You’re a nurse, which means you’re a compassionate person who wants to make a difference in the world.
But you also likely want to make enough money to live a comfortable life also. That’s not unreasonable.
Your career as a nurse is likely very rewarding on a day-to-day basis.
However, it may not always leave you with enough money to pay your bills and the usual monthly expenses like rent, groceries, utilities, car loan payments and so on.
This is where passive income can come into play.
If you’re looking for ways you can make extra money without having to work at another job outside of your current one, passive income is something you should consider exploring further.
Passive income is when you create streams of income that continue to pay you long after the initial investment has been made. There are many different types of passive income opportunities available as well as several ways that a nurse could invest their time and energy in order to receive some type of financial reward later on down the road.
Read on for some ideas on passive income for nurses
What is Passive Income?
Passive income is when you earn money without having to actively “work” at a job.
This includes money earned through royalties, renting out property and assets, investments, and affiliate marketing.
There are many different types of passive income opportunities available.
Some are more realistic for nurses than others, but all of them allow you to earn money while doing something you enjoy.
It’s important to note that not all passive income opportunities are created equal.
For example, someone who invests in real estate will likely have far more call-outs to deal with tenants and toilets than someone who creates online courses. But there will be some swings and roundabouts to the pros and cons of passive income ideas.
That being said, there are many different ways that you can earn passive income as a nurse.
Invest Your Time and Efforts
One of the best strategies for generating passive income is to invest your time and efforts in building an online audience.
This can involve creating an online course, building an e-commerce business, hosting an online forum, or something else entirely.
Find an idea that truly excites you and you feel like you could really see yourself pursuing long-term.
Another option is to look at your skill set and see if there are any skills that are in demand. For example, if you have a specific skill or experience, useful for beginners in your field or advanced techniques for people looking to get promoted could you coach or train people in that?
If you manage to build an audience or a following around your work, they’ll be willing to pay you upfront and recurring income as long as you are providing a valuable service.
This is especially true if your work is in an area of expertise.
Create and Sell an Online Course
If you have expertise in a particular area, like a specific type of nursing or health care, or you have immense knowledge about a certain topic, you can create an online course.
This is a great passive income stream, but it does require a significant amount of upfront investment.
You have to create the course, find people to edit or create the content, and then market your course so that people can find out about it.
But once you have created the course, you can then sell it as many times as you want and earn revenue from each sale.
This is especially great if you are a nurse who is in a very specialized field.
There are millions of people around the world who would love to learn more about your field, but who could never take a course due to financial or time constraints.
This is your opportunity to be the one to give to them for free what they could never have access to otherwise!
Write a Book
This is another great passive income stream, but one that will likely take you several months to years to earn any significant revenue from.
If you have expertise in a certain area, like you’re a nurse who specializes in a certain disease, you could write a book to help educate others.
You could also write a fiction novel or a children’s book that would be fun to read.
Just make sure you select a topic that will likely have lasting value so that your book is not only useful now, but years down the road as well.
Publishing books for next to nothing is really easy no with Amazon direct publishing which allows you to create Kindle and paperback books easily.
Once your book is published, you could earn money through book sales, book royalties, or book speaking engagements.
This is another option that will likely take several months or years to earn any significant income from, but it could be a very rewarding investment that pays off in the long run.
Create a Side Business
If you have a skill that people need, you could consider starting a side business.
This is something that you can do in your free time, and it may not even require a large initial investment.
For example, if you are a nurse who is a very talented massage therapist (ok not very passive but would create another income), you could offer massages or products at the local spa and then advertise this service to your friends and colleagues on social media.
If you have a skill that other people need, you can start a side business and earn extra money.
And since you already have the skills, you can start sooner than you think.
Create a Blog
This is another great passive income stream that requires little more than your time and effort.
Once you create an online blog, you can earn money from advertisements, sponsored posts, products, coaching and courses.
You could also work with a company like InfoBarrel where you can write articles in exchange for payment.
This is something that you have to be willing to commit to for the long haul.
Once your blog starts to earn a significant amount of money, you could reinvest your earnings into creating a passive income stream by purchasing other assets like low-cost globally diversified index funds to keep your wealth snowball growing.
Utilize Your Skills
Depending on your skills, there are many different ways that you can earn passive income.
For example, if you have design or computer skills, you could offer to fix someone’s broken website or design a logo for them.
If you have marketing or public relations skills, you could offer your services to small businesses in your area.
There are also websites like Fiverr where you can do small tasks and earn money. This is another option that will not likely earn you significant income right away, but that could turn into something more significant as time goes on.
Another option is to use your skills as a nurse and provide your services to others. For example, you could offer emotional support to other nurses, or you could provide expert advice to new nurses in training.
You could also offer your medical advice and opinion to others, which could prove very helpful to the medical community as a whole.
These are all skills that you possess that you can use to earn additional income.
Become an Influencer
Some nurses have used their status as a nurse to become an influencer online. They have shared their stories, offered advice, and earned a significant following online. This can be a great way to earn passive income, but it does take a significant amount of time and effort.
Invest in Real Estate
This is probably the most common form of passive income that people think about.
If you have the money and expertise, real estate investing could be a very lucrative path for you.
It does take a significant amount of time and effort, but it could earn you a lot of money through rental income and equity.
Conclusion: Passive income for nurses
Nurses are amazing people who spend their days helping others.
However, many nurses find themselves needing to find ways to earn extra money on the side in order to make ends meet.
This can often be accomplished through passive income.
Passive income is when you earn money without having to actively work at a job.
There are many different types of passive income opportunities available, and all of them allow you to earn money while doing something you enjoy.
It’s important to note that not all passive income streams are created equal.
Creating your own GAME Plan
If you would like to find out more about making a life and financial plan, figuring out how to reach your favourite future and creating the assets and income you need to pay for this get in touch below or set up a call with us.