Discuss Latest POF Blog Post: FIRE Starter 012: Orthopedic Surgeon With a Lucrative Side Gig

[The White Coat Investor]

It’s often said that multiple streams of income are not only helpful, but perhaps necessary, for most folks to achieve ... Read more

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[DamageInc]

How does one <2 years out of residency get such a lucrative "consulting" gig and what does that even consist of?

Wish there was more elaboration on this.

[familydocPA]

Yeah, I thought the same thing. That seems crazy to me, there must be more to the story or some unique skill set.

[Sampter]

How does one <2 years out of residency get such a lucrative "consulting" gig and what does that even consist of?

Wish there was more elaboration on this.

Step 1: Be an orthopedic surgeon that implants knees/hips/spinal hardware
Step 2: Only use 1 companies implants
Step 3: Provide suggestions on how to improve those implants to the company, ie consulting

Essentially a legal way for a company to pay a surgeon to implant their products exclusively

[Tim]

Very few details on his private practice or the consulting gig.

• Same Day Surgery Center Partial Ownership = $45,000

How much does he make and from what sources?
How much is he saving and spending?

No opinion on the personal capital and the real estate which seems to have under performed the west coast RE market,
Seems to welcome the evenings and weekend work on “consulting” but hates call (no surprise).
Why the IRA? (Instead of rIRA).

My concern is the pp income at the two year mark and the sustainability and time commitment of the “consulting gig”.
If the RE hasn’t appreciated in the last two years, why hold it?

The perception I get is that not much return on personal capital or the RE. Not enough info though.
Is the $300k consulting keeping an Ortho afloat?

[Tim]

Step 1: Be an orthopedic surgeon that implants knees/hips/spinal hardware
Step 2: Only use 1 companies implants
Step 3: Provide suggestions on how to improve those implants to the company, ie consulting

Essentially a legal way for a company to pay a surgeon to implant their products exclusively

This typically doesn’t require nights and weekends. The volume required (direct and indirect) for $300k would be huge. The pp income would also reflect the activity. Correct me if I am wrong.

[Sampter]

This typically doesn’t require nights and weekends. The volume required (direct and indirect) for $300k would be huge. The pp income would also reflect the activity. Correct me if I am wrong.

Good point about nights and weekends unless that it when the doc writes up their thoughts on the products.

I know an orthopod ~ 15 years ago that was getting > 1 million a year from the "consulting gig" from one particular implant company. This was not counting his income from the job itself. Honestly for high volume surgeons they can make tons in these arrangements.

[Tim]

Good point about nights and weekends unless that it when the doc writes up their thoughts on the products.

I know an orthopod ~ 15 years ago that was getting > 1 million a year from the "consulting gig" from one particular implant company. This was not counting his income from the job itself. Honestly for high volume surgeons they can make tons in these arrangements.

Contract question:
Does this conflict with a contract restriction that forbids moonlighting or medical services?
I know, consult an attorney.

[Anne]

I would expect a self-described frugal Ortho surgeon making an extra 300k on top of regular pay to have a much higher savings rate than 50%

[Eye3md]

I would expect a self-described frugal Ortho surgeon making an extra 300k on top of regular pay to have a much higher savings rate than 50%

Exactly! With an Ortho income (even starting salary level), plus the lucrative side gig, this doc should be very close to debt free with that much disposable income.