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What is your small business on the side?

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  • What is your small business on the side?

    Physicians employed by a hospital and limited to $18k/year in 401k (plus $5.5k in backdoor Roth contributions) are frequently handcuffed with a lot of taxable investments. The solo 401k as obviously a very attractive option if you are able to develop a side business. For those that have done it, what are you doing for your side business? Moonlighting? Being an expert medical witness? Running your own finance blog   ?

  • #2
    I also would love to hear Dunne side business ideas


    • #3
      Moonlighting/consulting as a 1099 and also started a small private practice.  When I started one of the moonlighting gigs they wanted to do a W2, but were open to me being an independent contractor so that worked out well.


      • #4
        That's a tough situation.  Many employers will offer an additional avenue to put away an additional $18,000 (such as 457(b) or 403(b)).

        On the other hand, I'm a fan of a large taxable account.  Works great for the potential early retiree like me.

        I just started a blog as a side project.  I expect it will be more of a hobby than a business.  If it does create income, I plan to use half the $ to fund my donor advised fund.



        • #5
          I was going to start this same kind of thread, but you've beat me to it.  Here are a few that I've employed:


          Landlord/Property Manager

          Home Improvements on my Starter House

          Helping my Spouse Start a Sole Proprietership Business


          I'm particularly interested in ideas for non-clinical 1099 type jobs that can provide additional tax-protected space.


          • #6

            I was going to start this same kind of thread, but you’ve beat me to it.  Here are a few that I’ve employed:   Landlord/Property Manager
            Click to expand...

            Does being a landlord/property manager open up a solo 401k option? I was under the impression it did not, but I'm not sure.


            • #7
              My wife is a medical director for an ICU, not otherwise employed by the hospital.  Expect other docs do nursing home directorship etc..


              • #8
                WCICON24 EarlyBird
                Likely depends on how its structured. Just part of your normal taxes, no, but if you were to set up an llc and give yourself and income/distribution it certainly could. These arent at all related so would qualify as separate pursuits.