It can take getting to a low point to realize that change is necessary. Four years ago, I was working crazy hours, tired all the time, and inevitably burnt out. There was no doubt that my life had to change from this draining cycle. Suddenly, I had an “Aha!” moment that brought me to the understanding that getting my finances in order is the key to freedom and success.
From that moment on, I began consuming content on personal finance via podcasts, YouTube videos, books, and a financial coach. Let’s just say that I was indoctrinated into the personal finance world pretty quickly, and eventually underwent coach training so I could guide others on their own personal finance journeys.
Through my whole experience with personal finance, I quickly learned that having passive sources of income where my knowledge and money work for me is much better than trading hours for dollars. I have uncovered many ways of achieving this goal, which I will share below.
To be honest, the search for passive streams of income is not easy. However, starting with a list can be very helpful, which I wish I had done when I started this finance journey. Regardless, I’m happy to say that I currently have three streams of income (two of which are passive, with a third that has great potential for passive income): real estate, a skin care and wellness partnership, and coaching respectively.
There are a plethora of options for passive income, some of which I list below:
1. Locums: you can work through a locums recruiting company and work when it works for you (a.k.a. control your income).
2. Physician Consultant: this can be leveraged in many ways, from providing courses and virtual programs to coaching. A private practice can also be established with you being CEO and hiring other physicians to work for you.
3.Real Estate Investing: investments can be done in syndications, having property managers manage your properties. In my case I invest in small apartments and have a company manage them.
4. Podcasting: this creates passive income through advertisements and using sites like Patreon.com for listeners to make donations if they like your content.
5. App Creations: if you come up with great apps, people pay for it while you are sleeping. It’s lucrative, especially if a monthly subscription service is available.
6. Writing E-Books: this is much easier to do now with Amazon publishing.
7. Online Courses: this can be on any topic or genre, but there has to be a demand for it.
8. Network Marketing: this has a residual income component when there are recurrent customers and commissions by building your team to be successful. No need to trade hours for dollars here. My partnership with a skincare and wellness company has proven to be very lucrative, and I wish I had kept an open mind sooner. Never again will I let my introvert status or fear of selling get in my way. It’s a great way to start your entrepreneurship journey without a huge start up cost. I call it a “business in a box”: a website, payment methods, and business strategy are all included when you sign up. All you have to do is show up and do your part. You will also still enjoy the tax deductions that come with entrepreneurship.
9. Blogging: the bloggers behind sites such as The White Coat Investor, Physician on Fire, Passive Income MD, and Mr. Money Mustache are bringing in high 6 to 7 figures just by their blogs alone.
10. Affiliate Marketing: share products you love with others, and get paid when they buy them. My favorite is the Amazon affiliate program, which I am apart of. People buy items via my link, and I get paid a commission from their purchases.
11. Investing in the Stock Market: I urge you to Invest in the stock market outside of any retirement accounts. It’s a common potential passive income opportunity.
I don’t want to overwhelm you with too much so I’ll stop here. However, there are so many options to explore, even past what I have shared. Multiple streams of income is the key to financial freedom, so start looking into it today. What do you have to lose? Nothing. In fact, you have everything to gain.
Thank you for stopping by!
PS: I help physicians get out of debt and live wealthy lives. Does this interest you? If so, click this link to book a free 60 minute coaching consultation.