Making extra money in this economy is important, especially when considering that many people are leaving their jobs because of low pay. According to the US Bureau of Labor Statistics, millions of Americans are quitting their jobs in search of better-paying and flexible jobs. One way to earn extra income is by investing in passive income streams.
By now, you must have heard about passive income and its close relation to easy money. Although that’s not exactly the case, passive income allows you to earn money without putting in too much effort. Moreover, you don’t have to be a finance guru to start a passive income stream.
Several passive income strategies are discussed in this article, in addition to creative ideas for passive income for nurses, which can also apply to other healthcare professionals.
What Is Passive Income?
Passive income is money earned with little effort. Unlike a regular job that requires your daily attention, passive income only requires an initial effort, after which it becomes self-sustaining. Passive income is a great wealth-generating tool that doesn’t really require active participation.
Take affiliate marketing, for example. You earn commissions after entering into a sale agreement with a company whose products you’ll promote through an affiliate link in your blog or YouTube channel. In this case, you can earn extra money even as you sleep, as the commissions keep flowing into your bank account whether you actively check your platforms or not.
Passive Income Strategies for Nurses: Types of Passive Income
Contrary to popular opinion, you don’t need to be a financial genius to start a passive stream of income. Different professionals, including nurse practitioners, can explore these schemes to earn extra income. Below you will find some of the most reliable ideas to earn passive income.
Invest in Stocks
One of the best ways to earn passive income is by investing in stocks and shares. If you have some savings in a bank or savings account, you should consider investing in the stock market to earn more through interests and dividends. As a beginner, consider index funds as they diversify your investment to mitigate risk. It’s very easy to get started as all you need is to sign up with a stockbroker.
Write Ebooks
If you have a knack for writing, you should consider writing an ebook as a nursing side hustle. You can earn royalties from the sale of ebooks. Healthcare writers must first figure out what they want to write about as there are various topics regarding this field. Then, they plan their content, write authentically, and sell their ebook on popular platforms.
Record Audiobooks
This can be an excellent side hustle for nurses. What can be more fun than to read and get paid for it? To be successful in this passive income idea, all you need to do is research some narration techniques and decide the niche you want to focus on. You can have a look at some websites like ACX to get more information about this passive income stream.
10 Best Passive Income Ideas for Nurses
1. Start and Monetize a YouTube Channel
YouTube is one of the most popular video streaming platforms and search engines. You can make about $0.01 to $0.03 for an ad view which translates to about $18 for 1000 views. However, sponsorships, affiliate marketing, and advertising are essential to make a decent passive stream of income on this platform.
You’ll also need to create content that many people find interesting and informative. Of course, you can include videos that are relevant to the nursing profession. However, it takes time to build a massive following. Consider this a long-term project that will bring you extra income in the future.
2. Sell an Online Course
Do you have a nursing degree from an accredited nursing school? If so, you should consider creating an online course. You can include information about the nursing field, what it takes to be a nursing student, or the best educational courses for nurses. If you have skills that people could learn and benefit from, consider creating an online course on platforms such as Udemy, Skillshare, Teachable, and Podia.
3. Start a Dropshipping Store
Dropshipping is a method of selling to customers without owning or storing the related products. Although it is not directly related to the nursing profession, you can still specialize in selling healthcare products. This practice has become popular in recent years, with people from different professions earning thousands of dollars from this. Learn more about dropshipping to get it successfully up and running.
4. Rent Out Your Property
You can rent out your property to interested people, such as travel nurses. Travel nurses find nursing jobs from independent staffing agencies and are assigned short-term roles at hospitals or clinics. Consider marketing your furnished rental to such professionals on sites such as Airbnb, as this is considered one of the best streams of income.
5. Sell Affiliate Products
Affiliate marketing involves referring people to products and services from different brands or businesses. You can focus on healthcare products as you may be familiar with them through nursing. You earn commission every time a purchase is made through your affiliate link. This strategy is ideal for professionals with a strong online presence.
6. Start a Blog
A blog is an online space that allows you to share your thoughts, ideas, and opinions on the Internet. Blogs have become popular with the growth of smartphones and the internet. There are different types of blogs on topics like professional development, teaching and learning, research, and personal experiences. Starting a blog is fairly easy, and you can run it in your spare time.
You can focus on healthcare writing and talk about anything from your nursing career, like flu vaccines, jobs for nurses, health concerns, or even medical surveys. However, monetizing a blog can take some time as advertisers and affiliate marketing programs work best with popular blogs that attract many readers. With that said, you can earn thousands of dollars in advertising fees and commissions from affiliate marketing programs.
7. Consider High-Yield Savings Accounts
High yield savings accounts work just like standard savings accounts. However, they pay significantly high-interest rates ranging from 20 to 25 percent. If you have some money and are unsure about where to invest it, you can place it in a high yield savings account. Many banks offer both long and short-term high-yield savings accounts.
8. Become a Part-Time Caregiver
Although this is not necessarily a passive income stream, becoming a part-time caregiver is an excellent way to earn extra money while using your nursing skills. Glassdoor estimates that part-time caregivers earn an average salary of $30,415, per year. If you’re in a position to take a second job and like to take care of people, consider becoming a part-time carer.
9. Invest in Index Funds
Index funds are popular with traders in the stock market as they promise ownership of a wide variety of stocks. They also offer greater diversification, which is excellent for risk mitigation. Historically these funds have been managed by top investment funds such as Fidelity and the Standard and Poor’s Financial Services LLC. If you have money and want to invest it, consider investing in index funds.
10. Contribute Funds to a Real Estate Group
Contrary to popular opinion, you don’t need to be a real estate agent to take advantage of opportunities in real estate. You can become a passive real estate investor, which means that you’ll contribute funds to a real estate group. Passive real estate investors avoid the maintenance of a real estate asset and the day-to-day operations that go with it.
Other Ways to Make Extra Money as a Nurses
- Become a medical transcriptionist. A transcriptionist types written documents from a recorded dictation. You can use your nursing experience to type texts with medical terminology from recorded audio. There are plenty of sites that offer such opportunities, including Rev and Upwork.
- Work as a first aid instructor. With your nursing background, you can become a first aid instructor. This is a lucrative field as Indeed estimates that first aid instructors earn an average hourly salary of about $37.39, which translates to an annual salary of $56,023.
- Sell your scrubs. Scrubs are essential at hospitals and clinics. Because of this market, you can sell scrubs to earn extra money. Although second-hand items might be slightly cheaper than new ones, there is still a market for scrubs.
- Become a content writer. Becoming a content writer is an excellent idea because you can work from home. Moreover, all you need is a computer and stable Internet connection. Freelancing platforms such as Fiverr and Upwork offer freelance writing jobs which pay decently. You can charge an hourly rate or set a specific price for projects.
- Find a virtual assistant job. Similar to being a content writer, becoming a virtual assistant is an excellent idea if you want to work from home. All you need are great oral, writing, word processing, computer, and organizational skills to get you started.
How to Make Passive Income for Nurses
Although passive income has been used to refer to money earned with little to no effort, there is no way to make money without doing anything. Some passive income ideas take a while to take off, but are ultimately some of the best strategies you could employ in your quest for financial freedom. However, if you are considering doing something else, there are many alternative careers for nurses that you can look into.
Passive Income for Nurses FAQ
Nurses can make passive income using a few passive income strategies, such as becoming a freelance writer, investing in the stock market, working as a part-time medical transcriptionist, or starting a YouTube channel.
Telehealth nursing, selling an online course, becoming a first aid instructor, writing a blog, and becoming an affiliate marketer are some of the best side hustles for nurses. As a nurse, consider ways to work online, such as being a health writer, becoming a health coach, or focusing on an affiliate advertising program. Part-time jobs, such as travel nursing, also count as a side hustle.
Passive income is money earned that is not related to your main income. Passive income requires effort when starting out, but it becomes nearly or completely self-sustaining once the streams are up and running. Different streams of passive income take different amounts of time to become fruitful. Some might take as little as a few days, while others might take years.
Dividend stocks, rental properties, and high-yield money market funds are some of the highest-paying passive income streams. How much money a passive income stream generates depends on the initial investment and time committed to setting it up.
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