8 Reasons Why Veterinarians Should Consider A Secondary Source Of Income
“Who wouldn’t enjoy an second source of income as a veterinarian?”
My friend had asked me this question at the onset of the pandemic. “Why don’t you start writing blogs? You can educate more people this way and monetize your expertise,” he said.
Honestly, I was a bit skeptical at the time. Veterinarians typically enter the field out of a sense of passion.
We frequently don’t believe that we are capable of more than performing clinical practice. There’s this belief that it would be too difficult for a vet to don other hats. I, for one, never believed that I could do something other than being a soft tissue surgeon. After my friend planted this idea, I gave it a good thought and started writing a few articles. What began as a blog that I assumed no one would read quickly led to me becoming a biweekly newspaper columnist.
However, writing did eventually become my secondary source of income. Although it just happened to me by chance, I’ve learned how valuable it is to have a secondary source of income. Therefore, I would advise everyone in the industry to consider it.
Here are some reasons why you should consider creating a secondary source of income for yourself as a veterinarian.
1. Pay Off Your Veterinary Student Loan
The student loans and debts required to become a veterinarian leave many of us crippled. Due to these significant obligations, some of us might even regret entering the field.
While your income does help pay off your debts, a secondary source of income may help you get out from under that mountain of debt sooner.
You can then enjoy the profession you have worked hard for without feeling the burden of debt weighing you down.
2. Counter Spiraling Inflation
Isn’t it true that the world we live in now is incredibly unpredictable? We anticipate a recession, and the impacts of inflation are already permeating our daily lives. Your buffer against these escalating expenses will be this additional source of income.
You will not need to compromise your primary source of income, even if there’s a price hike on everyday needs. Due to my extra income sources, I can still afford to drive to work every day, despite the growing cost of fuel. I do not have to dig into my primary income source to afford this luxury.
3. Pursue Your Hobby
While improving one’s financial situation is the main goal of finding a second source of income, other factors are also at play.
The veterinary profession can get monotonous and stressful. It can also lead to burnout and compassion fatigue. Mental exhaustion is frequently caused by dealing with agitated clients, seeing sick animals, and always striving to do your best.
Utilizing an existing hobby as a supplemental source of money is a solid strategy.
For instance, one of my coworkers has always been passionate about creating stationery. She established her own small business for planners, notebooks, and stickers during the pandemic. She can pursue her interests with the help of this business while simultaneously earning money. It is a win-win situation.
4. Acquire New Skills
Another one of my coworkers works as a freelance veterinary orthopedic surgeon and is also a fitness trainer.
I did a certification course in content writing after I started my journey as a writer. Compared to my other veterinary colleagues, I am now much more adept at comprehending how Google Analytics or SEO functions. My coworker, who owns the stationery store, has mastered using Procreate on her iPad to produce stunning graphics. The orthopedic surgeon is currently doing a fitness trainer course to further his education in that field.
You can grow by having a second source of income, both monetarily and personally.
The acquisition of such skills is always beneficial.
5. You Don’t Have To Wait For A Raise.
Even though you should request the raise you deserve, if you have another source of income, you won’t need the raise to fulfill your goals.
After I began writing, I could finally relocate to a new apartment without having to wait for a pay raise at the practice where I am employed.
If you are in a place with a good opportunity for growth and a good work system, you may get the raise you desire. But you will be less desperate for one and less dependent on it, knowing you are also earning income from elsewhere. That allows for better mental well-being.
6. The Capacity To Switch Careers
Being a veterinarian is a beautiful profession. But not everyone might find it appealing in the long run. It can be challenging to do something different because this is the work we know how to do best. This is due to not frequently indulging in or educating ourselves in other skills.
By creating a second source of income, you might become less dependent on your primary one. I might decide to become a writer a few years from now. Someone else may opt to take over their little business completely. The possibilities become limitless.
Finding a different source now gives you the potential freedom to change careers later without dropping a beat.
7. Lower Your Chances Of Getting Into Debt
The second source of income can help you pay off your debts more quickly, but it will also prevent you from taking on debt as frequently as your peers.
Even if you make a good living as a veterinarian, you can use this extra cash to set up a holiday fund, an emergency fund, or enjoy indulgences that might otherwise put you in debt.
You could also place such additional money into savings or investments bringing with it the benefit of a secondary source of passive income in the form of dividends or interest, especially as savings accounts will earn interest again as interest rates rise to manage inflation.
Remember, money, when wisely invested, always brings in more money and paves the way to a secure future.
8. Achieve Financial Independence
Everyone aspires to have financial security. Finding a second job that pays well could speed up the process of reaching your financial goals and being independent.
You can then decide how you want to spend your life and leisure, at a much younger age. That is undoubtedly a desire that merits taking into account as a secondary source of income.
Since I was fortunate enough to find another path a few years ago, I may now contemplate a career change or even an early retirement. A home of my own was not something I had thought was possible so early in my career. This distraction, which gives me joy and makes me money, also increases my interest in being a veterinarian as I have something new to look forward to every day. Having more than one job lets me appreciate, enjoy, and give my best to all of them.
Take yourself along on this journey. Your life will change in ways you could never imagine.
Do you want to take back control of your career? Why not sign up for our twelve-module training program for vets who want to build a successful and sustainable career? Find out more about the So You're A Vet... Now What course here.
About the author:
Dr. Nameeta has been a practicing soft tissue surgeon for companion animals in Mumbai, India for almost a decade. Her special interests include minimally invasive surgery and endoscopic procedures.
She also enjoys teaching and wants to improve the standard of care in veterinary medicine. In the recent past, out of the need that she felt to educate pet owners and young vets alike, she started blogging and also contributes as a columnist to one of the leading newspapers in India.
To follow her on Instagram, click here.