entrepreneur. This has also helped free up time for my side hustle. It’s a win-win situation.
So, as you journey through the unknown, don’t hesitate to invest in yourself. Keep learning, exploring new technologies, and adapting.
These are just a few lessons I’ve learned in the past 12 months.
With the cost of living crisis and the dwindling locum market, it is vital to have alternative sources of income.
Lesson 7: Stay tuned for more!
In the coming weeks and months, I’ll be sharing valuable insights on how you can enhance your financial well-being as a medical professional. This series will encompass a wide range of financial topics relevant to doctors, including strategies for optimizing your taxes, navigating mortgages, understanding life insurance, managing pensions and retirement planning, making wise investment decisions, and exploring lucrative side hustles that may be closer than you think.
For all these insightful updates, make sure to subscribe to my YouTube channel and join the Moneywise Doctor weekly newsletter. Don’t miss out on the knowledge that can transform your financial future! Stay tuned for in-depth, step-by-step guides on these diverse opportunities!
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2 Comments
Thanks, for sharing these bits of your experience with us.
I like your actionable steps one can take prior, during and after the “transition” period.
I particularly like your mention of the so called “Trapeze” method of tasting the waters while keeping your job, keeping your medical licence, and the other ways a medic can earn incomes apart from regular hospital work.
Thanks for your contribution. “Trapeze” sounds interesting. I thought of it as something related to acrobatics? Please tell me more🙏