Interested in learning about passive income for doctors?
People might say “But you’re already a doctor! I’m sure you’re earning heaps!” To that we say, there’s nothing wrong with wanting to grow your wealth.
Now the thing to keep in mind when it comes to passive income is that, to kickstart, you will need to put in some effort. Once you’ve gained the momentum, you can dial down and let the money flow in effortlessly.
It doesn’t matter if you search for passive income for doctors UK or passive income for doctors India, the passive income sources listed below can be by doctors from across the globe.
Summary of the 13 Best Passive Income For Doctors
- Dividends From Shares And Mutual Funds
- Real Estate
- Invest In REITs
- Invest In A Business
- Medical Surveys
- Sell Insurance
- Medical Inventions
- Create An Online Course
- Start A Blog
- Affiliate Marketing
- Start A Youtube Channel
- Rent Out Your Car
Some of the links on here are affiliate links and I may earn if you click on them, AT NO EXTRA cost to you. Hope you find the information here useful! Thanks.
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13 Best Passive Income For Doctors
1.Dividends From Shares and Mutual Funds
Investing in shares and bonds is undoubtedly the least difficult passive income for physicians.
However, if you’re new to the game and the world of investing, it can be intimidating.
When you invest in dividend-yielding shares, you’re entitled to receiving dividends at regular intervals, say, every quarter or six months. Companies pay dividends out of their profits regularly, and you just have to ensure that you own a share.
A dividend is a portion of profit that is earned by a company.
The more shares you own, the higher you’ll be able to earn.
For example, say you bought 1000 shares of Company X.
Company X declared a payout of USD 0.50 per share and the dividend payouts are quarterly. You would then receive USD 500 (USD 0.50 X 1000 shares) in terms of dividend per quarter, which translates to a 5% yield.
This will make you an extra USD 2000 per year. Pretty cool isn’t it?
This same principle applies to mutual funds as well.
Here are some platforms for you to buy some dividend-paying shares :
Here are few Youtube videos that are explains the fundamentals of investing in shares :
- The Ultimate Guide To Investing In Stocks (2021)
- Stock Market For Beginners 2021 | How To Invest (Step by Step)
- How to Invest in Dividend Stocks: A Guide to Dividend Investing
- The Ultimate Guide to Dividends and Dividend Investing
- How to Invest in Dividend-Paying Stocks: A Beginner’s Guide
I’m talking about owning a property and then renting it out.
I’ve stayed in many Airbnb’s over the years and all those homes are owned by somebody. You go on their website, make a booking, and tada, passive income straight into the homeowner’s account!
You don’t have to rent out your entire house if you don’t feel like it.
You could start by renting out a room to someone who needs it and can afford it. Just like that, you’ve got a steady passive monthly income rolling in. If you find that you’ve got some extra space and want to make USD 200 fast, click here!
Buying a property will allow an individual to gain from the rising real estate prices and by renting the aid property out to other people, you can secure yourself a stable flow of income. Since you’ve already gotten that sorted, time to elevate it by turning the house into a rental property.
Here are some tips to bear in mind before starting this source of passive income for doctors :
- Check if you’re ready to be a landlord
- Screen your tenants thoroughly
- Keep an active role as a landlord
- Collect your rents promptly
3.Invest In REITs
REITs, also known as Real Estate Investment Trust are stocks that are traded publicly in the stock exchange.
REITs give way for investors to gain exposure to a real estate portfolio even with small capital. This form of investment can be a great source of extra income for physicians, profiting from capital gains and high-yield dividends.
REITs are companies that own and run multiple income-generating properties. Properties such as offices, warehouses, or apartments are classified as income-generating properties.
The income obtained from these properties is then paid out as dividends.
Anyone can own or finance a property with REITs without actually going out and purchasing a property.
These are some useful guide on how to ease your way into REITs investment :
- Your Complete REIT ETF Guide
- REITs 101: A Beginner’s Guide to Real Estate Investment Trusts
- How To Invest In Real Estate Investment Trust (REITs)
Here are some platforms for you to buy REITs :
4.Invest In A Business
While we’re still on the topic of investment, one of the passive income ideas for doctors is to invest in a business. When companies are in their early stages, investing in a business will rope you in their development, allowing you to increase your wealth.
One way to invest in a business is to lend capital or buy a portion of the company shares. This way, when the business blooms, you’re entitled to the profits in the form of dividends or capital appreciation.
Another way you can try investing in a business is in the form of loans. Your loan will be paid once the business picks up and you can earn your income through interest.
Businesses such as Apple, Under Armour, and Etsy all started as a side hustle, a small business, a startup, that has escalated and is now making millions and billions in profit yearly. You can now start earning a passive income through this source.
Platforms for investing in business :
Telehealth is simply providing medical service virtually. Distance need not be a barrier when it comes to patient care and telehealth makes it one of the best side income for doctors. Technology has now allowed doctors to connect with those in need of care despite the distance.
A telehealth physician can make anywhere between USD 15 to USD 50 per hour and log in somewhere between USD 30,000 to USD 500,000 annually depending on how many hours you put in.
These two channels are on the lookout for physicians to join their team :
Earning money through medical surveys is another means of physician passive income.
Your knowledge as a doctor is valued and when you participate in market surveys and research, your ideas may help mold the way medicine, prescription, and medical devices are researched and produced.
The specialties, depth, and length of surveys, and compensation package will vary depending on the company you choose to work with. Some of the companies you can check out are below :
Hold on, don’t reject this idea just yet. As a doctor, you would have heard hundreds of insurance scams spewed from the mouth of your patients.
What better way to educate them on their insurance policy, feed them only the truth about insurance, and help them along the way?
You start selling the insurance policies. It’s an honest passive income for doctors.
Patients are more likely to trust the words coming out of a physician than a dude with his duffel bag going from house to house. The average salary of an insurance agent is USD 49,618 per annum, which is a decent amount of income to add on top of your day job.
Take advantage of the fact that you’re meeting many customers all day every day. Educate them on the importance of insurance, and find any way to help them from being tangled up in insurance fraud.
These are some of the top insurance company that could use your medical expertise as an insurance agent :
Have you wondered how many million-dollar ideas have floated past your mind? Was there a moment where you thought “If only we had something like this instead of that, it would make life so much easier”?
It does not have to be medical-related, but when you come up with a product, you can sell it to a company and earn royalties from the sale.
Just imagine if all those inventors never came forward with their ideas.
If Gabriel Fahrenheit decided not to pursue his idea of inventing the thermometer, can you imagine how difficult it would have been to take a temperature?
Any great idea begins with action, so start putting those ideas into paper and take small steps into making it a reality.
These are the list of healthcare providers that encourages medical innovations :
- Mayo Clinic – Centre Of Innovation
- Johnson & Johnson Innovation
- GSK Warren Innovation Lab Suites
- Pfizer – Centers For Therapeutic Innovation
- Boston’s Children Hospital
Online courses are quickly becoming one of the quickest ways to learn and implement a new skill. Take me for instance, I joined Elna Cain’s online writing course, Write Your Way To 1K, when I first started my journey in freelance writing and I still recommend the course to this day!
You can create a course on virtually anything, be it medicine-related or not.
Do you want to help medical students pass their exams in flying colors? Create an online course on how to study productively for an exam.
Is illustration your passion? Create an online course on how to use Adobe Photoshop for Illustration.
Are gardening and plants your passion? Create an online course on how to grow herbs indoors and tend to them.
A significant upfront investment of your time and effort is required when you’re creating an online course but if done correctly, you’ll need not worry about having a steady stream of passive income.
Here are three platforms you can start with :
With over 40 million students across 180 countries, Udemy has courses that cover any and every topic on the planet, including medicine!
This course “Learn To Speak ‘Medicine’ And Start Your Healthcare Career” was created by John Pamperin, a nurse, with more than 20 years of experience. His course is selling for USD 14.99 and currently has 1034 students enrolled!
Three things to keep in mind with Udemy earnings :
- When a student signs up through your referral link, you’re entitled to 97% of the earnings.
- When a student signs up through Udemy’s organic traffic, you’re entitled to 50% of the earnings.
- When a student signs up through Udemy’s campaign, you’re entitled to 25% of the earnings.
To get you started, here’s a guide on How To Make 5-figures A Month Passive Income From Udemy.
Domestika is an online platform for all creatives to come together where there are over 5 million professionals with 300 over courses taught by professionals! If you’re planning to write an online course that is not medicine-related, this would be the perfect platform!
Teachable is an online platform for you to create and sell online courses, as well as providing coaching services.
There are three plans for you to choose from :
- Basic – USD 29/month
- Pro – USD 99/month
- Business – USD 249/month
Teachable charges 2.9% + USD 0.30, a standard processing fee on all paid courses for United States transactions. As for international transactions, Teachable charges an additional 1% and 1.5% for debit and credit card, and Paypal respectively.
10.Start A Blog
These are some medical blogs that are doing really well:
As a doctor, you can leverage your knowledge and medical expertise to educate people on your blog. However, you’re more than welcome to turn this blog into an avenue to write about your passions.
Setting up a blog will take up your time so try to block your time off if you’re to pursue it.
Blogging is not one of those get-rich-quick-scheme, so you should keep expectations at bay at the beginning. With consistent efforts and content, you’ll be churning up income for sure.
So how do you turn your blog into a passive income source?
- Set up your blog
- Connect with ad networks like Google AdSense, Ezoic or Medianet.
- Start making money with those ads
- Make money from affiliate marketing
- Make money from digital products
- For an in depth guide on this topic, read this article on How To Make Money Blogging For Beginners.
This ties up with the point above. Most bloggers leverage affiliate marketing. Affiliate marketing is when you receive a commission for promoting and marketing the products of a company and is an excellent physician passive income source.
It is a marketing method that is a well-known strategy for increasing sales and earnings online. Affiliate marketing is loved by many because it doesn’t cost the customer a single cent when you receive the commission.
Do you know how you’ve come across lines like “Get 15% off when you purchase XYZ product with my referral code IAMCOOL”?
The person who posted this referral code will earn a certain cut from the company whenever someone purchases said products with their link. A win for both parties, sales go up and commission is received.
In terms of the types of affiliate marketing products, you could recommend :
- Medical equipments
- Protein powders
- Best shoes for walking
It does not have to be confined to medical related goods, you can recommend and market any product and service that you think is worth recommending.
To get started, here are 105 of the Best Affiliate Programs. Have fun!
12.Start A Youtube Channel
Everyone seems to be a Youtuber now, doesn’t it?
There are many doctors out there that have started earning a steady stream of passive income from Youtube. On average, a Youtube channel can bring in up to USD 52,806 revenue per annum.
These are some of the doctors that have made a name for themselves on Youtube :
This doctor cum Youtuber cum entrepreneur has been refreshingly transparent about his life as a doctor in the NHS. He talks about his life as a doctor, investing, productivity, and all the insight scoop of being a Youtuber.
Ali currently earns USD 27,000 passively every WEEK! That is pretty impressive.
With over 7.25 million subscribers on Youtube, Doctor Mike Varshavski has won the hearts of many with his witty personality and humorous approach to medicine.
On his Youtube channel, he reviews medical series, debunks medical myths, reacts to medical practices on social media, and provides clear and concise medical advice.
He brings in an average of USD 1.5 million a year just from Youtube alone.
Brenda Mondragon comes from a family of chiropractors. With almost USD 1.0 million subscribers, she educates people on chiropractic practices.
Here are some guides to help you get started :
13.Rent Out Your Car
You can rent out your car just like how you rent out a room through Airbnb.
This is a great source of passive income for doctors if you own multiple cars, don’t use your vehicle often due to the long hours at the hospital, or you simply rely on public transport and your car is collecting dust in your garage.
Whatever the reason may be, you can start earning passively just like entrepreneur Stefan Marquardt who made USD 60,000 in the first year of his car rental journey.
Just keep some basic rules in mind if you’re thinking of renting out your car – keep your car clean and ensure to service the car regularly.
Here are two platforms you can check out :
Known as the world’s largest car-sharing marketplace, Turo has helped many car owners earn an income by renting out their car. If you’re living in the US, UK, and Canada, you’re entitled to rent your car out with Turo.
These are some of the requirements from Turo :
- Cars listed should not be more than 12 years old
- Cars listed should log in less than 130,000 miles
- Cars listed should have never be declared a total loss
- Cars listed should not exceed USD 150,000 in value
To register with Turo, sign up for an account and list your car. Input all necessary information like the license plate number, model, and make.
Any additional details such as leather seats, trunk space, and built-in GPS, should be included if your car has these features.
A car-sharing app, Getaround helps you connect with those in search of a vehicle to rent.
These are some of the requirements from Getaround :
- The models of cars listed should not be before 2010
- Cars listed should have logged in less than 125,000 miles
- Cars listed should be able to accommodate a maximum of 8 passengers
To register with Getaround, sign up for an account and list your car. Input all necessary information and details on the availability of your car.
Getaround offers a 30-day free trial. Once the free trial period is up, you will be charged USD 99 as a one-time fee and USD 20 per month to continue using the app.
There you go, two sources for you to kick start your car-rental service. As a bonus, here are 8 Easy Ways To Make Money With Your Car.
Passive Income For Medical Students
1.Social Media Influencer
As a student, the world of social media is not something new. When you’re mindlessly scrolling through your Instagram feed, how many influencers who are around the same age as you have you come across?
I’m sure there’s a handful, am I right?
Social media influencers have become the new means of marketing a product and they’re earning anywhere between USD 2000 and USD 150,000.
Medical students can be a clique of their own, sharing useful tips to get through med school or letting others see the world through the eyes of a med student. If you type in “A Day In My Life As A Medical Student” on Youtube, look at how many results show up.
Here are some examples of doctors and medical students who’ve turned social media into a profitable passive income source:
This resident physician runs a company The Med Life and has managed to amass over 1.5 million followers across social media platforms such as Youtube, Instagram, and TikTok.
Gabriella is a dermatology resident who runs her blog (DestinationDerm) designed around her passions: food travel, skincare, and fashion.
When you take one look at Brooklynne’s Instagram account, you might think she’s a food blogger and not a med student. She’s both!
Brooklynne is a medical student who shares her passion for plant-based food, educating people on food waste, nutrition tips, and living a healthy wholesome life on Instagram.
Share your story and your passions and start monetizing your online persona.
When you look at the medical students listed above, you can see that they’re all not using their social media platform, solely for medicine-related information. When you’re engaging with your audience, it’s easier to monetize your social media platforms.
Among the simple ways you could monetize them are :
- Post sponsored posts
- Affiliate marketing
2.Create An App
The mobile app industry has been garnering billions of dollars in revenue over the last decade. Did you know that in 2017, the revenue generated by the App Store for app developers was USD 26.5 billion?
Have you come across a medical or non-medical problem that could be solved with an app? If you have time to spare in your hands, why not learn how to code?
Some of the successful medical-related apps are :
- PatientsLikeMe – connects people with similar diseases to network, sharing their struggles and experiences with others
- KHealth – get in touch with real physicians in this AI-based app for insightful consultations and prescription
- Kry – get this Sweden app and connect with psychologists, nurses, and doctors any day, anytime with this 24/7 service.
Start with one app that can help provide solutions. Be firm with your purpose and learn how to code it on any platform you’d like. From there, get the ball rolling and monetize your app.
3.Sell A Digital Product
When you think about it, digital products are easy to make and inexpensive.
All you need is one digital product to start with, you can sell them around the clock, generating passive income that does not require you to be glued to the computer for certain hours of the day.
But wait, what are digital products?
Digital products can be anything! A service, music, ebooks, an online course, or an app. It is simply a product that is made and sold digitally. There’s no hassle of an inventory to keep up with, no need for a store to back up your goods, just your laptop or mobile device with a good internet connection would suffice.
Here’s a guide on How To Create Digital Products to get you going!
How Can A Doctor Make More Money?
There is nothing wrong with wanting to grow your wealth as an individual regardless of your profession. However, be clear as to what it means for you, personally, to make more money.
When it comes to a passive income for doctors, your decision on which type of passive income stream you’re likely to venture into to make more money is usually dependant on :
- Your financial goals
- Time capacity
- Knowledge on hand
- Interests and passion
To start, figure out WHY you’d like to make more money. Your why will be your compass; providing clarity, purpose, and reason for you to allocate the time necessary to make more money.
What is the real value of making more money?
Are you hoping that setting up a passive income stream will take the pressure off your job and give you more time off? Whatever the reason may be, be clear of it.
There are multiple alternative sources of income for doctors and many were listed above.
To get started and to ease your way into making more money, try out to keep these in mind :
- It should not distract you from your job as a doctor
- It should fit around your lifestyle, you shouldn’t have to sacrifice spending time with family, friends, or doing the things you love to make more money
- It can be monitored anywhere, anytime.
You can make more money by trying out the different streams of passive income for doctors, as long as you’ve redefined your purpose and you’re clear on your “why” to keep you going.
Ultimately, starting a passive income stream usually boils down to growing your wealth and having some form of security for the future. If the reason you’re starting to find passive income for doctors is to spend more time with friends and family, then so be it.
Do not let anyone talk you out of earning more and take the first step. Remember, it may seem hard at first, but take the time to start because the end result will be worthwhile.