Passive Income Ideas for Doctors: The Ultimate List - Medical Footprints (2023)

I originally decided to write this article on passive income ideas for doctors after noticing trends in doctors over the years;

As a doctor you are particularly looking for ways to generate passive income i.e.do less,no longerin your everyday life to earn it?

Let's face it, the cost of paying off student loans, funding endless exams and adherence courses, living in general, and other major lifestyle factors have become quite significant in relation to our income as physicians.

Many of us are feeling quite pressured and stressed financially as we work in what feels like overcapacity as physicians.

In supporting thousands of physicians at Medic Footprints over the years, we've found that most physicians just feel like they won't give up their job or career for... yep, you guessed it... money can.

This inevitably means they feel trapped, which leads to all sorts of psychological problems.

Are disgruntled doctors more likely to make mistakes at work? 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 looking for passive income.

It was clear from the start that few doctors really knew what passive income was.it's really.

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 things up and running. So you might need some time to nurture it, but the rewards should far outweigh the time or money you invest.

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?

The doctors' charity, the Royal Medical Benevolent Fund, agreed18% more physicians receiving financial assistance in 2018-2019🇧🇷 a total of 300 doctors help.

There are many reasons why doctors may not work or may not be able to return to work; This can include illness, disability, suspension, needing care, job loss, bankruptcy and more.

For some strange reason, society has historically encouraged us to rely heavily on just one form of income, ie. a job.

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
• take oneFurthermoreworked

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 normally be told how much you earn according to your seniority (band). If you don't take on an advisory role, there's usually no room for negotiation.

There is generally much more room for negotiation in the private sector.

In general, we rarely get advice on how to better manage our money or reduce our spending, so we really don't.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.

The decision you make about your desired passive income depends on your knowledge, interests, time, 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 can stop working if you really want to?

Whatever the reason, it's important to be aware of your big WHY in order to 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 incomeif one or more of them fails.

I recommend that full-time physicians focus on passive income streams that meet the following criteria:

1. Adapts to your lifestyle (NOT the other way around!)
2. Once set up, it takes 0-10% of your time per week
3. Not in direct conflict with any aspect of your clinical practice.
4. You do not need to be registered with a medical regulatory body (eg GMC).
5. Requires little or no outsourcing (e.g. paying other people to do some work on a regular basis unless it outweighs the benefits)
6. You can conveniently monitor and manage from anywhere in the world
7. Relies heavily on automated back office processes
8. run digital

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 side jobs, medico-legal work, consulting, medical conferences, training, or anything that requires you to be geographically in one place to earn money, think again!

Income is not really passive if you depend on working regularly to earn the 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 really matters is what you make of it.

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 on your own. Bear in mind that all of these will likely take a lot of time and effort to get up and running.

However, your future self will greatly appreciate the rewards it will reap in the long run.

to disclose:If after clicking 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 investments

The most obvious and popular choice there is. Ownership is great because you can be free or connected as you like, depending on your ownership strategy. Returns can vary and depend a lot on the ability to analyze a good offer.

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 article with a prolific medical real estate investor?Dr. A. S. A. S. lafine Diamanten

Top questions doctors ask about real estate investing

We also have a real estate investment mentoring group dedicated to physicians!

I hear!

invest in business

Companies are generally high risk with potentially high returns. You can crowdfund or buy stock in a company (for example, hand over your money and do literally nothing) or become a shareholder with little or no influence on the management of the company.

Invest in stocks and shares

Similar to the above, it can be like hands. Turn it on and off however you like, but it will take knowledge, patience and an eagle eye!

For basic information on getting started with any form of investment,Check out this expert article on how to save money.

To get started with some trading platforms, check out the following doctor-recommended options on online forums:Handel 212,Hargreaves e Landsdown,a bell.

Peer-to-Peer-Kredite (P2P).

Being someone else's bank offering a payback loan. You can certainly make a private agreement 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.Please read this article before doing this!

affiliate marketing

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 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, jShopify.

Network Marketing or “Social Marketing”

You earn by selling products in a multilevel marketing business; namely. Teams 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 extremely well for many large, established companies with individual physicians subscribing to it, some of whom regularly earn enough to leave the medical practice. Recent examples of companies that physicians have joined includeArbonnejlive forever.

However, the industry has gotten a bad rap over time, particularly from those who don't fully understand the concept and find it unethical, or from former vendors who have had negative experiences for a variety of reasons.

Create and sell a course.

Doctors have countless skills, in medicine and beyond. Spend a few days, hours or weeks creating an online course on a favorite topic and upload it to your own website or one of the specialist course websites, for exampleCourseraÖUdemy.

You'll be amazed at how many courses are extremely EVERLASTING and can be sold for years with minimal updates. 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.

Set up an online store

You can earn serious passive income by starting an online store. The key to your business 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 (or even outsource) to handle requests.

We know of a doctor who claimed to have won a6 figure annual incomeSelling products internationally on their standalone website.

Write and publish a book.

Most books are generally not the best money makers, 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 prepared to invest a significant amount of time or investment in marketing your book (especially in the beginning). You can also post yourself to keep a big chunk of the generated revenue.

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've gained a massive following, you can leverage your influence through the use of ads, direct sponsorships, YouTube partnerships, and more. You may not have to work as hard as you did in the beginning.

Sell ​​your intellectual property or Minimum Viable Product (MVP)

Have a great idea for... anything? Especially for doctors: medical product or service? Would anyone be willing to pay for it? It's not too weird and exploring works if you're creative.

Many companies (and/or websites!) are designed just for proof of concept (MVP) and then sold by the millions to the biggest players in the industry. 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. Namely. You could make a lot of money or have a huge user base that creates great value (e.g. Whatsapp).

Use of Cashback 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.

They are not technicalearn moneythis way, but you can make some decent savings if you use this regularly in your strategy. Popular sites includeTopCashBackjquidco

Get a savings account that pays high interest

What... do they really still exist?

Maybe not so much...?

I hope this article on passive 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, feel free to email us atteam@medicfootprints.organd we will consider adding it!