As a teacher, you probably have the same financial troubles as everyone else.
With rising costs of living, housing, and education, it can be hard to save up for retirement or make ends meet each month.
Given the often modest salaries, many teachers struggle with their finances at some point in their careers.
Fortunately, there are ways to create passive income as a teacher so that you can live more comfortably regardless of your income from teaching.
Here are 6 ways to create passive income for teachers:
Create a side hustle
One of the best ways to supplement your income is to create a side hustle.
Having a side hustle can help you earn extra cash when you need it, and it can also provide a source of passive income over time.
If you’re a creative type, you can turn your creative skills into a side hustle by doing freelance work as a consultant or contractor.
As a teacher, you should have excellent communication and people skills, so you can apply those skills to freelance work in marketing, sales, copywriting, and customer service.
Most side hustles aren’t going to make you a fortune, but they can help you earn an extra £$100 or more a month—which can make a huge difference when you’re living on a teacher’s salary.
The new skills you learn in the process might also help with any career pivots at a later stage.
Become an investor
If you have some money saved up, beyond your emergency fund you can invest it in stocks, bonds, real estate, or other types of assets to generate a passive income stream.
With a long-term investment strategy, you can earn a regular income stream from your investments that are completely passive.
While it’s true that the stock market goes up and temporarily down, the stock market is a great place to grow your wealth over the long term.
The trick is to remember some key investing principles
- Stick to funds – hundreds of companies and not single stocks
- Keep your costs as low as you can – invest in low-cost index funds
- Make sure your investments are well-diversified across companies, sectors, industries and countries.
- Time in the market is more valuable than timing the market or – buy and hold don’t trade.
- The long-term trend is your friend i.e. day to day stocks will go up and down but over the long term they have always gone up
- Be as tax efficient as you can investing through ISA’s and Pensions in the UK and equivalent tax-efficient savings accounts elsewhere.
Create your own product
If you have a marketable skill, you can create your own product to generate a passive income stream.
You can write an e-book, create a course on a niche website, or publish an online course.
You can also create a podcast, write a blog, or create YouTube videos.
These platforms can allow you to generate revenue through advertisements, affiliate marketing links, and donations.
You can also create a product such as tutoring, house cleaning services, or other useful product that people need but don’t have time to do themselves.
Creating your own product can be difficult, but it is one of the best ways to create passive income. It’s also a great option if you have a unique skill or talent that you can put to use.
Create a Trusted Blog
If you’re a teacher who enjoys writing, you can create a blog that earns you money in a few different ways.
You can monetize your blog with ads, affiliate marketing links, or donations. You can also charge a subscription fee for people to read your blog.
If you’re interested in blogging, you should aim to create a “trusted” blog.
This means you should write blog posts that are fact-based, in-depth, and reliable. It also means that you should build your readership—so they trust your blog.
With enough time, you can create an in-depth blog that earns thousands of pounds or dollars every month.
It might not happen overnight, but it’s a great long-term strategy for passive income.
Teach Online Using Course Platforms
If you’re an educator, you can create an online course about a topic related to your field of expertise.
You can then sell the course to other people who want to learn from your expertise. You can publish your course on platforms like Udemy, Skillshare, or Coursera.
These are platforms that host online courses and charge a fee to people who enroll in the course. The more popular your course becomes, the more money you make.
One great thing about creating an online course is that you can update it and re-release it as needed.
This means that you can add new information as it becomes available.
Become an author
Could you write about your experiences as a teacher or just in life in general?
Do you have a unique take on life or a part of life that others might like to hear about?
Writing about your knowledge skills and experiences can be another way to generate income either from adverts, the book or blog themselves or further coaching or courses around the subject of your book.
Self-publishing a book is very easy now with Amazon direct publishing. Here you can write/type, design and publish your book for next to no cost.
This way you can publish Kindle and print-on-demand paperback books inexpensively (you may need to pay for someone to design your cover) and without having to pay for and store loads of your own books
Then you “just” have to market the book to your ideal reader.
This could be a for-profit or just a passion project.
Any money you earn on the side is a bonus as you will now be a published author!
Conclusion: Passive income for teachers
As a teacher, you have many marketable and in-demand skills which is why you should consider creating a passive income stream.
Creating passive income is a great way to supplement your regular income, and it can help you live more comfortably.
You can create passive income by starting a side hustle, investing in assets, creating your own product, creating a trusted blog, or teaching online using course platforms.
These are 5 ways to create passive income as a teacher so that you can live comfortably regardless of your teaching income.
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.