8 Ways The Millennial Physicians Are Using Passive Income To Retire Young & Wealthy in 2019
Disclaimer: If you're a physician and plan on the traditional retirement plan at the age of 60 you should read this.
As you know the day to day lives of physicians can be very demanding due to the enormous amount of responsibilities they carry. From the long nights working in the ER to the busy days at their own practice, does the physicians' day really end because they left the office? Not at all….
Doctors are usually working when they’re home as well, updating charts, following up on emails, and other admin tasks so much that they rarely get spend time with their family and friends.
It’s also known that because of their profession, physicians are subjected to high financial and legal pressures at times, and nowadays no job or company is secure if you’re not securing it yourself by taking the necessary steps NOW to secure financial independence for your own future. For these very reasons, the millennial doctors are now looking at ways to make additional income so they can retire at younger ages, spend time with their family and make a reoccurring income.
I’ve worked with many doctors online, and from what I’ve observed with the millennial's is they have a very busy lifestyle and hustle hard to achieve their goals...... Physicians hustle just as hard as any other rising or successful entrepreneur because they’re on a mission to retire young and wealthy with no financial worries for their future generation(s).
Who doesn’t want to retire by the time they’re 40, plus earning the same amount of money they made in their day to day practices plus more than working full-time? If you're a millennial aged physician you know all about it because you're probably already leveraging this in your career path and it's no secret. PASSIVE INCOME is the new Donald Trump for your future's success.
Millennial physicians are on their hustle now more than ever. They are leveraging side hustles to see their first multiple 7 figure year quicker with many lucrative passive income streams.
The question is, what are these successful millennial doctors doing that's allowing them to retire at the young age of 40 and keep making reoccurring income and live comfortable for the rest of their lives? Passive Income!
Here's a list of a 8 passive income ideas from physicians we've interviewed
1. Own a Property and Rent It
Property is a great passive income and investment. All that's required is maintenance, great tenants, and a beautiful location. You can rent office spaces, apartments, homes and the list goes on. Not all people can do this due to the initial capital needed to buy the property. But the whole principle is easy: find a property, buy it, find a tenant and cash in. Is very simple. It might require more time and commitment at first, but the payoff can be very gratifying.
2. Create a Blog
A well created, written and published article can get the attention of many people. Imagine if you create that one article that goes viral. There you go! At first, it might be difficult to see a good size of income coming in, but if you are consistent and persistent, you will see earnings with your efforts. Most bloggers leverage affiliate marketing to make the majority of their proceeds. It will take a good amount of effort too, but if you are passionate about the topic, that will be the least important thing to worry about.
3. Develop an App
If you have an idea to solve a problem or to make day to day life easier for someone, and you know that's it's a needed service.....create it! Taking that idea and bringing it to reality is very much possible these days. If you have some knowledge of programming, you can try to do it yourself. But if you only have the million dollar idea, there are many programmers out there that can help you develop it.
4. Open a YouTube Channel
It is based on the same idea of the blog. YouTube has turned into one of the most visited social networks and many are monetizing with it. Many physicians create their own YouTube channels to make their knowledge reachable for more people.
Podcasting can help you show off your expertise and you can monetize your podcast easily by incorporating the correct marketing strategy.
6. Write and Publish a Book
You want to preserve and pass your knowledge to future generations right? Write on health-related topics, now is the time! Put together whatever you want to show to the world and publish it. These days you can use websites like Amazon to publish an e-book version of your book in a few steps.
7. Create an online store
The easiest way to make passive income is online stores. Most of the drop shipping companies come turnkey. They only require a few hours hands on each month for admin activities, but you can hire a virtual assistant to do that for you.
Lastly, this is the newest wave in passive income for physicians, registered nurses, psychiatrists, health & wellness coaches, and pharmacist.
Telemedicine is taking over by popular demand. As it’s not as passive as having a published book or an app, but it does have the convenience of taking your work where you want, when you want. All that’s needed is privacy and your computer. Patients are seeing their doctors via video chat, and receiving consultations, referrals, and getting prescribed the medication they need all from the comfort of their home.
These are all ideas to take in consideration if you're a physician and ready to retire young, rich and live the life of your dreams.
It’s not hard to create a lucrative digital product that can become your instant retirement plan and start earning from your passive income. (Ask us how)
It’s all about securing your future and working smarter not harder. If you are looking for ways to bring in additional income without doing additional work so you can simply spend more quality time with your loved ones instead of spending the whole day (or night) at work, you will not lose anything trying these options. And remember, the hardest part is making the time to start, the end result will be worth it.
Are you a physician and ready to take the next step in securing your future with passive income and need help creating a digital product? Setup a consultation with our marketing team today!