Looking for additional streams of income? Here are some more ideas...
If you’ve been keeping up with my posts, then you (hopefully) know how hugely beneficial it is to have multiple streams of income. And of course, the more passive they are, the better. If you haven't already, check out my 10 Perfect Passive Income Ideas for Doctors. In keeping with that theme, I’ve assembled a few ideas you may not have considered previously. If you haven’t quite found the right passive income for you, or are perhaps looking to add another source of income, then one of the following ideas may be just what you’re looking for.
1. Create a Blog
Yes, even you can start a blog. Let me tell you, when I started Passive Income M.D., I saw it simply as a creative outlet. But it didn’t take long at all for me to see its value as a consistent source of income.
The idea of starting a blog may seem easy, but anyone who tells you that it’s completely passive is not being truthful. It can take a huge amount of effort to think of, write, and ultimately publish posts on a weekly basis. However, if it’s something you’re passionate about and you’re able to make money from it, why not go for it?
If this idea appeals to you, please see my post on How to Create a Blog to really get a jump-start on the process.
2. Network Marketing
Network marketing (also known as “direct sales” or “multilevel marketing”) has become very widespread over the recent years. Brick and mortar stores are dropping like flies and e-commerce & home-based businesses are all the rage. Businesses where you sell products that are shipped on subscription, seem to have the biggest potential for truly passive income.
The key to success in businesses like these is building an effective team. That’s because you’ll be earning a percentage of the income from your entire team—not just yourself. While there can be a lot of misconceptions about the business (and some that are not worth getting yourself into), I’ve seen people do extremely well and enjoy themselves immensely along the way.
Personally, I know several physicians who have been quite successful in this industry and have been able to cut down on their clinical practice to achieve a better life/work balance.
3. Rent Out Your Car
They say that you only use your car for a total of 4% of the time you own it. The other 96% of the time, it sits in a garage or parked by a meter. Well, with the shared economy that’s becoming all the rage, there is now a platform that allows you to rent out your car when you’re not using it. Think of Airbnb for your car. If you’re not using it, why not get paid for it?
If that sound like something you’d be interested in, check out www.turo.com.
4. Sell Insurance
Wait, doctors selling insurance? Surely I can’t be serious. Well, hear me out on this. Most of us have purchased disability and life insurance, right? Well, I’ve actually heard of doctors who have decided to make selling insurance their side hustle. They’re already in contact with their friends and colleagues, and who better to understand the needs of the modern doctor than another doctor?
Insurance agents make a fee at the time of signing and a small residual for the length of the term. Do the work up front, get the payoff later, and all with very little effort? Sounds passive to me.
5. Create a Course on Udemy
Udemy is a global marketplace for learning and teaching online. Through this platform, students are mastering new skills and achieving their goals by learning from an extensive library of over 45,000 courses taught by expert instructors. There are courses on just about anything you can imagine. There are even ones being taught on the subject of medicine. You could create your own course and once you’ve made it, sit back and wait for those paying students to enroll.
Sounds good, doesn’t it? If you want to truly understand the potential of this platform, check out these few examples and do the math:
111 students enrolled at $20 each: https://www.udemy.com/ap-orientation/
427 students enrolled at $15 each: https://www.udemy.com/learning-medical-terminology/
And there you have it. Add these 5 ideas to my original list of 10 Perfect Passive Income Ideas for Physicians and you’ll get a fantastic jump-start on your own passive income portfolio.
So, is it worth it? That’s a question only you can answer, but for me, building multiple streams of income is truly invaluable. Read here for my motivation. My suggestion to you is this: figure out whether having some streams of passive income would make an impact on your life. If money was coming in consistently with little additional effort, would it change the way you’re living now? If so, then consider picking a couple of these ideas, make a plan, and commit to doing it until you see something come to fruition. With a little effort, it won’t take long.
Have you tried any of these? All of them?