There are plenty of ways to earn more money, especially if you are a physician. You can pick up extra shifts, work locum tenets assignments, or develop any number of related or unrelated side gigs.
Dr. Peter Kim isn’t a huge fan of directly trading his time for money, though, so he’s compiled a list of strategies that don’t necessarily involve an hourly rate.
If I were to add an eighth way, it would be to start a blog. It’s not passive, but blogging can be a great creative outlet, and with some time and effort, you can absolutely generate $1,000 a month or more.
Wouldn’t you love to be the bank? You lend out money and get interest payments monthly in return. Then, at the end of the loan term, you get the initial amount borrowed returned. It’s a win-win! That idea may sound fanciful, but that’s essentially what you do when you’re a hard money lender.
A syndication is the pooling of money to purchase a rental property (usually an apartment building). A professional runs the deal, so as a passive investor, you perform your due diligence, invest, and wait for the checks to come.
The concept is simple. Purchase your own rental property and then wait for the point at which the cash flow to equal $1,000 a month.