6 Passive Income Ideas for Healthcare Professionals

What is passive income and why is everyone always talking about it?

Well, passive income is what allows us to generate another stream of income to help tackle our financial goals. As I said in this week’s  #WealthyWednesdays post: Passive income does not mean you’re getting something for nothing. It simply means you put in your time, energy, and effort upfront for something and then you continue to make money from it long after you’ve spent that time, energy and effort.

Passive income is important if you want to figure out how you can build wealth - but it is especially important for those of us in significant student loan debt. We have to get creative in generating additional income because our regular ol’ 9-5 likely won’t be enough to get out of debt, at least not anytime soon. 

So what are some passive income ideas you can explore? Here are six avenues I’m personally exploring myself as a means of generating additional streams of income…

1. Digital Products: Okay this is number 1 because it’s my personal favorite! I believe we all have gifts that need to be shared with the world. If you have something you are passionate about and you love to educate on - this might be a good one for you! Digital products include courses, e-books, webinars and workshops. Basically, anything that someone can virtually attend or access. 

2. Affiliate Marketing: Do you love sharing your favorite products and resources with all your family and friends (both online and offline)? Well, this is right up your alley! The way this works is you have a specific link that people can use to sign up for something and you get a commission each time they use a link. For example, I might promote something (a course, conference, etc.) that I can personally vouch for and say is amazing and I highly recommend it. If you use my link to purchase whatever it is, I will receive a percentage of that sale. This is great because it’s a small reward for something you’d already be doing anyways! 

3. Sponsorships & Collaborations: Alright if you love all things social media and influencer life, this one's for you. This is where you partner with a brand to promote something (usually a product - but could be something else!) and the brand pays you to promote it. You want to make sure that you’re only partnering with brands you really love and trust. Always keep it authentic and transparent with your audience. 

4. Create a Blog: Okay whoever said blogging is dead - they don’t know what they’re talking about! I am currently learning more about how to monetize blogs because this can be a great stream of income especially if you love writing! I also am a huge advocate for blogs because you actually own it - unlike your social media account that can disappear, be hacked, or deactivated at the blink of an eye. I strongly believe your brand should NOT only exist on Instagram. One of the things you can do to make money from your blog is run ads - just don’t do too many or it starts to feel a bit spammy!

5. Start a YouTube Channel: My sentiments on this one are very similar to #4 - it’s still an area I’m learning about. If you follow me on IG, then you know I’m still getting used to video content so for now, Youtube scares me LOL but that being said I have several friends who are making money from their channels. YouTubers can make hundreds, sometimes thousands a month and the nice thing is you only create and edit that video once (though it may take a considerable amount of time) but based on your views - that one video can turn into a nice little side stream of income. 

6. Online store: All my friends with a Teachers Pay Teachers or Etsy shop - I’m looking at you! If you are crafty or love working with your hands, this might be a perfect option for you. Basically, you can sell anything online these days - stickers, t-shirts, OT worksheets, pens, hats - I mean the possibilities are endless. Many people prefer to support smaller businesses especially other therapists so don’t underestimate what kind of amazing support you might get!

Of course, these ideas are not ONLY for healthcare professionals and they are not the ONLY passive income ideas out there…but I believe these particular ideas tie in our unique lens and background as healthcare professionals. We are able to identify a gap & fill a need…combine this with our passion, enthusiasm, and creativity? Well, we’re unstoppable. So if you’re wanting to build wealth, whether you’re a healthcare professional or not - it’s time to get creative and learn how to generate passive income. 

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If you’re looking at any of these ideas and going hmm, I’d love to learn more - then I encourage you to check out the upcoming online event: OT Side Hustle and Beyond. This is a 2 day event with over 50 OT speakers brought together to share exactly how they make money online. I’ll be speaking about monetizing on Instagram & Blogging (so number 2 & 3!) but I am PUMPED to learn about other ways to create passive income by doing things I already love to do. 

To learn more and grab your ticket visit: https://www.telehealthotservices.com/a/2147489988/BSrPXU59 

P.S. I am an affiliate which means if you register using my link I will receive a commission - at no additional cost to you of course.