Income Report January 2018
There has been much talk recently about financial independence through cultivating multiple income streams. It seems that between hustles and side hustles, it is becoming not only common but praiseworthy to engage in multiple diversified cash-producing activities. I decided this month to start documenting how we make money in the Doc G household. This income report will shed some light on our financials.
I am 44 years old and my wife is 42. We have two children ages 13 and 10. Although our net worth took it a bit on the chin these last few days, we hover somewhere in the 6.3-6.5 Million range. Our annual spending has come down over the last few years. We spend $175K a year. Thus, conservatively, we have saved 36X our annual spending.
We are above average earners as this income report will show, but I am slowly working on minimizing the parts of my job that I like least. I am also trying to convince my wife to leave her job. Given that we are comfortably FI, work is more about doing what we enjoy and less about necessity.
Without further ado, here are the numbers for January 2018.
I am a primary care physician seeing patients in nursing homes. I work for myself and have one employee. I use to have a small outpatient concierge practice in addition, but I decided to close it at the end of last year due to the extra time and energy that it required. This lowered my practice revenue by over six figures, but has made all the difference in quality of life. Collections are 10 percent lower in January due to Co Pays and irregularities in the way Medicare pays physicians.
Practice Revenue January 2018: $23,793.31
Practice Expenses January 2018: $5,629.15
My wife works for a consulting company. I have tried to convince her to quit, but she is not quite ready.
I call them lazy because they are related to my primary hustle and are a natural offshoot of my training and skill set. In other words, I didn’t have to learn much to do these hustles.
Medical Director Hospice: this usually requires about 15 hours of meetings per week and I am on call Monday through Friday 8am-5pm. This is a full-time job unto itself.
Medical Director Nursing Home: usually about 10-20 hours a month of meetings and phone calls.
Director Palliative Care/Nursing home: 5 hours of meetings a month as well as phone calls
Telehealth: Counseling patients with positive STD tests by phone. 10 hours a month
Consulting and training nurse practitioners for a healthcare company: 6 hours meetings
Medical Expert Work: $0
Rents collected from 4 condos: $9100
Expenses: these include HOAs and repairs : 1,879.76 (this is lower than usual. We have property tax and big repairs for February).
Book Revenue (2 self published books-no marketing whatsoever): $8.26
Dividends: Not calculated given reinvested.
Cash In: $60,609.33
Cash Out: $175000/12=$14,583.33
Tax: Varies from month to month and will not be included in this report.
Everything not spent goes directly to Vanguard.
This is an average month. Revenues from my practice are always low in January. For February I foresee making slightly higher amounts in consulting, practice revenues, and medical expert work, but also have $20K of property tax as well as $4K of window repair for one of my condos.
We will see how it all falls out next month.