50 Passive Income Ideas for Physicians : As the world suffers from the devastating blow of COVID-19, each and every person has felt the blow. COVID-19 has caused irreparable damage to many lives, particularly in our finances.Since the early 2020’s up until now, lots and lots of people have lost their jobs due to the devastating effect of COVID-19.
COVID-19 has impacted the finances of everybody that a single stream of income is no longer enough or a viable option. The financial consequences of the economic downturn have resulted in dwindling income.
The economic downturn has affected everyone including healthcare providers. Many physicians had their hours cut back, salaries slashed, while some have even been retrenched. Physician incomes have dropped significantly as many financial institutions have also faced the economic hardship caused by COVID-19.
Many physicians are seeking other means of making additional income. Passive income has become increasingly important in recent times because most people can’t live sorely on their salaries. Creating passive income is an effective way to protect yourself and family in times of economic difficulties.
As a physician or a healthcare provider, there are many ways you can make passive income why you still continue with your main profession. You can make as much as $2,000-$10,000 every month as passive income.
If you don’t have any idea on how to make passive income, we will be showing you 50 passive income ideas to generate more income for yourself and your family.
1. Write a book
As a doctor, you can make passive income by writing a book. You can write a book on health-related issues and topics that will be of interest to people. A lot of people will like to read books on how to stay healthy. You can write books on nutrition, health, and wholeness. Take a few hours every day to write a book. After writing the book, you can then publish and make money.
2. Write an eBook
If writing a real book will be very demanding, you can write an eBook. An eBook is easier to publish. You don’t need to go in search of a publisher to publish your eBook online. You can simply do it by yourself. You can publish your eBook on Amazon and other known websites. You can even publish your eBook on your own website. People will need to make payments to download or read your eBook. This way, you make passive income.
3. Create an online course
You can also make passive income by creating an online course. You can create a webinar so that people can take classes with you online. As a physician, you have extensive knowledge to share with other people on how to stay healthy and prevent diseases. You can as well provide online classes for young medical students who want to expand their knowledge. The more students you teach, the more money you make.
4. Teach at a university or medical school
As a physician with extensive knowledge and experience, you can make passive income by teaching at a university or medical school. You can teach evening classes at the university or take out a few hours every week to teach at a university or medical school.
5. Tutoring
Apart from teaching at a university or medical school, you can also take private classes to make additional income. You can teach students privately in their homes or have a private class where students come together to relieve classes. Each and every student will have to pay to receive classes.
6. Invest in real estate
Investing in properties is a great way to make passive income. You can buy properties and put them on rental. You will make money from the rentals. If you don’t know or have experience in buying properties, you can consult a realtor or real estate professional to advise you on good and profitable properties to buy. If you can’t manage your properties by yourself, you can hire a real estate manager to manage your properties for you.
7. Rent out a part of your home
You can make passive income by renting out a part of your home. If your home is very big with free rooms, you can rent out the free rooms to make additional income.
8. E-commerce
As a physician, you can make passive income through e-commerce sales. You can create an e-commerce website where you display products to sell. You can sell medical products online even without having a physical store. E-commerce is an easy and effective way to sell products to people. You can make a reasonable amount of money through e-commerce sales.
9. Purchase a franchise
You can also make passive income by purchasing a franchise to act as an agent to sell products for a company. You can sell products for friends and colleagues to make passive income.
10. Buy shares
Buying Company’s shares is a great way to make passive income. By buying shares, you don’t only make passive income, you become a shareholder. As the company shares grow, your income also grows. You can consult with an investment advisor on the right shares to buy.
11. Sell products on Instagram
Instagram is a massive platform where you can sell your products and services. Instagram is a free social media platform to showcase your products and services to the public. Create an Instagram account specifically for the products you want to sell. Get more followers on your Instagram page and post your products for people to see. Instagram can be a great tool to market your products to the public and make good sales.
12. Start a blog
A lot of bloggers are making good money through blogging. You can as well make passive income through blogging. You can start a blog by creating a blog page. Create and post good content that are beneficial to readers. Drive traffic to your blog page to get more audience. If you have huge traffic on your blog page, businesses will want to advertise their products and services on your blog page.
13. Sell items on eBay or Amazon
Amazon and eBay are huge e-commerce platforms where you can sell your products. As a physician, you can sell any product on Amazon or eBay. If you have items that you’re no longer using, you can sell them on eBay.
14. Create inventions and patent them
As a physician, you can create inventions and patent them to collect royalties. As long as your inventions exist, you will continue to collect royalties for them. This is a way to create passive income that can last for many years.
15. Create an app
As a physician, you can make passive income by creating an app and host the app on AppStore or Google Play. If you don’t know how to develop an app, you can hire an app developer to develop an app based on your description and requirements. When people download your app, you make money. The more people download the app, the more money you make.
16. Freelancing
You can make passive income by being a freelancer. Do you have special skills such as writing, graphic designing, or e-marketing? You can make money online as a freelancer. Take out a few hours each day to freelance and make additional income. Search through freelancing websites to get jobs that you can do for a fee.
17. Write medical journals
You can also make passive income by writing medical journals and hosting them online. Medical students and researchers are constantly searching through medical journals for information. Write medical journals with excellent information and content, host them online where they can be assessed by other people for a fee.
18. Be a consultant
You can make passive income by being a consultant. As a physician with extensive knowledge and experience, other medical establishments will need your expertise. You can consult for other medical establishments and clinics for a fee to make money by the side.
19. Paid guest speaker at conferences
As a physician with extensive knowledge and experience, other people will want to learn from you. They will like to hear you speak and gain knowledge from you. You can use this opportunity to make passive income by becoming a paid guest speaker at conferences.
20. Social media influencer
You can make passive income by becoming a social media influencer. Since the invention of social media, social media influencing has become a good means to make income. You can be a social media influencer on different social media platforms such as Facebook, Instagram, and Twitter. Get paid for advertising and publicizing other people’s products and services on your social media pages.
21. YouTube blogging
A lot of people are making money with YouTube. You can also make passive income with YouTube. Create a YouTube channel and upload videos so that people can view your videos and learn from them. Enable subscription on your YouTube page so that people can subscribe to your YouTube channel. You can enter into an agreement with YouTube so that you can get paid when people view your YouTube videos. The more views you have on your YouTube videos, the more money you will make.
22. Be an Uber driver
You can make passive income by being an Uber driver. You can use your car to transport people from one location to another as an Uber driver.
23. Rent out your car
You can also make passive income by renting out your car or cars. If you have two or more cars, you can rent out the cars that you’re not using for additional income. You can rent out your car for daily, weekly, or monthly payments.
24. Partake in a referral program
You can partake in a referral program for a fee. You can have an agreement with business owners or organizations to refer clients for them for a fee.
25. Be a nutrition coach
As a physician, you can make passive income by being a nutrition coach. You can coach people on how to keep healthy by keeping to a healthy diet and nutrition. Of course, you will charge a fee for your coaching program.
26. Start a medical spa
Depending on your area of specialty, you can start a medical spa to make additional income.
27. Invest in cryptocurrency
Cryptocurrencies such as Bitcoin, Ethereum, and others are becoming a source of income for most people. You can invest in cryptocurrencies to make passive income. Buy cryptocurrencies when their prices are lower and sell when their prices are higher.
28. Forex trading
Forex trading is another way you can make passive income. You may need to consult with a professional that knows more about Forex trading.
29. Invest in Crowd Funded Startups
There are crowd-funded startups that enable people to invest small amounts in startups. These startups gather funds from different people and pay them an interest in addition to their initial capital after a specified period. You can get your full capital plus interest by investing in crowd-funded startups.
30. Certificate of Deposit
Certificate of deposit is a time-restricted deposit that you make to a bank or an organization for a specific period of time. At the end of the specific time period, you will be paid both the initial capital and interest. This is another way to make additional income by the side.
31. Run display Ads on your website
If you own a website, you can make passive income by displaying third-party ads on your website. To earn good money, your website should have high traffic. As long as the ads continue to run on your website, you will continue to make money.
32. Sub-contracting services
You can make passive income by sub-contracting services to other people. As a physician, you might be very busy and not able to execute certain jobs by yourself. You can sub-contract jobs to more qualified personnel for a cut of the fee.
33. Invest in peer-to-peer lending
Peer-to-peer lending means lending to your friends and colleagues for interest. You can lend money to your friends and colleagues which will be paid back with interest after a specific period of time. You can as well join a lending club or organization to make profits.
34. Teach a skill
Do you have any great skills that you will want others to learn? Do you know how to play the guitar, violin, or piano? You can monetize your skill to make additional income. Teach people how to use these instruments and get paid a fee.
35. Affiliate marketing
Major e-commerce platforms and businesses are seeking affiliate marketers to help them market their products and services to the public. You can be an affiliate marketer for a business or organization for a fee.
36. Be a medical review officer
You can make passive income as a medical review officer. You can conduct drug tests, review drugs and other medical products.
37. Be a medical editor
You can make passive income as a medical editor. Proofread content written by medical students, edit and correct errors in their content for a fee.
38. Create guides to help students with exams
Most medical students are seeking for experienced physicians to guide them with their exams. You can use this opportunity to make passive income by guiding them with their exams for a fee.
39. Provide home services
As a physician, you can make passive income by providing home services for patients. Going to the homes of patients to provide treatments for them is different from the usual hospital visits by patients. You will make additional income by providing home services.
40. Review products for businesses
Most businesses are seeking professionals that can review their products for a fee. Review products for businesses get paid.
41. Open a clinical lab
You can make passive income by opening a clinical lab. As a physician, you should have an idea of how this works. You can as well hire or partner with a lab scientist.
42. Open a fitness Center
You can also make passive income by opening a fitness Center. You can hire a fitness instructor to manage the fitness center while you make additional income by the side.
43. Be a dispatch rider
This can be too demanding for a physician but you can make passive income as a dispatch rider. Deliver parcels from one location to another and get paid.
44. Social media manager
You can make passive income by being a social media manager. Businesses and organizations are in search of social media managers to help them manage their social media pages. Write and post content that will drive traffic and increase sales. You get paid and make additional income.
45. Transcriptionist
There are lots of transcribing jobs available online. If you can speak other languages and transcribe them, you can make passive income by being a transcriptionist.
46. Become a lead generator
You can make passive income by becoming a lead generator. A lot of businesses are seeking individuals who can help them generate leads so that they can make more sales. You can become a lead generator for these businesses for a fee or commission.
47. Sell products for commissions
You can make passive income by selling products for commissions. Have an agreement or a contract with a manufacturer or business to sell their products for commissions. The more products you sell, the more commissions you get.
48. Become a Medium writer
As a Medium writer, you can start earning money immediately. Anyone can write a story on Medium and get paid according to the number of people that read their content. Top writers on Medium make as much as $10,000 per month. If you’re an excellent writer, you can make good money by writing on Medium. The more articles you write and post, the more your articles are read and the more money you will make.
49. Freelance writing
Freelance writing is a way to make passive income from the comfort of your home or office. As a freelance writer, you can specialize in content writing, ghostwriting, copywriting, or technical writing. Content writing involves writing blog posts and web content. A lot of companies are seeking content writers to write great content on their websites. Many companies want to implement a content marketing strategy to rank higher on Google. You can make additional income by being a freelance writer
50. Be a Virtual Assistant
As a virtual assistant, you will work for a business and perform basic tasks online. You don’t need to be in the office to perform those tasks. You can do them all from the comfort of your home. COVID-19 has made virtual assistance an effective way of performing basic tasks without having to be physically present in the office. You can find jobs for virtual assistance online.
