I originally decided to write this article on passive income ideas for doctors after seeing trends in doctors over the years;
- Money is one of the most important influencing factors that physicians consider when making a career change.
- To earn more money, doctors often usemoreyour time, even if this is already a limited resource (for example, locuming).
- Doctors claiming to earn passive income are not really doing so passively.
As a physician, are you looking for ways to generate passive income?do less,no morein your everyday life to earn it?
Let's face it - the costs of paying off student loans, funding endless exams and courses, general living expenses, and other major lifestyle factors have become quite significant in relation to our income as physicians.
Many more of us feel financially overextended and stressed — already working at apparent overcapacity as a physician.
In supporting thousands of physicians at Medic Footprints over the years, we've found that most physicians simply feel they can't give up their jobs or careers for… yep, you guessed it… money.
This inevitably means they feel trapped, which leads to all sorts of psychological problems.
Dissatisfied doctors more likely to make mistakes on the job? Not a great combination.
Passive income - what is it?
Lately, there has been a lot of discussion on alternative medical career forums about the options available to physicians seeking passive income.
It was clear from the start that few doctors really knew what passive income was.actually it is.
An easy-to-swallow definition is:
Income that can be earned and sustained with little or no effort.Wikipedia
The key here islittle or no effortthat most people (especially doctors) forget.
Many, if not all, forms of passive income require an initial investment of time and/or money to get everything up and running. You may need some time to maintain it, but the rewards should far outweigh the time or money invested.
Why consider passive income ideas for doctors? Doctors don't make enough money?
Passive income is great for improving your financial security.
If for whatever reason you couldn't work, what would you do for money?
Doctors' Charity - the Royal Medical Benevolent Fund - saw an 18% increase in the number of doctors receiving financial aid in 2018-9; a total of 300 doctors help.
There are many reasons why physicians can be incapacitated or reinstated; This can include illness, disability, suspension, needing care, job loss, bankruptcy and more.
For some strange reason, society has historically encouraged us to rely largely on just one form of income - ie. a task.
If the money you are earning from this job is not enough, the logic is that you should do the following:
- ask for a higher salary
- Work moreWorking overtime at your current job
- get yourself aadditionallyTo work
The last two options, as we all know, are a one-way ticket to burnout and other awful things. Demanding a higher salary can also lead to burnout as you take on more responsibility in your role.
If you work as a doctor on the NHS you will usually be told how much you earn based on your seniority (band). Unless you take an advisory position, there is usually no room for negotiation.
In the private sector there is generally much more room for negotiation.
In general, we rarely get advice on how to better manage our money or reduce our spending, so we really don't.to needmore money.
Yes, we're encouraged to save, have a pension, etc - but we're not really educated on the importance of having more than one form of income, which doesn't necessarily mean having more than one job.
What passive income ideas should doctors focus on?
As you can imagine, there are countless ways to generate passive income. However, there are very few really easy and straightforward ways to do this sustainably.
Deciding which passive income to pursue depends on your knowledge, interests, time capacity, creativity, and financial goals.
What is your reason for looking for passive income?
- Would you like to earn some extra cash while on vacation?
- learn something new?
- cover your debts?
- save to buy something big?
- want more financial security?
- Completely replace your income so you could stop working if you really wanted to?
Whatever the reason, it's important to be aware of your big WHY so that you choose your strategy carefully. You may need to try several things to achieve your goals.
That's why I always advocate investing inmultiple sources of incomein case one or more of them go wrong.
I recommend that full-time physicians focus on passive income streams that meet the following criteria:
- Adapts to your lifestyle (NOT the other way around!)
- Once set up, it takes 0-10% of your time per week
- It is not in direct conflict with any aspect of your clinical practice
- You do not need to be registered with a medical regulatory body (eg GMC).
- Requires minimal or no outsourcing (e.g. regularly paying someone else to do some of it unless it far outweighs the return)
- You can conveniently monitor and manage from anywhere in the world
- Relies largely on automated administrative processes
- digitally managed
You may dispute some of these points!
The reason for this is that I believe that for truly passive income you need to invest in something that is generally lower risk and not dependent on you continuing to do clinical work.
So for those of you who are considering doing things like extracurricular work, medico-legal work, counseling, medical speaking, training, or anything that requires you to be geographically in one place to earn money - think again later!
Income isn't really passive if you rely on doing work regularly to earn money.
The even harsher truth here is that none of these things or skills were taught in medical school or graduate school.
Medical knowledge can help you, but what you do really counts.
List of passive income ideas for doctors
Below is a list of residual income ideas for doctors that you can use to start generating income for yourself. Bear in mind that all of these will likely take a lot of time and effort to get set up and up and running.
However, your future self will thank you immensely for the rewards that will benefit you in the long run.
Disclosure:If, after clicking through, you decide to purchase any of the products linked on this page, please note that Medic Footprints may also receive a share of the sale at no additional cost to you. This helps us keep the site up and running! See our Disclosure Policy for more information.
real estate investment
The most obvious and popular option out there. Real estate is great because you can be as free as you want depending on your real estate strategy. Returns can vary and depend a lot on the ability to analyze a good deal.
You can also earn money from your own property by renting out your room or arranging an Air BnB arrangement when you are on vacation or during an internship.
Why not check out the Prolific Doctor Real Estate Investor article?Dr. A.S. A. S. HERE. Gold-Diamond
Top questions doctors ask about real estate investing
invest in companies
Companies are generally high risk with potentially high returns. You can get involved in crowdfunding or buy stock in a company (e.g. hand over your money and do literally nothing) or become a shareholder with little or no say in how the company is run.
Investing in stocks and stocks
Similar to the above, you can be like hands. turn it on and off however you like - but you need knowledge, patience and a keen eye!
For some background information on getting started with any form of investing,Check out this money saving expert article.
To get started on some trading platforms, check out the following doctor-recommended options on online forums:Handel 212,Hargreaves e Landsdown,A. J. Bell.
Be someone else's bank by offering a payback loan. You could very well arrange a private arrangement with a trusted friend, relative, or colleague (always get a written agreement).
Alternatively, you can join one of the many P2P lending platforms, but make sure you do.Read this article before doing this!
It is becoming more and more popular to earn money through referrals. You recommend a product you've used and earn a cut when someone buys the product you recommended. Easy as pie, right?
It is particularly common for websites (including ours), online stores, blogs and social media influencers to use this method to monetize their content.
Common referral programs includeamazon partner,eBay partner, EShopify.
Network Marketing or “Social Marketing”
You earn by selling products in a multilevel marketing contract; i.e. times. The bigger and/or more successful your team is, the more everyone wins and gets a share of everyone else's success.
It continues to work very well for many large and established companies, particularly with physician enrollment - some regularly earn enough to leave the medical practice.
However, the industry has gotten a bad rap over time - mostly from those who don't fully understand the concept and see it as unethical, or from former traders who have had negative experiences for a variety of reasons.
Design and sell a course or program
Doctors have countless skills - in medicine and beyond. Spend a few days, hours or weeks creating an online course on one of your favorite topics and upload it to your own website or one of the specialist course websites such as:CourseraorUdemy.
You'll be amazed at how many courses are extremely timeless and can be sold for years with only minimal updates required. Whether the course fee is £10 or £1000 per subscriber, make sure there is enough demand for the course topic to generate the desired return.
Why not take it a step further and create a program that delivers a transformative result? Programs are designed as longer, evergreen interactive experiences that can make more money and scale without a lot of work for you.
Set up an online store
You can earn serious passive income by starting an online store. The key to your store is that the product must be digital (no shipping to you) or someone else's product (e.g. affiliate marketing and no shipping to you).
Check this article with101 ideas to sell digital products!
All processes need to be automated, but you may need to be on hand to fulfill requests (or even outsource this element).
We met a doctor who said he deserved a6 figure annual incomeSelling products internationally on your self-managed website.
Write and publish a book
Most books are generally not the best sources of money, but if you get it right and your topic is very popular/high demand, you can earn a decent amount of money for your time.
You must be willing to invest a lot of time or money in marketing your book (especially in the beginning). You may also want to self-publish to keep a large portion of the income generated.
Become a YouTuber
This is perhaps one of the least truly passive options.
It takes a lot of courage, persistence and time to make money on YouTube. However, once you have a massive following, you can leverage your influence by leveraging ads, direct sponsorships, YouTube partnerships, and more. You may not have to put in as much work as you did in the beginning.
Get paid to create great content, anywhere
Why stop at YouTube when there are multiple platforms to showcase your engaging content and get paid? Directly through the platform, as a sponsorship or in some other creative way?
Sell your intellectual property or Minimum Viable Product (MVP)
Got a great idea for... anything? Especially for doctors - medical product or service? Would anyone be willing to pay for it? It's not very unusual and something to explore if you're creative.
Many companies (and/or websites!) are designed just to prove (MVP) a concept that will later be sold to larger companies in the industry for millions. Not a bad exit strategy!
.. and yes… that could be an app. However, remember that there must be a business model or value behind an application. i.e. it can generate a lot of money or have a huge user base that generates high value (e.g. WhatsApp)
Use rebate programs
When you buy something through a website or cashback program, you get a portion of your money back. So you basically bought it for less than you paid for it.
you are not technicalearn moneythis way, but you can make some decent savings if you use this regularly in your strategy. Popular sites includeTopCashBackEquidco
Get a high interest savings account
What... are they still available??
Maybe not so much...?
I hope this article on residual income ideas for doctors has helped whet your appetite for some options to get you started.
if you have morereally passive income ideas for doctorsFor this list, please do not hesitate to send us an email email@example.com we will consider adding it!
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Abeyna is the Founder and Director of Medic Footprints and is an Occupational Health Consultant Physician
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